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HomeMy WebLinkAbout1001 + t • i i 9. That abs+,ract ab:tracts of title covering tht premises shall at all times, during the life of this Mortgage, remain In the possession of the Mortgagee and in the event of the foreclosure of this Mortgage or other transfer of title to the premises In extinguishment of the indebtedness secured hereby, all right, title and interest of the Mortgagor io and to any sucb absUacts of title € shall pass to the pnrchaser or graetee. ~ 10. Mortgagor: shaft pay to Mortgagee all sums, including costs, expenses, and tea:enable agent's or attorneys' fees, which t it may expend or become obligated to pay in arty proceedings, legal or otherwise, to prevent the commission of waste to esg0lish or sustain the lien of this Mortgage or its priority, or to defend against liens, claims, rights, estates, easements or restrictions. alert- ing priority to this Mortgage; in payment. settlement. discharge or release of an)t asserted lien. claim, right. easement. or rostrictioa made upon advice of competent counsel that the same is superior to the lien of this Mortgage; for tale insurance, abstract of title or extension thereof; or in connect':on with any suit to enforce or foreclose this Mortgage or to recover any sums hereby secured. All snch sums so paid by Martgagoe shall bear interest at a rata equal to the highest per attnum interest rate allowed by ths laws of the State of Florida, until paid, and for payment of sucb sums and interest. this Mortgage shall stand as security, In the erect wb• Sequent laws of the State of Florida increase the highest rate of interest now atlowea under the laws of the State of Florida which era applicable to this Mortgage and the Promissory Note secured hereby. then the prorisians of the Promissory Note secured by this Mort- gage and the interest rate now allowed under the law= of the State of Florida set forth ro paragnph 8 and this paragraph 10 of this Mortgage shall be deemed to include sucb higher me of interest except to the extent that sucb higher rate would be nwrious H ap- - plied to the unpaid principal Oalaace hereof. 11. That if any of the sums of money payable nnder or secured by the Mortgage 6e -not tally paid when the same become due_and payable. or if there be any breach of this Mortgage or default herein on the part of Mortgagors, or ii any term. covenant. agreement or stipulation of said Promissory Note or of this Mortgage or of any other instrument securing said Promissory Note is not promptly and tally performed, then in any and each such Brent, the aggregate snm secured hereby, except unearned interest.- less previous payments, if arty.-shall. at the option of Mortgagee= become due and payable forthwith immediately as fully and completely as if originalry stipulated then to he paid, anything is said Promissory Note or is this Mortgage to the contrary notwithstanding; and thereupon or thereafter, at the option of Mortgagee, without notice o? demand. suit at law or in equity, theretofore or thereafter begun, may be prosecuted as if all sums hereby secured had matured prior to its institution. 1Z. N the indebtedness secured. hereby is now or hereafter further secured by security agreements.. pledges. contracts of guar antee, assignment of leases or othcr securities. or if the premises hereby encumbered consists of more than one (11 parcel, Mortgagee - may. at Mortgagee's option, exhaust any one or more of said securities and the security hereunder, or such parcels of the premises, either concurrently or independently. and in such order as Mortgagee may determine. - 13. Mortgagee shall have the. right to enforce the lien of this Mortgage against all or any portion of the premises and to cause a!I or any portion of said premises to be sold for payment and satisfaction of any decree of foreclosure without any right of ~ Mortgagors or those claiming under Mortgagors to any marshalling of liens, exonerations of security or other similar rights or remedies. ! 14. ifo delay or failure of Mortgagee to exercise any option herein given or reserved shall constitute a waiver of such option or estop Mortgagee from after•~ards exercising same or any other option at any time and the payment or contracting to pay by Mortgagee of anything Mortgagors havs herein agreed to pay shall not constitute a waiver of the default of Mortgagors in failing to make said payments and shall not estop Mortgagee from foreclosing this Mortgage on account of snch failure of Mortgagors. The rights, options, powers, and remedies herein b~ovided shall be cumulative and no one or more of -them shall 6e exclusive of the other or others. or of any right or remedy now or hereafter given or allowed by law. - _ - 15. The granting to the maker or endorser of the Note secured hereby. Mortgagors. or to any other person of an extension or extensions of time of payment of the Note or any sum due under or secured by this Mortgage, or the taking of other or additional ~ security for payment thereof, or waiver by Mortgagee of or failure to enforce any covenant or stipulation of the Note or this Mort- ~ gage or to declare any default thereunder shall not operate as a waiver of any subsequent default or affect the right of Mortgagee to exercise- any right hereunder not expressly waived in writing, nor operate as ~ release from any personal liability upon the-Note - or under any corenaat or stipulation of the Mortgage nothwithstanding that the original makers or endorsers are not party to such agreement of modification, extension, ar cote. nor had argi notice thereof. 16. In the event damages are awuded for the taking of or injury to the premises, whether such taking ar injnry be done under the power of eminent domain or otherwise, all such damages shall be paid- to Mortgagee to be applied as a payment on account of such part of the indebtedness secured hereby, as Mortgagee may elect, without affecting the amount or time for -payment for other installments required thereunder, whether or not said indebtedness is then due and payable. 17. Mortgagors agree to furnish to Mortgages upon request satisfactory .written estoppel certificates reciting Mortgage Note, principal balance and interest due, and indicating existing defenses or set-offs, if any. 18. The rents, income and profits of all and every part of the premises are hereby specifically pledged to the payment of the debt and all other obligations hereby secured. N default shall be made in the payment of the said indebtedness or any part thereof, or in the performance of any cotenant or agreement of Phis Mortgage, or of the said indebtedness, Mortgagee shall have the right forthwith and without notice to enter into and upon the premises, take possession thereof, and collect said rent. income, and profits, with ar without the appointment of a receiver and regardless of the adequacy of the security or the solvency of Mortgagors, Mort- gagors hereby covenanting that the appointment of such a receiver by a court of competent jurisdiction, regardless of the adequacy of the security or the solvency of Mortgagors. shall be a matter of right to Mortgagee. All such net income, alter payment of any collection, management. and attorneys' fees shall be applied toward the payment of any advances made 6y Mortgagee or in taduction of any indebtedness, including interest thereon, hereby secured in-sucb manner or proportion as Mortgagee may elect. i9. Mortgagors, without first obtaining the written consent of Mortgagee hereto, shall not (a) assign the rents, or any part- thereof. from the premises, (b) consent to the cancellation or surrender of any lease of the premises, or any part thereof, now existing ar hereafter to be made. having an unexpired term of one (1) yeaz or more,-(c) modify any such lease so as to shorten the unexpired term thereof. or so as to decrease the amount of the rent payable thereunder, or (d) collect rents from the premises tar more than one (1) month in advance. Z0. The total amount of indebtedness secured hereby may decrease or increase from time to time, but the total unpaid balance , so secured at any one time shall not exceed the principal sum of $3,100, 000.00 plus accrued interest thereon, and any disbursements made pursuant to paragraphs 8 and 10 above. with interest thereon; and this Mortgage shall secure arty and all additional and further monies which may be advanced by Mortgagee to Mortgagors, or any one of them, if there be more than one. after the date hereof, which future advance of money, if made, shall be evidenced by promissory note or promissory notes executed try the Mortgagors, or any one of them, if there 6e more than one, to Mortgagee, bearing sucb rate of interest and with such maturities as shall be determined from time to time, but arty and all such future advances secured by ' this Mortgage shall 6e made not more than twenty (ZO) years after the date hereof. Nothing herein cantairled shall be deemed an obligation on the part of the Mortgagee to make any future advances. - _ 80 K 317 PACE1~