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HomeMy WebLinkAbout2970 apply auc•h rents, issues and profit received by it on the indebtedness secured hereby in such order :rs Mortgagee deter- mines. The right to enter and take possession of the Mortgaged property, to manage and operate the same, and to collect the rent, issues and protita thereof, whether t,y a receivor or otherwise, shall be cumulative to any other right or remedy hereunder or afforded by law, and may t,e exercised rnncurrently therewith or independently thereo/. Mortgagee shall be liable to account only for such rent, issues and protita actually received by Mortgagee. 14. If the itdebtedness aerated hereby is now or hereafter further secured by chattel mortgages, security interests, financing statement, pledges, contracts of guaranty, assignments of leases, or other securities, or it the Mortgaged Pro- perty hereby encumbered consist of more than one parse! of real property, Mortgagee may at its option exhaust any one or more of said securities and security hereunder, or ouch parcels of the security hereunder, either concurrently or inde- pendently, and in such order as it may determine. - e. are o or to be made at the option of Mortgagee, or otherwise, as are made within twenty (2(1) years from the date hereof, to the sa rat as if such future advances were made on the date of the execution of this Mortgage, but such secured indebtedness shall no at any time the maximum principal amount of = plus interest, and any disbursement ma a payment of taxes, levies, or insurance, on the Mortgaged Pro{reriy, with interest on such disbursements. Any such future a va Nether obligatory or to Ire made at the option of the Mortgagee, or otherwise, may be made either prior to or otter the due date Note or any other notes secured by this Mortgage. Thin Mortgage is given for the specific purpose of securing any and all in eas by the htortgagor to Mortgagee (but in no event shall the secured indebtedness exceed al any time the maximum principa a et forth in this {>aragra{,h) in whatever manner this indebtedness may he evidenced or represented, until this Mortgage is sa ~ record. All coven- ant and agreements contained in this Mortgage shall be applicable to all further advances made by ee to l~gnt ~~rvtnr ft~ia r„f~,.n ally. .-e r) 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 shalt constitute a waiver of or consent to subsequent default. 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 atwndonment of foreclosure praeedinq by Mortgagee shall be taken or con-. strued as a wain&r of it right to a:excise such option or to accelerate the maturity of the debt hereby secured by reason of any {r<rat, prwsent or future default on the part of Mortgagor, and, in like manner, the procurement of insurance or the {,:,y- ment of taxes or other (lens or charges by Mortgagee shall not be taken or construed as n waiver of its right to accelerate the maturity of the debt hereby secured. 17. Without affecting the liability of Mortgagor or any other person (except any {,erson expressly released in writing) for {payment of any indebtedness secured hereby or for performance of any obligation contained herein, and without :iffec•t- ing the rights of Mortgagee with respect to any security not expressly released in writing, Mortgagee may, :~t :tray t11nP and from time to time, either before or after the maturity of said note, and without notice or consent: (a) Release any {,en;on liable for payment of all or any part of the indebtedness or for performance of :tray obligation. (b) Make any agreemnnl extending the time or otherwise altering the terms of {,ayment of all or :tray {x,rt of the indebtedness, or modifying or w:rivinq any obligation, or sutwrdinating, modifying or otherwise dealing with the lien or charge hereof: (c) Exercise or retrain tram exercising or waive any right Mortgagee. may have. Idl Accept additional sexvrity of any kind. (e) Release or otherwise deal with any pro{,eriy, real or personal, securing the indebtedness, including all or any {u,rt £ of the Mortgaged Property. lA. Any agreement hereafter made by Mortgagor and Mortgagee pursuant to this mortgage shall f,e su{x•rior 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 Pro{,eriy. 20. In the event of condemnation pra•eedings of the Mortgaged Property, the award or compensation {xcyable ~there- II under is hereby assigned to and shall t,e 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 {,aid. In any such ; condemnation pra•eedings, Mortgagee may be represented Fry counsel selected by Mortgagee- The pra•eeds of :my award 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 rite of interest payable on the award by the condemning authority, or at the option of Mortgagee, such award sh:cll lx• {,aid over to Mortgagor for restoration of the Mortgaged Pro{,erty- E 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 principal amount of the Note, then Mortgagor hereby covenants that 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 I,e• t,uilt {,ursuant to the terms thereof, all of the terms thereof which are in- cor{,orated herein by reference as though set forth fully herein and will {,strait 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 shall provide Mortgagee with periodic ceriificd audited statements of the c financial cone~ition of Mortgagor. 23. Mortgagor represents and warrants that if curl,orction, it is duly organized and validly existing. in good stand- ing under the laws of the state of its incor{wration, has stock outstanding which has been duly and validly issued, Had is qualified to do business and is in good sLcndinq in the State of Florida, with full {rower and authority to consummate the loan contemplated hereby: and, if a {,arinership, it is duly formed and validly existing, and is fully qualified to do business in the State of Florida: with full {x,wer and authority to c•onsumm:cte the loan contemplated hereby. ?A. In the event any orie or more of the provisions c•oniained ,n this Mortgage or in the Note shall for any reason t,e held to t,e invalid, illegal or unenforceable in any re•sl,ee•t, such invalidity, illegality or unenforceablity shall, at the option of the Mortgagee, not affect :tray other provisions of this Mortgage, but this Mortgage shall be construed as if such invalid, illegal or unenforrable provision had never been contained herein or therein. The total interest payable pursuant to fhe Note or this Mortgage shall not in any one year exceed the highest lawful rate of interest in the State of Florida. 'L5. The covenants and agreements herein c•ont:nncYl shall bind and the tx•nefits and advantages shall inure to the resprc•tive heirs, executors, administrators, successors, and assigns e~f the parties hereto. lNherever used, the singular numt?er shall include the plural, the plural the singular, and the use of any gender shall tar applicable to all genders. All covenants, agreements and undertakings shall I,e joint and several. In the event additional numbered covenants or para- graphs art for convenience inserted in this Mortgage, such additional covenants shall be read and given effeK•t as though following this covenant in consecutive order. t -3- R~ ~3Ug ~a~f2~~g 4