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HomeMy WebLinkAbout0565 . _ - apply such rents. issuer and proli4 received by it on the indebtedness ssc~stsd hereby iA wins order as Mortgages deter- mina. The right to enter and take possession of the Mortgaged Property, to msnsge and operate the same, and to collect the rents„ issues and ptoiib thereof, whether by a receiver or otherwise, shall bs cumulatiw? to any other right or remedy hereunder of atfordod by law. and may bs assn-iced concurrentRjr tharawith oe indspendsatly thes+eot. Mortgagee shall bs liable to account only for such rents, issues and ptotib actually received by Mortgagee. 1~- ` It the indebtedness secured hereby is reow or henattsr further sscnred by dutttel mortgagor, svwsity iateresb, financing statements, pledges, contracts of guaranty, assigamsats of lasses„ o~ otbse gecuriti~, or ii the Mortgagd Pro- perty hereby encumbered consists of more than one parcel of real Property, Mortgagee may it i4 option ezlsawt am one or more of said securities and security herwrnder. or wc6 panels of the security beretradsr~ either coyeeyrrsntly,or inde• pendently, and in such order as it may determine. - are obligatory or to bs made at th4 option of Mortgagee, or otlRerwiss, as are marls within twepty (20) yea date hereof, to the rams extent er U such future advances were made on the date of the execution` o ortgaga, but such secured indebtedaeas shill pot ezoesd at any time the maximum principal amoun Plus interest, and any ¢isbunelnents made for the pgymeat of fazes. 1 ce. oa for Mortgaged Property. with interest on such disWrsaments. Any such future advances. w? rgatory or to bs made at the or orbs option vt the Mortgagee, rwisq may be made either prior to or after atr of the Note or any other notes secured by this Mortgage. This Mortgage is tdvea for the specific of sscesrrng any and ail irxlebtedreess by the Mortgagee to Mortgagee (but • in no event shall the secured ' ezceed at any time the asazimum principal amount sat [orth is this ps~rrgtsph)-ia~ whatever manner redness may be evidenced or represented, untU this Mortgage is ~tittiedtQf record.. Ai? coven- ~ = - . ants a nts contained in this Mortgage. shall be applicable b all further advances .made by• Mortgagee to 16. No delay by Mortgages in exercising arty right or remedy hereunder,. or otherwise afforded by taw, shall operate as a waiver thereof or prertude the ezercise thereo[ during the continuance of say default hereunder.- ` No waiver by Mortgagee of any default shall rnnstituts 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 attar the exercise of each option and no withdrawal or abandonment o[ foreclosure proceeding by Mortgagee shall be taken or con- strued as a waiver of its right to axercLe such option or to accelerate the maturity of the debt hereby secured. by reason of any pest. present os future default on the part of Mortgagor: and. in like manner, the procurement of insurance or the Pay- ment of taxes or other liens or charges by Mortgagce shall not be taken or construed as a waiver of its right to accelerate the maturity of the debt hereby secured. 17. Without affecting the liability o[ Mortgagor or any other person (except any person expressly released in writing) for payment oI any iadebtedreees secured hereby or for performance of any obligation rnntained herein. and without affect- ' 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 tames of payment of sit or any part of the indebtedness, or modifying or waiving any obligation, or subordinating, modifying or otherwise deviling with: the lien or charge bareof. (c) $remise ar refrain from exenising or waive any right Mortgagee may have. ' td) ~ccepR additional security of any kind Ze) Release pf otherwise deal with anY Property, real or personal; aeruring "the indebtedness, including all or any part of the Mortgaged Property. . 18. Anyagreemeat herea[ter made by Mortgagor and Mortgagee pursuant to this mortgage shall be superior to the rights of the balder of any intervening lien or encumbrance. 19. Mortgagor hereby waives all right of homestead exemption, it any, in the Mortgaged Property. 20. In the event of rnndeenreation proceedings of the Mortgaged Property, the award or compensation payable there- under is hereby assigned to and shall be paid to Mortgagce. Mortgagce shall be under no obligation to question the amount of any such award or compensation and may accept the carne in the amount in which the name shall be paid. In any such rnndemreation proceedings, Mortgagee may be represented by counsel selected by Mortgagee. The proceeds of any award or compensation eo received shall, at the option of Mortgagce, 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 of Mortgagee, such award shall be paid over to Mortgagor for restoration of the Mortgaged Property. 21. It Mortgagee, pursuant to a construMion 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 flee terms, provisions and covenants of said construction loan agreement or loan rnmmitment, will diligently construct the improvements to be built pursuant to the temrs thereof, all of the terms. thereof which are in- corporated herein by reference as .though set fortis tally herein and will permit eeo defaults to occur thsreunder'ared if a de- fault shall occur thereunder, it shall constitute a default under this Mortgage and the Note. 22. At the option of Mortgagee, Mortgagor shall provide Mortgagee with periodic oer~du~t~d~tatements of the financial condition of Mortgagor. 23. Mortgagor reprceents and warrants that if a corporation, itu duly organized and validly existing, in good stand- ing under the laws of the state of its inrnrporation, has stock outstanding which has bcen 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 loan rnntemplated hereby; and, it a partnership, it is duly formed and validly existing, and is fully quaGCed to do business in the State of Fbrida; with full power and authority to consummate the loan rnntemplated hereby. 24. In the event any one or more of the provisions contained in this Mortgage or in the Note shall for any reason be held to 6e invalid. illegal or unenfoneable in any respect, such invalidity, illegality or unenfoneablity shall, at the option of the Mortgagee. not affect any other provisions of this Mortgage, but this Mortgage shall be construed as i[ such invalid, illegal or unenforceable provision bad never been contained herein or therein. The total interest payable pursuant to the Note or this Mortgage shall root in any one year exceed the highest lawful rate of interest in the State of Florida. 25. The covenants and agrcements herein contained shall biad'arul the benefits and advantages shall inure to the respective heirs. executors, administrators, successors, and assigns of the parties hereto. Wherarer used, the singular number shall include the plural, the plural the singular, and the use of any gender shall be applicalle to all genders. All covenants, agreements and undertakings shall be joint and several. In the event additional numbered coveuants or para- graphs are for rnnvenience inserted in this Mortgage, each additional covenants shall be read and given effect as though following this covenant in consecutive order.