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HomeMy WebLinkAbout2142 ~ jr.. • ~ t)1~•~ Rr~' ~ ~ ,31i fi t ~ apply such rents, issues uad prglits received by it on the indebtedness secured hereby in such order as Mortgagee deter- minty. The right to eater and take Irossession of the Mortgaged Property, to manage and operate the same, and to collect ~ the rents. iawes and profits thoreot, whether by a receiver or-otherwise, shall bs cumulative to any other right or remedy hereunder or afforded by law, and may be exercised concurrently therewith or independently thereof. Mortgagee shall be liable to account Daly for such rents, issues and profit actually received by Mortgages. - 14. It the iadebtedaess secured hereby is sow or herea[ter further secured by chattel mortgagee, security iaterests, (inaruirrs statements` pledgee. contracts of gusranty, assignment of leases. or other securities. or it the Mortgaged Pro- perty hereby encumbered consist of more than one parcel of real property, Mortgagee may at it option exhawt any one or more of said securities and security hereunder. or such parceb of the security hereunder, either concurrently or inde- pendently. and in such order as it may determine. - lb. This Mortgage shall secure not only existing iadebtednar, but abo such future advances. whether such advances are obligatory or to be made at the option of Mortgagee. or otherwise. ~ are made within twenty (20) years from the date hereof, to the same a:tent as it such future advances were made on the date of the execution of this Mortgage, but such secured indebtedness shall not exceed at any time the maximum principal amount of = A~8 plus interest, and any disbursemeat 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. i 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 (but ~ in no event shall the secured indebtedness exceed at any time the maximum principal amount set forth is this paragraph) in } whatever manner this indebtedraata may be evidenced or represented. until this Mortgage is satisfied of record. All coven- ant acrd agreement confined in this Mortgage shall be applicable to all 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 o[ any default hereunder. No waiver by - Morigagee of any default shall rnnslitute a waiver of or consent to subsequent defaults. No failure of Mortgagee to exercise any option herein given to accelesat maturity of the debt hereby secured, no torbearaace 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- . atrued as a waiver of it 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 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 accelerates 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 confined herein, and without affect- ing the right of Mortgagee with reapeM to any security not essrreasly released in writing, Mortgagee may. at any time and < from time to time, either be[ore or after the maturity of said note, and without notice or consent: (a) Release any person liable for payment of all or any part o[ the indebtedness or for performance of any obligation. (b) Make any agreement extending~~t~q~rwiae altering the terms of payment of all or any part of the indebtedness, or modifying. or waiving an Q~l~'' bb} subordinating, modifying or otherwise dealing with the lien or charge hereof. (c) Exercise or refrain from exercising or waive any right Mortgagee may have. (d) Accept additions) security of any kind. (e) Release or otherwise deal with any property, real or personal, securing the indebledneae, including all or any part of the Mortgaged Property. 18. Any agreement hereafter made by Mortgagor and Mortgagee .Pursuant to this mortgage shall be superior to the i rights of tbe_ holder of any intervening lien or encurnbrance_ ' 19. Mortgagor hereby waives all right of homestead exemption, 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 rate of interest provided therein, regardless of the rate of interest payable on the award by the condemning authority, or at a the option of Mortgagee, -such award shall be paid over to Mortgagor for restoration of the Mortgaged Property. a 21. It 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 o[ 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 improvement to be built pursuant to the teams 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 thin Mortgage and the Note. 22. At the option of Mortgagee, Aortgagor shall provide Mortgagee with periodic certified audited sftementa of the financial condition of Mortgagor. 23. Mortgagor represents and warrants that if a corporation, it is duly organized and validly existing, in good sfnd- ing under the laws of the state of its incorporntion, has stock outsfnding which .has been duly and validly issued, and is qualified to do business and is in good sfnding- in the Sfte 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 qualif' to 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 confined 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 unentorceablity shall, at the option of the Mortgagee, not affect any other provisions of this Mortgage, but this Mortgage shall be rnnstrued as if such invalid, illegal or unenforceable provision had never been confined 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 Sfte of Florida. 25. The covenants and agreements herein confined shall bind and the benefits and advanfgea 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 ~ covenant, 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 following this covenant in consecutive order. f O R fj '~ODK 3v~ pgCFz~ - - _ e - ~ h~ .