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HomeMy WebLinkAbout2808 j :q,ply such rents, iaqurs and profits received by it on the indebtedness secured hereby in such order as Mortgagee detr.r- mines The right to enter and lake Iwsaession of the Mortgaged Prolerty, to muru+ge :end opert:te the same, t:nd to collect the rents, issues and profits thereof, whether by a receiver or otherwise, shall Ise cumulative to any other right or remcely hereunder or afforded by law, and may be exen•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 chattel mortgages, security interests, financing statements, pledges, contracts of guaranty, assignments of leases, or other securities, or if the Mortgaged Pro- perty hereby encumbered consists of more. than one panel 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 may determine. 15. This Mortgage shall secure not only existing indebtedness, but also such future advances, whether such advances are obligatory or to to m:~de at the option of Mortgagee, or otherwise, as are made within twenty (20) years from the date hereof, to the same extent as if such future advances were made on the date of the execution of this origage, but such secured indebtedness shall not exired at any time the maximum principal amount of >S 11~i3 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 [uture advances, whether obligatory or to bs made at the option of the Mortgagee, or otherwise, may be made either prior to or after the due date of the Note or any other notes secured by this Mortgage. This Mortgage is given for the specific purpose of securing any and all indebtedness by the Mortgagor to Mortgagee (hut in no event shall the secured indebtedness exceed al any time the maximum principal amount set forth in this par:?gr~ph) in whatever manner this indebtedness may be evidenced or represented, until this Mortgage is satisfied of record. All coven- :~nta send agrrementa contained in this Mortgage shall be applicable to all further advances made by Mortgagee to Mortgagor under this tulure advance clause. 16. No delay by Mortgagee in exercising any right or remedy hereunder, or otherwise afforded by law, shall operate as a waiver thereof or preclude the exercise thereof during the continuance of any default hereunder. No waiver by Mortgagee of any default shall constitute a waiver of or consent to subsequent defaults. No failure of Mortgagee to exercise any option herein given to accelerate maturity of the debt hereby secured, no forbearance by Mortgagee before or after the exercise of such option and no withdrawal or abandonment of foreclosure 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 I14ortgagor; and, in like manner, the procurement of insurance or the tkiy- ment of taxes or other liens or charges by Mortgagee sl?:rll not be taken or construed as a waiver of its right to accelerate the maturity of the debt hereby secured. 17. Without affecting the liability of Mortgagor or any other person (except any person expressly released in writing) for payment of any indebtedness secured hereby or for performance of any obligation contained herein, and without affect- ing the rights of Mortgagee with respect-to any security not expressly released in writing, 11lortgagee may, at any time and from time to time, either before or after the maturity of said note, :ind without notice or consent: (a) Release any person liable for payment of all or any part of the indebtedness or for performance of any obligation. ~ i (b) Make :?ny agreement extending the time or otherwise altering the terms of payment of all or any part of the indebtedness, or modifying or waiving any obligation, or sut?ordinating, modifying or otherwise dealing with the lien or charge hereof. - (c) Exercise or retrain from exercising or waive any right Mortgagee may have. (d) Accept additional security of any kirud'. (e) Release or otherwise deal with any proheriy, real or personal, securing the indebtedness, including all or any hart ` of the Mortgaged Property. 18. Any agreement hereafter made by Mortgagor and Mortgagee pursuant to this mortgage shall he sut~erior to the rights of the holder of any interening lien or eneumhrance. 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 t~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 be paid. In any such s condemnation proceedings, i\Iortgagee may be represented by 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 payable on the award by the condemning authority, or at the option of Mortgagee, such award shall he Ixrid over to Mortgagor for restoration of the Mortgaged Property_ 21. If Mortgagee, pursuant to a construction loan agreement or loan commitment made by Mortgagee with Mortgagor, agrees to make construction loan advances up to the principal amount of the Note, then Mortgagor hereby covenants that it will comply with all of the terms, provisions and covenants of said construction loan agreement or loan commitment, will diligently rnnstruct the improvements to he built pursuant to the terms thereof, all of the terms thereof which are in- . cort~or.~ted herein by reference as though set forth fully herein and will permit no defaults to occur thereunder and it a de- fault shall occur thereunder, it shall constitute a default under this Mortgage and the Note_ ~ 22. At the option of Mortgagee, Mortgagor sh:~l! provide Mortgagee with periodic certified audited statements of the financial condition of Mortgagor. 23. Mortgagor represents and warrants that if a corporation, it is duly organized and validly existing, in good stand- ing under the laws of the state of its incorporation, has stock outsL~nding which has been duly and validly issued, and is s qualified to do business and is in good standing in the State of Florida, with full power and authority to consummate the loan contemplated hereby: and, if a t~artnership, 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. 24. In the event any one or mom of the provisions contained in this Mortgage or in the Note shall for any reason be held to he invalid, illegal or unenforceable 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 shall he construed as it such invalid, illegal or unenforceable provision had never 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 bind and the benefits and advantages shall inure to the respective heirs, executors, administrators, successors, and assigns of the parties hereto. Wherever used, the singular number shall include the plural, the I~lural the singular, :ind the use of any gender shall he applicable to all genders. All covenants, agreements and undertakings shall he joint and several. In the event additional numbered covenants or para- graphs are for convenience inserted in this Mortgage, such additional covenants shall he read and given effect as though following this covenant in consecutive order. -3- K r:', ` t ~ s = _