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HomeMy WebLinkAbout1911 s,,. apply such rnnts, issuer and profits received by it on the indebtedness secured herebj~~iq d3ch ,ord ~~`141~origagee deter- mines. The right to enter and take possession of the Mortgaged Property, to manage and operate the same, and to collect f the rents, issues and profits thereof, whether by a receiver or otherwise, shall be cumulative to any other right or remedy i hereunder or afforded by law, and may be exercised concurrently therewith or independently thereof, Mortgagee shall ~ be liable to account only for such rents, issues and profits actually received by Mortgagee. I 14: If the indebtedness secured heteby is now or hereafter further secured by chattel mortgagee, security interests, financing statements, pledges, contracts of guaranty, assignments of lessee, or other securities, or if the Mortgaged Pro- perty hereby encumbered consists of more than one panel of real property, Mortgagee may at its option exhaust any one or more of said securities and security hereunder, or such parcels of the security hereunder, either concurrnntly or inde- pendently, and in such order as it may determine. 15. This Mortgage shall secure not only existing indebtedness, but also such future advances, whether such advances arc obligatory of to be made sl the option of Mortgagee, or otherwise, as are made within twenty (20j years from the date hereo[, to the same extent as it such future advances were made on the date of the execution of this Mortgage, but such N/A secured indebtedness shall not exceed at any time the maximum principal amount of = , plus interest, and any disbursements made (or 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 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 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 paragraph) in j whatever manner this indebtedness may be evidenced or represented, until this Mortgage is satisfied of record. All coven- j ants and agreements contained in this Mortgage stucll be applicable to aU 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 :is 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 consent to suhseyuent defaults. No failure of Mortgagee to exercise any option herein given to accelerate maturity of the debt hereby secured, no forbearance by Mortgagee betor+e or after the exercise of such option and no withdrawal or atwndonment of foreclosure proceeding by Mortgagee shall be taken or con- ~ strued as a waiver at 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 o[ Mortgagor; and, in like manner, the procurement of insurance or the lwy- ment of taxes of 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 ext~ressly released in writing) for payment of any indebtedness secured hereby or for performance of any obligation contained herein, and without affect- ` 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 of said note, and without notice or consent: , (a) Release any person liable for: p~rrnetrt Af 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 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 refrain from exercising or waive any right Aortgagee may have. ( (d) An-ept additional security of any kind. (e) Release or otherwise deal with any property, real or personal, securing the indebtedness, including all or any tart of the Mortgaged Property- f f 18- Any agreement hereafter made by hlurtKagor and Mortgagee pursuant to this mortgage shall he su{~erior to the i rights of the holder of any intervening lien or encumbrance. 19. Mortgagor hereby waives a!1 right of homestead exemption, it any, in the Mortgaged Property. 20. In the event of condemnation proceedings of the ttifortgaged Property, the award or compensation payable there- under is bereby assigned to and shall be paid to Mortgagee. 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 shall be paid. In any such condemnation proceedings, Mortgagee may be represented by 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 ttdP•bf~tion of 114ortgagee, such award shall be Maid over to Mortgagor for restoration of the Mortgaged Property. 21. if Iortgagee, tursuant to a c-on8truction loan agreement or loan commitment made by b'tortgagee with Aortgagor, agrees to make construction lain 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 thete~of, all of the terms thereof which are in- corf:orated herein by reference as though set forth fully herein and will permit no defaults to occur thereunder and i(a de- fault shall occur thereunder, it shall constitute a default under this Mortgage and the Note. 22. At !be option of Mortgagee, Mortgagor shall provide Aiorigagee with periodic certified audited statements of the iinanciai condition of Aiartgagor. 23. Mortgagor represents and warrants that if a cornoration, it is duly organized and validly existing, in good stand- i ing under the laws of the state o[ its incorporation, has stork outstanding which has been duly and validly issued, and is t qualiiied to do business and is in good standing in the State of Florida, with full power and authority to consummate the loan contemflated hereby; and, if a partnership, it is duly formed and validly existing, and is fully qualified to do business in the State of Florida: with full twwer 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 he 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 other 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 hforlgage 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, administrators, successors, and assigns of the parties hereto. Wherever used, the singular number shall include the plural, the f~tural the singular, and the use of any gender shall he apf~lirable to all genders. All covenants, agreements and undertakings shall F?e joint and several. In the event additional numbered covenants or para- graphs are for convenience inserted in this I~forigage, such additional covenants shall be read and given effect as though following this covenant in consecutive order. i O~j S r -J- aa~~ 318 PaGE~~