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HomeMy WebLinkAbout0981 . -i ' . ~ Apply such tents, iesueu Lnd profib received by it on the indebtednees aecured hereby in ~s~Ic4' urdar ua ~~gee deter- mines. The right to enter and take poaseasion of the Mortgaged Property, to mnnuge and operate the same, a~d to collect the rents, isaues and prot~ts thereof, whether by a receiver or otherwise. shall be cumulative to any other rigbt ot remedy heceunder or atforded by law. and may be e:ercised concurre~tly therewiW or independently thereot. Mortgagee shall be liable to account only tor such renta, issuee and pmtits actually received by Mortgagee. 14. It the indebtedness eecund heteby ia now or hereafter turther ~ecured by chattel moriguges, security intereats, tinancins statementa~ pledges, contracta ot guaranty. Assignments o[ leases. or other securities, or if the Mortgaged Peo- perty here6y encumbered consists of more than one parcel ot ~1 pmperty~ Mortgagee may at its option e:hnust any one or more of aaid eecuritiea end security hereunder. or such parcels o( the security hereunder. either concurrenlly o~ inde- pendently. and in wch order as it may deternuoe. are obl r to be made a ' Mortgngee, or otherwise, as are made within twenty (20) yean (rom the date hereot. to the same if such tuture advances were mAde on the dnte ot the execution oi this Morigage, but surh secured indebtedt~ees shall not e t any time the maYimum principal amount ot i plus intereat. and any diaburaements ma e yment ot taxea, levies, or inaurance, on the Mortgaged Property, with interest on such disbunetaents. My such tuture advan ether obligetory or to be made at the option of the Mortgugee, or otherwise, may be made eitl~er prior to or a[ter the due date o ote or any other notea secured by this Mortgage. T6ia Mortgage is given tor the specitic pu~~wse ot eecuring any and all in~bleda~sa by the Mortgagor to Morlgagee (but in no event shall tbe secured indebtedneas e:ceed at any time the ma:imum princ~pal a et forlh in this puragrnph) in whatever manner this indebtedneas may be evidenced or represented. until thia Mortgage is sa record. All coven- anta and agreements contained in this Mortgage shal) be applicable to aU further advances made by ee to Me~~pf_unde* thi~ ~ ~lu~w s~rlvwnra olwn~n - 16. No delay by Mortgagee in exercising any right or remedy hereunder, or otherwise attorded by law, shall operate us a waiver thereot or preclude the exerrise thereo( during the continuance o! any default hereunder. No waiver by Mortgagee ot any detault shall constitute a waiver ot or consent to suheequent detaulls. No (ailure o( Mortgagee to eYercise any option herein given to accelerate maturity of the debt hereby secured, no torbearence by Mortgagee betore or nfter the exerriae o[ such option and no withdrawal or abandonment ot foreclosure proceeding by 11lortgagee ahall be taken or con- atrued as a waiver of ita right to exercise auch option or to accelerate the maturity of the debt hereby secured by reason of any past, present or tuture defnult on the part o( Mortgagor; and, in like manner, the procurement of insurance or the {x~y- ment of taxes or other liene or charges by Mortgagee shnli not be taken or construed as a waiver of its right to :~ccelerate the maturity ot the debt hereby secured. 17. Without af(ecting the liability of Mottgagor or any other person (except anv person expressly released in writing) for payment ot any indebtedne~ secured hereby or for pertormance of any obligation contained herein, and without atfect- ing the righta of Mortgagee with respect to any securily not expressly releaxd in writing, Mortgagee may, :it any time :~nd from time to time, either before or a[ter the maturity o( said note, and withoul notice or consent: (a) Release any peraon liable tor p:iyment ot all or any part of the indebtedness or for perfnrmance ot any obligation. (b) Make any agreement extending the time or otherwiae altering the terms of payment o[ all or any part of the indebtedness, or modifying or waivinq any obligation, or suhordinating, modifying or otherwiae dealing with the lien or charge hereof_ (c) Exercise or relrain from exemiaing or waive any right Mortgagee mny have. (d) Accept additional security ot any kind. (e) Relesee or otherwiae deal with any property, real or personal, securing the indebtedness, including all or any ~~:~rt of the Mortgaged Property. i 18_ Any agreement hereatter made by Morlgagor and Mortgagee purauant to this mortgage shall be su~~erior to the rights of the holder ot any intervening lien or er_cumbrance_ 19. Mortgagor hereby waives all right of homesiead e:emption, if any, in the 1lfortgaged Pro~etiy. I~ i Z0. In the event of condemnation proceedinga of the Mortgaged Property, the award or coropensation ~~ayable there- E under is hereby assigned to and shall be paid to Mortgagee_ Mortgagee shall be under no obligation to question the amount f of any such award or eompensation and may accept the same in the amount in whieh the same ahall be paid. In any such ! condemnation proceedings, Mortgagee may be represented by counsel selected by Mortgagee. The pra~erds oi any award ~ or compenaation so received shall, at the option of Mortgagee, either be applied to the prepaymen! of the Note and at the rate ot interest pmvided thernin, regardless ot the rate of interest iwyable on the award by the condemning authority, or at ~ the option of Morfgagee, such award shall be paid o~~er to Mortgagor for restoration of the Mortgaged Pro~~erty_ 21. If Mortgagee, purauant to a construction loan agreement or loan commitment made by Mortgagee with Mortgagor. aigrees to make construction loan advvnces up to the principal amount ot the Note, then Mortgagor hereby covenants that it will comply wilh all ot the terms, provisions and covenants ot said conatruclion loan agreement or loan commitment, will diligently construct the improvements to be built ~~ursuant to the terma thereo(, all o[ the terms thereof w•hich are in- ~orporated herein by reference as though set forth tully hemin and will permit no defaulls to occur thereunder :ind if a de- fault ahall occur thereunder, it shall constitute a defa~ult under this Mortgage and the Note_ 22_ At the option of Mortgagec, Morfgaqor shall provide Mortgagee with periodic ceriified audited statements of the financial condition ot Moriqagor. 23. Mort~agor rnpresents and warrants th~t if a cor~~oration, it is duly organized Find validly existing, in Rood stand- ing under the laws of the state of its incorporation, has stock outstanding which has been duly and ~•alidly issued, and is yualified to do business and is in good standing in the State of Florida, with full ~~ower and authority to consummate the la~n contem{~lated hereby; and, if a ~>arinership, it is duly formed and validly existing, and is tully qualified to do business ~ in the State of Florida; with full ~~wer and :~uthority to ~•onsummate the loan contemplated hernby. ~ 24_ In the event uny one or more o( the provisions c•ontained in this Mortgage or in the Notr shall for any reason i?e held to Ire invalid, illegal or unentorceable in any res~~•t, such invalidity, illegalil_v or unentorceablity shall, at the ~ option of the MortRagee, not attert any other provisions o( this Alortgage, but this Mortqage shall be construed as if such ~ invalid, illegal or unen(orceable pro~~ision had never been contained herein or therein. The lotal interest payable pursuant to the Note or this MortgaRe sh:~ll not in any one year exceed the highest lawtul rate ot interest in the State of Florida. ~ 25. The coverwnls ~nd agreements herein contained .h~ll bind and the t?ene(its and advantages ahall inure to the res~~ec•tive heirs, ezec-utors, administr.itors, suci•c~.sors, and assigns of the ~kirties hereto. Wherever used, the sinRular number shall include the plur~l, the plural the sin~ular, nnd the use o( any gender shall be applicable to all genders. All rovenanta, agteements and undertakings shall be joint and sc~•eral. In the event additional numbered cm•enants or ~~ara- Rraphs are for convenience inserted in thia htortKage, such additional co~•enants ghall he read and Riven effect as though following this covenant in consecutive order. E -3- ~ ~:~'?~31?_ e,~,E ,97g - - y~t~ . e _ r__ _ ~ . : .