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HomeMy WebLinkAbout0352 ~ : ..r- :J apply such rents, issues and profile received by it on the indebtedness secured hereby in such onler us Mortgagee deter- mines. The right to enter and take possession of the Mortgaged Property, to manage and operate the same, and to collect the rents, issues and profits 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 lee liable to account only for such mots, issues and profits actually received by Mortgagee. 14. If the indebtedness secured hereby is now or hereafter further secured by chattel mortgages, security interests. (inano•ing statements, pledges, contracts of guaranty, assignments of leases. or other securities, or if the Mortgaged Pro• petty hereby encumbered consists of more than one panel 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 such order as it may determine. 15. This Mortgage shat! s:.~ar ••^r_t;' Printing ~^arhteanPS4, btt slvo R++eh futures 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 dale hereof, to the same extent as if 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 plus interest, and any disbursements made for the {+aymenl of taxes, levies, or insurance, on the Mortgaged Property, with 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 Mortgage is given for the specific purpose of securing any and all indebtedness by the Mortgagor to 114ortgagee (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 Mortgage 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 afforded by law, shall o{+erate as a waiver thereof or preclude the exercise thereof during the orontinuance of any default hereunder. No waiver Iry 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 oron- strued as a waiver o[ its right to exercise such option or to accelerate the maturiiy of the debt hereby secured by reason of any {east, present or future default on the part of Mortgagor: and, in like manner, the {rrocurement of insurance or the {x+y- ment of taxes or other liens or charges by Mortgagee shall not be taken or construed as a waiver of its right to :+co•elerate the n-+aturity of the debt hereby secured. 17. Without affecting the liability of Mortgagor or any other {+erson (exec{+t any person ex{rres4ly released in writing) for payment of any indebtedness secured hereby or for performance of any obligation contained herein, and without :+f[oY•t- inB the rights of Mortgagee with respect to any security hot expressly released in writing, Mortgagee may, at any time and from time to time, either before or after the maturity of said note, and without notice or consent: (a) Release any {rerson {fable for {>i+yment of all or any {tart of the indebtedness or for performance of any obligation. E (b) Make any agreement extending the time or othemise altering the terms of {u+yment of all or any {tart of the indebtedness, or modifying or waiving any obligation, or subordinating, modifying or otherwise dealing with the lien or charge hereof. (c) Exercise or retrain from exercising or waive any right Mortgagor may have. Id? Acoept additional security of any kind- (e) Release or otherwise deal with any Pro{rerty, real or personal, securing the indebtedness, including all or any part of the Mortgaged Property. 18. Any agreement hereafter made by Mortgagor and 1\tortgagor pursuant to this mortgage shall be su{rerior to the rights of the holder of any inten•ening lien or encumbrance. j 19. Mortgagor hereby waives all right of homestead exemption, if any. in the Mortgaged Property. 20. In the event of condemnation proceedings of the Mortgaged Pro{rerty, the award or eom{rens:dion {>ayable there- f under is hereby assigned to and shall be {r:+id to Mortgagee. Mortgagee shall be under no obligation to question the amount of any such :+ward or orom{+ensation and m:+y accept the same in the amount in which the same shall be {raid. In :+ny such condemnation prox•eedings, Mortgagee may be represented by counsel selected by Mortgagee. The proceeds of any award or com{rensation so retrived 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 Mortgagee, such award shall tx• {u+id over to Mortgagor (or restoration of the Mortgaged Property. 21. it T?lortgagee, pursuant to a construction la+n :+greement or loan o•ommitmenl made by j~ibrtgagee with Mortgagor, agro~es to make construction la+n advances up to the princi{r:d amount of the Note, then hortgagor hereby covenants that it will comply with all of tLe terms, provisions and covenants of s:+id 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- o cortxrrated herein by reference as though set forth fully herein and will {termer no defaults to occur thereunder and if a de- fault shall ox•cur thereunder, it shall constitute a default under this Mortgage and the Note. 22. At the option of 1\lortgagec• mortgagor shall pmvide ?tlortgagee with {~eriordic certified auditord s/atements of the financial condition of Mortgagor. i ; v• t' i ~ , 'la- Mortgagor ngm:u•nts and warr.+nis that if a cot{Nrrdion, it is duly organized and validly existing, in goool stand- - ing under the laws of the state of its incorporation, has stock outstanding which has been duly and validly issued, and is x qualified to do business and is in good st:+nding in the State of Florida, with full Bower and authority to consummate the ~ lo:+n +•ontemplated hereby: and, if a partnership, it is duly formed and validly existing, and is fully qualified to do business in the State of Florid:+: with full {x+wer :+nd authority to consummate the loan cointemplated hereby- s 24. In the event any one or more of the provisions coniaino~d in this Mortgage or in the Note shall for :+ny reason t Iro• held to Iro• im~alid, illeg:d or unenforceable in any res{rect. such invalidity, illegality or unentorceablity shall, at the option of the Mortgagee, nut atlc•+•t any other pmvisions of this ;?lortgage, but this Mortgage st+:+ll Ire construed as if such im:did, illegal or unenforeceable provision had never treen contained herein or therein. The total interest payable pursuant to the Note or this Mortg:+ge shall not in any one year exceeol the highest lawful r.+te of interest in the State of Florida.. 'l5. The covenants and agreements herein cont:+inoYl shall bind and the benefits and adv:+ntages shall inure to the restroK•tive heir.:, exoxvton, administrators, succctiwrrs, and assigns of the {r:+rties hereto. Wherever used, the singular number shall include the plur.+l, the plural the singular, and the use of any gender shall Ire applir.+ble to all genders. All covenants, agrerements and undertakings shall tee joint and several. In the event additional numbered covenants or para- graphs are (or comrnieace inserted in this Mortgage, such additional covenants shall Ire read and given effect as though i follov4ing this covenant in consecutive order. s -3-