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HomeMy WebLinkAbout0009 4~ ~ : ~ ~ apply auch rrnts, isauE~x und protila rcreived by it on ihe indabtedneea secured herrby in auch orcler :~s.MoHg+~gcr dete~- minra. The right to ente~ and tuke ~~osec~ion ot the Murtgriged Yro~~rty, lo munuge and o~~erate the aume, uad to collect the rPnts, iasues and protits thereot, whether I~y a recriver or othemise, shatl be cumulative to any other right or remedy hereunder or attotded by law. and may be ezerciaed concuctentl~ therewith or independently thereot. Mortgagee shAll be IiAble to account only tor such rents, iasues and pmtita actually received by Mortgagee. 14. It the indebtedness secured hereby is now or hereatter further secured hy chnttel mortguges, aec•urity interesta, finaucing atatementa, pledges, contracta of guaranly, u~xxignmenta o( leasee, or other securities, or it the Mortgaged Pro- perty hereby encumbered conaixts o( more than one ~rcrl of ren) properly, Mortgagee may at its option exhaust any one or more ot said securities and security hereunder, or such parcels ot the secu~ty hereunder, either concurrently or inde- ~~endendy. and in such order a8 it may determine. are o~ or to be made at the option ot Mortg~gee, or otherwiae, as are made within twenty (20) years t e date hereof. to the sam as it such iuture advancee were mnde on the date ot the execution of th' gage, but such secured indebtednesa shall no at any time the maximum principal amount of plua interest, and any disbursementa ma he payment o( taxea, levies m-e, on the Morlgaged Property, with interest on such diabursements. Any such (ulure A wheth a ory or to be made at the option of the Mortgagee, or ot6erwiae, may be made either prior to or atte~ th he Note or any other notea secured by this Mortgage. This Mortgage is given tor the apeci[ic securing any and a de~~edneas by the Mortgngur to MoHgagee (but in no event slwlt the aecured i ess exceed at nny time the t~~:imum pnnc~ R ount set forlh in this ~~aragruph) in whatever manner e tedness may be evidenced or represented, until thie Mortg~ge ' ied o( record. Al) coven- anta a menta contained in this 1liortgage ahall be applicable to all further advanrea mn ortgngee to 16. No delay by Mortgagee in exercising any right or remedy hereunder, or otherwise afforded by Inw, shall o~~erate as a waiver thereof or preclude the exemise thereot during the continuance o! aoy detault hereunder_ No wai~er by Morlgagee of nny de(ault shall constitute a waiver ot or conaent to subsequent detaults_ No failure of Mortgagee to exercise any option herein given to accelerate maturity of the debt heeeby secured, no torbearanee by Mortgagee before or atter lhe exerciae of such option and no withdrawal or abandonment of foreclosure procreding by Mortgegee sball be taken or con- strued as a waiver of ita right to exercige such option or to acceler:~te the maturity of the debt hereby aecured by reason of any past, present or future de(ault on the part of Mortgagor: and, in like mnnner, the procurement ot insurance or the ~~y- ment o[ taxes or other liens or charges by Mortgagee shnl! not he taken or construed as a waiver of its ri~ht to :~cceler<~te the maturity of the debt hereby secured. 17. Without aflecting lhe liability of Mortgagor or any other ~~erson (exce~~t any person expressly relexsed in writinR) for payment of any indebtedness secured hereby or for perforniance of any obligation contained herein, and without a(fect- ~ ing the rights ot Mortgagee with respect to any security not ex~~res4ly released in writing, 1Nortgagee may, al :~ny time :ind from time to time, either before or after the maturity of said note, and without notice or consent: (a) Release :~ny ~~erson liable for ~~yment of all or any part ot the indebtedness or for pertormance of :~ny obligation. (b) Make any agreement extending the time or otherwise altering lhe terms of ~~ayment ot all or any {~rt of the indebtedness, or moditying or waiving nny obliRation, or subordinating, modi(ying or otherwise dealing w~ith the lien or - charge hereof_ ~ (c) Exercise or refrnin from exercising or waive ~ny right MortR.igee may have. (d) Accept additional sec•urity of any kind. , (e) Release or otherwise deal with any pro~~erty, real or personal; securing the indebtedness, includinR nll or any part of the Atortgaged Property f 18. Any :~greement hereafter made by Mortgagor and MortgaRee pursuant to this mortRaRe shall be superior to the ; riRhts of the holder of any intervening lien or encumbrance. ~ 19. Mortgagor hereby vvaives all right of homestead exemption, it any, in the Nlortgaged Property. j 20. In the event of condemnation proceedings of !he 1Nortgaged Property, the awatd or compensation ~~ays~ble there- ~ under is her~eby assigned to and shall be ~id to Mortgagee. Murtgagee 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 paid. In any such condemnation proceedings, 14lortgagee may be represented t?y counsel selected by Mortgagee. The pro~~eeds of any awanl i or compensation so received shall, at the option ot Mortgagee, either be applied to the prepayment ot the Note and at the fi rate of interest provided therein, regardless o( the r~te of interest payable on the award by the condemning authority, or at ~ the option of Mortgagee, such award shall be {~id over to Mortgagor (or restoration of the Mortgaged Property. ~ 21. If 114ortgagee, pursuant to a construction loan agreement or loan commitment made Vy :1lortgagee w•ith 111ortgagor. aKrees to make construction loan ad~~ances up to the princi~~al amount of the Note, then Mortgagor hereby covenants that it 5 will comply with all of the terms, pro~~isions and co~~enants of said construction loan agreement or loan commitment, xill ~ diligently construct the impro~~ements to be built pursuant to the terms thereof, all of the terms thereof which are in- ~ corporaled herein by reference as though set forth (ully herein and wilt permit no defaults to occur themunder and if a de- ; fault shall arcur thereunder, it shaU constitute default under this Mortgage and the Note. 3 ~ 22. At the option of 111ortgagee, hlortg.~~or shal) provide Mortgagee with periodic certi(ied audited statements of ihe g financial condition of MortRagor. 23_ 14Tortgagor represents and warrants that i( a~•or~x~r.~tion, it is duly organized and validly exixtin~, in Rood stand- _ ing under the laws of the state of its incor~~oration, has stock outst:~nding w•hich h:~s been dulv and ~•alidh• issued, and is ' qualified to do husiness and is in ~;cx~d st:~ndinq in the State of Florida, with (ull ~~ower and aufhority to consummate the ~ loan ~rontemplated hereby; and, if a partnership, it is duly formed and ralidly existing, and is fully quali(ied to do business - iu: the State ot Florida: with full ~~ower and :wthority to c-onsummate the loan contemplated hereby. _ 24_ In the event ~ny one or more of the provisions i~ontained in this b4ortgagc or in the Note shall for any reason 1?e held to tie invalid, illegal or unenforce.ible in any res~~ect, such im~alidity, illegality or unenforceablity shall, at the option of the Mortgagee, not attect .~ny other pm~~isions of this A1ortRaqe. hut this Mortgage shall t~e construecl as i( such % im•alid, ille~al or unenforceable provision had ne~•er lieen ~•ontained herein or therein. The total interest payable pursuant to the-I\'ote or this 111ort~:~~e shall not in any one year exc-eed thc highest lawful rate of interest in the State of Florida. ; P.,S. The cocenants and agreements herein containecl shall bind and the benefits and advantages shall inure to the ' res~~ec•ti~•e heirs, executors, administrators, suc~•e~ors, :~nd ;~ssigns of the ~~.~rties hereto. Where~•er used, the sinRular = number sh:~ll include the plural. !he pl~ral the sin~ular, and the use of :~ny gender sh~ll be applicable to all Renders. A11 rovenanta, agreements ~nd undert~kings shall I,e joint and several. In the event additional numhered covenants or para- . ~ ~raphs are tor con~•enience inserted in this I~1ortQage, su~•h additional c•o~~enants shall 1?e read and Riven effect .~s though ~ following this covenant in consecutive order. ~ , ; ~ -3- - ~~~.308 F.~~~ 9 ~ ~ . _ . - - ~ .