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HomeMy WebLinkAbout0378 • _ _ ~ - ~ • tf apply such rents, issues and profits received by it on the indebtedness secured hereby in wch order as Mortgagee deter- mines. The right to enter and take pwseasion of the Mortgaged .Property, to manage and operate the same, and to collect the cents. issues scut 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 rnncurrently therewiW 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, pledgee, rnntracts of guaranty, assignmen4 0[ leases. or other securities, or i[ We Mortgaged Pro- perty hereby encumbered consists of more than one parcel of real property, Mortgagee may at i4 option a:beast any one or more of said securities and security hereunder, or wch parcels of the security hereunder, either concurrently or inde- pendently. and is such order as it may determine. lb. This Mortgage shall secure not only existing indebtedness, but also such future advances, whether wch 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 it such future advances were made on the date of the a:ecution of this Mortgage, but wch secured indebtedness shall not exceed at any -time the maximum principal amount of i N/A plus inttRreat, and any disbursements made for the payment of to:es, levies, or insurance, on the Mortgaged Property. with ~ interest on wch disbursements. Any wch future advances, whether obligatory or to be made at the option of the Mortgagee. i or otherwise, may be made either prior to or attar the due date o[ 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 ma:imam principal amount set forth in this paragraph) in whatever manner this ind~*~+.~~+~- 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 eiercising any right or remedy hereunder. or otherwise afforded by law, shall operate 1 as a waiver Wereo[ or preclude the a:erriee thereof during the rnntinuance 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 torbearance.by Mortgagee before or after the e:ercise of wch option and no withdrawal or abandonment of toreclowre proceeding by Mortgagee shall be taken or con- strued as a waiver o[ its right to a:excise such option or to accelerate the maturity of the debt hereby secured by reason of any past, present or (afore default on the part of Mortgagor; and, in like manner, tl~e procurement of insurance or the pay- ment of fazes or other liens or charges by Mortgagee shall not be taken or rnnstrued as a waiver o,[ its t~~t 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) [or payment of any indebtedness secured hereby or for performance of any obligation contained herein, and without affect- - ing the rights of Mortgagee with respect to any security not ezpressly 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: . (a) Release any person liable for payment of all or any part of the indebtedness or [or 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 -otherwise dealing with the lien or } charge hereof. , - i (c) Exercise or refrain {rom ezercising 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 wperior to the rights of the bolder of any intervening lien or encumbrance. ' 19. Mortgagor hereby waives all right of homestead exemption, if any, in the Mortgaged Property. . Z0. Ia the event of condemnation prwr~iinga 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 rnndemnation proceedings, Mortgagee may be represented by counsel selected by Mortgagee. The proceeds of any award or compensation so received shalt, 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 rnndemning authority. or at the option o['Mortgagee; such award shall be paid over to Mortgagor [or restoration of the Mortgaged Property. 21. If Mortgagee, pursuant to a construction loan agreement or loan commitment made by Mortgagee with Mortgagor, agrees to make construction loan advances up to the principal amount of the Note, then Mortgagor hereby covenants that it wilt comply with all of We terms, provisions and rnvenants of said construction loan agreement or loan commitment, will diligently construct the improvements to be built punnwnt 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 it 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 .statements of the financial condition of Mortgagor. 23. Mortgagor represents and warrants that if 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 rnntemptated hereby; and, if a partnership, it is duly formed and validly existing, and is tally 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 be held 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,Morigage, but this Mortgage shaft be rnnstrued 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 Mortgage shat) not in any one year ezceed 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 the respective heirs, executors, administrators, sutt~essora, and assigns o[ 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 rnvenanta shall he read and given etfeM as though following this covenant in consecutive order. ' -3- BUOK ~ PACf 1 j ~ - - - - - -