HomeMy WebLinkAbout1172 r
apply such rents, issues and pro[its received by it on the indebtedness secured hereby jp)~~h oMe{ ~s ~rtgugee deter-
mines. The right to enter and take Iwssesaion of the Mortgaged Property, to manage and operate the same, and to colleel
the rents, issues and profile thereof, whether by a receiver or otherwise. shall be cumulative to any other right or remedy
hereunder or afforded by law, and may be exercised concurrently therewith or independently thereof. Mortgagee shall
he liable to amount only for such rents, issues and profits actually received by Mortgagee.
14. 1f the indebtedness secured hereby is now or hereafter further secured by chattel mortgages, security interests,
financing statements, pledges, contracts of guaranty, asaignmenta 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 such parcels o[ the security hereunder, either concurrently 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
are obligatory or to be made at the option of Mortgagee, or otherwise. as are made within twenty (20) years from the date
hereof, to the same extent as it such future advances were made on the date of the execution of this Mortgage, but such
secured indebtedness shall not exceed at any time the maximum principal amount of S n/a
plus interest, and any disbursements made for the payment o[ taxes, levies, or insurance, on the Mortgaged Property, with
interest on such disbursements. Any such future advances, whether obligatory or to be made al 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
whatever manner this indebtedness may be evidenced or represented, until this Mortgage is satisfied of record. All coven-
ants and agreements contained in this 111origage shall be applicable to all 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 at[orded 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 constitute a waiver of or consent to subsequent defaults. No failure of Mortgagee to exercise
any option herein given to accelerate maturity of the debt hereby se~vred, no forbearance by Mortgagee before or after the
exercise of such option and no withdrawal or abandonment of foreclosure proceeding by Mortgagee shall be taken or con-
strued as a waiver of 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 {ray-
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 (excelrt 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 the rights of Mortgagee with respecR t4 snycsprcurity not expressly released in writing, Mortgagee may, at any time and
from time to time, either before or alt~ifth~ aturity of said note, and without notice or consent:
(aj Release any person liable for payment of all or any part of the indebtedness or [or 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 mod_ ifying 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 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 Ix~rt
of the 1ortgaged Property.
18. Any agreement hereafter made by Mortgagor and bortgagee pursuant to this mortgage shall be superior to the
rights o[ the holder of any inten•ening lien or encumbrance.
~ -
~ 19. Mortgagor hereby waives all right of homestead exemption, it any, in the Mortg:aged Property.
20. In the event of condemnation frroceedings of the Mortgaged Property, the award or compensation trayable there-
under is hereby assigned to and shall t:e paid to Mortgagee. Mortgagee shall be under no obligation to question the amount
of any such award or rnmpensation and may accept the sarrae 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
3 rate of interest provided therein, regardless of the rate of interest payable on the award by the condemning authority, or at
the ofrtion of Mortgagee, such award shall Ire t?aid over to Mortgagor for restoration of the Mortgaged Property.
21. Ii Mortgagee, pursuant to a construction loan agreement of loan commitment made by Mortgagee with Mortgagor,
agrees to make construction loan advanrns up to the principal amount of the Note, then Mortgagor hereby covenants that it
will comply with all of the terms, I~rovisions and covenants of said construction loan agreement or loan commitment, will
diligently construct the improvements to be built pursuant to the terms thereof, all of the terms thereof which are in-
corporated herein by reference as though set forth fully herein and will permit no defaults to occur thereunder and it a de-
fault shall occur thereunder, it shall constitute a default under this Mortgage and the Note.
22. At the option of Mortgagee, Mortgagor shall provide Mortgagee with periodic certified audited statements of the
financial condition of Mortgagor.
23. Mortgagor represents and warrants that if a c•orhoration, it is duly organized and validly existing, in good stand-
ing under the laws of the state of its inc•orhorotion, has stock outstanding which has been duly and ~:~lidly issued, and is
qualified to do business and is in good standing in the State of Florida, with full lower and authority to consummate the
loan contemplated 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 fxrwer 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 unen(orceablity shall, at the
~ option of the Mortgagee, not affect any other pmvisions of this Mortgage, but this Mortgage shall be construed as if such
u invalid, illegal or unenforceable provision had never been contained herein or therein. The total interest payable pursuant
to the Note or this Mortgage 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
resfxK•tive heirs, executors, administrators, sucrossors, and assigns of the frarties hereto. Wherever used, the singular
numf?er shall include the plural, the plural the singular, and the use of any gender shall be applicable to all genders. All ;
covenants, agreements and undertakings shall he joint and several. In the event additional numbered covenants or para-
graphs are for convenience inserted in this Mortgage, such additional covenants shall be read and given effect as though
following this covenant in consecutive order.
-3-
~J~x320 PaGE11T0 3