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Home My WebLink About1991 i apply such rents, issue and profits received by it on the indebtednear sw•ured hereby in s ch ynlar as~hi~Rt~,agw deter- rnines. 1'he right to enter and lake possession of the Mortgaged Pro{rerty, to manage ar~ tu~ the satnet p~4 to c-ollec•t the rents, issues and profits thereof, whether by a rc~•eiver or otherwise, shall be sumo aU to any other right or remedy hereunder or afforded by law, and may be exercised concurrently therewith or independently thereof. Mortgagee shall he liable to account only for such rents. issues and profits actually received by Mortgugee. 14. if the indebtedness secured hereby is now or hereafter further secured by chattel mortgagee, security interests. financing stutements. pledges, contracts of guaranty, assignments of leases, or other securities, or i[ the Mortgaged Pro- i( {rerty hereby encumbered consists of more than one panel of real property, Mortgagee may at its option exhaust any one or more of said securities and security hereunder, or such {ratcels of the security hereunder, either concurrently or inde- pendently. and in such order as it may determine. 15. This Mortgage shall secure not only existing indebtedness, but also such future advances, whether such :advances ~ are obligatory or to be made at the option of Mortgagee, or otherwise, as are made within twenty (ZO) years from the date t hereof, to_ the same extent as if such future advances were made on the date of the execution oN~A Mortgage, but such secured indebtedness shall not exceed at any time the maximum principal amount of = plus interest, and any disbursements 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. or otherwise, may be made either prior to or after the due dale of the Note or any other notes secured by this Mortgage. This INortgage is given for the specific {rur{rose of securing any and all indebtedness by the Mortgagor to Mortgagee (but in no event shall the secured indebteflq~r etxQeeA al any time the maximum principal amount set forth in this paragra{rh) in whatever manner this indebtedness tait!?y be evidenced or represented, until this Mortgage is satisfied of record. All coven- ants and agreements contained in this Mortgage shall he 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 a[forded 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 consent to subsequent defaults. No failure of Mortgagee to exercise any option herein given to accelerate maturity of the debt hereby secured, no forbearance by Mortgagee before or after the exercise of such option and no withdrawal or abandonment of foreclosure proceeding by Mortgagee shall be taken or con- strued ad a waiver of its right to exercise such option or to a:relerate the maturity of the debt hereby secured by reason of any {wst, present or future default on the {cart of Mortgagor: and, in like manner, the procurement of insur:rme or the {ray- ment of taxes or other liens or charges by Mortgagee shall not be taken or rnnstrued as a waiver of its right to as:rlente the nwturity of the debt hereby secured. 17. Without affecting the liability of Mortgagor or any other person (except any {ren~on 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 respect to any security not expressly rele-sed in w?iting, Mortgagee may, :rt :rny time :end from time to time, either before or after the maturity of said note, and without notice or consent: (a) Release any {reason liable for payment of all or any part of the indebtednessg or for performance of any obligation. (b) Make any agreement extending lire time or otherwise altering the terms of payment of all or any {>ari of the indebtedness, or modifying or waiving any obligation, or subordinating, modifying or otherwise dealing with the lien or charge hereof. (c) Exercise or refniin from 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 {r:rrt of the Mortgaged Property. 18. Any agreement hereafter made by Mortgagor and Mortgagee pursuant to this mortgage shall be su{rerior to the rights of the holder of any inten'ening lien or encumbrance. ~ 19- Aortgagor hereby waives all right of homestead exemption, if any, in the Mortgaged Property. s 20. In the event of condemnation proceedings of the Mortgaged Property, the award or compensation {rayable there- F under is hereby assigned to and shall be paid to Mortgagee. 2ltorigagee shall {re under no obligation to question the amount f of any such award or rnm{rensation and may accept the same in the amount in which the same shall be paid. In any such I condemnation pro~•eedings, Mortgagee may be represented try counsel selected by Mortgagee. The proceeds of any award or compensation so received shall, at the option of biorigagee, either be applied to the prepayment of the Note and at the a rrte 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 {raid over to Mortgagor for restoration of the Itlortgaged roperty. 21. If Mortgagee. pursuant to a sonstruclion lain 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 rnm{rly with elf of the terms, {rrovisions and covenants of said construction loan :agreement or loan commitment, will diligently construct the improvements to be built {rursuant to the terms thereof, all of the terms thereof which are in- cor{rorated 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 this Mortgage and the Note. 22. At the option of Mortgagee, Aortgagor sh:dl provide Mortgagee with {reriodic certified audited statements of the financial condition of Mortgagor. Za. Mortgagor represents and warrants that if a cror{xrration, it is duly organized and validly existing, in good stand- ` ing under the laws of the state of its incor{roration, has stock outstanding which has been duly and validly issued, and is qualified to do business and is it: good standing in the State of Florida, with full power and authority to consummate the loan contem{elated hereby::end, if a partnership, it is duly formed and validly a:fisting, and is fully qualified to do business in the State of Florida: with full {rower and authority to consummate the loan contemplated hereby. 24. In the event :rny one or more of the provisions contained in this l~lortgage or in the Note shall for any reason be held to tee im•alid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceablity shall, at the 3 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 never been contained herein or therein. The total interest payable pursuant z 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 contained shall bind and the benefits and advantages shall inure to the res{restive heirs, exewtors, 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 ~ covenants, agreements and undertakings shall tee joint and several. In the event additional numbered covenants or para- ~ graphs are for convenience inserted in this Mortgage, such additional covenants shall Ire read and given effect as though following this rnvenant in consecutive order. 7 gooK 3U4 PA~E1989 - : - _