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HomeMy WebLinkAbout0355 • i+? s t y - apply such tents, issues and profits received by it on the indebtedness secured hereby in such order as Mortgagee deter- 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 otherwise, shall be cumulative to any other right or remedy hereunder or afforded by law, and may be exercised 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 os hereafter further secured by chattel mortgages, security interests, financing statements, pledges, contracts of guaranty, assignments of leases, or other securities, or if the Mortgaged Pro- perty hereby encumbered consists of more than one parcel of real property, Mortgagee may at its option exhaust any one or more of said securities and security hereunder, or such parcels 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 also such [uture advances, whether such advances are obligatory or to be made at the option of Mortgagee, or otherwise, as are made within twenty (20) years from the date hereof. to the same extent as i[ such future advances were made on the date of the execution of this Mortgage, but such secured indebtedness shall not exceed at any time the maximum principal amount o[ _ A~a plus interest, and any disbursements made for the payment o[ taxes, levies, or insurance, on the Mortgaged Property, with interest on such disbursements. Any such future advances, whether obligatory or to he made at the option of 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 any default shall constitute a waiver o[ 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 proceeding by Mortgagee shall 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 past, present or future default on the part of Mortgagor: and, in like manner, the procurement of insurance or the pay- ment of taxes or other liens or charges by Mortgagee 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 contained herein, and without affect- ing the rights of 1ltorigagee with respect to any security not expressly released 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: 1a) Release any person liable for payment of all or any part of the indebtedness or for performance of any obligation. (b) Make any agreement extending the time or othervui~e hlttlring the terms 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 charge hereof. - - (c) Exercise or retrain from exercising or waive any right Mortgagee may have. Id) Accept additional security of any kind. (e) Release or otherwise deal with any properly, real or personal, securing the indebtedness, including all or any Ik-rrt of the Aortgaged Property. 18. Any agreement hereafter made by Mortgagor and Mortgagee pursuant to this mortgage shall be sul,erior to the rights of the holder of any_ inten•ening lien or encumbrance. - 19. Mortgagor hereby waives all right of homestead exemption, if any, in the Mortq:rged Property. _ 20. In the event of condemnation proceedings of the Mortgaged Properly, the award or compensation payable there- under is hereby assigned to and shall be Maid to Mortgagee. Aortgagee 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 try counsel selected by Mortgagee. The pror•eeds 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 condemning authority, or at the option of Mortgagee, such award shall be paid over to Mortgagor for restoration of the 1liortgaged Property. 21. It 111origagee, pursuant to a construction loan agreement or loan commitment made by Mortgagee with Morigagor, agrees to make construction loan advances up to the principal amount of the Yote, then Mortgagor hereby covenants that it will comply with all of the terms. provisions and covenants of said construction loan agreement or lean commitment, w-il! diligently construct the improvements to be built tursuant to the terms (hereof, all of the terms thereof which are in- r-ory~orated herein by reference as though set forth Cully herein and will permit no defaults to occur thereunder and it a de- fault shall occur thereunder, it slwll constitute a default under this Mortgage and the Note. 22. At the option of I~iortgagee, Mortgagor shall provide Mortgagee with periodic certified audited statements of the fin:mcial condition of t~fortgagor. 23. Mortgagor represents and warrants that if a corlwration, it is duly organized and validly existing. in good stand- ing under the laws of the state of its incorporation, has stock outstanding which h:rs been duly and validly issued, and is qualified to do business and is in good standing in the State of Florida, willr full I,uwer and authority to consummate the loan contemplated hereby::rnd, if a partnership, it is duly formed and validly existing, 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 event any one or more of the provisions contained in this Mortgage or in the Note shall for any reason I,e held to I,e invalid, illegal or unenforceable in any respect, such im•alidity, illegality or unenforceablity shall, at the option of the 1liortgagee, not affer•t any other provisions of this Mortgage, bat this Mortgage shall be construed as if such im-alid, illegal or unenforceable provision had never been contained herein of therein. The total interest payable pursuant to the Nole or this Atortgage shall not in any one rear exceed the highest lawful rate of interest in the State of Florida. 25. The covenants and agreements herein containers shall bind and the benefits and :advantages shall inure to the resper•tive heirs, executors, administrators, successors, and assigns of the {attics hereto Wherever used, the singular number shall include the plural, the plural the singular, and the use of any gender shall he applicable to all genders. All r•ovcrwnts, agreements and undertzkings shall be joint and reverrl. 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. -3- 3~.U PAGE JJ5