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HomeMy WebLinkAbout0455 - - - * ~ - - t'x apply such rents, issues sad profit raceiwd by it oa the iadsbtsdnees second hereby is such order a• )Mortgagee detes- mines. The right to enter and take paesssion of tM Mortgyd Properb~. to manage and opersb the same, and b collect the ants, issues and profit thenwt, whether by a reosiver et othsrwiss~ shall be cwoulatiw to aayy other right or remedy he~tnder t+r t?fford~d l~r law; and rosy bs exercised aD~IIQIr!'entlp tbsiewlth 0i independently thereof. MortpjM shall be itabia to t t for ~ teat. issues sad pra~la actuallir sereivtd by Melee. 14. If the indebbdness secured hereby is now or 6er+eafter further secured by d~attd moetgages, security mterests, financing ebt~roents, pkdg~ ooatncb of guatanb?, y of lessee. or other securities, or if the Mortgaged Pro- perty hereby encumbered consist of mots than Due parcel of real pinpeity, Mortgagee may at fib option ezbaust any one or more of said securities and security hereunder. or such Peroels. of t6s security hereunder. either coacrtrrentlY or inds- perrdentU?. and in each order as it may determine. lb. 'Ibis Mortgage shall escun •not only existing indebbdness. but abo such future advances, whstlrsr such advances are obligatory or to be made at the option of Mortgagee, os otherwise,-ar are made within twenty (20) Years from the date hereof. to tbs same extent as it arch future advances were made on the date of the execution of this Mortgage, but such secured indebtedness shall cwt a:Deed at aqy time the ma:irnum principal amount of i N/~ qua is*.~r±a*, aQy cl~d~rmmenb made for the payment of tsace~ lavia~ or inwrance, on the Mortgaged ProPertl?. with interest on such disbursements. Any such tutors 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 Nots 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 Mortgages (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 rs satisfied of record. AD coven- . ant and agreement 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 Mortgages_in exerciang aW? right or remedy? hereunder. or otherwise afforded by law. shall ,operate s as a waiver thereof or preclude the e:errise thereof during the continuance of any default hereunder. No waiver by Mortgagee of any default shall constitub a waiver of or consent to subsequent default. No failure of Mortgagee to exercise any option herein gives to accelerate maturity of the debt hereby secured, rw forbearance by Mortgagee before or after the exercise of such option and no withdrawal or abandonment of toreclwure proceeding by Mortgagee shall be taken or con- = strued~ as a waiver of fib right to aercise such option ~or to accelerate the maturity of the debt hereby secured by reason of ~Y P~+ Present or [afore default on the part of Mortgagor: and, in ke p~gy the procurement of insurance or the pay- • went of tares or other liens os charges by Mortgagee shall not bepq~e~l6lifrued as a waiver of fib right to accelerate the maturity of the debt hereby secured. . 17. Without affecting the ifiability of Mortgagor os any other Perwn (except any Person expre~siy released in writing) for payment of any indebtednew secured hereby or Eor performance of any obligation contained herein, and without affect- - ing the right of Mortgagee with respect to aqy security not ezprewly rekesed in writing. Mortgagee may. at 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 aqy part ot.tbe indebtedness or for performance of any obligation. (b) Make any agreement extending the time or otherwise altering the tenors 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 d~arge hereof. (c) 8:ercise or retrain from exercising or waive 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 superior to the right of the bolder of any intervening lien or encwnbrance. 19. Mortgagor hereby waives all right of homestead exemption, if any. in the Mortgaged Property. 2l). 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 sward or cmmpensation and may accept the same in the amount in which the acme shall be paid In any such rnndemnation proceEdingb, Mortgagee may be represented by counsel selected by Mortgagee. The proceeds of any award or compemation 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 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 rnnstruction loan agreement or loan commitment made by Mortgagee wiW Mortgagor, agrees to make rnndruction 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 covenant of said conatrnction loan agreement or loan commitment, will diligently .construct the improvement to be built pursuant to the terms thereof, all of the terms thereof which are in- rnrporated herein by reference as though set forth fully herein and will permit no default to occur thereunder and ifs 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 statement of the financial condition of Mortgagor. 23. Mortgagor represent and warrant that if a corporation, it fia duly organized and validly a:fisting, in good stand- ing under the laws of the state of it incorporation, has stock outstanding which has been duly and validly issued, and is qualified to do buaness and fir in good standing in the State of Florida, with full power end authority to consummate the loan rnntemplated hereby; and, if a partnenti6ip, it is duly fonrned and validly existing, and is fully qualified to do business in the State of Florida: with full power and authority to consummate the loan rnntemplated ~ereby~ 24. In the event any one or more of the provisions contained in this Mortgage or in the Note shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unentorceablity shall, at the option of the Mortgagee, not atfect any other provisions of this Mortgage. but this Mortgage shall be construed as if such _ invalid, illegal or unenforceable provfision bad never been contained herein or therein. The total interest payable purwant to the Note or this Mortgage shall not in any one year a:teed the highest lawful rate of interest in the t3tate of Florida. 25. The rnvenant and agreement herein contained shall bind and the benefit and advantages shall inure to the respective heirs, executors, administrators, successors, and assigns of the patties hereto. Wherever used, the angular number shall include the plural, the plural tbe singular. and the use of any gender shall be applicable to all genders. All covenants, agreement and undertaltings shall be joint and several In the event additional numbered covenant or psra- grapbs are for convenience inserted in this Mortgage, such additional covenant shall be read and given effect as though . following tbfis covenant in consecutive order. -3- gp~~i PAGE