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HomeMy WebLinkAbout0825 i ~ . ~ ~ ~i~~?'.~ • ~ ~ apply such rents, issuea und prolita received bY it on the indebtedneas secured hereby irt abclt orller iu 1N~~i+l~be dete~- ~ mines. The right to enler and take possession ot the Mortgaged PropeNy, to maniige and operute the same, ani to rnllect ; the renta, ieaues and protib thereot. whether by a receiver or otbeewiae, ~ball be cumulative to any other ri~ht or remedy f hereunder or attorded by law. and may be e:ercieed concurre~tlY therewitb or independenUy thereoi. MorlgugAe ahaU i be liable to uccount oi?ly t~r such rents. isaues and protib actunlly teceived by Mortgugee. ~ 14. I( the indebtednaes secured hereby is now or hereafter turther secured by chattel mortgages. security intereste, ~ (i~ancing atateraents, pledgea. contracts ot guarunty, usai8nmenta of leasea, or other securities, or it !he Mortgaged Pro- ~ perty heeeby encumbered consista o[ more than one parcel ot real pwperty. Mort~egee may at its option e:haust any one ; or more of euid securities and aecurity hereunder. or such parcels of the security hereu~der. either concurrently or inde- ; pendently. and in auch order as it may determine. • { 15. This Mortgage shall aecure not only existing •indebtednees, but also sach tuture advances, whether auch advancee ~ are obligatory or to be made at the option ot Mortgagee, or otherwiee, es are made within twenty (20) years ~rom the date ~ l~ereot, to the sa~ne e:tent aa it such tuture advancee were mnde an the date of the execution~ this Mortgage, but such secured indebtedness al~all not exceed at a~y time the manimum principal amount o[ i plua interest. and any disbutsements made tor the payment ot ta:es. levies, or insurance. on the Mortgaged Properiy, with . intereat on euc6 disbureementa. Aay such (uture advances. whether obligatory or to be made at the option of We Mortgagee. or otherwiae. may be made either prior to or atter tbe due date ot the Note or any other notes aecured by this Mortgage. ; This Mortgage ia given tor the speci(ic purpoee of securing any and all indebtedness by the Mortgagor to MortgaBee (but ~ in no event ahall the eecured indebtedness ezceed at any time the mu:imum principal amount set forth in thia para8raph) in v?hatever manner thia indebtedness may be evidenced or represented, until this Mortgage is satiatied of record. All coven- anta und agreements rnntained in this Mortgage shall be Applicable to all turther advancea made by Mortgagee to Mortgagor under this tuture advance clause. - ~ i 16. No delay by Mortgagee in e:ercising any right or remedy hereunder, or othervrise atforded by law, s6a11 operate ~ as a waiver thereof or preclude the e:ercise thereof during the continuance ot any detau{t 6ereunder. No waiver by Mortgagee of any default ahall constitnte a waiver ot or consent to aubeequent defaults. No tailure ot Morigagee to exerciee any option herein given to accelerate maturity ot the deM hereby aecured, no torbearance by Mortgagee before or atter the exercise ot such option and no wit6drawal or abandonment of foreclosure proceed~n8 by Mortgagee shall be taken or con- strued ws a waiver of ita riBht to e:ercise such option or to accelerate the maturity oi the debt hereby secured by reason o( any past, present or future detault on the part of Mortgagor: and,.in like manner, the procurement ot insurance or the pay- ment o[ ta:es or other liena or cbarges by Mortgagee shall not be taken or conslrued as a waiver ot its right to accelernte the ir~aturity o[ the debt hereby secured. . 17. Without attecting the liability o[ Mortgagor or any other person (e:cept any peraon expressly released in writing) - (or payment of any indebtedness secuted hereby or for performance o[ any obligation contained herein, and without affect- : ing the rights of Mortgagee with respect to any serurity not e:prESSly released in writing, Mortgagee roay, at any time and _ from time to time, either before or atter the maturity of said note, and without notice or consent: ~ (a) Release any pereon liable for payment of aU or eny part of the indebtedness or (or performanAe of ~;ji ob)igation_ (b) Make any agreement e:tending the time or othetwise altering the terms ot payment of all or any part ot the ~ indebtednesa, or moditying or waiving any obligation, or subordinating, modifying or otherwise dealing with the lien or i z chnrge hereof. _ ' 4 (c) E=ercise or re(rain trom exemising or waive any right Mortgagee may have• . . (d) Accept additional security of any kind. t (e) Release or otherwise deal with any property. mal or personal, secunnB the indebtedness, including all or any part ~ of the Mortgaged Property. ~ 18. Any agreement herea[ter made by Mortgagor and Mortgagee pursuant to thia mortgage ahall be superior to the rights ot the holder ot any intervening lien or encumbrance. 19. Mortgagor heteby waives all right ot homestead exemption, it any. in the Mortgaged Property_ ~ 20. In the event-of condemnation proi.~eedinga of t6e Mortgaged Property, the award or compensation payable there- E under is hereby assigned to and shall be paid to Mortgagee. Mortgagee shall be under no obligation to question the amount oi 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 ptoceeds, of any award E or compensation so received sha11, at the option of Mortgagee, either be applied to the prepayment of We Note and at the ~ rate of interest pmvided thernin, "regardless ot the rate of interESt payable on the award by the condemning aulhority, or at ~ the option of Mortgsigee, such award shall be paid over to Mortgagor (or restoration of t6e Mortgaged Property. ~ 21. If Mortgagee, pursuant to a construction loan agreement or loan commitment made by Mortgagee.with Mortgagor, ~ agrees to make constraction loan advances up to the principal amount of the Note, then Mortgagor hereby covenants that it ~ . will comply wiW all of the terms, provisiona-and covenants of said conetruMion loan agreement or loan commitment, will dilig"ently construct the impmvements to be built pursuant to the terms thereof, all of the `arps.tb~ Which are in- corporated herein by reference as though aet fott6 fnlly herein and wi11 permit no defaulta to oc~alur•4her~dl~der and it a de- tault shall occur thereunder. it shall constitute a default under this Mortgage and the Note. 7l. At the option of INortgagee, Mortgagor shall provide Mortgagee with periodic certified sudited statementa of the (inancial condition o[ Mortgagor. 23. Mortgagor re~resents and warrants that if a corporation, it ia duly organized and validly e:isting, in good atand- ~ ing under the laws of the state ot its incorporation, has stock outstanding vrhich has been duly and validly issued, and is qualified to do business and ia in good standing in the State of Florida, with (ull power and suthority to consummate the ~ loan contemplated 6ereby: and, if a partnership, it is duly (ormed and validly ezisting, and is [ully qualitied to do twsine~ in the State of Florida: with [ull 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 teason be held to be invalid, illega) or unenforceable in any respect, such invalidity, illegality or unentorceablity shall, at the ? option of the Mortgugee, not atfect any other provisions ot this Mortgage, but this Mortgage shall be construed as if such ~ invalid, illegal or unenforceable provieion had never been contained herein or thetein. The total interEat payable pursaant ~ to the Note or thia Mortgage ahall not in any one year e:ceed the highest lawful rate of intetest in the State of Florida. ' 25. The covenants and agreementa herein contained shall bind and the benetits and advantages shall inure to the ~ reapective heire, executors, administrators, successots, and a9signe of the parties hereto. Wherever used, the singular - ~ number shall include the plural, t6e plural the aingular, and the use of any gender shali be appiicable to al) genders. All covenanta, agteements and undertalcings shall be joint and severaL In the e~~ent additional numbered covenante or para- graphs are tor convenience inaerted in this Mortqage, such additional co~~enanta shall be read and given effect as though ~ following t6is covenant in consecutive order. ~ eQOx 3U3 ~ti~~ 824 ~ fi ' . ~ ~ _ . : . . _ _ - . . . ' ' ' ~ : y~~~~~:g,c' ,Yr ~.r ~ ~ ~ . ' 3i~4 lT~~,,,~'.Y- ~~k -'S' -~'~"~''X" : ~ y ~ 1 ' ~ ~ . y . . iHf _ - . . . . . _ _ - .