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HomeMy WebLinkAbout2232 apply such rents, issue and profits retieived by it on the indebtedness secured herdby in~suejt osier us 11(or~~ deter- mines. The right to enter and take I~osnession of the Mortgaged Property, to manage and operate the some, and to collect the rents, issues and profits thereof, whether lay a receiver or otherwise, shall he cumulative to any other right or remedy hereunder or at[orded by law, and may be exercised concurrently therewith or independently thereof. Mortgagee shall be liable to account only for such rents, issues and protib actually received by Mortgagee. 14. It the indebtedness secut+ed hereby is now or hereafter further secured by chattel mortgages, security interests, linancing statements, pledges, contracts of guaranty, assignments of leases, or other securities, or if the Mortgaged Pro- periy hereby encumbered consists of more than one petrel of real property, Mortgagee 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. 15. This Mortgage shall secure not only existing indebtedness, but also such future advances, whether such ccdvancea 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 ut any time the maximum principal amount of = DT,~A plus interest, and any disbursements made for the payment 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 PP~~ ;~p• ~ ?f ~ the due date of the Note or any other notes secured by this Mortgage. ' This Mortgage is given for We spebi~~ purpose 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 rctiord. All coven- ants and agreements contained in this Mortgage shall be applicable to al! further advanc-es 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 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 accelernte 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- 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 Mast, 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 accelerate the maturity of the debt hereby secured. 17. Without atfectirig the liability of Mortgagor or any other person (except any Berson expressly released in writing) for payment of any indebtedness secured hereby or for performance of any obligation contained herein, and without :effect- ing the rights of Mortgagee with respect to any security not expressly released in writing, Mortgagee may, :et 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 o[ 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 the indebtedness, or modifying or waiving any obligation, or subordinating, modifying or otherwise dealing with the lien or charge hereof. (c) &xerciet or refrain from exercising or waive any right Mortgagee may have. i (d) Accept additional security of any kind. (e) Release or otherwise deal with any proterty, real or personal, securing the indebtedness, including all or any t>iert of the Mortgaged Property. lA. Any agreement hereafter made by Mortgagor and Mortgagee pursuant to this mortgage shall he sut~erior to the rights of the holder of any intervening lien or encumbrance. 19. Mortgagor hereby waives all right of homestead exemption, if any, in the 111ortg:eged Properly. 20. In the event of condemnation proceedings of the Mortgaged Property, the award or compensation twyable there- under is hereby assigned to and shall be paid to Mortgagee. Mortgagee shall be under no obligation to question the amount j of any such award or compensation and may accept the same in the amount in which the same shall be twid. In any such condemnation proceedings, Mortgagee may be represented I'Y counsel selected by Mortgagee. The proceeds of any award or com nsation so received shall, at the o don of Mort a ee, either be a died to the re . ~ P ~ B g pl p payment 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 option of Mortgagee, such award shall be 1?aid over to Mortgagor for restoration of the Dortgaged Property. i 21. If Mortgagee, pursuant to a construction loan agreement or loan commitment made by Mortgagee with Mortgagor. agrees to make construction loan advances up to the princilm) amount of the Note, then Mortgagor hereby covenants th:et 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 he built pursuant to the terms thereof, all of the terms thereof which are in- c•orlwrated 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 shad) provide Mortgagee with periodic certified audited statements of the financial condition of Mortgagor. 23. Mortgagor represents and warrants that if a tort?oration, 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 standing in the State of Florida, with full faower and authority to consummate the g loan contemplated hereby: and, if n 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 lrovisions co~l:eined in this Mortgage or in the Note shall for any reason tae held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceablity shall, at the option of the Mortgagee, not affect any other provisions of this Mortgage, but this Mortgage shall be construed as if such F invalid, illegal or unenforceable provision had never been contained herein or therein. The total interest payable pursuant to the Note or thin Mortgage shall not in :any one year exceed the highest lawful rate of interest in the State of Florida. r ' 25. The covenants and agreements herein contained shall hind and the benefits and advantages shall inure to the _ rest?ective heirs, executors, adminislydors, succes.4ors, and assigns of the parties hernto_ Wherever used, the singular x number shall include the plural, the plural the singular, and the use of any gender shall be applicable to all genders. All crovenants, agreements and undertakings shall be joint and several In the event additional numbered covenants or Para- graphs are for convenience inserted in thin Mortgage. such additional covenants shall be read and given effect as though following this covenant in consecutive order. -3- sck~ 3U7 sac:2232 - ~ _ }