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HomeMy WebLinkAbout1009 _~-3~~ ~ ~ apply such rents. iaues and pretits received by it on the indeMedness secured hereby in such order as Mortgagee deter• mines. The right to enter and Propedy, to manage and operate the same, and to collect the rents, issues and profits tberea~ t~y or otherwise, shall bs cumulative to any other right or remedy hereunder or afforded by law, sad may axe concurrently therewith or independently thereof. Mortgagee shall be liable to account only for such rents. issues and profits actually received by Mortgagee. 14. It the indebtedness secured hereby is now of hereafter further secured by chattel mortgages. security interests, financing statements, pledges, contracts of guaranty. assignment of leases, os other securities. or it tbs Mortgaged Pro- party hereby encumbered consists of more than one parcel of real property, Mortgages may at its option exhatut any one or more of said securities and security hereunder, or such parcel of tbs security hereunder. either concurrently or inde- pendently, and in such order as it may determine. 16. This Mortgage shall secure not ody misting indebtedness. but a4o such suture advances. whether such advances are obligatory or to be made at the option of Modgageo, oe otherwise, as are made withir? twenty (20) years from the date hereof, to the same a:tent as it such future advances were made on the date of the execution of this Mortgage, but wch secured indebtedness shall not mcaed at any time the maximum principal amount of = n/8 plus interest, and anjr disbursements made for the payment o[ taxes, levies, or iraRUance, on the Mortgaged Property, with interest on such disbursements. Any such future advances, whether obligatory or to be made at the option o[ 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 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 is satisfied of record. All 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 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 Mortgagee of aqy default shall constitute a waiver of or consent to subsequent defaults. No failure of Mortgagee to exercise 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 proceedintt by Mortgagee sbap 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 peat, present or future default on the pad of Mortgagor: and, in like manner, the procurement of irumrance or the pay- ment of taxes or other liens or charges by Modgagee shall not be taken or construed as a waiver of its right to accelerate the maturity of the debt hereby. secured. It 17. Without affecting the liability of Mortgagor or any other person (except any person ere~ed in writing) for payment of any indebtedness secured hereby or for performance of any obligation cnntained herein, and without attest- ing the rights o[ Mortgagee with respect to any security not expr+erely released in writing, Mortgagee may, at any time and from time to time, either before or alter the maturity of said note, and without notice or consent: (a) Release any person liable for payment of all or any pad o[ the indebtedness or for performance of any obligation. (b) Make any agreement extendirr~ tie time or otherwise altering the terms of payment of all or any pad of the indebtedness. or modifying or waiving any obligation, or subordinating, modifying or otherwise dealing with the lien or charge hereof. (c) Exercise or refrain from a:excising 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 Properly. 18. Any agreement hereafter made by Mortgagor and Mortgagee pursuant to this mortgage shall be superior to the rights of the bolder of any intervening lien or encumbrance. 19. Modgagor hereby waives all right of homestead exemption, if any, in the Mortgaged Property. ~ 211. In the event of rnndemnation roceedinga of tbe Mortgaged Property, the award or com p pensation 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 award or rnmpensation and may accept the.same in the amount in which the same shall be paid. In any such ~ t ~ condemnation proceedings, Mortgagee may be represented by rnunsel selected by Mortgagee. The proceeds of any award or rnmpensation 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, r+egardlero of the rate of interest payable on the award by the rnndemning authority, or at the option of Mortgagee, such award shall be paid over to Mortgagor for restoration of the Mortgaged Property. 21. If Mo ~ rtgagee, pursuant to a construMion loan agreement or loan rnmmitment made by Mortgagee with Mortgagor. agrees to make construMion loan advances up to the principal amount of the Note, then Mortgagor hereby covenants that it will rnmply with all of the terms, provisions and covenants of said construction Ioan agreement or loan rnmmitment, will diligently construct the improvements to be built punwant to the terms thereof, all of the terms thereof which are in- corporated herein by reference as though set forth fusty herein and will permit no deiauit 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 statement of the financial condition of Mortgagor. 23. Mortgagor represents and warrants that if a corporation, it is duly organized and validly ezisting, in good stand- ing under the laws of the state of its incorporation, has stock outstanding which has been duly and validly issued, and is E 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 padnernlrip, it is duly tonued and validly evating, and is fully qualified to do business in the State of Florida: with full power and authority to rnnsummate the loan rnntemplated hereby. 24. In the event any one or more of the provisions cnntained in this Modgage or in the Note shall for any reason ~ beheld to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceablity shall, at the option of the Mortgagee, not affect any other provisions of this Modgage, but this Mortgage shall be construed as if such invalid, illegal or unenforceable provision had never been contained herein or therein. The total interest payable pursuant to the Note or this Modgage shall not in any one 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 We ` respective heirs, executors, administrators, succeaeore, and assigns of the parties hereto. Wherever used, the singular 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 covenants or para- graphs are for convenience inserted in this Mortgage, such additional covenants shall be read and given effect as though ! following this covenant in consecutive order. I 800 ~ t~l~ en0 320 PACE ~.`7S3 e~ _ w ~