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HomeMy WebLinkAbout0646 apply wch rents, iswes and proti4 received by it on the indebtedness secured hereby is such order ai Mortgagee deter- mines The right to enter and take possession of the Mortgaged Property. to manage and operate the same, and to collect the rents, issues and profits thereof. whether by a receiver or otberwise~ shall be cumulative to any other right or remedy hereunder of afforded 69 law. and may be exercised concurrently therewith or independently thereof. Mortgagee shall bs lial~e to account only for wch rents, issues and protfib actuapy received by Mortgages. illtl~ 14. It the indebtedness secured hereby is now or hereafter further secured by chiMllrb~ in q financing statements, pledges. contracts of guaranty. assignments of leases, or other sec~itl!'1gA~ iii party hereby encumbered consists of more than one parcel of real property. Mortgages a~~iapWlliWf~~b~ tyltfi or more of said securities and security hereunder. or such parcels of the security hereunder, either concurrently or inde- pendently. sad is such order as it may determine. - - are obligatory or to be made at the option oI Mortgagee. or otherwise, as are reads wilhin`tvrenty (20) ye ,date hereof. to rho same extent as i[ wch future advances were mode oq the date of the execution ortgage;,but wch secured indebtedness aiwll • not Bacczeed at , aqy time the maximum principal amo _ - _ - - ' - - - - - plus interest, and any disburseme;,ts made toe-the payment of taxes. 1 uwrance, on the Mortgaged Properly. with inteteat on such disbursements. Aqy such future advances. 'story or to be made at the option pt the Mtlrlg~r>•e, or otherwise, may be made eithi?r pslos.to or at a date oI the Note or any other notes secured by this Mortgage. This Morlgage is given for the specif of securing any and all indebtedness by the Mortgagor to Mortgagee (but - in no event shall the secure el~edneas ezceed at any time the maumum principal amount set forth in this paragraph) in whatever mane ~y ba ev~enced or represented. until this Mortgage is aatistied of record. All coven- ants manta contained in this Morlgage shall be applicable to all further advances made by Morlgagee to 16. No delay by Mortgagee in a:excising any right or remedy hereunder. or otherwise afforded by law, shall operate as a waiver thereof or- prechide the ezerciee thereof during the continuance of any default hereunder. No waiver by Mortgagee of any default shall rnnstitute a waiver of or consent to subsequent defaults. No failure of Mortgagee to e:errise any option herein given to accelerate maturity of the debt hereby secured, no forbearance by Mortgagee be[ore or after the exercise of such option and rw withdrawal or abandonment of foreclowre proceeding by IVlortgagee shall be taken or con- strued as a waiver of its right to ezercise snch option or to accelerate the maturity of the debt hereby secured by reason of any past, piesent or future default on the part of Mortgagor; and, in like manner. the procurement of insurance or the pay- ment of tares 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 other person (except any person expressly released in writing) [or payment of any indebtedness secured hereby or for performance of any obligation contained herein, and without affect- ing the rights of Mortgagee with respe~K to any security not a:pr+essly 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 o[ any obligation. (b) Make any agreement eztending the time or otherwise altering the terms of 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 retrain frem exercising or waive any right Mortgagee may have. (d) Accept additional security of any kind. (e) Release os otherwise deal with any property, real or personal. securing the indebtedness, including all or any part of the Mortgaged Pmperty_ 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, it any, in the Mortgaged Property. 20. 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 f of any such award or compensation 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 114orlgagee. The proceeds of any award or compensation so received shall. at the option o[ 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 of Mortgagee, such award shall be paid over to Mortgagor for restoration of We Mortgaged Property. 21. It Mortgagee, pursuant to a construction loan agreement or loan rnmmitm~nt 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 the terms, provisions and covenants of said construction loan agreement or loan commitment, will diligently construct the imprevementa to be built pursuant to the terms thereof, all of the terms thereof which are in- corporated herein by reference as though set forth fully herein and will permit no defaults to occ~ir thereunder and it 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 v~~th periodic certified audited atatementa of the financial condition of Mortgagor. ' 23: Mortgagor represents and warrants that if a corporation, it is duly organized and validly a:fisting, in good stand- ing under the laws of the state of its incorporation, bas stock outstanding which has been duly and validly iswed, 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 contemplated hereby; and, if a parlnerahip, it is duly formed 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. 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 be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceablity shall, at the option of the Mortgagee, not affect any offier provisions of this Mortgage, but this Mortgage shall be construed as if such invalid, illegal or unenforceable provision had never been 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. 25. The covenants and agreements herein contained shall bind and the benefits and advantages shall inure to the respective heirs, executors, administratora, 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 genders. All covenants, agreements 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 following this covenant in consecutive order. X316 P~ 646