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HomeMy WebLinkAbout2823 F ` r apply such rents, issues and profits received by it on the indebtedness secured hereby in ouch onfer us Mortgagee deter, mines. The right to enter and take Iwss+•ssion of the htortgugcd Prol?erty, to manage and ol?erate the s:+me, and to collee•t the rents, issues and profits thereof, whe/her 1?y a rr•f•eiver or otherwise, shall t?e cumulative to any other right or remedy hereunder or affordedl !?y law, and may l?e exen•ised concurrently therewith or indel+endently tl+ereot. Mortgagee shall be liable to account only for such rents, issues and profits seta:+lly received by Mortgagge. 14. It the indebtedness secured hereby is now or hereafter further secured by chattel mortgages, sa~e•urity interests, tinanc•ing statements, pledges, contracts of guar:+nly, assignments of leases, or other securities, or it the Mortgaged Pro- t?erty hereby encumbered corywists of mare than one {x+nrl of real properly, Mortgagee may al its option exhaust any one or morn of said securities :+nd sec•urity hereunder, or such parcels of the security hereunder, either concurrently or inde- pendently, and in such order:+s it m:+y determine. are obligatory or to be made at the option of 141ortgagee, or otherwise, as are made within twenty years fr ate hereof, to the same extent as it such future :+dv:+ne•es were made on the date of the execution of th• age, but such secured indebtedness shall not exceed ut any time the maximum principal amount of plus interest, :+nd any disbursements made for the payment of taxes, levies nee, on the Mortgaged Prol?erly, with interest on such disbursements. Any such future advances, whet a ory or to be made at the option of the Mortg:gee, or otherwise, m:+y be made either prior to or after th a of the Note or any other notes secured 1?y this Mortgage. ' This Mortgage is given for the spec•itic• p securing any and all indebtednes4 by the Mortgagor to Mortgagee (but in no event shall the secured i ess exceed at any time the m:+ximum principal amount set forth in this I><+r.+grq?h) in whatever manner tedness nu+y t?e evidenced or represented, until this Mortgage is satisfied of record. All coven- ants a ents contained in this Mortgage shall he applicable to all further advances m:+de by Mortgagee to 16. No delay by Mortgagee in exercising any right or remedy hereunder, or otherwise afforded by law, sh:+ll ol?erate :+s a waiver thereof ur preclude the exen•ise thereof during the continuance of any default hereunder. No waiver by Mortgagee of any default shall constitute a waiver of or consent to sut?sequent defaults. 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 withdr.+wa) or abandonment of foreclosure proceeding by Mortgagee shall he taken or con- strued as a waiver of its right to exercise such option or to accelerate the maturity of the debt hereby see•un•d by reason of any i?ast, present or future default on the part of Aortgagor: and, in like manner, the procurement of insurance or the I?:ry- ment of taxes or other liens or charges by Mortgagee shall not t?e taken or construed as a waiver of its right to acceler.te the rr?:+turity of the debt hereby secured. 17. Without affecting the liability of Mortgagor or any other i~erson (except any 1?erson expmssly released in writing) for payment of any indebtedness secured hereby or for I?erformance of any obligation contained herein, and without a(fec•t- ing the rights of Mortgagee with rest?ec•t to any security not expressly released in writing. Mortgagee may, :d any time and from time to time, either t?efore or after the maturity of said note, and without notice or consent: la1 Release any Ix'rson liable for 1?:ryment of all or any part of the indebtedness or for performance of any obligation. _ Ih) Make any agreement extending the time or otherwise altering the terms of I?ayment of all or any tout of the indebtedness, or modifying or waiving any obligation, or subordinating, merlifying or otherwise dealing with the lien or charge hen,ef. ..~!'..ra (c1 Exercise or refrain from exercising or waive any right Aortgagee• may have. ~ t` Id) Ac•f•ept additional security of any kind. le) Release or otherwise deal with any pml?erty, real or i?ersc?nal, securing the indebtedness, including all or any lu+rt of the Mortgaged Prol?erty. IK. Any agreement hereafter made by Mortgagor and \lortgage'e pursuant to this mortgage shall he sutx'rior to the rights of the holder of any inten•ening lien or encumbrance. E 19. Mortgagor hereby waives all right of homestead exemption, if any, in the Mortgaged I'roix•rty. i ~ 20. -In the event of condemnation prcx•eedings of the 111ortgaged Pro1?erty, the award or compensation {?ay:+ble there- t under is hereby assigned to and shall 1?e {?aid to Mortgagee- Mortgagee shall be under no obligation to question the amount I of any such award or com{?ensation and may accept the same in the amount in which the same shall he {k+id. In any such condemnation pr«•eedings, i\tortgagee may lie repmsented try counsel selected by Mortgagee. The proceeds of any awani ' or compensation so received shall. at the option of Mortgagee, either be applied to the prepayment of the Note :+nd 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 ave:+rd shall Ire' i?:+id over to Mortgagor for restoration of the Mortgaged Proi?erty. 21. It Mortgagee. pursuant to a e•onstrue•tion loan :+gn'c'ment or loan commitment made by Mortgagee with Mortgagor, agrees to m:+ke construction loan ad~:+nc•es up to the princil?:d amount of the Note, then Mortgagor hereby covenants that it will comply with all of the terms. provisions and covenants of s:+id construction loan agreement or loan commitment, will diligently construct the improvements to Ire' built pursuant to the terns thereof, all of the terms thereof which are in- corl?orated herein by inference as though set forth fully herein and will 1?ermit no defaults to occur thereunder and it a de- ~ fault shall «•c•ur thereunder, it shall constitute a default under this Mortgage and the Note. s 22. At the option of Mortgage'e•, Mortgagor shall provide Mortgagee with pericxlic certified audited statements of tht financial condition of Atortgagoc 23. Mortgagor represents and warrants that if a cortx?ration, it is duly organized and validly existing, in good stand- x ing under the laws of the state of its incorlx?ration, has st«•k outstanding which has been duly and validly issued, and is qualified to do business and is in gocxl standing in the State of Florida, with full i?ower and authority to consummate the Ic?:+n contemplated hereby: and• if a partnership, it is duh• formed and validly existing, and is fully qualified to do business t in the St:de of Florida; N7th full IMw'er and authority to consummate the loan contemplated hereby. v f 24. In the event any one or more of the provisions contained in this Mortgage or in the Note shall for any reason s tx' held to Ire inv:+lid, illegal or unenfon•eable in any resi?ect, such im•alidity, illegality or unenfon•eablity shall, at the, z• option of the Mortgagee. not attest any other pnn•isu?ns of this Mortgage, but this Aiortgage shall be construed as if such - invalid. illegal or unenforceatde• pre»•ision had never I?een contained herein or therein. The total interest payable pursuant to the Note or this :Mortgage shall not in any one }•c•ar excee'el the highest lawful rate of intemst in the State of Florida. 25. 'The ~•ocenants and agreements herein contained shall bind and the benefits and advantages shall inure to the resf?ee•tivc heirs, executors, administrators, surccswrs.. 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 1?e applicable to all genders. All covenants, agreements and undertakings shall ire, joint and sever.+1. In the event additional numbered covenants or pars, graphs are for c•om~enience inserted in this :Mortgage, such addition:d covenants shall be read and given effe?•t as though following this covenant in consecutive order. e - 3- `'r3i8 ~d ~~_t CF281?