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HomeMy WebLinkAbout0539 • _ i ~ t ~ ` apply such rents, issues and profits received by it on the indebtedness secured hereby in such order as Mortgagee deter- mines. The tight 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 Werewith 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 or hereafter further secured by chattel mortgages, security interests, financi statemen 1 ~ ng t4 p edges, rnntracts of guaranty, assignments of leases, or otheR~~yitlq, or it the ~io~ged P~ror< party her.?t>~.encumbered consists of more than onn parcel of real property, Mortgagee;JD~+py,$t its option,exh~+},st aQy;,orye F or more said sscudties and security hereunder, or such parcels of the security hereunder, either concurrently or inde- penderitlY a~+d jn such order as it may determine. • I ? are obligatory or to be made at the option of Mortgagee, or otherwise, as are made witlii? i~irc:+ty (`~J) pLc..~ f sie i hereof. to the same extent as it such future advances were made on the date of the execution of gage, but such 3 secured indebtedness shall not exceed at any time the maximum principal amount a ~E+•~ ~ ; plus interest, and aay disbursements made for the payment of taxes, taut urance, on the Mortgaged Property, with -i interest on such diaburaementa Any such future advances, whe +gatory or to be made at the option of the Mortgagee, ~ or otherwise, may be made either prior to or after t to of the Note or any other notes secured by this Mortgage. This Mortgage is given for the specific o securing any and all indebtedness by the Mortgagor to Mortgagee (but in no event shag the secured - mess exceed at any time the maximum principal amount set forth in this paragraph) in i whatever manner redness may be evidenced or represented, until this Mortgage is satisfied of record. All coven- ants a meats rnatair?ed in this Mortgage .shall be applicable to all further advances made by Mortgagee to 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 exerrise thereof during the continuance of any default hereunder. No waiver by Mortgagee of any 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 proceeding by Mortgagee shall be taken or con- strued as a waiver of its right to exercise such option or to accelerate the maturity o[ the debt hereby secured by reason of s any past, present or future default on the part o[ Mortgagor; and, in like manner, the procurement of insurance or the pay- meat of taxes or other liens. or charges by Mortgagee shall not be taken or construed as a waiver of its right to accelerate > the a?aturily of the debt hereby secured. ~ ~ . S 17. Without aftectin the liabilit of Mortgagor or an other s g y y person (except any person expressly released in writing) for payment of any indebtedness secured hereby or for performance of anyobligation contained herein, and without affect- ing the rights of Mortgagee with respect to any security not expressly released in writing, Mortgagee may, al :+ny 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 [or payment of all or any part of the igdeljtedneas or,tor performance of any obligation. (b} Make any agreement extending the time or otherwise al ~n~.&g t(,e ter~+ts of payment of all or any part of the } indebtedness, or modifying or waiving any obligation, or subordin~t3ng,'modify+ng or otherwise dealing with the lien or charge hereof. i; . _ _ r: c= (c)' Exercise or.refrain from exercising or waive any right Mortgagee may have- ' (d) Accept additional security of any kind. (e) Release or otherwise deal with any property, rea! or personal, securing the indebtedness, including all or any t~.-+rt of the Mortgaged Property. 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 proreedings 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 try 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 j rate of interest provided therein, regardless of the rate of interest payable on the award by the condemning authority; or at t the option of Mortgagee, such award shall be paid over to Mortgagor for restoration of the Mortgaged Property- 21. If 1liortgagee, pursuant to a construction loan agreement or loan commitment made by Mortgagee with Mortgagor, :+gr+ees 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 town 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 chougb set iurtl~ fully 4e•r:r. ar.d xill r:::.^aiL ro det?ults trs 4~rs+r thereunder and if a de- fault shall oc+-ur 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. ! z 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 ~•alidly 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, 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 [or any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity. illegality or unen[orceablity shall, at the option of the Mortgagee, not affect any other provisions of this Mortgage, but this Mortgage shall be construed as if such invalid, illega! or unenforceable provision had never been contained 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 contained shall bind and the bene[ita and advantages shall 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. AU cvvenants, 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 a following this covenant in consecl+tive order. 4u ~Jr~?O ~aGE