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HomeMy WebLinkAbout2755 _ a¦ apply such rents, issue and profits received by it on the indebtedness secured hereby; iq; ay er as ~~y,,~.~~e deter_ mines. The right to Doter and take posseaslon of the Mort ~ . • • the rents, issues and profits thereof, whether by a receiveraor otherwuey~s! ap bencumula re totany other right o~oremcdy hereunder or afforded by law, and may be e:ercisod concurrently therewith or independently 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, security intereata, financing statements, pledges, contracts of guaranty, assignments of leases, or other securities, or if the Mortgaged pro. perty hereby encumbered consists of more than one parcel of real property, 11lortgagee may at its option exhaust any one or more of said securities and security hereunder, or such parceb of the security hereunder. either concurrently or inde- pendently. and in such order as it may determine. lb. Thu 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 (20) yeah from the date hereof, to the same extent as 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 = NA plus interest, and any disbursements made for the payment of taxes. levies. or insurance, on the Mortgaged P interest on such disbursements, Any such future adva _ roperty, with or otherwise, may be made either prior to or after the due dateof therNote oor any ethernet secutd by this Moortgage~ 'I'bis Mortgage is given for the specific purpose of securing any and aU indebtedness 6y the Mortgagor to Mortgagee (but in no event shall the secured indebtedness exceed at any time the maximum principal amount set forth in this paragraph) in whatever manner this indebtedness may be evidenced or represented, until this Mortgage is satisfied of record. All rnven- ants and agreements contained in~)~~~~ shall be applicable to all further advances made by Mortgagee to Mortgagor under this future advan c use. 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 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 amelerate maturity of the debt hereby secured, no forbearance by Mortgagee before or after the exercise of such option and no r?'ithdrawal or abandonment of foreclosure proceeding by Mortgagee shall be taken or rnn- 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 of insurance or the pay- ment of taxes or other liens or charges by ]Mortgagee shall not be taken or construed as a waiver of its right to an•elerate the maturity of the debt hereby secured, 17. 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 affect- ing the rights of Mortgagee with respect to any security not e:pr+essly 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: (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 Ik~rt of the indebtedness, or modifying or waiving any obligation, or subordinating, modifying or otherwise dealing with the lien or charge hereof. (c) );zercise or refrain from exercising or waive any right Mortgagee may have. (d1 Accept additional security of any kind. (e) Release or otherwise deal with any property, real or personal, securing the indebtedness, including all or any 1>irrt of the Mortgaged property. 18. Any agreement hereafter made by Mortgagor and Mortgagee pursuant to this mortgage shall be superior to the rights of the holder of any intervening lien or encumbrance. . i 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 com l -under is hereb assi ned to and shall 6e pensation payable there- ! y g paid to Mortgagee. Mortgagee shah 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 traid. In any such condemnation proceedings, Mortgagee may be represented by counsel selected by Mortgagee. The proceeds of any award or compensation so received shah, 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 s+t the option of Mortgagee, such award shall he paid over to Mortgagor for restoration of the Mortgaged property. 21. If Mortgagee, Pura~.rant to a construction loan agreement or loan commitment made b Mort ~~Brees to make construction loan advances u to the y Bagee with Mortgagor. will comply with all of the terms, Provisions and covenants f saiduconatructiontloan agreeoment or loan co mitment~will diligently construct the improvements to Fie built pursuant to the terms thereof, all of the terms thereof which are in- corporated 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 shsrll provide Mortgagee with periodic certified audited statements of the financial condition of Mortgagor. 23. Mortgagor represents and warrants that if a corlwration, it is duly organized and validly existing, in good stand- ing under the laws of the state of its incorlwration, has stock outstanding which has been duly and validly issued, and is qualified to do business and is in good st:ending in the State of Florida, with full Iwwer and authority to consummate the loan contemplated hereby; and, if a Partnership, 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 consummate the loan contemplated hereby. 24. In the event any one or more of the pro~•isions cont<-rined in this Mortgage or in the Note shall for any reason lie held to be im•alid, illegal or unenforceable in an res _ 6 option of the Mortgagee, not affect any other provisions of this Mortgage,rbut thiaaMortgage aha lobe connstrued las rftsuhh invalid, illegal or unenforceable provision had never been contained herein or therein. The total interest payable pursuant to the Note or this 1liortgage 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 respective heirs, executors, administrators, succ•esgors, and assigns of the number shall include the plural, the plural the singular, and the use of an partrea hereto. Wherever used, the singular covenants, agreements and undertakin Y Render shall be applicable to all genders. All ga shall be joint and scvenl. In the event additional numbered covenants or graphs are for convenience inserted in this Mortgage, such additional covenants shall be read and para- following this covenant in consecutive order. given effect as though I 1 j U R 3U6 PACEZ751 ROOK s i _ n _ ~ ~rf` Y _ c _