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HomeMy WebLinkAbout2236 apply such reMa, lac<uEne and profi4 received by it on the indebtedness secured hereby in ouch order as bftgagee deter- mines. The right to entry and take possession of the Mortgaged Property, to manage and operate the same, and to collect the yenta, issues and profits thereof, whether by a receiver or otherwise, shall be cumulative to nny other right or remedy hereunder or afforded by law, and may be exercised concurrently therewith or independently thereof. Mortg:gee shall be liable to actiount 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 mortgagee, security interests, financing statements, pledges, contracts of guaranty, aasignmenta of teases, or other securities, or if the Mortgaged Pro- perty hereby encumbered consists of more than one parcel of real property, Mortgagee may at its option exhaust any one or more of said escllrities 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 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 ..^-mount of = N/A plus interest, and any disbursements made for the Iwyment of taxes, levies, or insurance, on the Mortgaged Property, with interest on such disbursements Any such [uture advances, whether obligatory or to be made at the option of the Mortgagee, or otherwise, may 6e 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 apecitic~ f securing any and all indebtedness by the Mortgagor to Mortgagee (but in no event shall the secured indebl~d`p~{u~~at any time the maximum principal amount set forth in this Ilaragnlph) in whatever manner this indebtedness may be evidenced oS 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 a:excise 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 accelerate 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 past, present or future default on the part of Mortgagor; and, in like manner, the procurement of insurance or the ply- ment of taxes or other liens or charges by Mortgagee shall not be taken or construed as a waiver of its right to :IC•c•eler:lte the_Inaturity of the debt hereby secured. 1T. Without atfeMing 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 affcrt- ing the rights of Mortgagee with respect to any security not expressly released in writing, Mortgagee may, at :Iny 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 ohhgahon. (b) Make any agreement extending the time or otherwise altering the terms of Imyment of all or :Iny I>art of the indebtedness, or modifying or waiving any obligation, or subordinating, modifying or otherwise dealing with the lien or charge hereof. (c) Exercise or retrain from exercising or waive any right Mortgagee may have. (d) Accept additional security of any kind. (e) Release or otherwise deal with any property, real or Ilersonal, securing the indebtedness, including all or :Iny t>:Irt of the Mortgaged Property. 18. Any agreement hereafter made by Mortgagor and Mortgagee pursuant to this mortgage shall br sul/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 Mortgaged Property_ 20. In the event o[ 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 Maid. In any such condemnation proceedings, Mortgagee may be represented by counsel selected by Mortgagee. The proceeds of any awanl 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 rate of interest payable on the award by the condemning authority, or at the option of Mortgagee, such award shall he lurid over to Mortgagor for restoration of the Mortgaged Property. 21. If Mortgagee, pursuant to a construction loan agreement or loan commitment made by Mortgagee with Mortgagor. :Igreea to make construction loan :Idvances up to the principal amount of the Note, then Mortgagor hereby coven:nts that it will comply with all of tl4e terms, provisions 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 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 (hereunder, 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 of the e financial condition of Mortgagor. s • ~ 23. Mortgagor represents and warrants that i(a c•orllorltion, it is duly organized and validly existing. in good sland- ing under the laws of the state of its incorl>orltion, has stock outstanding which has been duly and validly issued, and is qualified to do business and is in good standing in the Sl:lte of Florida, with full power 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 c-onsummate the loan contemplated hereby. 24. In the event any one or more of the provisions contained in this Mortgage or in the Note shall for :Iny reason _ Ile held t~ be invalid, illegal or unenforceable in any resllec•t, such invalidity, illegality or unen(orceahlity shall, at the s option of the Mortgagee, not affect any other provisions of this Mortgage, but this Mortgage shall be construed as if such E im:-Ilid, illegal or unenforceable provision had never tlern 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 hind and the tmnefits and advantages shall inure to the resl?ective heirs, executors, administrators, successors, and as.4igns of the parties hereto. Wherever used, the singular ~ number shall include the plural, the plural the singular, and the use of any gender shall he applicable to all genders. All ~ coverwnta, agreements and undertakings shall Ile joint and several. In the event additional numtlered covenants or pars- graphs are for convenience inserted in this Mortgage, such additional covenants shall be read and given effect as though following this covenant in consecutive order- i s _3.. - k ao~K~~ P~~zz~ _ ; _ ~ r