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HomeMy WebLinkAbout1535 • _ .a • ' .j t.. apply such ren/s, issues and profits received by it on the indebtedness secured hereby in auch~ order as Mortgagee deter- j 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, wbether by a receiver or otherwise, shall be cumulative to any other right or remedy hereunder or afforded by law, and may be examised rnncurrently therewith or independently thereof. Mortgagee shall be liable to account only fos such rents, issues and profits actually received by Mortgagee. 14. It the indebtedness secttred hereby is now or hereafter further secured by chattel mortgages, security interests, a financing statements, pledges, rnntracts of guaranty, assignments of leases, or other securities, or i[ the Mortgaged Pro• ~ party hereby encumbered consists of more than one parcel of r~l 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 rode- pendently, and in such order as it may determine. ~ ~ a~~s Cory or to be made at the option of Mortgagee, or otherwise, as are made within twenty (20) years fro e hereof. tot extent as it such future advances were made on the date o[ the a:ecution of this ge, but such ! secured indebtedness sha ceed at any time the tnaximum principal amount of i 11e plus interest, and any diabursementa r the payment of taxes, levies, o ce, on the Mortgaged Property, with interest on such •diabursements. Any such future whether ory or to be made at the option o[ the Mortgagee, or otherwise, may be made either prior to or after the he Note or any other notes secured by this Mortgage. This Mortgage is given for the specific pu securing any and a i~Fe~dness by the Mortgagor to Mortgagee (but in no event shall the secured ind exceed at any time the ma:imam pnnetp~~nt set forth in this paragraph) in whatever manner Chi ness may be evidenced or represented, until this- Mortgage ~ ' of t~ecord. All coven- ants and ants contained in this Mortgage shall be applicable to atl further advances made ages to 16. No delay by Mortgagee in exercising any right or remedy hereunder, or otherwise a[torded by law, shall operate as a waiver thereof or preclude the a:ercise 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 ioreciosure proceeding by Mortgagee s}wii be taken or con= 1 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,waive>} ~f,}ta right to accelerate the maturity of the debt hereby secured. ~ ~ ~ r 1T. 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 o[ Mortgagee 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: . (a) -Release any Berson Irable for payment of all or any part of the indebtedness or for performance of any obligation. (b) Make any agreement extending the time or otherwise aitering the terms of paymeei~ui aii ur say fart of the 1 indebtedness, or modifying or waiving any obligation, or subordinating, modifying or otherwise dealing with the lien or I charge hereof. (c) Exercise or refrain from exercising or waive any right Mortgagee may have. ~ (d) Accept additional se~•urity of any kind. (e) Release or otherwise deal with any property, real or personal, securing the indebtedness, including all or any fart of the Mortgaged Property. i 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. ~ f 19. Mortgagor hereby waives all right of homestead a:emption, if any, in the Mortgaged Property. I 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. ltiiorigagee 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, Aortgagee may be represented t?y 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 f 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. It Mortgagee, pursuant to a construction loan agreement or loan commitment made by Mortgagee with Mortgagor. :~greea 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- corfwrated 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 shall provide Mortgagee with periodic certified audited statements of the ~ financial condition of Mortgagor. t s'_ 23. Mortgagor represents and warrants that if a corfwrrtion, 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 f ~ qualified to do business and is in good standing in the State of Florida, with (u!1 power and authority to consummate the s loan contemplated hereby: and, it a partnership, it is duly formed and validly existing, and is Cully 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 Mortgage, but this Mortgage shall Ee construed as if such ' im:~lid, illegal or unenfor~rable provision had never been contained herein or therein. The total interest payable pursuant f to the Note or this Mortgage sh:dl 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 benefits 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 f~lural 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 covenants shall be read and given ef[ect as though following this covenant in consecutive order. B~K~ P~GE~eJe)5