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HomeMy WebLinkAbout2156 . e ~ ~ apply such rents, issues and profits received by it on the indebtedness secured he ~ by in su~h~orwder~ as Mortgagee deter- ' mines. The right.to enter and take Iwssewion of the Mortgaged Property. to manage and operate the same, and to collect the renb, issues and profits thereof, whether by a receiver or otherwise. shell be cumulative to any other right or remedy hereunder of afforded by law, and may be ezercised concurrently 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 secured hereby is now or hereafter further secured by chattel mortgagee, security interests, financing statements, pledgee, contracts. of guaranty. assignments of leases, or other aecuritiea, or if the Mortgaged Pro- perty hereby encumbered consists of more than ono parcel of real property. Mortgagee may at ib option a:haust any one or more of said securities and security hereunder. or such psrceb of the security hereunder. either concurren/ly or rode- pendently. and in ouch. order as it may determine. 15. This Mortgage shall senors not only existing indebtedness, but also such [uture advances, whether such advances are obligatory or to be made at the option of Mortgagee, or otherwise. as are made within twenty (20) years from the date hereof, to the same extent as it such future advances were made on the date of the execution of this Mortgage, but such secured indebtedaess shall not exceed at say time the mazimum principal amount of = Il/8 plus interest, and any disburoements made for the payment of fazes. levies, or insurance, on the Mortgaged Property, with interest on such disburse~nenta. Any such future 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 pger~poe~e oef serdring any and all indebtedness by the Mortgagor to Mortgagee (but in no event shall the secured in~r6e~e" ~)w et any time the maximum principal amount set forth in this paragraph) in whatever meaner this indebted need or represented, until this Mortgage is satisfied of record. All coven- ants and agreements rnntained 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 o/herwiae 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 rnnsent to subsequent defaults. No failure of Mortgagee to exercise any option herein given to accelerate matusity of the debt hereby secured, no forbearance by Mortgagee before or alter the ezercise of 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 ezerrise such option or to accelerate the maturity of the deM hereby secured by reason of -any past, present or future default oia the part of Mortgagor: and, in like manner, the procurement of insurance or the pay- ment~oi fazes or other liens or charges by Mortgagee shall not be taken or construed as a waiver of its right to accelerate 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 contained herein, and without affect- ing the rights of Mortgagee with r+eapect 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 pennon liable for payment of all 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 obligation, or subordinating, modifying or otherwise dealing with the lien or charge hereof. - - (c) Exercise or retrain tram exercising 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, securing the indebtedness. including all or any part of the Mortgaged Property. 18. Any agreement hereafter made try Mortgagor and Mortgagee pursuant to this mortgage shall be superior to the rights of the holder of any intervening lien or encumbrance. ' 19. Mortgagor hereby waives ail 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 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 o[ 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 the option of Mortgagee, such award shall be paid over to Mortgagor for restoration of the Mortgaged Property. j 21. If 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 of the Note, then Mortgagor hereby covenants that it f will comply with all of the terms, provisions and covenants of said construction loan agreement or loan commitment, will ~ diligently rnnatruct the improvements to be built punsuant 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 it a de- fault shall occur thereunder, it shall constitute a default under thin Mortgage and the Note. 22. At the option of Mortgagee, Mortgagor shall provide Mortgagee with periodic certified audited statements of the financial condition of blortgagor. - 23. Mortgagor represents and warrants that if a corporation, it is duly organized and validly ezisting, in good stand- ing.under the laws of the state of its incorporation, has stock outstanding which has been duly and validly issued, and is qualified to do business and is in goad 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 ezisting, 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 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 Mortgage, but this Mortgage shall be construed as if such invalid, illegal or unenforceable provision had ne~•er been contained herein or therein. The total inter+eat payable pursuant to the Note or this Mortgage shall not in any one year exceed the highest lawful rate of interest in the State of Florida. F 25. The covenants and agreements herein contained shall bind and the bene[its 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 rovenants, agreements and undertakings shall be ioint and several. In the event additional numbered covenants or par~- 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. -3- Q ~ ~ _ - ~t~ _