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HomeMy WebLinkAbout2626 e i apply such rents, issues and profits received by it on the indebtedness secured hereby in such order as Mortgagee deter- mines. The right to enter and take posac~ion of the Mortgaged Property, to manage and operate the same, and to colle<•t 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 Ise liable to acY,ount only for such rents, issues and profits actually received by Mortgagee. 14. It the indebtedness secured hereby is now or hereafter further secured by chattel mortgages, security interests, financing statements, pledges, contracts of guaranty, assignments of leases, or other securities, or if the Mortgaged Pro- t~erty 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 of the security hereunder, either concurrently or inde- t~endently, and in such order as it may determine. are obligatory or to be made at the option of Mortgagee, or otherwise, as are made within twenty (20) years fr ate hereof, to the same extent as it such future advances were made on the date of the execution of th' gage, but such secured indebtedness shall not exceed at any time the maximum principal amount of plus interest, and any disbursements made for the payment of taxes, levies ranee, on the Mortgaged Property, with interest on such disbursements. Any such future advances, whet story or to be made at the option of the Mortgagee, or otherwise, may be made either prior to or after th ate of the Note or any other notes secured by this Mortgage. This Mortgage is given for the specific o securing any and all indebtedness by the Mortgagor to Mortgagee (but in no event shall the secured i Hess exceed at any time the maximum principal amount set [orth in this paragraph) in whatever manner t e redness may be evidenced or represented, until this 11~ortgage is satisfied of record. All coven- ants an ments contained in this Mortgage shall be applicable to all further advances made by I~lortgagee to 16. No delay by Mortgagee in exercising any right or remedy hereunder, or otherwise afforded by law, shall operate :~s 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 secured, 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 accelernte the matus~ty of the debt hereby secured by mason of :cny past, present or future default on the part of Mortgagor; and, in like manner, the procurement of insurnnce 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 rr?aturity of the debt hemby secured. 17. Without affecting the liability of 111origagor or any other person (except any person expmssly released in writing) for payment of any indebtedness secured hemby or for performance of any obligation contained heroin, and without af~ect- ing the rights of Mortgagee with inspect to any security not expressly released in writing, Tortgagee may, at :any time and tram 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 performance of any obligation. (b) Make any agreement extending the time or otherwise' altering the terms ofiepstyment of all qr aqy part: Pf the indebtedness, or modifying or waiving any obligation, or subordinating, modifying or gtherwise dealipg yvith_ the lien or charge hereof. (c) Exercise or refrain tram exercising or waive any right Mortgagee may have. (d% Accept additional security of any kind. (el Release or otherwise deaf with any pml?erty, real or personal, securing the indebtedness, including all or any tk~rt of the Mortgaged Property. 18. Any agreement hereafter m:~de by Mortgagor and Mortgagee pursuant to this mortgage shall he sut~erior to the rights of the holder of any intervening lien or encumbrance. 19. Mortgagor hemby waives all right of homestead exemption, it any, in the Mortgaged Property. 20. In the event of condemnation proceedings of the Mortgaged Property, the award or compensation f~ayable there- under is hereby 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 mpmsented by counsel selected by Mortgagee. The proceeds of any award or compensation so received shalt, at the option of Mortgagee, either be applied to the prepayment of the Note and at the rate of interest provided therein, mgardless 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 Mortgagor for mstoration of the Mortgaged Property. 21. If Mortgagee, pursuant to a construction loan agreement or loan commitment made by Mortgagee with Mortgagor, agrees to make construction loan advances up to the princit~al 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, wilt diligently construct the improvements to be built pursuant to the terms thereof, all of the terms thereof which are in- <•orporated herein by inference as though set forth fully herein and will permit no defaults to occur thereunder and if a de- fault shall occur thereunder, it shall constitute a default under this A'Iortgage and the Note. 22. At the option of I14ortgagee, Mortgagor shall provide Mortgagee with periodic certified audited statements of the (inancia) condition of Mortgagor. 23. Mortgagor represents and warrants that if a c•ort~oration, 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 loan contemplated hemby: 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 Iwwer and authority to consummate the loan contemplated hemby. 'l-t_ In the event any one or more of the provisions contained in this Mortgage or in the Note shall [or any reason he held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceablity shall, at the of~tion of the Mortgagee, not affect any other provisions of this flfortgage, f~ut this 114ortgage shall be construed as if su~-h invalid, illegal or unenforceable provision had never been contained herein or themin. The total interest payable pursuant to the Note or this Mortgage shall not in any one year exceed the highest lawful rate of intemst in the State of Florida_ '15. The covenants and agreements herein cont:ined 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 I~lural the singular, and the use of any gender shall be applir~ble to all genders. All covenants, agreements and undertakings shall he joint and several. In the event additional numbemd 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- :n~v_ o¦nc :