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HomeMy WebLinkAbout0492 r ' ~ ~ apply such rents, issues and profits received by it on the indebtedness secured hereby ~t such ordee,.~s I1~origagee deter- mines. The right to enter and take possession of the Mortgaged Properly, 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 tight or remedy hereunder or afforded by law, and may be exercised concurrently therewith or independently thereof. Mortgagee shall be liable to account only for such rents, issues and profits actually received by Mortgagee. l4. If the indebtedt;esa 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- perty 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- pendently, and in such order as it may determine. 15. This Mortgage shall secure not only ezisting indebtedness, but also such future advances, whether such advances are obligatory or to be made at the option o[ Mortgagee, or otherwise, as are made within twenty (20) years from the dale hereof, to the same a:tent as 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 S plus interest, and any disbursements made (or the payment of taxes. levies, or insurance, on the Mortgaged Property, with interest on such disbursements. Any such future advances, whether obligatory or to be 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 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 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, shalt operate as a waiver thereof or preclude the exercise thereof during the continuance of any default hereunder- No waiver by Mortgagee of any default shall rnnstitute a waiver of or consent to subsequent defaults. No failure of Mortgagee to ezercise 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 rnn- strued as a waiver of its right to exercise such option or to accelerate 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 insurnnce or the pay- ment of taxes or other liens or charges by Mortgagee shall not tie taken or construed as a waiver of its right to accelerate the maturity of the debt hereby secured. 17. Without affecting the liability of Mortgagor or any other person (except any person expressly released in writing) for payment of any indebtedness secured hereby or for performance of any obligation rnntained herein, and without affect- ing the rights of Mortgagee with respect to any security not ezpressly released in writing, Mortgagee may, :rt any time and from 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 extendir~•t~rl3time or otherwise altering the terms of payment of all 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) Ezercise or refrain from exercising or wai~~e any right Mortgagee may have. (d) 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 Property. 18. Any agreement hereafter made by Mortgagor and Mortgagee pursuant to this mortgage shall be sut~erior 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. 20. In the event of condemnation proceedings of the Mortgaged Property, the award or compensation payable 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 shalt be Laid. 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 rote of interest provided therein, regardless of the rate of interest payable on the award by the condemning authority, or at f the option of Mortgagee, such award shall be paid over to Mortgagor for restoration 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 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 t~ursuant to the terms thereof, all of the terms thereof which are in- corporated herein by reference as though set forth fully herein and will permit no defaults to occur thereunder and it a de- fault shall occur thereunder, it shall constitute a default under this Mortgage and the Note. 22. At the option of Mortgagee, Mortgagor shah provide Mortgagee with periodic certified audited statements of the financial condition of 1ltorigagor. 23. Mortgagor represents and warrants that if a rort?orition, it is duly organized and validly existing, in good stand- ing under the laws of the st:cte of its incorf~oration, has stock outstanding which has been duly :ind 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 t~.~rtnrrship, it is duly formed and validly existing, and is fully qualified to do business in the Starr of Florida; with fuH Mower and authority to consummate the loan contemplated hereby. 24. In the event any one or more of the t~rovisions contained in this Mortgage or in the Note shall for any reason tx~ held to I?e im.~lid, illegal or unenforceable in any respect, such invalidity, illegality or unentorceahlity shall, at the option of the lortgagee, not affect any other provisions of this Alortgage, but this Mortgage shall be construed as if such s invalid, illegal or unenforceable provision had never been contained herein or therein. The total interest payable pursuant to the Note or this Mortgage shall not in any one year excc~cd the highest lawful rate of interest in the State of Florida. 25. The covenants and agreements herein c•ont:~ined shall bind and the benefits and advantages shall inure to the rest~ec•tive heirs, executors, administrators, succc~sors, :end assigns of the p:+rties hereto. Wherever used, the singular number shall include the plural, the plural the singular, and the use of any gender shall Fx 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 ronsecutive order. r - 6r.'flK 323 Pecf 492