HomeMy WebLinkAbout1671 :+pply such rants, issues and profits received by it c?n tha indebtedness aec•urrd herel?y in such order :+s Mortgagc•t• deter- ~ •
mines. The right to enter and take f?cwvscwion of the Mortgaged Property, to manage and of?eaUe the s:une, and to colle+•t
the trots, i?uure and profits thereof, whether I?v r+ receiver or otherv?•iae, shall be cumulative to any other right or renurly
hereunder or afforded by law, and may he exercised concurrently therewith or indel?endently thenv?f. ]Mortgagee shall
1?e liable to account only for such rants, issues and profits actually received by Mortgagee.
14. It the indebtedness sec•und hereby is now or hereafter further secured by chattel mortgages, security interests,
financing statements, pledges, ronlracts of guaranty, axsignments of leases, or other securities, or if the Mortgaged Pro-
fx rty hereby encumbered consists of more than one lxuc•el of real prol+erty, Mortgagee may at its option exhaust any one
or more of said securities and security hernunder, or such parcels of the security hereunder, either concurrnntly or inde-
pendently, and in such order as it may determine.
15. Thu Mortgage shall secure not only existing indebtedness. but also such future advuncea, whether such advances
are obligatory or to be mode at the option of Aortgagee, or otherwise, as are made within twenty (20) years from the dole
hereof, to the name extent ::s if such future advances were made on the date of the execution of tln~~Morig:+ge, 1?ut such
secured indebtedness shall not rxc•eed at any time the maximum principal amount of s
plus interest, and any disbursements »u+de for the 1?ayment of taxes, levies, or insurance, on the Mortgaged Property, with
interest on such disbursements. Any such future advames, whether obligatory or to be made at the option of the Mortgagee,
or otherwise, may he 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 sl+ec•ifir pury?c?se of securing any and all indebtedness by the Mortgagor to Mortgagee (but
in no event shrill the sec•urrd indebtedness exceed at any time the maximum principal amount set forth in this p:+r.+graph) in
whatever manner this indebtedness may 1?e evidenced or represented; until-this Mortgage is s:+tistied of record. rill coven-
ants and agreements contained in this Mortgage shall be applicable to all further advances made by ,Mortgagee to
:Mortgagor under this future advances clause.
16. No delay by Mortgagee in exercising any right or remedy hereunder, or othen+•ise afforded by law, sl+:+ll 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 o[ or ronaent to subsequent defaults. No failure of Mortgagee to exercise
any option herein given to acc•elernte maturity of the debt hereby see•ured, no forbearance by Mortgagee before or after the
exercise of such option and no withdrawal or at?:+ndonment of foreclosure proceeding by Mortgagee shall I?e taken or ron-
strued as a waiver of its right to exercise such option or to accelerate the maturity of the debt hereby secured by reason of
any twist, present or future default on the tu+ri of Mortgagor. and, in like manner, the praurement of insurance or the pay-
ment of taxes or other liens or charges by Mortgagee sh:+ll not I?e taken or construed as a waiver of its right to acceler.+te
the maturity of the debt hereby secured.
17. Without affecting the liability of Mortgagor or any other Berson lexcept any tmrson expressly released in writing)
for payment of any indebtedness secured hereby or for t?ertormance of any obligation contained herein, and without atfec•t-
ing the rights of Mortgagee with rrstx•c•t to any security not expressly released in writing, Mortgagee may, at any time and
(mm time to time, either 1?efore or after the maturity of said note, and without notice or consent:
la) Fele:+se any t?erson liable for t?.•+yment of all or any t?ari of the indebtedness or for t?erformancr of any obligation. •
(h) Make any agreement extending the time or otherwise altering the terms of t?:+yment of all or any part of the
indebtedness, or modifying or waiving any obligation, or suhordin:+ting, modifying or otherwise dealing with the lien or
charge hereof.
(c•) Exen•ise or retr.+in from exenising or waive any right Mortgagee may have.
ldl Accept addition:il security of any kind.
(e) Release or otherwise deal with :+ny pmt?eriy, real or I+ersonal, securing the indebtedness, including all or any part
of the Mortgaged Prot~erty.
IR. Any agreement hereafter made t,y blortgagpr;and Mortgagee pursuant to this mortgage sh:?11 f?e sut?erior to the
rights of the holder of any inlen•ening lien or encumbrance.
19. Mortgagor hereby waives all right of homestead exemption, if any, in the Mortgaged Protxriy.
20. In the event of condemnation pr«•eedings of the Mortgaged Prot?eriy, the award or c•omt?ens+tion t?%+yaMe there-
under is hereby assigned to and shall f?e paid to Mortgagee. Mortgagee shall be under no obligation to question the amount
of any such award or comt?ensalion and may accept the same in the amount in which the same shall be tk-+id. In any such
condemnation pr«•eedings, Aortgagee may be represented by counsel selected by rtorigagee. 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 tr.+yable on the award by the condemning authority, or at
the option of Mortgagee, such award sh:+11 Ire paid over to 141ortgagor for restoration of the 111origaged Proterty.
21. If !lorgagee• pursuant to a c•onstruc•tion loan agreement or loan commitment made by Mortgagee with 1\iortgaQor,
agrees to make construction loam ads:+nc•es up to the prinritkd amount of the Note, then Mortgagor hereby covenants that it
j will comply with all of the terms, provisions and covenants of s:+id e•onstruction la+n agrrlgtrter~.t)r lo:u+ commitment, will
diligently construct the improvements to he built pursuant to the terms thereof, all of the terms thereof which are in•
roryx?rated herein by reference as though set forth fully herein and will t?ermit no defaults to occur thereunder and if a de-
fault shall «•cur thereunder, it shrill constitute a default under this Mortgage and the Note.
's 22. At the option of 1\lortgagee, Mortgagor shall provide Mortgagee with t?eriodic c•eriitied audited statements of the
financial condition of AtortgaRor. •
23:• :~lorigagor represents and warrants that if a cort?c?r.?tion, it is duly organized and validly Existing, in good stand-
ing under the laws of the state of its incort?oration, h:+s stock outstanding :vhieh has been duly and validly issued, and is
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qualified to do business and is in good standing in the State of Florida, with full tww•er and authority to consummate the
I+wn contemplated hereby; and, if a p:+rtnership. it is duly, formed and validly existinK, and is fully qualified to do business
in the State of Florida: with full tower and authority to consummate the loan contemplated hereby.
24. In the event any one or more of the provisions coniained in this Mortgage or in the Note shall for any reason
I?e held to 1?e invalid, illegal or unenforceable in any reat>ec•t, such invalidity, illegality or unenfon•eablity shall, at the
option of the 1lfortgagee, not affect any other provisions of this Mortgage, but this Mortgage shall t?e construed as if such
invalid, illegal or uncn(on•rable provision had never been contained 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 State of Florida.
25. The covenants and agreements herein cnntained shall bind and the benefits and advantages shall inure to the
rest?ec•live heirs, executors, administrators, successors, and assigns of the {?:+riies hereto. Wherever used, the singular
~ number sh:+ll include the plural, the plural the singular, and the use of any gender shall he applicable to all genders. All
covenants, agreementx and undertakings shall 1?e joint and several. In the event additional numbered evenants or t?ar<+-
graphs are for convenience inserted in this Mortgage, such additional covenants shall t?e read and given effect as though
following this covenant in consecutive order.
g~oK 304 oA~f 1669 -3- G P f
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