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HomeMy WebLinkAbout0981 - i r apply such rents, issues and profits received by it on the indebtedness secured hereby in such order as Mortgagee deter- mines. The right to enter and take fwssession 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 taw, 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 or hereafter further secured by chattel mortgages, security interests. financing Statements, pledge, contracts of guaranty, a~igumenta of teases, 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 tuture 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 a:tent as if such future advances were made on the date of the execution of }his Mortgage, but such secured indebtedness shall not exceed at any time the mazimum principal amount of i ~ t1 8 plus interest. and any disbursements made for the payment of taxes. levies, or insurance, on the Mortgaged Property, ~•~!h ' _ 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 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 scent shall the secured indebtedness exceed at any time the maximum principal amount set fiorih in this paragraph) in whatever manner this indebtedness may be evidenced or represented, until this Mortgage is satisfied o[ record. All coven- ants and agreements contained in this Mortgage shall be applicable to all further advances made by Mortgagee to j Mortgagor under this suture 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 of after the 7 exercise of such option and no withdrawal or abandonment of foreclosure proceeding by Mortgagee shall be taken or con- strued as a waiver of i1a 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 gr,t~e pay- i ment of taxes or other liens or charges by Mortgagee shall not be taken or construed as a waiver of its• right to'actelerate ~ the maturity of the debt hereby secured.. 2 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 far performance of any obligation contained herein, and without affect- ing the rights of Mortgagee with respect to any security not expressly released in writing. Mortgagee may, at any time and , from time to time, either before or alter the maturity o[ said note, and without notice or consent: (a) Release any person liab{e for payment of all or any part of the. indebtedness or for performance of any obligation. (b) Make any agreement ezlending the time or otherwise altering the terms of payment of all or any part of the indebtedness, or modifying or waiving any Qbligation, or subordinating, modifying or otherwise dealing with the lien or j charge hereof. (c) Exercise or retrain from exercising 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 skirt of the Mortgaged Property. 18. Any agreement hereafter made by Mortgagor and Mortgagee pursuant to this mortgage shall be superior to the ..6..:., of fife iiuiuer vi 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 z 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 prnpayment 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 Prop~eriy. 21. If Mortgagee, pursuant to a construction loan agreement or loan commitment made by Mortgagee with Mortgagor, agrees to make construction loam 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 , i 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 heroin and will permit no defaults to occur thereunder and if a de- l 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 it a corporation, it is duty 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 qualified to do business and is in good standing in the State of Florida, with full power and authority to consummate the {oan contemplated hereby; and, if a partnership, it is duly Conned and validly ezisting, and is fully qualified to do business in the State of Florida; with Lull power and authority to consummate the {oan 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 Mortgage, but this Mortgage shat! 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 Mortgage aha{1 not in any one year exceed the highest lawful rate of interest in the State of Florida. 2.5. The covenants and agreements herein contained shall bind and the benefits and advantages shall inure to the respective heirs, executors, administrators, successors, and assigns of the parties hereto. Wherever used, the singular numl?er shall include the plural, the plural the singular, and the use of any gender shall be applicable to a!1 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. -3- ~~K 3z8 P~~~