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HomeMy WebLinkAbout2613 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 l+osgession of the Mortgaged Prol>rNy, 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 atforcled by law, and may be exercised rnncurrently therewith or independently thereof. Mortgagee shall I,e liable to account only for such rents, issues and profits actually received by Mortgagee. 14. I[ the indebtedness secured hereby is now or hereafter further secured by chattel mortgages, security interests, , financing statements, pledges, contracts of guaranty, assignments of leases, or other securities, or if the Mortgaged Pro- I+erty 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 future advances, whether such advances are obligatory or to be made at the option eft 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 _Q~~hia Mortgage, but such secured indebtedness shall not exceed at any time the maximum principal amount of S N t+lus 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 advames, 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 paragraph) in whatever manner this indebtedness_ may be evidenced or represented, until this 1Nortgage is satisfied of record. All coven- ants and agreements contained in this Mortgage shall be applicable to all further advances made by .Mortgagee to 1liortgagor under this future 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 of or consent to subsequent defaults. No failure of Mortgagee to exercise any option herein given to accelerate maturity o[ the debt hereby secured, no torbearam•e 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 - :+ny 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 waiver of its right to accelerate the nwturily of the debt hereby secured. 17. Without attesting the liability of Mortgagor or any other person (except any person ezpressly 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 fo any security not expressly released in writing, Mortgagee may, at any time :+nd from time to time, either before or after the maturity of said note, :+nd without notice or consent: (a) Release any person liable for payment of all or any part of the indebtedness or for {+er(ormance of any obligation. lb) 1ltake 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. (c) Exercise or refrain from exercising or waive any right Mortgagee may have. (d) Accept additional security of any kind. (e) Release or otherv?•ise deal with any property, real or personal, securing the indebtedness, including all or any I+art . of the Mortgaged Property. i It3. 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 wai~•es all right of homestead exemption, it any, in the Mortgaged Property. 20, In the event of condemnation pra•eedings of the iVlortgaged Prolerty, the award or compensation payable there- under is hereby assigned to and shall he paid to Mortgagee. lliortgagee 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 tie paid. In any such rnndemnation proceedings, Mortgagee may be represented by counsel selected by Mortgagee- The prareds of any award ( or compensation so rerni.•ed shall. at the option of 11lortgagee, either be applied to the prepayment of the Note and at the rate of interest provided therein, regardless of the rate of interest l+ayable on the award by the condemning authority, or at the option of Mortgagee, such award shall t•,e paid o~•er to Mortgagor for restoration of the Mortgaged Property- i i 2l. It Mortgagee, pursuant to a construction loan agreement or loan commitment made by Mortgagee with Mortgagor, agrees to m:+ke construction loam advances up to the principal amount of the Note, then Mortgagor hereby covenants that it will comply with all of the terms, pro~~isions and covenants of said construction loan agreement or loan commitment, will 1 diligently construct the improvements to he built pursuant 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 Alortgage and the Note- 2'l. At the option of Mortgagee, Mortgagor shall provide Aortgagee with periodic certified audited statements of the financial condition of Mortgagor. 23. Mortgagor represents and warrants that if a corl+oration. 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 e la:+n contemplated hereby: and, if a Ik•+rtnership, it is duly formed and validly existing-, and is fully qualified to do business in the St:+te of Florid:+: with Lull 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 he im:•+lid, illegal or unenforceable in am respe+•t, such invalidity. illegality or unenforceablity shall, at the - ; option of the 5ortgagee, not affect any other pm~•isions of this Mortgage. but this Mortgage shall be construed as if such invalid, illegal or unenforceable provision had ne~~er peen contained herein or therein. The total interest payable pursuant f to the Note or this 5lortgage 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 r+•sf?c~+-ti~•c heirs, executors, adm+nistrators, suc+rssors, and ac5igns of the parties hereto. R'here~•er used, the singular number shall include the plural. the plural the singular. and the use of any gender shalt he applicable to all genders. All +rovenants, agreements and undertakings shall t?e joint and several. In the event additional numbered covenants or para- graphs are for con~-enience inserted in this :Mortgage, such additional covenants shall be read and given effect as though ~ following this co~rnant in rnnsecuti~•e order. E -3- K329 P~~F26i1