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HomeMy WebLinkAbout2470 _ l+ • • apply such mots, issues and profits received by it on the indebtedness secured here~iy in such order as IVlortgagee deter- mines. The right to enter and take lx~ssession of the Mortgaged Property, to manage and operate the same, and to collect the rants, issues and profits thereof, whether by a mceiver 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 be liable to account only for such rants, 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, pledges, rnntracts of guaranty, ussignments of leases, 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 securities and security hereunder, or such parcels of the security hemunder, either concurrently or inde- pendently, and in such order as it may determine. am obi to be made at the option of Mortgagee, or otherwise, as am made within twenty (20) yeah from the date hemof, to the same if such future advances wem made on the date of the execution of this Mortgage, but such secured indebtedness shall note t any time the maximum principal amount of i plus interest, and any disbursements ma yment of razes, levies, or insurance. on the Mortgaged Property, with interest on such disbursements. Any such future adva ether obligatory or to be made at the option o[ the Mortgagee, or otherwise, may be made either prior to or after the due date ore or any other notes secured by this Mortgage. This Mortgage is given for the specific purpose of securing any and all i eas by the Mortgagor to Mortgagee (but in no event shall the secured indebtedness exceed at any time the maximum princi a set forth in this paragraph) in whatever manner this indebtedness may be evidenced or represented, until this Mortgage is sa t record. All coven- ants and agreements contained in this Mortgage shall be applicable to all further advances made y agep to 16. No delay by Mortgagee in exercising any right or comedy hemunder, or otherwise afforded by law, shall operate as a waiver themof or pmclude the exercise themot 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 heroin given to accelerate maturity of the debt hereby secured, no forbearance by Mortgagee before or after the exercise o[ such option and no withdrawal or abandonment of foreclosure pro~~eeding 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 Fast, present or future default on the part of Mortgagor: and, in like manner, the procurement of insurance or the p:,y- ment of taxes or other liens or charges by Mortgagee shall not he taken or constnied as a 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 person expressly released in writing) for payment of any indebtedness secured hereby or for performance of any obligation contained herein, and without attest- ing the rights of Mortgagee with respect to any security not expressly released in writing, Mortgagee may, at 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 of 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 ~n3 pbli~atio~, 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 personal, securing the indebtedness, including all or any tart of the Mortgaged Property. 18. Any agreement hereafter made by 11~ortgagor and Mortgagee pursuant to this mortgage shall be superior 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. Z0. In the event of condemnation proceedings of the Mortgaged Property, the award or compensation I~ayable 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 paid- In any such condemnation proceedings, Mortgagee may be mpresented by counsel selected by Mortgagee. The pra~eeds of any award or compensation so received shall, at the option of Mortgagee, either he applied to the pmpayment 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 1?e Laid 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, 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 be built pursuant to the terms thereof, all of the terms thereof which are in- corporated heroin by reference as though set forth fully herein and will permit no defaults to occur thereunder and it a de- ) fault shall occur thereunder, it shall constitute a default under this Mortgage and the Note. t 22. At the option of Mortgagee, Mortgagor shall provide Mortgagee with periodic certified audited statements of the e financial condition of Mortgagor. i 23. Mortgagor represents and warrants that if a cortwration, 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 power and authority to consummate the t loan contemplated hereby; and, if a partnership, it is duly formed and validly existing, and is lolly qualified to do business - in the State of Florida; with Lull Iwwer and :authority to consummate 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 any reason he held to be invalid, illegal or unenforceable in any re~shect, such invalidity, illegality or unenforceablity shall, at the s option of the Mortgagee, not affect any other provisions of this Mortgage, but this Mortgage shall he construed as if such E invalid, illegal or unentorc-eable provision h:?d never been 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. i € 25. The covenants and agreements herein contained shall bind and the benefits and advantages shall inure to the rest~ec•tive heirs, executors, administrators, successors, and assigns of the parties hereto. Wherever used, the singular ~ number shall include the plural, the plural the singular, and the use of any gender shall be applicable to all genders. All ~rovenants, agreements and undertakings shall be joint and several. In the event additional numbered covenants or para- graphs are for convenience inserted in this Mortgage. such additional covenants shall be mad and given effect as though following this covenant in consecutive order. s k BOOx i7 ~ ~ U R '~O(] ~4CE 24V7 _ - _ F_