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HomeMy WebLinkAbout1747 lr apply such rents, fissure :,nd profits received by it on the indebtedness secured hereby in isucfi order as Mor'[gagcr deter- minra. The right to crater and take ),ossc~ion of the Mortgaged Property, to manage and ol,erate the same, and to collect the rents, is.4ues and profits thereof, whether by a receiver or otherwise, shall be cumulative to any other right or remedy hereunder or afforded by law, and may be exercised concurrently therewith or independently thereof. Mortgagee shall I,e 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 interests, financing statements, pled&es, contracla of guaranty. assignments of leases, or other securities, or i[ the Mortgaged Pro- perty hereby encumbered consists of more than one Impel of re:+l properly, Mortgagee may at its option exhaust any one or more of said securities a+nd 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 aecurernot gnly existing indebtedness, but also such future advances, whether such adrancea are obligatory or to be made at the option o? Mortgagee, or otherwise, as are made within twenty (20) years from the date hereof, to the same extent as if such future advances were made on the date o[ the execution of this Mortgage, but such secured indebtedness shall not exceed :+t any time the maximum principal amount o[ S 1dA I,lus interest, and any disl?ursementa made for the payment of taxes, levies, or insurance, on the Mortgaged Properly, with interest on such disbursements. Any such future advances, whether obligatory or to he made at the option o[ the Mortgagee, or otherwise, may be made either prior to or after the due date of the Note or any other notes secured by this Mortg:+ge. This 1\lorlgage is given for the specific purpose of securing any and all indebtedness by the Mortgagor to Mortgagee Il,ut in no event shall the secured indebtedness exceed at any time the maximum principal amount set forth in this Imn+gr:+l,h) in whatever manner this indebtedness may be evidenced or represented, until this Mortgage is satisfied o[ record. All rnven- ants and agreements contained in this Mortgage shall he applicable to all further advan+rs made by Mortgagee to Mortgagor under this future advam•e clause. 16. No delay by Mortgagee in exercising any right or remedy hereunder, or otherwise afforded by law, shall ol,erate :?s a waiver thereof or preclude the exercise thereof during the continuance of any default hereunder. Nu waiver by Mortgagee o[ any default shall constitute a waiver o[ or consent to subsequent defaults. No failure o[ 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 o[ 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 insur.+nm or the (,:+y- ment of taxes or other liens or charges by Alortg:+gee shall not l,e taken or construed as a waiver o[ its right to accelerate the maturity of the debt hereby secured. 17. Without affecting the liability of 11lortgagor or any other I,erson (except any person expressly released in writing) for I,ayment of any indebtedness secured hereby or for performance of any obligation contained herein, and ~•ithout af(ec•t- ing the rights o[ Mortgagee with respect to any security not expressly released in writing, Mortgagee may, al any time and from time to time, either before or after the maturity of said note, and without notice or consent: i la) Release any I,erson liable for Ik+yment of all or any hart of the indebtedness or for performance of any obligation. (b) btake any agreement extending the time or otherwise altering the terms of payment of all or any part of the indebtedness, or modifying or w•:+iving 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. Id) Amept additional security of any kind. (e) Release or otherwise deal with any prol,erty, real or I,ersonal, securing the indebtedness, including all or any I,:+rt of the Mortgaged Property. ~i 18. Any agreement hereafter made by Mortgagor and Mortgagee pursuant to this mortgage shall he sul,erior to thr rights of the holder o[ any inter•ening Tien or encumbrance. ~i 19. lbtortgagor hereby waives all right of homestead exemption, if any, in the Alortgaged Prol,eHy. 20. In the event of condemnation ptoc•eedings of the Mortgaged Property, the award or compensation p:+yable there- ; 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 accel,t the same in the amount in which the same shall he Laid. In any such condemnation proceedings, Mortgagee may he represented try counsel selected by Mortgagee. The proceeds o[ any award ` or compensation so received shall, at the option of Mortgagee, either be applied to the prepayment of the Note and at the rate n( interest provided therein, regardless of the rate of interest I,ayahle on the award by the condemning authority, or at the option of Mortgagee, such award shall I,e paid over to 11lortgagor (or restoratian o[ the Mortgaged Property. I 21. It Mortgagee, pursuant to a construction lo:+n agreement or loan crommitment made by Aortgagee with 1ltortgagor. 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 s:+id construction loan agreement or la+n commitment, will diligently construct the improvements to he built Iursuant to the terms !hereof, all of the terms thereof which are in- € corl,orated herein by reference as though set forth fully herein and will hermit no defaults to occur thereunder and if a de- l fault shall occur thereunder, it shall c•onstitule a default under this t1lortgage and the Note. 22. At the option of Aortgagee, 11lortgagor shall provide Mortgagee with periodic certified audited statements of the (financial condition of Mortgagor. 23. Mortgagor represents and warr.+nts that it a cortx,r.+tion, it is duly organized and validly existing, in good stand- ing under the laws of the state of its incorl,or.+tion. has stock outstanding which has been duly and validly issued, and is qualified to do busines.4 and is in good standing in the State of Florida, with full bower and authority to consummate the lo:+n contemplated heret,y: and, if I,:+rtnershil,, it is duly formed and validly existing, and is fully qualified to do t,usiness in the State of Florida: with tut) Ix,wer and authority to consummate the loan contemplated hereby. 24. In the event any one or more of the provisions coniained in this Mortgage or in the 2\'ote shall for :my reason t,e held to be invalid, illegal or unenfon•eable in any resl,ect, such invalidity, illegality or unenforceablity shall, at the option of the Mortgagee, not aftec•t any other provisions of this Mortgage, but this Mortgage shall be construed as if such invalid, illegal or unen(orc•eable provision had never teen contained herein or therein. The total interest payable pursuant to the Note or this Afortgage shall not in any one year exceed the highest lawful rate 9t interest in the State of Florida. 25. The covenants and agreements herein contained shall hind and the benefits and advantages shall inure to the restxc•tive heirs, executors, administrators, successors, and assigns of the parties hereto. Wherever used. the singular numt,er shall include the plural, the plural the singular, and the use of any Render shall be applicable to all genders. All covenants, agreements and undertakings shall he joint and several. In the event additional numbered rnvenants or I,ara- 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. -3- 3U9 oACr 1744 1 ~ - ~4 ~ .r i n