HomeMy WebLinkAbout1454 apply such rents, issues and peofi4 received by it oa the iridabtedrww ascursd hereby iA such order as Mortgages deter
_ mines. The riEiat to enter and take poeseesion of the Mortgaged Property. to awnsge and operate the sans, and to ~oUect
the eegtr, learns and profits tltsrso~ whether by a receiver or otberwae~ shall be cumulative to any other right or remedy
hereunder or afforded by law. and may bo oxerrised .oon~urent~j? thsrswiW or indeperrdsntly tMreot. Mortgagee shap
be liable to account only toe such rash, iaues and profits actually rsoclved by Mortgages. .
14. It tbs indebtedness secured hereby is now or hereafter turt>N+r secured by drnttel mortgages, security inteeeets,
tirraacirrg statemartts, pledges, contracts of guaranty. assignmsnb of !bases. or other securities. or it the Mortgaged Pro-
party hereby encumbered consists of more than one parcel of real party, Mortgages rosy at ib option exhaud any one -
or noes of said securities and security hereunder. or sorb Parcels d tbs security hereurrdsr. either ooncirrrently oe rode- -
pepdently, and jn such order a it may determine. -
16. This Mortgage shall secure not only existing indsb/sdrress,-hut abro sudt tutors advaaoes, whether such advancer
. are obligatory or to be made at the option of Mortgages. or otMrwiss, as are mega within te~nty (90) years from the dste
hereof, to the same extent as J such future srlvenoes were triads oa the date of the execution of this Mortgage. but such
secured indebtedness shall not exceed at any time ths,maximum principal amount oI i N/A
phis interest, and aWr disburseatenta made for.the,pilynaen! o[ trixes,,lgvies.,or iasurartet'. on the Mortgaged Property, whit - -
intetset oa such disburseaaents. Aqv wch tutors advances whether objigatory ccr to be mach at the option of the Mortgagee.
or otherwies~. may be rmde either prior to or atter the due date of the Note or anur other notes ssatrsd by this- Mortgage.
This Mortgage is given for the spsciPnc purpose of securing any and ap itdsbtedrrees by the Mortgagor to Motjagee (but
in m event shall rhea secured iadebtednees e:eeed at any time the maximum principal amount set forth in this paragraph) is -
whatevsr -manner this indebtedness may be evidenced or. rspreeeated. until this Mortgsge is satis[ned of record. All cov~n-
aata and agreements contained .in this Mortgage shall be applicable to ap further advances made by Mortgagee to _
Mortgagor under this tutnre advance clause.
16. No delay by Mortgages in exercising any right or remedy hereunder. or otherwise attorded by law, shall opettte
as a waiver thereof or preclude the exercise -thereof during the coat?nusnce of -any default hereunder. No waiver by
Mortgagee of any default sh91! rnnstitute a waiver of or consent to subsequaat defaults. No failure o[ Mortgagee to eurcise -
.any option herein given to accelerate tn::.urity of-the debt hereby secured. rro forbearance by Mortgagee before or after the _
exercise of such option and rro withdrawal or abendoaraeat of forecloarre piooeediag by Modgagee shall be toG.:;a or con- -
- strued as a waiver of ib sight to exercise each option or to accelerate-the maturity ~ the debt, hereby secured by reason of
any past, present or future default on the part of Mortgagor. srd. in like noarrrrer,-the procurement of inecuance or the pay
meat of ratan or other liens or charges by Mortgagee shall not be taken or corretrrted as a waiver of its right to accelerate
the maturity of the debt hereby secured. ~ - -
17. Without affecting the liability of Mortgagor or say other person "(except any person expreeely released in writing)
for payment of any indebtedness secured hereby or for perforrrSpnes of any obligation watained herein. sad without atfect~ _
ing the rights of Mortgagee with n~espect to arty security not espresRly released in writing, Mortgagee may. at say time.arrd
- fru_
ra time to'time. either before or after the maturity of said note. and without. notice or coraent:
Release say person liable for payment of all or any parker um it~'
dneas or for performance of any obligation.
(b) Make. any agreement eztendint[ the time or otherwise altering the terms of payment of all os -any part of the -
indebtedness. or modifyirc4 or waiving any obligation, or nrbordinating, modifyinrg or otherwise dealing with~.the lien cr
charge hereof. : •
(c) Sxercise or retrain from exercising or waive any right Mortgagee may have.
(d) Accept additional security of any kirtd_ ~ - -
(e) Release or otheitiviee deal with any Property. real or personal. securing the. indebtedness. including aU or any part
of the Mortgaged Property- - - -
1& Any agreement hereafter made by Mortgagor and Mortgagee prrsuant to this mortgage shall be superior to the
rights o[ the holder of any intervening lien or encumbrance.
lA. Mortgagor hereby waives all right o[ homestead exemption, it say. in the Mortgaged Property.
20. Ia the event of condemnation prc~ings of the Mortgaged Property, the award or compensation payable ther~e-
under is hereby assigned to and abet! be paid to Mortgagee. Mortgagee shall be u:.der rw obligaGon to question the amount -
I of airy such avrard or-compensation and may accept the same in the amount is which the saw shall be paid. In any such
rnnclemnation 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 Provided therein: regardless of the rate of interest payable on the award by the rnndonaning 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.
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, Provision and covenants of said rnnstruction loan agreement or loan commitment, wiQ-
diligently conetnrct the improvements to be built Pursuan~ i4 the terms thereof, all of the terms thereof which are in-
c~rporated herein by reference as though set forth fully herein and will permit no defaults to occur thereunder and if a de- .
fault shall occur thereunder, it shall rnnstitnte a de[ault 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 sad warrants that if a corporation. it is duly otgsniu~d and validly ezisting, in good stand-
~ ing under the laws o[ the state of its inrnrporation, has stock outstanding which has been duly and ~~liclly issued, and is
; qualified to do business and is in good standing in the State of Florida, wiW full power and authority to consummate the
6 loan contemplated hereby; and, tf a partnership, it is du)y toru~ed and validly. ezisting, 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 evert any oat or more of the provisions contained in this Mortgage or in the Nate shall for any teases
beheld to be invalid, illegal or unenforceable in any respect, such invalidity. illegality or unenforceablity shall. at the
j option of the Mortgagee, not affect any other provisions of this Mortgage,-but this Mortgage abet! be construed as it such
invalid, illegal or unenforceable provision had never been rnntained herein or therein. The total interest payable Pursuant
to the Note or this Mortgage shall not in any one year excue<! the highest lawful rate of interest in the State of Florida.,
j 25. The covenants and agn~ments ber+ein ooatained shall bind and the 6enefita sad advantages shall inure to the
t respective bairn, executors. administrators, aucceasors, and assigns of -the parties hereto. Whatever used, the singular
number shall include the plural, the Plural the singular, and the use of any gender shall ba applicable to all genders. All
covenants. agreeareab and undertakir~s shall be joint and several. Ia the event additional numbered covenants or para.
graphs are for convenience inserted in this Mortgage, ouch additional covenants shall be read srd given effect as though
~ tolMwirrg this cavsnant in rnnsecutit-e order.
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