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HomeMy WebLinkAbout2734 apply such rents, issues and pmtits received by it on the indebtedness ~ecttred hereby in such order as Mortgagee defer- _ mines. The right to enter and take possession of the Mortgaged Property, to manage and operate the same, and to rnllect the renb, issues and pro[its thereof, whether by a receiver or otherwise, shall be cumulative to any other right •or remedy hereunder or afforded by law, and may be a:excised rnncurrently therewith or independently thereof. Mortgagee shall be liable to account only for such rents, issues and profits actually received by Mortgagee. 14. If the indebtedness secured hereby is now or hereafter further secured by chattel mortgages, security interests, financing statements, pledges, contracts of guaranty, assignments of leases, or other securities. or it 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 o[ said securities and security hereunder, or such parcels of the security hereunder. either concurrently or rode- pendently. and in such order as it may determine. 15. This Mortgage shall ascots not only existing indebtedness. but also such future 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 We same extent as it 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 oft 'a plus interest, and any disbursements made for the payment of taxes, levies, or insurance, on the Mortgaged Property, with interest on such disbursements. Any such future advances, whether obligatory or to be made at the option of the Mortgagee, or otherwise, may be made either prior to or'atter the due date of We Note or any other notes'ecured by this Mortgage. This Mortgage is given for We 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 ma:imam 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 rnntair?ed 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 rnnatitute a waiver of or rnnsent 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 exercio;, 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: snd, in like manner, tl?p procurement o[ insurance or the pay- ment of taxes or other liens or charges by Mortgagee shall not ~e;tt~ ~nstrued as a waiver of its right to accelerate the maturity of the debt hereby secured. . 17. Without afterting the liability o[ Mortgagor or erty,~olhgr.perspn.except any person expressly released in writing) for payment of any indebtedness secured hereby or Iar Plllto~nai?cejot'lu3q obligation contained herein, and without affect- ing the rights of Mortgagee with respect to any security riot eipt~estlyte released in writing, Mortgagee may, at any time and from time to time, either be[ore or after the maturity of said ~io~e, and without notice or rnnsent: (a) Release any person liable for payment of all dt a»y~ of the indgbtgdnesa 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 modifying or waiving any obligation, or subordinating, modifying or dtlifir'4iisb~deallrtgrtifit~t~th~tlt~y?fst:~s' charge hereof. - li'. -t r~. ; ~ . ; ~ - ~ ; ~ s ? - ~ ~ : , (f i• Bxercise or ;strain from exercising or waive any right Mortgagee may have. ~ - • '(d) Accept additional security of any kind. (e) Release ur otherwise deal with any property, real or personal, securing the indebtedness, including all or any part of the Mortgaged ~'roperiy. 18. Any agreement hereafter made by Mortgagor and Mortgagee pursuant to this mortgage shall be superior to the rights of 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 Mortgagee. Mortgagee 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 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 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 construction loan agreement or loan commitment made by 1ltorigagee 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, provisions and covenants of said construction loan agreement or loan commitment, will diligently construct the improvements to be built pursuant to the terms thereof, all of the terms thereof which are in- corporated 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 constitute a default under this Mortgage and the Note. 22. At the option of Mortgagee, Mortgagor shalt provide Mortgagee with periodic certified audited statements of the financial condition of Mortgagor. 23. Mortgagor represents and warrants that it a corporation, it is duly organized and validly existing, 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 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, ii a partnrrship, it is duly formed and ::ilidly ezisting, and is fully qualified to do business ire the State of Florida; with tut! power and authority to rnnsummate 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 be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceablity shall, at the option of the Mortgagee, not attec•t any other provisions of this Mortgage, but this Mortgage shall be construed as i[ such invalid, illegal or unenforceable I~rovision had never been rnntained herein or therein. The total interest payable pursuant to the Note or this Mortgage shall not in any one year exceed the highest lawful rate of interest in the State of Florida. . 25. The covenants and agreements herein rnntained shall bind and the benefits and advantages shalt inure to the respective heirs, executors, administrators, successors, 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 covenantss, agreements and undertakings shall he 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. , -3- ~32fi ~~2732