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HomeMy WebLinkAbout2678 :+pply such rents, issues t+nd profits received by it on the indebtedness secured hereby in such order :ts Mortgagee deter- mines 1'he right to enter and take possession of the Mortgaged Property, to manage and operate the stone, 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 be ?iable to account only [or 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, contrncts of guaranty, assig++~iier+is at leases, or outer securities, or if the Mortgaged Pro- ; petty 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 lode- ! t pendently, and in such 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 be made at the option of Mortgagee, or otherwise, as are made within twenty (20) years from the date 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 i N/A ~ plus interest, and any disbursements made for 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 al 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 a_!1 further advances made by Mortgagee to Mortgagor under this future advance clause. i6. No delay by Mortgagee in exercising 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 Mort a ee of an default shall constitute a waiver of or consent to su ~ B 6 Y hsequent defaults. No failure of Mortgagee to exercise i 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 con- ; 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 manne;, the Nrocurement of insur.+nce or the pay- ment of taxes or other liens or charges by Mortgagee shall not be taken o} construed a:i a waiver of its right to accelerate the rrurturity of the debf hereby secured. 1 i 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 contained herein, and without affect- ing the rights of Mortgagee with respect to any security not expressly released in writing, Mortgagee may, at :+ny 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 extending the time or otherwise altering the terms of payment of all or any part of the indebtedness, or modifying or waning any obligation, or subordinating, modifying or otherwise dealing with the lien or charge hereo[. 4 (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 }trofterty, real or personal, securing the indebtedness, including all or any part of the Mortgaged Properly. 13. Any agreement hereafter made by Mortgagor and Mortgagee pursuant to this mortgage shall he 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. 20. In the event of condemnation praredings of the Mortgaged Property, the award or compensation payable there- under is hereby :+ssigned to and shall F+e 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 procealings, Mortgagee may be mptrsented try counsel selected by Mortgagee. The pr«eeds of any award j or compensation so received shall. at the ofttion 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 I1lortgagee, 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 princifr.+l amount of the Note, then Mortgagor hereby covenants that it will comply with all of the terms, provisions and covenwnts of said construction loan agreement or loan commitment, will diligently construct the improvements to be built pursuant io the ien+u tl+ereof, all of the terms thereof which are in- corfx+r<+ted herein by reference as though srl forth fully herein and will hermit 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 i financial condition of 1~lortgagor_ 23. Mortgagor represents and warr.+nts that if a corl?oration, it is duly organized and validly existing, in good stand- ing under the laws of the state of its incortwration, 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 business in the State of Florida; with full Bower 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 ~ ix• held to I?e invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceablity shall, at the option of the Mortgagee, not affc~•t any other provisions of this Mortgage, but this Mortgage shall be construed as if such inraGd, illega! or unenforceable provision had never teen contained herein or therein. The total interest payable pursuant t to the Note or this Mortgage shall not in any one year exceed the highest lawful rate of interest in the State of Florida. 'l5. The covenants and agreements herein contained shall bind and the benefits and advantages shall inure to the reslN~ctive heirs, executors, adminislr.+tors, successors, and assigns of the parties hereto. Wherever used, the singular numl+er shall include the plural. the plural~tbe singular, and the use of any gender shall be applicable to all genders. A11 t covenants, agreements and undertakings shall be joint and several. In the event additional numbered covenants or pars- # graphs are for com•enience inserted in this Mortgage, such additional covenants shall Ire read and given effect as though following this crnenant in consecutive order. ~ i -3- s BQOK~~ PAGE~IJU f