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HomeMy WebLinkAbout2118 apply such rents, issues and profits reoefived by it on the indebtedness sscu ~ ,hereby is ~~h o~r a~ Mortgagee drt~t` 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 olherwise, shall bs cumulative to any other right or remedy hareunder or afforded by law, and may bs exercised concurrently therewith or independently thereof. Mortgagee shall be Uable to account only tos such roots, issues and profits aMually received by Mortgagee. ~ ' 14. It the indebtedness secured hereby is now or herea[ter further secured by chattel mortgages, security interests. financing statements, Pledges contracts of guaranty. assisnments of leases, os other securities. or if the Mortgaged Pro- perty hereby encumbered consists of more than one parcel of real property, Mortgagee may at its option ezhaust any one ' or more of said securities and security hereunder, or such parcels of the security hereunder, either Soncurrsntly' or' rode- pendently. is such order as it may determine. 16. This !Mortgage shall secure cwt only e::sting indebtedness, but ahw such future advances. whether such advances are obligatory or to bs made at the option of Mortgagee. or otherwise, as are made within twenty (20) years from the oats hereof. to the same extent as it such future advances were made on the date of the a:ecu~ion of this Mortgage, but such secured indebtedness shall not a:coed at any liras the maximum principal amount of = n s plus interest, and any disbursements made for the payment of taxes, hrvies, or insurance. on the I?iortgaged Property, with - interest on such disbursements. Any sueh~futur$ advances, whether obligatory or to be made at the option ot`the Mortgagee, or otherwise, may be made either prior to or aftei the due date of the-Note or any other rotes secured by this Mortgage. This 1Llortaage is given tor. the specific purpose of securing any and all indebtedness by the Mertsagor to Mcrtgagce (but - in no event shall the secured indebtedness exceed at any time the maumum principal amount set forth in this paragraph) in - - whatever manner this indebtedness may be evidenced or represented, until this Mortgage is satisfied of record. AU 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 au; 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 Mortgagee of any default shall constitute a waiver of or consent to aubeequent defaults. No failure of Mortgagee to exercise any option herein given to accelerate maturity of the deb! hereby secured, no forbearance by Mortgagee before or after the esercise 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 a:ercise 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, tbe p e~ EQ~ rance or the pay- - .meat of taxes or other liens or charges by. Mortgagee shall-not betaken or construed a+twirbE,ht to accelerate tbe 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 perforanance of any obligation rnntained herein. and without affect- ing tbe rights of Mortgagee with respect to any security not expressly released in writing. Mortgagee may. at env time and _ .from time to time, eitber before or after the maturity of said note, and without notice or rnnsent: (a) Release any person liable [or payment of all or any part of the irideMednem 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 mod_ hying or waiving any obligation, or subordinating, modifying or otherwise dealing with the lien or charge hereof. (c) Exercise or refrain from exercising or waive any right Mortgagee may have. (d) Ac`•ept additional security of any kind (e) Release or otnerwise deal wiW 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 Mortgag_ce 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 of condemnation proceedings of the Mortgaged Property, the award or compensation payable there- under is hereby assigned to and shall be paid to Morigagee_ Mortgagee shall be under no obligation to question the amount of'any such award or xmpensation and may accept the same in tbe amount in which the same shall be paid. In any such- ~ condemnation. proceedings, Mortgagee may be represented b; coun9el selected by Mortgagee. The pn:ceeds of any award I or compensation 'so received shall, ~t the option of Mortgagee, either be appUed to the prepayment of the Note and at the I rate of interest provided therein, regar+dlem of the rate of intereeat payable on the award by the condemning authority, or at the option of Mortgagee, such sward shall be paid over to Mortgagor for restoration of the Mortgaged Property. - 21. If Mortgagee, pursuant to a construction loan agreement or loan rnmmitusent made by Mortgagee with Mortgagor, agrees to make rnnstru,.tion 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 card construction loan agreement or loan rnmmitment, will diligently rnnstruct the improvements to be built pursuant to tare reruns thereof, all of the teams thereof which are in- rnrporated herein by reference as though set forth fully hereiq and will permit 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 11lorigagee, hlortgagor shall provide 1liortgagee with periodic certified audited statements of the financial condition of Mortgagor. 23. Mortgagor represents and warrants that if a corporation, it is du;y organised and validly a:fisting, in good stand- 'k ing undes~ the laws of the state of its incorporation, has stock outstanding which has been duly and validly iscqued, and is qualified to do business acid fis fin good standing in the State of Florda, with full power and authority to consummate the loan contemplated hereby; and, if a partnership, it is duly formed and validly a:fisting, and.ia fully qualified to do business in the State of Florida; with full power and authority to rnnsummate the loan contemplated hereby. 24. In ,the event any one or more of the provisions contained in this Tivforigage or in the Note shall .for any reason be held to be invalid, illegal or urnnforceable in any respect. such invalidity; illegality or unenforceablity shall, at the option of the Mortgagee, not affect any other provisions of this Mortgage, but this Mortgage shall be construed as if sfrc6 invalid, illegal or unenforceable provision had never been contained herein or therein.. The total interest payable pursuant to the Note or thfis Mortgage shall not in any one year exceed the highest lawful rate of finter+est in the State of Florida. ~ 1 25. 'Fhe 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 F number shall include the plural, the. plural the singular. and the use of any gender shall be applicable to all genders. All covenants, agreements and undertakings shall be joint and several. In the event additional numbered rnvenants or para- graphs are for rnnvenience inserted in this Mortgage, such additional rnvenantb shall be read and given effect as though following this covenant in rnnsecutive order. 600 riGE~~ .