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HomeMy WebLinkAbout2940 i i ~ t apply such .rents, issues and profits received by it on the indebtedness secured hereby in such order us Mortgagee deter- mines. The right to enter and take I~ossession of the Mortgaged Prolrerty, to manage and operate the same, and to colle<•t the rents, issues and profits thereof, whether by a receiver or otherwise. shall he cumulative to any other right or remedy hereunder or afforded by law, and may !~e exen•ised concurrently therewith or independently thereof. Mortgagee shall be liable to account 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- frerty hereby encumbered rronsists of more than one panel of real property, Mortgagee may at its option exhaust any one fi or more of said securities rend security hereunder, or such parcels of the security hereunder, either concurrently or inde- 3 pendently, and in such order as it may determine. ~ i 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 tram the date hereof, to the same extent as it such future advances were made on the date of the executior>No~Athis Mortgage, but such Secured indebtedness shall not exceed at any time the r>?uximum principal amount of i fetus interest, and any disbursements made for the payment of taxes, levies, or insurnnce, on the Mortgaged Property, with l interest on such disbursements. Any such future advances, whether obligatory or to be made at the option of the Mortgagee, or otherwise, may he nurde either prior to or after the due date of the Note or any other notes secured by this Mortgage. ~ This Mortgage is given [or 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 p:rragr:rph) 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 Mortgage shall he 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 afforded by law, shall operate us 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 o[ 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 atwndonment of foreclosure proceeding by Mortgagee shall be taken or con- strued as a waiver of its right to exercise such option or to acceierale the maturity of the debt hereby secured by reason of any Fast, present or future default on the part of Mortgagor: and, in like manner, the pra~rrrement of insurance 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 acrelerate the rrurturity of the debt hereby secured. . 17. Without affecting the liability of Mortgagor or any other person (except any Iverson exlnessly released in writing) for payment of any indebtedness secured hereby or for performance of any obligation contained herein, and without :effect- ing the rights of Aortgagee with respect to any security not expressly released in writing, Mortgagee may, at :rny time and from time to time, either before or after the ruaturity'of said note, and without notice or consent: la) Release any Ireeson liable for payment o[ all or any hart of the indebtedness or !or performance of any obligation. Ih) Make any agreement extending the time or otherwise altering the terms of payment of all or any Irrrt of the indebtedness, or modifying or waiving any obligation, or subordinating, modifying or otherwise dealing with the lien Or charge hereof. Exercise or retrain from exercising or waive any right Mortgagee may have. D t Idl Accept additional security of any kind. (e) Release or otherwise deal with any prolerty, real or personal, securing the indebtedness, including all or any part of the Mortgaged Property- ~ 18. Any agreement hereafter made by Mortgagor and Mortgagee pursuant to this mortgage shall be superior to the rights of the holder of any intenening lien or encumbrance. ~ 19. Mortgagor hereby waives all right of homestead exemption, if any, in the Mortgaged Property. f 20. In the event of condemnation pra•eedings of the Mortgaged Property, the award or compensation payable there- under is hereby assigned to and shall I?e paid to Mortgagee. Aortgagee shall he under no obligation to question the amount of any such award or compensation and miry accept the same in the amount in which the same shall be paid. In any such a condemnation proceedings, Mortgages may be represented by counsel selected by Mortgagee. The praeeds 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 the option of 1\tortgagee, such award shall t?e Iraid over to Mortgagor for restoration of the Aortgaged Property. 21. If Mortgagee, pursuant to u construction loan agreement or loan crommitment made by Mortgagee with Mortgagor, agrees to make construction Tarn 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 thereof, all of the terms thereof which are in- c•orleorated herein by reference 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 Mortgage and the Note. 22. At the option of Mortgagee, Mortgagor shall provide Mortgagee with periodic certified audited statements of the 1 financial condition of Mortgagor. 23. Mortgagor represents and warrants that if a corporation, it is duly organized and validly existing, in good stand- ing under the laws of the state of its incorlxrration, 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 Lull power and authority to consummate the loan contemplated herel?y: 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 power 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 tie held to t?e 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 it such , invalid, illegal or unenfon•eable provision hard never been contained herein or therein. The total interest payable pursuant to the Note or this 114ortgage shall not in :eny one year exceed the highest lawful rete of interest in the State of Florida. f 25. The covenants :end agreements herein contained shall bind and the benefits and advantages shall inure to the resleeclive heirs, executors, administrators, successors, 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 be applicable to all genders. All covenants, agreements and undertakings shall be joint and sevenL In the event additional numbered covenants or pars- 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. x ~,~7e3s 3 S i