HomeMy WebLinkAbout2260 (a) Release any person liable for payment of all
or any part of said indebtedness or for performance of any
obligation.
(b) Make an-y agreement extending the time or
otherwise altering the terms of payment of all or any part of
said 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 Mortgagee may have.
(d) Accept additional security of any kind.
(e) Release or otherwise deal with any property,
real or personal, securing said indebtedness, including all
or any part of the Mortgaged Property.
19. Any agreement hereafter made by Mortgagor and
Mortgagee pursuant to this Mortgage shall be superior to the
rights of the holder of any intervening lien or encumbrance.
20. Mortgagor hereby waives all right of homestead
exemption, if any, in the Mortgaged Property.
21. In the event of condemnation proceedings of the
Mortgaged Property, the award or compensation payable thereunder
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 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
li provided therein, regardless 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
restoration of the Mortgaged Property.
22. 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 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
incorporated herein by reference as though set forth fully herein
and will permit no defaults to occur thereunder and if a default
shall occur thereunder, it shall constitute a default under
this Mortgage and the Note.
~ 23. At the option of Mortgagee, Mortgagor shall provide
~ Mortgagee with periodic certified audited statements of the
~ financial condition of Mortgagor. -
24. Mortgagor represents and warrants that if a
corporation, it is duly organized and validly existing, in good
~ standing 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 hereby; and, if a partnership, it is duly
formed and validly existing, and is fully qualified to do
' - h~~x321 P~G~2257