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HomeMy WebLinkAbout2931 apply such mots, issue and profits received by it on the indebadnesa xec•urzc! hewe5y in such order as Mortgagee deter- mines. The right to enter and take twssesyion of the Mortgaged Proterty, to manage and oherute the s:~me, and to collcc•t ~ the rents, issues and profits thereof, whether by u receiver or otherwise, shall be cumulative to any other right or renxdy hereunder or afforded by law, and may tie exen•ised concurrently therewith or indet~endently thereof. Mortgagee shall lie liable to account only for such rents, issues and profits actually received by I1lortgagee. 14. if the indebtedness secured hereby is now or hereafter further secured by chattel mortgages, security interests, financing statements, pledges, contracts of guarnnty, assignments of leases, or other securities, or if the Mortgaged Pro- Ixrly hereby encumbered consists of more than ane {ucnrl of real properly, 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- pendently, and in auc•h 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 he made at the option of Mortgagee, or otherwise, as are made within twenty (20) years from the date hereof, to the same extent :?s 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 = n/a plus interest, and any disbursements made for the payment of taxes, levies, or insurnnce, on the Mortgaged Property, with 1 interest on such disbursements. Any such future advances, whether obligatory or to ire made at 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 Alortgage is given for the specific purpx~re 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 miry be evidenced or represented, until this Mortgage is satisfied of record. All coven- ants and agreements contained in this Mortgage shall be applicable to all further advances made by Mortgagee to Mortgagor under this future advance clause. 16. No delay by 1liorigagee in caercising any right or remedy hereunder, or otherwise afforded by law, shall operate as a waiver thereof or preclude the exercise thereof during the continuance of any default hereunder. No waiver by 1liortgagee 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 withdrawal 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 acmlemte 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 insurmer or the pay- ment of taxes or other liens or charges by Mortgagee shall not tx• taken or rnnstnrcd as a waiver of its right to ac•c•elerate the maturity of the debt hereby secured. 17. Without affecting the liability of Mortgagor or any other person (except :rny person expressly released in writing) i for pxryment of any indebtedness secured hereby or for frerfortnance of any obligation contained herein, :end without affect- ing the rights of Mortgagee with resp~ec•t to any security not expressly released in writing, Mortgagee may, at any time and i from time to time, either before or titter the maturity of said note, and without notice or consent: la) Release any Gerson liable for payment of all or any part of the indeMedness or for (rertormance of any obligation. i (b) Make :rny agreement extending the time or otherwise altering the terrn_s of payment'of ~Itl• or any part of the indebtedness, or modifying or waiving any obligation, or subordinating, modifying or otherwise dealing with the lien or charge hereof. (c) , Exen•ise or refrrih from exercising or waive any right Mortgagee may have. Id1 Accept additional security of any kind. (e) Release or otherwise deal with any property, real or personal, securing the indebtedness, including all or any part ! of the Mortgaged Pro(erty. IR. Any :agreement hereafter made by Mortgagor and Mortgagee pursuant to this mortgage shall be sufrerior to the ~ rights u: the holder of any intervening lien or encumbrance. 19. Mortgagor hereby waives all right of homestead exemption, i(any, in the Mortgaged Pro(rerly. E i 20. In the event of condemnation praeedings of the Mortgaged Property, the award or com(rens:rtion payable there- under is hereby assigned to and shrill be paid to Mortgagee. I?lorigagee 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 t?y counsel selected by Mortgagee- The pra•eeds of :rny awarcl i or compensation so received shall, at the option of Mortgagee, either be applied to the prepayment of the Note and at the F rdc of interest provided therein, regardless of the rnte of interest payable on the award by the condemning authority, or at 6 the option of Mortgagee, such award shall be (sift over to Mortgagor for restoration of the Mortgaged Property. 21. It :1orgagee, pursuant to a c-onstruction loan agreement or loan commitment made by Mortgagee with Mortgagor, agrees to.m:cke 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 in- corpx~rrted herein by reference as though set forth Cully herein and will permit no defaults to occur thereunder and if a de- (cult 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•orfx:ration, it is duly organized and validly existing, in good stand- e ing under the laws of the state of its incorp~ordion, has stock outstanding which has been duly and validly issued, and is ~ qualified to do businessg and is in good standing in the State of Florida, with full (rower and authority to consummate the - loan contemplated hereby: and, if a pkcrtnership, 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 (or any reason he held to be invalid, illegal or unenforceable in any resp~ec•t, such invalidity, illegality or unenforceablity shall, at the F option of the :Mortgagee, not affe<•t any other provisions of this Mortgage, but this Mortgage shall be construed as if such im•alid, illegal or unenforceable provision had never been contained herein or therein. The total interest payable pursuant to the Note or this 1\iorigage 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 Khall bind and the benefits and advantages shall inure to the respxr•tive heirs, executors, administrators, successors, and assigns of the parties hereto. Wherever used, the singular numl?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 Ise 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. ~ r r Bn'?K 321 pb~f 292? - ~