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HomeMy WebLinkAbout0053 - - - - :F _ - - i~ apply such rents, issues and profits received by it on the indebtedness secured hereby in aucb order as Mortgagee deter- mines. The right to enter and take possession of the Mortgaged Property. to manage and operate rho same, and to collect the rents. issues and profits thereof. whether by a receiv~ar or otherwise, shall be cumulative to any other right or remedy - hereunder or afforded by law, and may be ezercised concurrently therewith or independently thereof. Mortgagee shall be liable to account only tar aucb rents, issues and prolits actually received by Mortgagee. - 14. It the indebtedness secured hereby is now or hereafter further secured by chattel mortgages, security interests, financing atatementa, pledges, contracts of guaranty, assignments of leases, or other securities, or if We Mortgaged Pro- perty hereby encumbered consists of more than one parcel o[ real property, biortiragee may at its option exhaust any ono or more o! said securi~ps and security hereunder, or such percale of the security hereunder, either concurrently or inde- pendently, and in such order ae it may determine. lb. This Mortgage shall secure, not only a:fisting indebtedness, but also such future advances, whether such advances are obligatory or td be made at the option of Mortgagee, ~r otherwise. ae are made within twenty (20) years [rom the date hereof, to the same extent as it such future advances were made on the date o[ the execution of ~ Mortgage, but such secured indebtedness shall not a:ceed at any time the mazimum principa[ amount of 3 plus iatereat, and any disbursements made for the payment of taxes, levies, or insurance, on the Mortgaged Property, with interest on such disbursements. Any aucb future 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 is given for the specific purpose et secutiag any and all indebtedness by the Mortgagor to Mortgagee (but _ in no event shall the secur+t~id indebtedness a:teed at any time the maz;arum principal amount set forth in this paragraph) 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 Mortgagee to Mortgagor under this future advance clause. 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 preclude the exercise thereof during -the continuance of any default hereunder. No waiver by Mortgagee of any default shall rnnstitute a waiver of or consent to subBequent defaults, No failure of Mortgagee to ezercise any option herein given to accelerate maturity of the debt hereby secured, no forbearance by Mortgagee be(or+e or after the ezercise of such optior. and no withdrawal or abandonment of foreclosure proceeding by Mortgagee shall be taken or con- - $trued as a waiver of ire right to exercise such option or to accelerate the maturity of the debt herebjr 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 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 IiabiGty of Mortgagor or any-other person (except any person ezpressly released in writing) for payment of any indebtedness secue+ed hereby or for performance of any obligation contained herein, and without affect- ing the rights of Mortgagee wiW ree-~t to any security not expressly released in writing, Mortgagee may, at any time and from time to time, either betare or aftcr 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 flans 6r otherwise altering .the terms of payment of all or any part of the indebtedness, or modifying or waiving any obligation, or subonlinating, modifying or otherwise dealing with the lien or charge hereof. - (c) F,~temise or retrain from ezerciaing 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 or any part of the Mortgaged Property. _ 18_ Any agreement hereafter made by Mortgagor and Mortgagee pursuant to -lhis mortgage shall be superior to the rights of the holder of any intervening lien or encumbrance. _ I3. 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 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 prxeeds 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 o[ 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 114ortgagor for restoration of the Mortgaged Property. 21. I[ Mortgagee. pursuant to a construction loan agr~ment or loan commitment made by Mortgagee with Mortgagor, agrees to make constnrction 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 improvements to be built pursuant to the terms thereof, alt of the-terms thereof which are in- corlwrated herein by reference as though set torW fully herein and will permit no detaufts to occur thereunder and if a de- fault shall occur thereunder, it shall rnnstitute a default under this Mortgage and the Nate. 22. At the option of Mortgagee, Mortgagor shat! provide Mortgagee with periodic certrtied audited statements of the financial condition of Mortgagor. ' 23. Mortgagor represents and warrants that ii a corporation, it is du!} organized and validly ezisting, in good stand- ing under the laws of the state of its incorporation, has stock outstanding which has been 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 contemplated hereby; and, if a partnership, it is duly formed and validly existing, and is fully qualified to du business in the State of Florida; with full power and authority to .ronsummate the loan contemplated hereby: 24. In the event any one ur more of the provisions contained in this Mortgage or in t?re Note shall !or any reason be held to be invalid, illegal or unenforceable in any rrspect, such invalidity, illegality or unenfcrceablity shall. at the option of the Mortgagee, not affect any other provisions of this Mortgage, but this Mortgage shall be cunstr.rea as it such invalid, illegal or unenforceable provision had never been contain!~d herein or therein. The total interest payable pun;rrant to the Note or this Mort~~ge 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, ezecutors, 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 genders. All covenants, agr~~e:nents and undertakings shall be joint ar,d several. In the event additional numbered covenants or par~- graphs are for convenience inserted in this Mortgage, such additions[ covenants shall be read and given effect as though following this covenant in consecutive order. - -3- au°~ 7 PAGE