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HomeMy WebLinkAbout2515 apply such rents, is+ucec and profits received by it on the indebtedness secured hereby in such order as Mortgagee deter- mines. The right to enter and take {xssession of the Mortgaged Property, to manage and o{xrute the same, and to collect the rents, issues and profile thereof, whether by a receiver or otherwise, slu+ll l+e cumulative to any other right or remedy hereunder or nUorded by law, and may be exercised concurrently (herewith or independently thereof. Mortgagee shall he 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, security interests. financing statements, pledges, contn+cta of guar.+nly, :+ssignments of leases, or other securities, or if the Mortgaged Pro- {+erty hereby encumbered consists of more than one parcel of real property, Mortgagee may. at its option 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. 15. This Mortgage shall secure not only existing indebtedness, but also such future advances, whether such advances :+re obligatory or to be made al the option of Mortgagee, or otherwise. as are made within twenty (20) years from the date hereof, to the same extent :+s 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 S ~ {,lus interest, and any disbursements made for the payment of taxes, levies, or insure+nc•e, 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 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 INortgagor to Mortgagee (but in no event sh:+ll the secured indebtedness exceed at any time the mazimum principal amount set forth in this {x+ragra{,h) in whatever manner this indebtedness, m~?~ 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 advamrs made by MortgaKee 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 :+s a waiver thereof or preclude the exercise thereof during the continuance of any default hereunder. No waiver by Mortgagee o[ 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 o[ the debt hereby secured, no torbean+nce 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 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 {mrt of A4ortgagor: and, in like manner, the procurement of insurance or the {,:+y- ment of taxes or other liens or charges by Mortgagee shall not l,e taken or consanned as a waiver of its right to accelernte the maturity of the debt hereby secured. 19. 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 :+tfect- ing the rights of 1liortgagee with respect 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: la) Release any person liable for payment of all or any part of the indebtedness or for {,erformance of any obligation. (b) Make any agreement extending the time or otherwise altering the terms of payment of all or any {x+rt of the indebtedness, or modifying or waia•ing :+ny obligation, or subordinating, modifying or otherwise dealing with the lien or ch:+rge hereof. (c) Exercise or retr.+in from exercising or waive any right Mortgagee may h:+cc. (d) Accept addition:l security of any kind. (e) Release or otherwise deal with :+ny pro{,arty, real or {,ersonal, securing the indebtedness, including all or any l,:,rt of tho Mortgaged Property. ' 18. Any agreement hereafter made by Mortgagor and Mortgagee pursuant to this mortgage shall he su{,erior to the rights of the holder of any inleraening lien or encumbrance. 19. Mortgagor hereby waives all 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 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 rde of interest payable on the award by the condemning authority, or at the option of 114ortgagee, such award shall he {,aid over to Mortgagor for restoration of the Mortgaged Property. 21. I( Mortgagee, pursuant to a construction loan agreement or loan commitment made by Mortgagee with Mortgagor, agrees to make construction loan advances up to the princi{x+l amount of the Note, then Mortgagor hereby covenants that it will comply with all of the terms, provisions and coaenants of said construction loan agreement or loan commitment, will ~ diligently construct the improvements to t,e built pursuant to the terms thereof, all of the terms thereof which am in- c•orywr<+ted 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, Mortgagor shall provide Mortgagee with periodic certified audited statements oft e financial condition of l~iortgagor. 23. Mortgagor represents and warrants that if a cor{,or.+tion, it is duly organized and validly existing, in good stand- ing under the laws of the state of its incory,oration, has sta•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 power and authority to consummate the loan contemplated hereby: and, if a p:+rtnership, it is duly formed and validly existing, and is fully qualified fo do business in the State of Florida: with full {rower 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 w be held to he invalid, illegal or unenforceable in any res{,act, such invalidity. illegality or unenforceablity shall, at the ~ option of the Mortgagee, not aftec•t any other provisions of this Mortgage, but this Mortgage shall be construed as it such s invalid, illegal or unentorc•eable 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 contained shall bind and the benefits and advantages shall inure to the res{,ee•tive 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 covenants, agreements :+nd undertakings shall I,e joint and several. In the event additional numbered covenants or Para- graphs are for convenience inserted in this Mortgage, such additional covenants shall he read and given effect as though _ following this covenant in consecutive order. -3- = BUCK ~O~ rAl i ~1~~, 0