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HomeMy WebLinkAbout2396 . ~ , ~ • • ~ .•r apply such mots, irrucw and profits received by it on he indebtedness secured hereby in such order as Mortgagee deter- mines. The right to enter and take wh o(~ tgaged property, to manage and operate the same, and to collect the rents, issues and profits thereof: w ether b~i'a reserver or otherwise, shall be cumulative to any other right or comedy hereunder or afforded by law, and may be exercised rnncurrently therewith or independently thereof. Mortgagee shall be liable to account only for such rents. issues and profits actually received by Mortgagee. l4. It the • indebtedness secured hereby is now or hereafter further secured by chattel mortgages, security interests, financing statements, pledges, contracts of guaranty, assignments of leases, or other securities, or if the I1lortgaged Pro- perty 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 p~arce4 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 be made at the option of Mortgagee, or otherwise, as are made within twenty (ZO) years from the date hereof, to the same extent a. if 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 = plus interest, and any disbursements made for the paymerrt 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 attar the due date of the Note or any other notes secured by this Mortgage. This Mortgage is given for the specific pur{roee of securing any and all indebtedness by the Mortgagor to Mortgagee (but in no event shall the secured indebtedness exceed at any time the maximum principal amount set [crib in this paragraph) in whatever manner this indebtedness may be evidenced or represented. until this Mortgage is satisfied of record. All coven- ants and agreements contained in this Mortgage shall be 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 afforded by law, shall operate as a waiver thereof or preclude the exercise thereof during the continuance of any default hernunder. 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 heroin given to accelerate maturity of the debt hernby secured, no forbearance by Mortgagee before or after the exercise o[ such opti no withdrawal or abandonment of foreclosure proceeding by Mortgagee shall be taken or con- strued as a waiver o right to exercise such option or to accelerate the maturity of the debt hereby secured by mason of any twat, present or future default on the part of Mortgagor: and, in like manner, the pr»cumment of insurance or the I,ay- menl of taxes or other lieru or charges by Mortgagee shall not be taken or construed as a waiver of its right to accelerate the rrwturity of the debt hereby secured. 17. Without affecting the liability of Mortgagor or any other pennon (except any person 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 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 rnnaent: (a) Release any person liable for payment of all or any part of the indebtedness or for. performance of any obligation. (b) Make any agreement extending the time or otherwise altering the terms of payment of all or any part of tI_~ indebtedness, or modifying or waiving any obligation, or subordinating, modifying= or otherwise dealing with 'the -lien dY charge hereof. Ic) Exercise or retrain from exercising or waive any right Mortgagee may have. (d) Aecept additional security of any kind. (e) Relesure or otherwise deal with any property, real or trersonal, securing the indebtedness, including all pr any twrt . of the Mortgaged Property. 18. Any agreement hereafter made by Mortgagor and Mortgagee pursuant to this mortgage shall be sutrerior to the rights of the holder o[ any intervening lien or encumbrance. 19. Mortgagor hereby waives all right of homestead exemption, i( any, in the Mortgaged Property. 20. In the event of condemnation praeedings of the Mortgaged Property, the award or compensation t~ayable there- ' under is hereby assigned to and shall he 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 name shall be paid. In any such condemnation proceedings, Mortgagee may be represented by counsel selected by Mortgagee. The proceeds of any award or compensation $o 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 payable on the award by the condemning authority, or at ~ the o rtion of Mori a ee, such award shall be wid over to Mort a or for restoration of the Mort a ed Pro rt f g g r t; g B B tee y. 21. If Mortgagee, pursuant to a construction loan agreement or loan commitment made by Mortgagee with Mortgagor, agrees to make construMion loan advances up to the principal amount of the Note, then Mortgagor hereby covenants that it ! will comply with all of the terms, trovisions and covenants of said construction loan agreement or loan commitment, will diligently construct the improvements to be built pursuant to the terms thereof, all of the terms thereof which am in- corporaled 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 1liortgage and the Note. ~ 22. At the option of Mortgagee, Mortgagor shall provide Mortgagee with periodic certified audited statements of the financial condition of Mortgagor. 23. Mortgagor rnpresenta and warrants that if a cortroration, it is duly organized and validly existing, in good stand- ing under the laws of the state of its incorporation, has stock outstanding which has been duly and v:clidly issued, and is ~ qualified to do business and is in good standing in the St:rte of Florida, with full power and authority to consummate the loan contemplated hereby: and, if a twrinership, it is duly formed and validly existing, and is fully qualified to do business ~ in the State of Florida: with full power and authority to rnnsummate the loan contemplated hereby. ? 24. In the event any one or more of the trovisions cv~ntained in this Mortgage or in the Note shall for any reason Ire held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceablity shall, at the olrtion of the Mortgagee, not affect any other provisions of this Mortgage, but this Mortgage shall be construed as it such im•alid, illegal or unenfon•e:rt?le provision had never been contained herein ur 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 rca+trective heirs, exercrtors, administrators, sunrssors, and assigns of the parties hernto. 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 E covenants, agreements and undertakings shall be joint and several. In the event additional numbered covenants or twra- graphs are for convenience inserted in thin MortgsiRe, such additional covenants shall be read and given effect as though ~ following this covenant in consecutive order. T a a i -3- i g001(~uU PAL'Ez3~ r _ _ _ _