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HomeMy WebLinkAbout2763 { apply such rents, issues and protib recsived by it on the indebtedness secured hereby in such order as Mortgagee deter- mines. The right to enter and take possession of the Mortga~d Property. to manage and operate the same, and to collect the rents, issues and protib thereof, whether by a receiver or otherwise. shall bs cumulative to any other right or remedy hereunder or attordsd by law, and may bs a:excised concurrently therewith or independently thereof. Mortgagee shall ` be liable to account only for such rents, issues and profits aNually revived by Mortgagee. ± 14. It the indebtedness secured hereby is now or hereafter further secured by chattel mortgages, security interests, ~ financing statements, pledges. contracts of guaranty. assigaarenU of leases. or other securities, or it the Mortgaged Pco- 3 petty hereby encumbered consists of more than one parcel of real property, Mortgagee may at its option exhaust any one or more of said securities and security hereunder. or such parceb of the security hereunder, either concurrently or rode- pendently, and in such order as it may determine. ~ 15. Phis Mortgage shall secure not otily existing indebtedness, but also such future advances, whether such advances are obligatory or to be made at the option of Mortgagee, or otherwise, as are made within twenty (20j yeah from the date hereof, to the same extent as it such future advances were made on the date of the execution oft s Mortgage, but such secured indebtedness shall not exceed at any time the maximum principal amount of i A~8 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 otherwise. may be roads either prior to or after the due date o[ the Note or any other notes secured by this Mortgage. 1 This Mortgage is giveq for the specific purpose of securing any and all indebtedness by the Mortgagor to Mortgagee (but j in no event shall the secuered indebtedness a:coed 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 Mortgage shall be applicable to a!1 further 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 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 e:excise o[ 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 ezercise 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 of insurance or the pay- ~ ment of taxes or other liens or charges by Mortgagee shall not be taken or construed as a waiver of its right to accelerate i the maturity of the debt hereby secured. 17. Without affecting the liability of Mortgagor or any other person (except any person a:pressly 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, Mortgagee may, at any time and from time to time, either before or after the maturity of said note, and without notice or consent: (a) Release any person liable for payment of all or any part of the indebtedneffi 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 obligation, or subordinating, modifying or otherwise dealing with the lien or charge hereof. i (c) E:errise or retrain from exercising or waive any right Mortgagee may have. i i (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. , } # sa f t ~ 18. Any agreement hereafter made by Mortgagor and Mortgagee pursuant to this mortgage shall be superior to the rights of the holder of any intervening lien or encumbrance. j 19. Mortgagor Hereby waives all right of homestead a:emption, it any, in the Mortgaged Property. 20. In the event of condemnation proceedings of the Mortgaged Property, the award or compensation payable 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 condemnation proceedings, Mortgagee 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 E rate of interest provided therein, regardless of the rate of interest payable on the award. by the rnndemning authority, or at the option of Mortgagee, ouch award shall be paid over to Mortgagor for restoration of the Mortgaged Property. i 21. It 11lortgagee, 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 rnvenanta 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 thereo! 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. 22. At the option of Mortgagee, Mortgagor shall provide Mortgagee with periodic certified audited statements of the financial condition of Mortgagor. i 23. Mortgagor represents and warrants that if a corporation, it is duly organized and validly a:fisting, in good stand- ' ing under the laws of the state of its incorporation, has stock outstanding which bas been- duly and validly issued, and is qualified to do business and is in good standing in the State o[ 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. ~ 24. In the event any one or more of the provisions contained in this Mortgage or in the Note shall for 'any reason beheld 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 Mortgage, but this Mortgage shall be construed as it such invalid, illegal or unenforceable provision had never been contained herein or therein. The total~intereat payable pursuant to the Note or this Mortgage shall not in any one year exceed the highest lawful rate o[ interest in the State of Florida. y 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 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 rnvenants or para- graphs are [or convenience inserted in this Mortgage, such additional covenants shall be read and given effect as though following this covenant in consecutive order. S -3- BooK 302 FA~E2760 _ z~ t _ a... -