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HomeMy WebLinkAbout1081 p . _ - - . • ..a. apply such rents, issues sad profits received by it on the indebtedness secured hereby in suc~ ~ar as Mortgagee deter- mines. The right to enter and take possession of the Mortgaged Property. to manage and operate the ranee, and to collect the rents, issues attd profits thereof. whether by a receiver or otherwise. shall bs cumulative to any other right or remedy hereunder or aitonled by law, and may be exercised concurrently _ therewith or independently thereof, Mortgagee shall be liable to account only for such rents. issues and profits aMually received by Mortgagee: 14. It the irvdebt='dreess secured hereby is now or hereafter further second by chattel rirorigages, security interests, financing statements, pla:ges, contracts of guaranty. assiftnanents of leases. or other securities, or if the Mortgaged Pro- perty hereby encumbered rnnsiats of more than one parcel of real property, Mortgagee may al its option exhaust any one or more of said securities and security hereunder, or such parceb of the security hereunder. either concurrently or inde- pendently; and in such order as it may determine. - 15. This Mortgage shall secure not only existing indebtedness„ but abro such future advances, whether such advances are obligatory or to be made at the option of Mortgagee. or otherwise. as are made withia twenty (2D) years from the date hereof. to the same extent as it such future advances were made on the date of the executN~nai this Mortgage, but such secured indebtedness shall not exceed at any time the maximum principal amount of >r _ plus interest, and any disbursements made for the payment of to:es, levies, or insurance. on the Mortgaged Property, with interest on such didbtrrsements. Any such future advances, whether obligatory or to be made at the option of the Mortgagee. . or otherwise, rosy be made either prior to or after the due date of tire- :y'Me or arey other notes secured by this Mortgage. This Mortgage is given for the specific purpose of securing any and all irtrebtednesa by the Mortgagor :o Mortgagee (but in no event shall the secured indebtedness exceed at any time the maximum principal amount set forth in-this paragraph) iu whatever manner this indebtedness may be evidenced or represented. until this Mortgage is satisfied of rernrd. All rna2n- 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 operate as a waiver thereof or preetude the exercise thereof during the. continuance o[ any default hereunder. No waiver by . Mortgagee of any default-shall constitute a waiver of or consent to subsequent defaults. No failure of Mortgagee to e:errise any option herein given to accelerate maturity o[ the debt hereby secured, no forbearance by Mortgagee before or alter the exercise o[ 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 Aortgagor; and, in like manner, the procurement o[ insurance or the ~y- ment o[ taxes or otber liem or charges by I?lorigagee shall not be 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 rnntair?ed herein, and without atteM- ing the sights of Mortgagee with respect to any security not ezpressly released in writing, Mortgagee may, at any time and from time fa 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 o[ the indebtedness or for performance of -any obligation. (b) Make any agreement extending the time or otherwise alteri*ga_the.~eir6s'~f 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 iwreof. (c) IS:ercise or refrain from exercising or waive any right Mortgagee may have. . (d) .Accept additional security of any kind (e) Release or otherwise deaf v+hth 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 superior to the rights o[ the-holder of any intervening-lien or encumbrance. 19_ Mortgagor hereby waives all right of homestead exemption, if any, in the Mortgaged Property. " 20. In the event o[ condemnation proceedings of the Mortgaged Property, the award or compensation payable ther~x- 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 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 proaided 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. 21. If Mortgagee, pursuant to a construction loan agreement or loan commitment made by Mortgagee with Mortgagor, r agrees to make construction loan advances up to flee principal amount of the ATote, then Mortgagor hereby covenants that it R will comply with a!I 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 teens thereof which are in- corporated herein by reference as though set forth fully herein and will ppr:ait 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 firwncial rendition of Mortgagor- 23. Mortgagor represents and warrants that it a corporation, it is duly organized and validly existing, in good stand- _ ins under the laws of the state of its incarporttion, 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 leas contemplated hereby: and, it a partnership, it is-duly forr,red and validly existing, and is fully qualified to do business in the State of Florida; with fuL' power and authority to consummate the loan contemplated hereby. 24. In the event any one or more e: the provisions contained in this Mortgage or in the Note shall for any reastn be held to be invalid, illegal or unenforceable in any respect: such invalidity, illegality or unenforceablity sha!1, 'at the option of the Mortgagee, not affect any other provisions of this Mortgage, but this Mortgage shall he rnnstrued as if such invalid, illegal or unenforceable provision had never been contained herein or therein. The total interest payable pursuant to the Nale or tl,ia Mortgage shall not in any orw year exceed the .highest lawful rate- of interest in the State of Florida. 25. The covenants and agreements herein contained shall bind and the benefits and advantages shall inure to the respective heirs, executors, administrators, successors, and assigns of the parties hereto. Wherever used, the singular number shall include the plural, the plriral the singular, and the use of any gender shall be appli~rble to all genders. All rnvereants, agreements and undertakings shall be joint and several. In the event additional numbered covenants or para- graphs are for rnnvenience inserted in this Mortgage, such additional covenants shall be read and given effect as though following (his covenant in consecutive order. 8,324 P~~O$U