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HomeMy WebLinkAbout1815 at,ply such rents, isvucs and pmfils received by it on the inde~btrdness secured herel?y in such under as Mortgagee deter- n?inrs. The right to enter and treks tx?ssrsaion of the Mortgaged Property, to marwge and a{wrote the s:une, and to collect • the rents, issues and profits thereof, whether by a receiver or otherwise, shall he cumulative to any other right or remedy hereunder or afforded by law, and may be exc:n•ised concurrently therewith or independently thereof. Mortgagee shall he liable to account only for such rents, issues and profits actually received by Mortgagee. 14. It the indebtedness secured heret~y is now or hereafter further secured by chNrtw) mr•rtg:cges, security interests, financing statements, pledges, contracts of guaranty, assignments of leases, or other securities, or if the Mortgaged Pro- Ixrty hereby encumbered consists of more than one Iwnel of real property, Mortgagee may at its option exhaust any one or more of said securities and security hereunder, or such parcels of the security hereunder, either concurrently or inde- pendently, and in such order as it m:ry determine. 15. This Mortgage shall secure not only existing indebtedness, but also such future advances, whether such advances are obligatory or to be made at the option o[ Mortgngee, or otherwise, as are made within twenty (20) years from the date hereof, to the same eatenl as if such future advances were mode on the date of the execution of this Mort~jnge, but such secured indebtedness shall not exceed trt nny time the maximum princilurl amount of ; ~ n/ a plus interest, and any disbursements made for the payment of taxes, levies, or insurance, on the Mortgaged Property, with interest on such disbursements. Any such future advances, whether obligatory or to be made at the option of the Mortgagee, or othemise, may be made either prior to or after the due date of the Note or any other notes secured by this 11~ortgage. This Mortgage is given for the specific purpose of securing any and all indebtedness by the Mortgagor to Mortgagee (but in no event shall the secured indebtedness exceed at any time the maximum principal•amount set forth in this paragraph) in whatever manner this indebtedness may be evidenced or represented, until this Mortgage is satisfied of record. All coven- ants and agreements contained in this 1liortgage shall he applicable to all [uriher advances made by Mortgagee to Mortgagor under this future advance clause. 16. No delay by Mortgagee in exercising any. right or remedy hereunder, or otherwise afforded by law, shall operate :cs a waiver thereof or preclude the exercise thereof during the continuance of any default hereunder. No waiver by 14tortgagee of any default shall constitute a waiver of or consent to subsequent defaults. No failure of Mortgagee to exercise any option herein given to arcelemte maturity of the debt hereby secured, no forbearance by Mortgagee before or after the exercise of such option and no withdrawal or abandonment of torerlosure proceeding by Mortgagee shall be taken or con- strued as a waiver of its right to exercise such option or to accelerate the maturity of the debt hereby secured by reason of any past, present or future default on the part of Mortgagor. and, in like manner, the procurement o[ insurance or the fury- ment of taxes or other liens or charges by Mortgagee shall not be taken or construed as a waiver of its right to ucc•elerate the acaturity of the debt hereby secured. 17. Without affecting the liability of Mortgagor or any other person (except any person expressly released in writing) for I~ayment of any indebtedness secured hereby or for performance_of any obligation contained herein, and without :cifec•t- ing the rights of Mortgagee with respect to any security not expressaly released in writing, Mortgagee may, at :cny time rend from time to time, either before or otter the maturity of said note, and without notice or consent: (a) Release any person liable for payment of all or any part of the indebtedness or for I~er[ormance of any obligation. (t~) Make any agreement extending the time or otherwise altering the terms of payment o[ all or any part of the indebtedness, or modifying or waiving any obligation, or subordinating, modifying or otherwise dealing with the lien or charge hereof. (c) Exercise or refrain from exercising or waive any right Mortgagee may have. (d) Accept additional security of any kind. (e) Release or otherwise deal with any property, real or personal, securing the indebtedness, including all or any part of the Mortgaged Property. 18. Any agreement hereafter made by Mortgagor and Mortgagee pursuant to this mortgage shall he suf>erior to the rights of the holder of any intervening lien or encumbrance. 19. Mortgagor hereby waives all right of homestead exemption, if any, in the-Mortgaged Property. 20. In the event of condemnation proceedings of the Mortgaged Property, the award or compensation f~ayahle there- ; under is hereby assigned to and shall be paid to Mortgagee. Mortgagee shall be under no obligation to question the amount of any such award or compensation and may accept the same in the amount in which the same shall he Laid. In any such condemnation proceedings, Mortgagee may be represented hY counsel selected by Mortgagee. The proceeds of any award or compensation so received shall, at the option of Mortgagee, either be applied to the prepayment of the Note and at the rate of interest provided therein, regardless of the rate of interest I~ayable on the award by the condemning authority, or :rt the o{rtion of Mortgagee, such award shall he paid oter to Mortgagor for restoration of the Mortgaged Property. ll. It hortgagee, pursuant to a construction loan agreement or loan commitment made by Mortgagee with Mortgagor, 3 ~ agrees to make construction tarn advances up to the principal amount of the Note, then 1ltortgagor hereby covenants that it will comply with all of the terms, provisions and cotenants of said construction loan agreement or loan commitment, will } diligently construct the improvements to he built pursuant to the terms thereof, all of the terms thereof which are in- cortxrrated herein by reference as though set forth fully herein and will permit no defaults to occur thereunder and if a de- fault shrill occur thereunder, it shall constitute a default under this Mortgage and the Note. 22. At the option of :Mortgagee, Mortgagor shall protide Mortgagee with periodic certified audited statements of the financial condition of Mortgagor. 23. Mortgagor represents and warrants that if a corfwmtion, it is duly organized and validly existing, in good st:rnd- f ing under the laws of the state of its incorporation, has stock outstanding which has been duly and validly issued, and is qualified to do husinesg and is in good standing in the State of Florida, with full power and authority to consummate the loan contemplated hereby: and, it a partnership, it is duly formed and validly existing, and is fully qualified to do business in the State of Florida; with full power and authority to consummate the loan contemplated hereby. I 24. In the event any one or more of the provisions contained in this Mortgage or in the Note shall for any reason be held to t?e invalid, illegal or unenforrnahle in any respect, such invalidity. illegality or unenforceahlity shall,. at the option of the Mortgagee, not affect any other provisions of this Mortgage, but this Mortgage sliall`he consfrueii as if such invalid, illegal or unenfoneahle provision had neter been contained herein or therein. The total interest payable pursuant to the Note or this Mortgage shall not in any one year exceed the highest lawful rate of interest in the State of Florida. - 25. The covenants and agreements herein contained shall hind and the benefits and advantages shall inure to the respeclives}reirs, executors. administrators, successors, and assigns of the parties hereto. Wherever used, the singular ~ number shall include the plurnl, the plural the singular, and the use of any gender shall he applicable to all genders. All - covenants, agreements and undertakings shall be joint and several. In the event additional numbered covenants or para- graphs are for convenience inserted in this lltortgage, such additional cotenants shall be read and given effect as though following this covenant in consecutive order. Q y -3_ ~ V X01 ~t;~K Fh~f1810