Loading...
HomeMy WebLinkAbout0081 ~ • 1~~~, apply aurh rents, issuw und pw(ita received by it on tb? it~deb~~~ l~ereby ia such order es Mortgaaee deter• mines. The right to enter and teke powesaion ot the Moetaa~ed Property, to mar~e and operate tl~s satna. and to collect ths renb. iwies and pro(ib thereof. wbether by a~eceiver or otberwiae. shaU bs cumulative to any othe~ riaht or remedy hereunder or attordad by law. and may bs eserci~ed concurrently th~rewith or ind~peadeatly thereot. Mortsasee shall be liable to account oaly tor such renta. iwies ar?d protib actually rsceived by Mortaa~es. 14. Ii the indebted~ ~ecured hereby is now or hereatte~ turther ~ecured by chattel mortaana. security inteceata. tinancing statemeata, pledges, rnntracts ot ~uaranty, anisnmenb ot lea~es, or other ~ecurities, or it the Mortgaged Pro- perty hereby encumbered consiats ot more tha~ one parcel ot real property~ MoKgagee may at ib option eshawt any one or more ot ssid securitiea end security hereunder. or wch parcelb ot ths ~acurity l~sreunder. either concurrenUy or inde- pendendy. and in we6 order a~ it anay deteraoine, lb. Tl~is Mortsa6e ahall secure not only exiati~ indebtedt~ess. but also wch future advancea. whether such advances are obligatory or to be made at the option of Moctgegee. or otherwise. aa are made within twenty (20) yean from t6e date hereot, to the saa~e e:tent as it such future advances wen made on ths date ot the e:ecution ot this Mortaage. but such sei.vred indebtednen ahall not e:ceed at a~v time the maximum urinciaal amount ot i ~1.~L ptus inteteat, and any disbursements made tor the payment ot ta:ea. levies, or inaurance, on the Mottgaged Property. with intereat on auch disbureements. Any auch tuture advance~, whether obligatory or to be made at the option of the Mortgagee. or otherwise~ may be roade either prior to or atter the due dete of the Note or any other notea secured by this Mortgage. This Mortgage is aiven tor the specitic purpose ot securin6 any and all indebtedneas by We Mortgagor to Mortgagee (but in no event shall the secured indebtednees e:cced at any time the ma:imum principal amount set forth in this paragraph) in whatever manner this indebtedneae may be evidenced or represented. until this Mortsage is satisfied of record. All coven- ants und eareements contained in this Mortgage shaU be applicable to atl turther advancea made by Mortgagee to Mortgagor under tbis future advance clause. ' 16. No delay by Mortgagee in e:ercising any right or remedy hereunder, or otherwise afforded by Iaw, shaU operate aa a waiver thereo( or preclude the e:erriae thereot during the continuance o[ any detault hereunder. No waiver by ':~4~rtgag~ ot aay ~efault s!~! cga..~ituie a~si~~er of or c~nsent La su~que~t c'~laulta I4To tailure of ?4iurtgagee ta exerci:~ any option herein given to accelerate matnrity of the debt hereby aecured, no forbe~rance by Mortgagee betore or after the exercise of sac6 option and no withdrawal or abandonment of (oreclosure proccedina by Mort~agee ahall be taken or con- atrued as a waiver of its riaht to ezercise such option or to accelerate the maturity ot the debt hereby aecured.by reason ot any past, present or tuture de(ault on the part o( Mortgagor; and, in like manner, the procurement o[ insurance or t6e pay- ment of ta:es or other liens or charges by Mortgagee ahall not be taken or construed aa a waiver of ils right to acrelerate the maturity of the debt hereby aecured. ~ 17. Without affectin6 the liability of Mortgagor or any other peraon (e:cept any person expreasly relessed in writing) for payment o( any indebtedness secured hereby or for pertormance of any obligation contained herein, and without affect- ing t6e righta of Mortgaaee with reapect to any security not e~reaely released in writing. Mortgagee may, at any time. and from time to time. either before or a[ter the maturity vt aaid note, and without notice or conaent: (a) Release any pereon liable tor payment of all or any part of the indebtedneas or for pertormance ot any obligation. (b) Make any agreement e:tending the time or ot6erwise altering the terms ot payment of all or any part ot the indebtednesa, or modifying or waiving any obligation. or subordinating, modifying or otherwise dealing with the lien or charge hereof. (c) E:ercise or retrain from e:ercieing or waive any right Mortgegee may have. (d) Acc~e~t additional eecurity of any kind. (e) ReleaAS ot otherwise deal with any property, real or pecsonal, eet~rina the indebtednees, including all or any part of the Mortgaged Pmperty. 18_ Any a8~~ent hereatter made by Mortgagor and Mortgagee pursuant to this mortgage shall be auperior to the rights ot the holder ot any intervening lien or encumbtance. ' _ 19. Mortgagor hereby waivea all right of 6omeatead e:emption, if any, in the Mortgaged Property. ; 20. In the event ot condemnation pra~eedings ot the Mortgaged Pmperty, the award or compensation payable there- ~ under is hereby assigned to and shall be paid to Mortgagee. Mortgagee aball be under no obligation to question the amount of any such award or compenaation and may accept the aame in the amount in which the same shall be paid_ In any such i condemnation procecdings, Mottgagee may be represented by counsel eelected by Mortgagee. The proc~.~eds of any award ~ or compenaation eo received ahall, at t6e option of Mort6agee, either be applied to the prepeyment of the Note and at the ~ rate of interest provided therein, regardlesa ot the rate ot interest payable on the award by the condemning authority, or at the option of Mortgagee, auch award shall be paid over to Mortgagor tor restoration ot the Mortgaged Property. ~ 21. Ii Morigagee, pursuant to a construction loan agreement or loan commitment made by Mortgagee with Mortgagor, ~ agreea to make conatruction loan advancea up to the principal amount of the Note, then Mortgagor hereby covenants that it ` will comply witb a11 ot the tetms, provisiona and cyvenanla of said construction loan agreement or loan commitment, will diligently conatruct the improvementa to be built pursuant to the terms thereot, all of tbe terrna thereot which are in- corporated herein by retetence as thoug6 set torth fully 6erein and will permit no defaults to occur thereunder and it a de- ~ fault ahall occur thereunder, it shal) constitute a default under this Mortgage and the Note. ~ 7l. At the option o( Mortgagee, Mortgagor ahall provide Mortgagee with periodic certi(ied audited statementa ot the financia) condition of Mortgagor. 23. Mortgagor represents and warrants that if a corporation, it ia duly organized and validly existing, in good atand- ~ ing under the laws oi the state ot its incorporation, 6as atock outslanding which 6aa been duly and validly issued, and ia ~ quali(ied to do buainese and is in good standing in the State ot Florida, with full power and suthority to consummate the ~ loan contemplated hereby; and, if a partnership, it is duly tormed and validly e:isting, and is tully qualified to do business ~ in the State of Florida; with full power and authority to consummate the loan rnntemplated hereby. ~ ~ 24_ In the event-any one or more ot the pmvisiona contained in this Mortgage or~in the Note shall tor any reason ~ be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceablity alwll, at the ~ option of the Mortgagee, not aftect any other pmvisions oi this Mortgage, but this Mortgage ahall be conatrued as it such ~ invalid, illegal or unen(orceable provision had never been contained herein or therein. The total interest payable pursuant ; to the Note or this Mortgage ahall not in any one year exceed the highest lawtul rate ot intereat in t6e 3tate ot Florida. ~ - ~ 25. The covenants and agreementa hemin contained shall bind and the benefita and advantages st~all inure to the ~ ~ res~~ective heirs, e:ecutors, ndministrators, successors, and assigna of the parties hereto. Wherever uaed, the singalar ~ 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 be joint and several. In the event additiona) numbered covenants or para- ~ ~ grapha are for convenience inserted in this Mortgage, such additional cove~ants shall be read and given effect aa thouqh ~ tollowing this coveru~nt in consecutive order. ~ ~`r ~ ~ ao~x ~U6 FacF 081 i ~ ~ ~ . ~ ~ ~ - _ t . - ~ ~ ; ~ '.M _ ~ l r~~ . ,1a... ~-.:a.~ .,i'-,.*.~cs i .aa~' .xef.x ro - - .