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HomeMy WebLinkAbout2333 t~ apply such rents, issues and profits received by it on the indebtedness secured hereby in such order us Mortgagee deter- mines. The right to enter and take t+oss~•svion of the Morlg:+ged Properly, to ar:+nage and operate the same, and to collect the rents, issues and profits thereof, whether by u receiver or otherwise, shall be cumulative to any other right or remedy hereunder or afforded by law, and may he 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 herea[ter further secured by chattel mortgages, security interests, financing statements, pledges, contrncts of guar:+nty, assignments of leases, or other securities. or it the Mortgaged Pro- perty hereby encumbered consists of more than one pane) of real properly, 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 securecnpt only existing indebtedness, but also such future advances, whether such advances are obligatory or to be made at•l~+e option of Mortgagee, or otherwise, as are made within twenty (20) years from the date hereof, to the same extent as if 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 of S n/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 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 event shall the secured indebtedness exceed at any time the maximum principal amount set forth in this fiaragrnph) in whatever manner this indebtedness may be evidenced or represented, until this Mortgage is satisfied of record. All coven- ants and agreements contained in this Mortgage shall he 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 ol+erafe ~ as a waiver thereof or preclude the exercise thereof during the continuance of any default hereunder. No waiver by Z Mortgagee of any default shall constitute a waiver of or consent to sulx;equent 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 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 l,ay- ment of taxes or other liens or charges by Mortgagee shall not be taken or conttn+ed as a waiver of its right to acrelernte the maturity of the debt hereby secured. 17. Without af[ecting the liability of Mortgagor or ar+y other l+erson (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 expressly released in writing, Mortgagee may, :+t 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 l+ayment of all or any frart of the indebtedness or for frerformanc•e of any obligation. Ih) Make any agreement extending the time or otherwise altering the terms of lu+yment of all or any part of the indebtedness, or modifying or waiving any oblig:+tion, or subordinating, modifying or otherwise dealing with the lien or ( charge hereof. ( (c) Exercise or refrain from exercising or waive any right TMortgagee may have. s (d; Accept additional security of any kind. 7 (e) Release or otherwise deal with any property, real or personal, securing the indebtedness, including all or any l+:+rt of the Mortgaged Property. I 18. Any agreement hereafter made by Mortgagor and Mortgagee pursuant to this mortgage shall be sufrerior to the rights of the holder of any intervening lien or encumbrance. f 19. Mortgagor hereby waives all right of homestead exemption, if any, in the Mortgaged Property. + 20. In the event of condemnation pra•eedings of the Mortgaged Property, the award or rnml+ensation payable there- under is hereby assigned to-and shall be paid to Mortgagee- IMorigagee shall be under no obligation to question the amount s of any such award or compensation and may accept the same in the amount in which the same shall be paid- In any such i 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 i r:+te of interest frmvided therein, regardless of the rate of interest pay:+ble on the award by the condemning authority, or at the option of Aortgagee, such award shall t?e l+aid over to Mortgagor for restoration of the Dortgaged Prol+erty. 21. If Mortgagee, pursuant to a construction loan agreement or loan commitment made by Mortgagee with Mortgagor, agrees to make construction lo:+n 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- eorl+orated herein by reference.as though set forth fully herein and will l+ermit 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. AL the option of Mortgagee, Mortgagor shall provide Mortgagee with periodic certified audited statements of the financial condition n( Mortgagor. 23. Mortgagor represents and warrants that it a corf+or.+tion, it is duly organized and validly existing, in good stand- ing under the laws of the state of its incorlwration, 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 lwwer and authority to consummate the ; loan contemplated hereby: and, if a 1><~rinership, it is duty formed and validly existing, and is fully qualified to do business in the State of Florida: with full lower and authority to consummate the loan contemplated hereby. 24- In the event any one or more of the provisions contained in this Iltortgage or in the Note shall for any reason ~ he held to be invalid, illegal or unenforceable in any reslxY•t, sue•h invalidity, illegality or unenforceablity shall, al the option of the Mortgagee, not afftr•t any other pmvisions of this :Mortgage, but this Mortgage shall t+e 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 111artgage shall not in any one year exceed the highest lawful r.+te 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 resf+ective heirs, executors, administr+tors, successors, and assigns of the 1>:+rties hereto. Wherever used, the singular number shall include the plural, the plural the singular, and the use of any gender shall l+e applicable to all genders. All covenants, agreements and undertakings shall f+e joint and sever.+l. In the event additional numbered covenants or pars- graphs are for convenience inserted in this lfortgage, such additional covenants shall be read and given effect as though following this covenant in consecutive order. -3- - aea~ 3~ paCE 2,JJ~