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HomeMy WebLinkAbout1013 apply such rents, issues and proti4 received by it on the indebtedness secured hey-in such ~ ~ 4 it Mortgagee deter- mines. 'The right to enter and take possession of the Mortgaged Property. to ananage and operate the same. and to collect the rent. issues and protib thereof. whether by a receives or otherwise, shall bs cumulative to any other right os remedy hereunder or afforded by law, and may be a:ercised rnncurrently therewith or independently thereof. Mortgagee shalt bs liable to account ody for such rents, issues and profits actually received by Mortgagee. 14. It the indebtedness secured hereby is now or berea[ter further secured by chattel mortgages, security interests, financing statements, pledges. contracb of guaranty. assignments of leases. or other securities, or it the Mortgaged Pro- perty hereby encumbered coruists of more than one parcel of real property. Mortgagee may at its option ezbaust say one _ or more of said securities and security hereunder. or such parcels of the security hereunder. either concurrently or' inde- peudently. and in such order as it may.. dptesgojne. lb. This Mortgage shall secure'not only ezisting indebtedness, but also such [uture advances, whether such advances are obligatory or to be made at the option of Mortgagee. or otherwise, as are roads within twenty (20) years from the date hereof, to the same a:tent as it such tutors advances were made on the date of the ezecution of thi4~Mortgage, but such secured indebtedness shall not e~cceed at aqy time the mazimum principal amount of i ice`//'' plus interest, and any disburserpents made for the payment of fazes. levies, or insurance, on the Mortgaged Property, with interest on such disbursements. Any such [uture advances, whether obligatory or to be made at the option of the Mortgagee, or otherwise, may be made either prior to or after the due date of the Note or any other notes secured by this Mortgage. This Mortgage ie given for the specific purpwe of securing any and all indebtedness by the Mortgagor to Mortgagee (but in no event shall the secured indebtedriew ezceed at any time the maximum principal amount set forth in this paragraph) in whatever manner this indebtedness may be evidenced or represented, until this Mortgage is satisfied of record. AU rnven- ants and agreements rnntained in this Mortgage shall be applicable to all further advances made by Mortgagee 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 waiver thereof or preclude the exercise thereof during the continuance of any default hereunder. No waiver by Mortgagee of any default shall constitute a waiver of or rnnsent 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 abandonment of foreclosure proceeding by Mortgagee shall be taken or con- strued as a waiver of its right to ezercfse such option or to accelerate the maturity oI the debt hereby secured 1)Y 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 of taxes or other liens or charges by Mortgagee 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 of Mortgagor or any older person (except any person ezpr+emly released in writing) (or payment of any indebtedness secured hereby or for performance of any obligation contained herein. and wiWout 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 o[ 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 o[ payment of all or any part of the indebtedness, or modifying or waiving any obligation, or subordinating, modifying or otherwise dealing with the lien or charge hereof. (c) Exercise or refrain 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 ©r an~part - of tbe Mortgaged Property. 18. Any agreement hereafter made by Mortgagor 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. i 211. In the event of condemnation proceedings of the Mortgaged Property, the award or compensation payable 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 be paid. In any such condemnation proceedings, Mortgagee may be represented by counsel selected by Mortgagee. The proceeds of any award j 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 We condemning authority, or at the option of Mortgagee, such award shall be paid 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 construMion loan advances up to the principal amount of the Note, then Mortgagor hereby rnvenants that it will comply with all of the terms, provisions and covenants of said construction loan agreement or loan commitment, will diligently construM the improvements to be built pursuant to the teams thereof, all of the teams thereof which are in- corporated herein by reference as Wough set forth fully herein and will permit no defaults to occur thereunder and if a de- t 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 certified audited statements of the financial condition of Mortgagor. 23. Mortgagor represents arrd warrants that if a rnrporation, it is duly organized and validly existing, in good stand- ~ ing under the laws of the state o[ its incorporation, has stock outstanding which has been duly and validly issued, and is e qualified to do business and is in good standing in the State of Florida, with full power and authority to consummate the loan contemplated hereby; and, it a partnership, it is duly tonged and validly ezisting, and is fully qualified to do business in the State of Florida; with full power and authority to consummate the loan contemplated hereby. s - 24. In the event any one or more of the provisions rnntained in this Mortgage or in the Note shall for any reason t beheld to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unentorceablity shall, at the ~ option of the Mortgagee, not affeM any other provisions of this Mortgage, but this Mortgage shall be construed as it such invalid. illegal or unenforceable provision had never been contained herein or therein. The total interest payable punruant to the Note or this Mortgage shall not in any one year exceed the highest lawful rate of interest in the State of Florida. 25. The rnvenanta and agreements herein 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 tbe singular, and the use of any gender shall be applicable, to all genders. All ff covenants, agreemenb 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 read and given effect as though t following this covenant in consecutive order. ~ 8315 P~~lOli