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HomeMy WebLinkAbout1607 , t ' _ ~~n u1, . . ~ ppply such renta, i~sues a~d proti4 rereived by it on the indebtedne~s ~ecuied ~r~y in ~6 dld~•as Mortgagee deter- miaes. The right to enter and take pc~session of the Mortgased Property, to manage and operate the aame, and !o collect the renta~ iesue~ and protits thereof, wbether by a receiver or otherwise. shall ba cumulative to any other right or remedy 6ereu~des o~ attorded by Iaw. and may be e:erci0ed ooncnrcently therewiW or independently theawf. Mortgagee ~hall be liable to account only tor such renb. it~uei aad pwfib aMually received by 114ocya~~~ ~ r-~ . 14. It Wa indebtedneas secured l:~-•?by is now or hereetter turther secured b~c~tse~ ~i~w~~, ~ pg~y, nt"~ intere$ts~ tinancins Natements, pledaes~ contracts ot gueranty, aesignments of lessea, or other secunties.~ br I(~e"'Mbifj~~e~~t~- peNy hereby encpaahered consista of more than one p~ercel ot real pmperly. Mortgagee may at ib option e:haust any one ot more ,oi ~it! rec~tities and security hereunder. or wch pameb of the security hereander, either rnncurrently or inde- pendentl,y. and in s~h order as it may determiae. are obliaator~l or to,be made at the option of Mortgagee~ or otherwi~e. as are made within twenty (20) yea e date hereof.lo t6~ eame eztent w it euch future advances were made on the date ot the e:ecution o ottgage,'but such secured indebted~?e~s tball not e:ceed at any tiane the maYimum principa! amou ~ plw iaterest. and any diabureemenb made for the payment o[ ta:es, le ' urance. on tbe Mortgaged Propedy, with intetrat on su~l~ disbursemenRs. Any such iuture advancea, w ~gatory or to be mede at the option of the Mortgagee, ~ or otberivi~e~ may be made either prior to or atter te of the Note or any other rwtea secured by this Mortgage. ~ t This Mortgage is Siven tor the specitic of securins any and all indebtedne~ by the Mortgeaor to Mottgagee (but _ ! in no event s6a1! the secu neas e:oeed at any time the mauimum principal smount set [orth in thia paragraph) in whatever manner tedne~as may be evidenced or represepted. until this Mortgaae is satietied of record. All rnven- ants ments rnntained in this Mortgage ahall be applicable to all turther advances made by Morlgagee to • ~ 16. NQ delay by Mortgegee in e:ercising any. right or remedy heteundec, or otherwiae at[orded by law, ahall operate aa a waiver tl~ereof or preclude the e:ercise thereof daring the continuance of any de(ault hereunder_ No waiver by Mortgagee ot any default shall conatitute a waiver ot or conaent to subsequent defaulis. No failure ot Mortgagee to e:emiae any option 6erein given to aceelerate maturity ot t6e debt hereby secured, no torbearance by Mortgagee betore or atter the t e:erciae of such option and no withdrawal or al?andonment of toreclosure proceedina by Mortgagee ahall be taken or con- strued as a waiver of ita right to exercise suc6 option or to accelerate !he maturity of the debt hereby aecured by reason of any past, present or [uture default on the part o( Mortgagor: and, in tike manner, the procurnment of inaurance or the pay- ment of ta:ee or other liens or charges by Mortgagee ahall not be taken or construed as a waiver of its right to accelerate tbe tnaturity ot t6e debt hereby secured. - 17. Without atfecting the liability of Mortgagor or aqy other person (except any peraon expresaly refe~sed in writing) tor payment ot any indebtednese secured hereby or for pertormance of any obligation confained herein, and without affect- ing the rights of Mortgagee with reapect to any security not e:preasly rnleased in writing, Mortgagee may, at any time and (rom time to time, either betore or after the maturity of eaid note, and without notice or rnnaent;, -~,r - ~ , . ~ . (a) Release any person liable tor payment of all or any part o( the indebtedne~ or far pe~fotri~nt~ bf'any~obligation. . , . . (b) Make any agreement e:tending the time or otherwiae altering the term'~s bf payti2ent of all or any pari ot the indebtedness, or modifying or waiving any obligation~ or subordinating, moditying or othetwise dealing with the lien or c6arge hereot. ~ (c) Exercise or reirain from exerc~;~~:watj~any right Mortgagee may have. (d) Accept additiontil security ot a y n~ . (e) Release or otherwiee deal with any property, real or peraonal, aecuring the indebtedness, including all or any part ot the Mortgaged Property_ r 18. Anp agreement hereatter made by Mortgagor and 11~ort{caRee pursuant to this mortgage shnll i?e superior to the 'f rights ot t6e holder of any intervening lien or encumbrance. ~ j 19. Mortgegor hereby waives all right .of homestead e:emption, if any, in the Mortgaged Propetiy. ~ 20. In the event of rnndemnation proceedinga o[ the Mortgaged Property, the award or compensation Nayable there- ~ under is hereby asaigned to and ahall be paid to Mortgagee. Mortgagee shall be ~nder no obligation to question the amount i of any such award or compenaation and tnay accept the satne in the amount in which the same shall be paid. In any such condemnation proccedings, Mortgagee may be r~epresented try counsel selecttd by Mortgagee. The proceeds of any award ~ or compenaation eo received ahall, at the .option ot Mortgagee, either be applied to the prepeyment ot the Note and at the rate oi interest provided therein, regardless of the rate ot interest payable on the award by the condemning authority, or at the option of Mortgagee, such award shall be paid over to Mortgagor for restoration of the Mottgaged Property_ ~ , 21. It Mortgagee, pursuant to a conalruction loan agreement or loan commitment made by Mortgagee with Mortgagor, ~ agrees to make conslruction loan advances up to the principa) amount ot !he Note, then Mortgagor hereby covenants that it will rnmply with all ot the terma, ~irovisions and covenants ot said construction loan agreement or loan commitment, will ~ diligently construct the improvements to be built pursuant to the terms thereot, all of the terma thereof which are in- corporated herein by rnference as though set torth (ully herein and will permit no defaults te occur thereunder and if a de- (ault ahall occur thereunder, it shall constitute a default under this Mortgage and the Note. 22. At the option of Mortgagee, Mortgagor ah:~U provide Mortgagee with periodic certitied audited statementa oi t6e 4 tinancial condition of Mortgagor. t ~ 23. Mortgagor represents and warrants tha! if a coriwration, it is dnly organized and validly existing, in good sland- ? ing under the laws of ihe state of its incorporation, has stock outstanding which has been duly and validly issued, and is qualitied to do business and is in good standing in the State of Florida, with tup power and authority to consummate the ~ lo:~n contemplated hereby; and, if a partnership, it is duly tormed and validly existing, and is tully quali(ied to do business ~ in the State ot Florida; with tull power and authority to ~-onsummate the loan rnntemplated hereby. ~ 24. In the event any one or more of ihe provisions contained in this Mortgage or in the Note ahall for any reason ~ be held to F?e invalid, illegal or unenforceable in any res~~ect, such invalidity, illegality or unentomeablity ~haU, at the ? ~ o~~tion of the Mortgagee, not affect any other provisions o( this Mortgaqe, but this Mortgage shall be construed as it auch ~ ~ invalid, illegal or unenfomeable pro~~ision had never been contained herein or themin. The total intereat payable pursuant ~ to the Note or thia MortA~ge shall not in nny one year exceed the highest lawful rate of interest in the State ot Florida. ~ 25, The covenants and agreements herein contained ahall bind and the benefita and advantages ohall inure to the ~ respective heirs, executors, administralors, succ•essors, and :~ssigns of the parties hereto. Wherever used, the singular ~ number shali include the pluml, the plural the aingular, and the use of any gender shall be applicable to all genders. All covenanta, agreements and unclertakinge shall t?e joint and se~•eral. In the event additional numbered covenanta or para- ~ graphs are tor convenience inserted in this Mortgage, such additional covenanta shal! be read and gi~•en ettect aa though following thia covenant in consecutive order. s' ~ '1 ` -3- ~ R':~L~ ~11 ~a~~ 1606 ~ 6.