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HomeMy WebLinkAbout2187 _..S upply such rents, issues and profits received by it on the indebtedness secured hereby in such order us Mortgagee deter- mines. 7'he right to enter an~ aka poast~ajion~ the Mortgaged Property, to manage and operate the same, and to rolled the yenta, issues and profit wp~tltiest• a rtrei~ror or otherwise, shall be cumulative to any other right or remedy hereunder or af[orded by law, and may bs ezercised rnncurrently therewith or independently thereof. blorigagee shall be liable to account only for such rents, issues and profits actually received by Mortgagee. 14. It the indebtedness secured hereby is now or hereAtter further secured by chattel mortgages, security interests, financing statements, pledges, rnntracts of guaranty, aeaignments of leasm, or other securities, or if !be Mortgaged Pro- . periy hereby encumbered consists of more than one parcel of real property, Mortgagee may at its option e:hauai any one or more of said securities and security hereunder. or such parcels of the security hereunder, either concurrently or inde- pendently, and in ouch order as it may determine. lb. This Mortgage shall secure not only eziating indebtedness, but also such future advances, whether such advances are obligatory or to be made at the option of Mortgagee, or otherwise, as are made within twenty (20) years from the date hereof, to the same extent as it such future advances were made on the date of the execution of this 1liorigage, but such secured indebtedness shall not exceed at any time the maximum principal amount of = N/A plus interest, and any disbursements made for the payment of fazes, levies, or insurance, on the Mortgaged Property, with interest on such disbursements. Any such future advances, whether obligatory or to be made at We option of the Mortgagee, or otherwise, may be made either prior to or alter the due date of the Note or any other notes secured by this Mortgage. This Mortgage is given for the speci[ic purpose of securing eny and all indebtedness by the Mortgagor `to Mortgagee (but in no event shall the secured indebtedness ezceed at any time the maximum principal amount set forth in this paragrnph) in whatever manner this indebtedness may be evidenced or represented, until this Mortgage is satisfied of record. All coven- ants and agreements contained in this Mortgage shall be applicable to all further advances made by 11lorigugee to Mortgagor under this future advance clause: ! 16. No delay by Mortgagee in exercising any right or remedy hereunder.. or otherwise afforded by law, shall operate as a wai~rer thereof or preclude the ezercise thereof during the continuance bf 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 herein given to accelerate maturity of the debt hereby secured, no forbearance by Mortgagee before or after the ezercise of such option and no withdrawal or ahandonment of foreclosure pra~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 past, present or future default on the part of Mortgagor: and, in like manner, the procurement of insurance or the pay- ment o[ fazes or other liens or charges by 11lorigagee shall not he taken or construed 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 pen3on (except any person expressly released in writing) for payment of any indebtedness secured hereby or for performance of any obligation contained herein, and without affect- ing the rights of Mortgagee with r+eapeet 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: t I { (a) Release any person liable for payment of all or any part of the indebtedness or for performance of any obligation. (b) 1?lake any agreement extending the time or otherwise altering the terms of payment of ail or any part of the indebtedness, or modifying or waiving any obligation, or subordinating, modifying or otherwise dealing with the lien or charge hereof. i (c) Exemiae or retrain from exercising or waive any right Mortgagee may have. td) Accept additional security of any kind. t (e) Release or otherwise deaf with any property, real or personal, securing the indebtedness, including all or any part of the Mortgaged Property. 18. Any agreement hereafter made by Mortgagor and Mortgagee pursuant to this mortgage shall be superior to the righl9 of the holder of any inten-ening lien or encumbrance. - 19. Mortgagor hereby waives all right of homestead exemption, if any, in the Mortgaged Property- ; 20. In the event of condemnation praeedinga of the Mortgaged Property, the award or compensation {rayable 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 rnmpensation and may accept the same in the amount in which the same shall he paid. In any such .condemnation proceedings, Mortgagee may be represented by counsel selected by Mortgagee. The proceeds of 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 of interest provided therein, regardless of the rate of interest payable on the award by the condemning authority, or at the option o[ Mortgagee, such award shall be paid o~~er to Mortgagor for restoration of the Mortgaged Property. ~ 21. If Mortgagee, pursuant to a construction loan agreement or loan ~rommitment made by Mortgagee with lltortgagor, ~ 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 ~ E diligently construct the impro~~ements to be built pursuant to the terms thereof, all of the terms thereof which are in- ~ rorporated herein by% reference as though set forth fully herein and will permit no defaults to occur thereunder and if a de- r fault shall occur thereunder, it shall constitute a default under this !1ortgage and the Note. _ . - _ i ~ i 22. At the option of 11lortgagee, mortgagor shall provide Mortgagee with periodic certified audited statements of the financial condition of I1lortgagor. ( 23. Mortgagor represents and warrants that if a cor{wration, it is duly organized and validly existing, in good stand- f ing under the laws of the state of its incor{~oration, has stock outstanding which has been duly and validly issued, sad is qualified to do business and is in good standing in the State of Florida, with full power and authority to consummate the _ loan contemplated hernby: and, if a partnership, it is duly formed and validly existing, and is fully qualified to do business in the State of Florida; with full power and authority to consummate the loan contemplated hereby. 24. In the event any one or more of the pro~~sions contained in this Mortgage or in the Note shall for any reason t?e held to be invalid, illegal or unenforceable in any yes{sect, such invalidity, illegality or unenforreablity shall, at the option of the Mortgagee, not affect any other provisions of this Mortgage, but this Mortgage shall be construed as if such invalid, illegal of unenforceable provision had never peen 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. '?S. The covenants and agreements heroin contained shall bind and the benefits and advantages shall inure to the respective 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 gendere_ All covenants, agreements and undertakings shall he joint and aeweral. In the event additional numbered covenants or par~- f graphs are for convenience inserted in this Mortgage, such additional covenants shall he read and given effect as though ~ following this covenant in consecutive order- t t i -3- n)? 314 PaGE • t