Loading...
HomeMy WebLinkAbout0063 ~ ~ , =1 ' . ; apply such mnta, iasuar e?nd pcutits received by it oa the indebtedneas ~ecu~'ed hereby in ~uch order us Morteu8ee drte~- ; minea. The right lo ente~ and take possearion of the MoHgagod PropertY, to manage and operate lhe aume. and to collect the rents, i~auea and profita thereot, whether by a receiver or otherwi~e. she?l1 be cumulativ~e to Any otber right or remedy ' hereunder or 'a(tarded by lAw, and may 6e e:errised coocurrantly the=ewitb or independently , t~ereol. MortHagea shall he liable to account only tor such rents, issues a~d pmtib actually receiv~ by Mortaagee. - . , 1~. It 1he indebtedne~ secured herebY ia now or he~Uec turther aecnrod°bp~chattel mortgx~oa. security interesta, tinancing statemeata~ pled~ea, contracts ot guaranty. awiStunenb of leases,- or otheY ~ecurities. or if the Mortgaged Pro- Nerty hereby encumbered conaista o[ more than one parcel ot real property, MoctSa6ee mey at ib option e:hnust ai~y one or more ot aaid secstrities and security hereunder. or such parccb o[ the recuritp heseunder. either rnncu~rently or inde- peadantly. and in auch order as it may determioe. ' ` s lb. 'I!?i~ Mortsage ahaU ~ecure not otdy ezistir~ indebtednea~. but alw such tuture advances. whether such edvances ' ~ are obligabry or to be made a! the option ot Mortgagee, or otherwise. as are made within twe~ty (20) yeaw trom the date ' i- hereot. to the wme e:tent as it sucl~ future advances vrere made on the date ot the execution ot tl~it Mottgege, but such secured indebted~ess shall not e:ceed at any time 1he maYimum principal nmoant of = N fA plus interest, gnd any disburseinenta made fos the payment of ta:ea. levies, or insurance. on the Mortgaged Property, with intetest on such diabureements. Any such future advances, whether obligatory or tb be made at the option of the Mortgagee. or otherwise. ma,y be made either prior to o! atter the due date of the Note or any olher notea eecured by thia Mortgage. This Mortgase is given tor the apecitic purpose ot sECU*~ng any and all indebtedneas by the Morigagor to Morlgagee (but ~ , i' ~s in no event s6all the eecured indebtednese e:ceed at any time the maximum principal amount ~et fodh in this paraKraph) in ~ E whatever manner lhis indebtedneas may be evidenced or represented. until this Modgage is aatiatied of recotd. All rnven- . ants aad agreements rnntained in this Mortgage shall be applicable to alt further adva~ces made by Mortgagee to ; Mortgagor under this tuture advarne clause. ~ . 16. No delay by Mortgagee in exerciaing any right or remedy heceunder. or otherwise at[orded by lew. ahall operate as a waiver thereof or preelude t6e e:erciee thereof during the continuance ot any detault t~ereunder. No waiveT by Mortgagee of eny default shall constitute a waiver ot or consent to subeequent detaults. No tailure ot Mortgagee to exercise • any option herein given to ~accelerete maturity o( We deM hereby eecured. no torbearance by Moctgagee be(ore or atter the ~ exercise ot suc6 option and no withdrawal or abendonment of toreclasure proceeding by Mortgagee shal! be taken or rnn- atrued as a waiver o! ~ita ris6t to esercise such option or to accelerate the maturity o( the debt hereby secured bY reason of i any paat, preeent or future default on the pad of Mortgagor; and, in like manner, the procurement ot insurance or the {x~y- ' ment ot taiea or other liens or c6arges by Mortgagee atwll not be taken or conatrued aa a waiver of its right to nccelernte the maturity of the debt hereby aecured. 17.. Wit6out at[ecting t6e IiabiUty of Mortgagor or any other person (e:cept any person expresaly released in writing) for payment of any indebtedneas ~ecured hereby or for pertormance of any obligation contained herein, and without atfect- • ! ing the rights of Mortgagee with respect to any security not e:preasly releaaed in writing. Mortgagee may, at any time and trom time to time. either betore or atter the maturity ot said note. and without notice or consent: 1 (a) Releese any pereon liable tor pay~nent of aU or eny part of the indebtedneas or tor perforn~ance of any obligation. (b) Make any agreement extending ihe time or otherwise altering t6e terms of payment oi all or any part o( the indebtedneas, or moditying or waiving any obligation, or su6ordinating, moditying or otherwise dealing with the lien or f charge hereof_ - ~ _ (c) E:erciae or refrain (rom exerciaing 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, eecuring the indebtedness, including all or any ~~rt : ot the Mortgaged Property. _ ' % 18. Any agreement hereatter made by Mortgagor and Mortgagee pu~suant to this mort(Gage shal) be superior to the rights of the holder of any intervening lien or encumbrance. - 19. Mortgagor 6ereby waives all right ot homestead e:emption, if any, in the Mortgaged Property. Z0. In the event of condemnation proceedinga of the Mortgaged Property, the awatd or compena-~tion payable there- ' f under is heteby sesigned to and ahall be paid to Mortgagee. Mortgagee shall be under no oWigation to question the amount ; ot any such award or compensation and may accept the eame in the amount in which the same shall be paid. In any such ~ ' condemnation proi~eedinga, Mortgagee may be represented by counael selected by Mortgagee. The proceeda ot any award ~ ` or compenaation so received ahall, at t6e option of Mortgagee, either be applied to the prepayment. of the Note and at the ~ rate of intereat provided therein, regardless o[ the rate.ot 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 Propedy. ~ . 21. I( Morigagee, pursuant to a constntction 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 covenanta ot said constcuction loan agreement or_ loan commitment. will ~ i diligently coastn~et the improvements to be buitt pursuant to the terms thereof. all ot the terms thereof which are in- corporated herein by reterence as though set torth fully herein and will permit no defaults to occur thereunder and it a de- (oult shall occur tbereunder, it ahall constitute a detault under this Mortgage and the Note. ; . ~ 22. At the option o( Mortgagec, Mortgagor shall provide Mortgagee with periodic cettitied aadited statements of the financial condition ot Mortgagor. ' 23. Mortgagor represents and warranla that it a corporation, it is duly organized and validly existing, in good atand- ' ing under the laws of the state of it8 incorpomtion, has atock outatanding which has been duly and validly issued, and is quali(ied to do busineas and is in good standing in the State of Florida, with tull power and authority to consummate the loan contemplated heretiy; and, i! a partnership, it is duly formed and validly e:isting, and ia fully qualified to do business ' in the State of Florida: with tull power and authority to consummate the loan contemplated hereby. ~ 24. In the event any one or more ot the provisions contained in Wis Mortgage or in the Note shall tor any reason be held to be invulid, illegal or unenforceable in any respect, surh invalidity. illegality or unenforceablity shall, at the ~ ~ option o[ the Mortgagee, not affeat any other provisions of this Mortgage, but thia Mortgage shall be construed as i( such ~ invalid, iUegal or unenforceai?le provision had never been contained hernin or therein. The total intereat payable pursuant ; t ~ to the Note or this Mortgage shall not in any one year e:ceed the bighest lawful rate o[ intereat in tl~e State ot Floridn. ~ 25. The covenants and agreementa 6erein contained ahall bind and the benetita and advantagea ahall inure to the s~ ~ respective heiis, executors, administratora, successors, and assigns ot the parties hereto. Wherever uaed, tbe singular number ahall include the plural, the plural tl:e singular, and the use of any gender shall be applicable to all genders. Al) ; covenanta. agreeraenta and undertakings shell be joint and several. In the event additiona) numbered covenanta or-para- graphs ace for convenience ineerted in thie Mortgage, such additional covenants shall be read and given ef(ect as though ~ following this covenant in conaecutive order. 1 ~ ~ } ~ o~ ? ~ - BOOK t~ PACE ~ r . j , , . _ s- ~ _ _._r- _ - - :~•„,`a° r.' ~.,~-~•~.ls~ - . ~ - ~ _ - r • - ~~~~s~+~. . ~ ''m F~'! •x~ '~s . -'_.l ~ v _ . . .<...._...i,. . .