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HomeMy WebLinkAbout0318 ~ : ~~'3 t apply such rents, issues and profits received by it on the indebtedness secured hereby in such order ue Mortgagee deter- mines. The right to enter and take ?w.s~~ssion of the Mortgaged Property, to manage and operate the ssme, and to rnllect the rents. issues and pm[its thereof, whether by a receiver or otherwise. shall 6e cumulative to any other right or remedy hereunder or atfarded by law, and may be exercised rnncurrentty therewiW or independently thereof. Mortgagee shall be liable to account only for such er+rrts, issues and profits aMually received by Mortgagee. 14. I[ the indebtedness secured hereby is now or hereafter further secured by chattel mortgages, security interests, financing statements, pledges. rnntracta of guaranty. assignments of leases, or other securities, or if the Mortgaged Pro- perty hereby encumbered consists of more than one parcel of real property, Mortgagee may at its option exhaust any one or more of said securities and security hereunder, or each parcels of the security hereunder, either concurrently or rode- F pendently, and in such order as it may determine. i lb: This Mortgage shall secure not only existing indebtedness. but also such future advances, whether such advances are obligatory or to bo made at the option of Mortgagee, or otherwise, as are made within twenty (ZO) years from the date ~ hereof. to the same extent as it such futuro advances were made on the date of the executionN~Athis Mortgage, but such secured indebtedness shall not a:reed at any time the maximum principal amount of = plus interest, and any disbursements made for the payment of taxes, levies, or insurance, on the Mortgaged Property, with . _ interest on such disbursements Any such future advances, whether obligatory or to be made at thc? option of the Mortgagee, or otherwise, may be-made eiiher prior to or after the due date of the Note or any other notes secured by this Mortgage. This Mortgage ie given for the speci[ic purpose of securing any and all indebtedness by the Mortgagor to Mortgagee (but in no event shall the secured indebtedness exceed 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 rernrd. 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. - lti. 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 rnntinuance of any default hereunder. No waiver by Mortgagee of any default shall rnnatitute a waiver of or consent to subsequent defaulta_ 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 exercise of such option and no withdrawal or abandonment of foreclosure proceeding by Ar4ortgagee shall be taken or con- strued as a waiver o[ 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 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 other person (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 We 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 pgdQrrgar)oe o[ any obligation. (b) Make any agreement extending 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 re[rain 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 pen;onal, securing the indebtedness, including alt 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 rights of the holder~i any intervening lien or encumbrance. 19. -Mortgagor hereby waives all right of homestead exemption, if :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 Morigagee.~ Mortgagee shall be under no obligation to question the amount of any such award or compensation and may accept the same in the amount in which the same shelf be paid. In any such condemnation proceedings, Mortgagee may be represented try 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 of Mortgagee, such award shall be paid over to hforigagor for restoration of the Mortgaged Property. - ~ i 2I. It Mortgagee, pursuant to a construction 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 rnmply with all of the terms, provisions and covenants of said construction losn agreement or loan commitment, will diligently construct the improvements to be built pursuant to the terms thereof, all of the tenors thereo[ which are in- corporated herein by reference as though set forth fully. herein and will permit no defaults to occur thereunder and if a de- fault shall arur thereunder, it shall constitute a default under this Mortgage and the Note_ 22. At the option of Mortgagee, Mortgagor shaft provide Mortgagee with periodic certified audited statements of the ~ financial condition of Mortgagor. 23. Mortgagor represents and warrants that if a corporation, it is duly organized and validly existing, 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 i loan contemplated hereby; and, it 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 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 unPnforceablity shalt, 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 or unenforreah_'e provision had neti~er been contained herein or therein. The total interest payable pursuant to the Note ar this-Mortgage shall not in any are year exceed the highest lawful rate of interest in the State of Florida. 25. The covenants and agreements herein rnntained shall bind and the benefits and advantages shall inure to the resl,ective heirs, executors, adrrinislrators, 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. Alt covenants, agreements and undertakings shall be joint and several. In the event additional numbered covenants or para- graphs are for rnnvenience inserted in this biorlgage, such additional covenants shall be read and given effect as though following this covenant in consecutive order. - ~~~x3~7 ~~~E 3t8