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HomeMy WebLinkAbout2059 apply such rants, issuctit and pro(i4 received by it on the indebtedness secured heretyrin I~K•h+urder ut1~ost~gee deter- mines. The right to enter and take possession of the Mortgaged Property, to manage and operate the name, and to collect the rents, issues and protib thereof, whether by a receiver or otherwise, shall he cumulative to any other right or remedy hereunder or afforded by law, and may be exercised concurrently therewith or indepegdently 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 mortgages, aec•urity interests, tir?ancing statements, pledges, contracts of guaranty, assignments of leases, or other securities, or it the Mortgaged Pro- perty hereby encumbered consists of more shun one parcel of real property, Mortgagee may at its ol?tion exhaust any one or more of said securities and security hereunder, or such parcels 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 indebtedness, but also such future advances, whether such advances are obligatory or to he made at the option of I1lorigagee, or otherwise, as are made within twenty (20) years from the d,+te hereof, to the same extent 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 = NA plus interest, and any disbursements made for the (wyment of taxes, levies, or insurance, on the Mortgaged Prol+eriy, 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 date of the Note or any other notes secured by this Mortgage. This Mortgage is given (or the specific pur•{wse of securing any and all indebtedness by the Mortgagor to Mortgagee (but in no event shall the secured indebtedness ezceed at any time the maximum principal amount set forth in this paragraph) in whatever manner this indebtedness may be evidenced or represented, until this Morig,+ge is satisfied of record. All coven- ants and agreements contained in this Mortgage shall be applicable to all further advam•ea made by Mortgagee to Mortgagor under this future advance clause. 16. No delay by Mortgagee in ezercising any right or remedy hereunder, or otherwise afforded by law, shall operate us a waiver thereof or preclude the exercise thereof during the continuance of any default hereunder. No waiver by i 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- atrued as a waiver of its 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 o[ insurance or the p:+y- ment of fazes or other liens or charges by Mortgagee shall not I?e taken or construed as a waiver of its right to acc•elerrte the maturity of the debt hereby secured. 1T. Without affecting the liability of Mortgagor or any other person (except any {+erson expressly released in writing) for (+wyment of any indebtedness secured hereby or for performance of any obligation contained herein, and without affect- ing the rights of 11'Iortgagee with respect to any security not expressly released in writing, Aortgagee may, :rt any time :+nd tram time to time, ei/her before or after the maturity of said note, and without notice or consent: la) Release any person liable (or (xlyment of all or any part of the indebtedness or for periormance of any obligation. (b) 1?iake any agreement extending the lime or otherwise altering the terms of payment of all or any 1>:+rt of the indebtedness, or modifying or w:+iving any oblig:+tion, or subordinating, modifying or otherwise dealing with the lien or charge hereof. (c) Ezercise or retr.+in from exercising or waive any right Mortgagee may have. Idl Accept additional security of any kind. (e) Release or otherwise deal with any property, real or 1?ersonal, securing the indebtedness, including all or any (>:ut of the Iortgaged Property. - iH. Any agreement hereafter made by Mortgagor and Mortgagee pursuant to this mortgage shall t?e sut?erior to the rights of the holder of any intervening lien or encumbrance. ; j 19. Mortgagor hereby waives all right of homestead exemption, if any, in the Mortgaged Prolx:rly. j 20. In the event of condemnation proceedings of the Mortgaged Property, the award or compensation to+yable there- under is hereby as.Rigned to and shall he paid to Mortgagee. Mortgagee shall be under no obligation to question the amount of any such award or rnmpensation and may accept the same in the amount in which the same shall he t?aid. 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 f><~yable on the award by the condemning authority, or at the option of Mortgagee, such award shall he tuud over to Mortgagor for restoration of the Mortgaged Property. 21. If Mortgagee, pursuant to a construction loan agreement or loan commitment made by Mortgagee with Mortgagor, agrees to make construction lo:+n advances up to the princi{r.,) amount of 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 improvements to be built t?ursu:+nt to the terms thereof, all of the terms thereof which are in- corf?orated herein by reference as though set forth fully heroin and will f?ermit no defaults to occur thereunder and if a de- fault shall occur thereunder, it shad) constitute a default under this 1ltortgage and the Note. 22. At the option of Mortgagee, ;?lortgagor shall provide Mortgagee with periodic certified audited statements of the financial condition of Mortgagor. 23. Mortgagor represents and warrants that a(a i•ortwr.+tion, it is duly organized and validly existing, in good stand- ing under the laws of the state of its incort?orltion, has st«•k outstanding which has been duly and validly issued, and is qualified to do business and is in good standing in the State of Florida, with full (rower and authority to consummate the loan contemplated hereby: and, it a tulrtnership, it is duly formed and validly existing, and is fully qualified to do business in the State of Florida: with full tx?wer and authority to consummate the loan contemplated hereby. h ~ 24. in the event any one or more of the provisions contained in this Mortgage or in the Note shall for any reason ~ I?e held to I?e im•alid, illegal or unenforceable in any restart, such invalidity, illegality or unen(orceablity shall, at the option of the Aiortq:+gee, not affect any other provisions of this Mortgage, but this 1?lortgage shall be construed as it such im•alid, illegal or unen(orcrat?le provision had never teen contained herein or therein. The total interest payable pursuant to the Note or this Mortgage shall not in any one ~•ear 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 rest?ective heirs, executors, :+dministrrtors, succes_sc?rs, and assigns of the 1>.-+rties hereto. R'herever 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 ?•ovenants, agreements and undertakings shall t?e joint and sever.+l. In the event additional numbered covenants or parn- graphs are (or rnm•enience inserted in this Mortgage, such additional rnvenants shall he read and given effect as though following this covenant in rnnsecuti~~e order. -3- - - aoo~ 3U4 oA~F205?