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HomeMy WebLinkAbout2187 S ~s • F :+pply such rents, issues and profits received by it on the indebtedness secured hereby in such order as Mortgagee deter mines. 7'he right to enter and take possession of the Mortgaged Property, to munt+ge and open+te the some, and to collect the rents, issues ar?d profits thereof, whether by a receiver or otherwise. shall be cumulative to any other right or remedy ~ hereunder or afforded by law, and may be exen•ised conrurrrntly therewith or independently thereof. Mortgagee shall ~ be liable to account only for such rents, issues and profits actually received by Mortgagee. 14. It the indebtedness second hereby is now or hereafter further secured by chattel mortgagee, security interests, financing statements, pledges, rnntracts of guaranty, assignments of leases, or other securities, or if the Mortgaged Pro- p~rty. hereby encumbered consists of more than one panel of real property, Mortgagee may al its option exhaust any one or more of said securities and security hereunder, or such parcels of the security hereunder, either con~vrrently or rode- ' } pendently, and in such order as it may determine. ~ ~ 15. This 1liortgage shall secure not only existing indebtedness. but also such future advances, whether such advances are obligatory or to be made al the option of Mortgagee, or otherwise, as are made within twenty (ZO) years from the date hereof. to the same extent as it such future advances were made on the date of the execution of tnia/AMortgage, but such secured indebtedness shall not exceed at any time the maximum principal amount of i plus interest, and any diabursementa made for the payment of taxes, levies, or insuran~•e. on the Mortgaged Property, with interest on such disbursements Any such [afore advances, whether obligatory or to be 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 purlwse 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 thin paragraph) in whatever manner this indebtedness may be evidenced or represented, until this Mortgage is satisfied of record. All coven- 1 ants and agreements contained in this Mortgage shall be applicable to all further advances m:+de by Mortgagee to Mortgagor under this future advance clause. f: 16. No delay by Mortgagee in exercising any right or remedy hereunder, or otherwise afforded by law, shall operate us 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- • i 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 Morig:+gor: and, in like manner, the f+rocurement of insurance or the pay- ment of taxes or other liens or charges by Mortgagee shall not he taken or construed as a waiver of its right to accrlemte the maturity of the debt hereby secured. 17. Without af[ecting the liability of Mortgagor or any other person (except any person expressly mleased in writing) for payment of any indebtedness secured hereby or toe perfom+ance of any obligation contained herein, and without aflect- ing the rights of Mortgagee with respect to any security not expressly released in writing, 111orig:+gee may. at :+ny time and from time to time, either before or after the maturity o[ said note, and without notice or consent: j la) Release any person liable (or f~ayment of al) or any part of the indebtedness or for performance of any obligation. (b) Make any agreement extending the time or otherwise altering the terms of payment of all or any part of the indebtedness, or modifying or waiving any oblig:+tion, 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. (dl Accept additional security of any kind. (e) .Release or otherwise deal with any property, real or personal, securing the indebtedness, including all or any f+:+ri of the Mortgaged Property. • 18. Any agreement hereafter made lly. Iyiort~a~?r~+nd Mortgagee pursuant to this mortgage shall be superior to the rights of the holder of any intervening lien or ~ncumti`rance. j 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~ayable there- ~ under is hereby assigned to and shall be paid to Mortgagee. Mortgagee shall be under no obligation to question the amount o[ any such award or compensation and may accept the same in the amount in which the same shall be paid: In any such condemnation proceedings; Mortgagee may be represented Icy 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 E 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 be paid 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, ; ~ :+grees to make construction loan advances up t6 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 construct the improvements to be built pursuant to the terms thereof, all of the terms thereof which are in- corporated herein by reference as though set forth fully herein and will permit no defaults to occur thereunder and if a de- fault shall occur thereunder, it shall constitute a default under this Mortgage and the Note. A ~ 22. At the option of Mortgagee, Aiorigagor shall provide Mortgagee with periodic certified audited statements of the ~ financial condition of Mortgagor. t 23. Mortgagor represents and warrants that it a c•orf+oration, it is duly organized and validly existing, in good stand- ing under the laws of the state of its incorporation, has stock outstanding which has been duly and validfy issued, and is r yualified 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 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. 24. In the event any one or more of the provisions contained is this Mortgage or in the Note shall for any reason . € be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceablity shall, at the option of the Mortgagee, not affect any other provisions of this 1liorigage, but this Mortgage shall be construed as if such invalid, illegal or unenforceable provision had never been crontained herein or therein. The total interest payable pursuant to the Note or this Mortgage shall not in any one ye:+r exceed the highest lawful rate of interest in the_State of Florida. "r 25. The covenants and agreements herein crontainecl shall bind and the benefits and advantages shall inure to the rest~ective heirs, executors, administrators, successors, and assigns of the parties hereto. Wherever used, the singular number shelf include the plural, the plural the singular, and the use of any gender shall be 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 Mortgage, such additional covenants shall be read and given effect as though f following this covenant in consecutive order. t + -3- rr,,`, 3COK 114 ~^rE~187 it _ _ - - "3 ~ _ a ~ ~ _