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HomeMy WebLinkAbout1212 • 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 possession of the Mortgaged Property, to manage and operate the same, and to collect the rents, issues and profile thereof, whether by a receiver or otherwise, shall be cumulative to any other right or remedy hereunder or afforded by law, and tray 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, pledges, rnntracts of guaranty, assignments of leases, or other securities, or it the Mortgaged Pro- perty hereby encumbered consists of more than one parcel of real property, Mortgagee rosy at its option exhaust any one os 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 rosy determine. are obligatory or to be made at the option of Mortgagee, or otherwise, as are trade within twenty (20) years ate hereof, to the same extent as if such future advances were made on the date of the execution of gage, but such secured indebtedness shall hot exceed at any time the maximum principal amount plus interest, and any disbursements made. for the payment of taxes, levi urance, on the Mortgaged Property, with interest on such disbursements. Any such future advances, wh igatory or to be made at the option of the Mortgagee, or otherwise, may be made either prior to or after to of the Note or any other notes secured by this Mortgage. This Mortgage is given for the specific of securing any and all indebtedness by the Mortgagor to Mortgagee lout in no event shall the secured - news exceed at any time the maximum principal amount set forth in this paragraph) in whatever manne ebtedhess may be evidenced or represented, until this Mortgage is satisfied of record. All coven- ants ments contained in this Mortgage shall t,e 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 exercise thereof during the continuance of any default hereunder. No waiver l,y 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 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 ire take?t or i~ot~r{~ed as a waiver of its right to accelerate the maturity of the debt hereby secured. 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 [or 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 after the maturity of said note, and without notice or consent: . (a) Release any person liable for payment of all or any part of the indebtedness or for Ierformance of any obligation. Ib) Make 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) )ixercise or rrfrain from exercising or waive any right Mortgagee may have. (dl Accept additional security of any kind. (e) Retease.or otherwise deal with any property, real or personal, securing the indebtedness, including all or any hart of the Mortgaged Prolerty. - 18. Any agreement hereafter made by Mortgagor and Mortgagee pursuant to this mortgage shall t,e sul,erior to the rights o[ the holder of any intervening lien or encumbrance. 19. Mortgagor hereby wakes all right of homestead exemption, it any, in the Mortgaged Property. 20. In the event of condemnation pra•eedings of the Mortgaged Property, the award or compensation I,ayable there- ~ under is hereby assigned to and shall be paid to Mortgagee. Mortgagee shall ire 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 ire paid. In any such ~ condemnation proceedings, Mortgagee may t,e represented by counsel selected by Mortgagee. The proceeds of any award i or compensation so received shall, at the option of Mortgagee, either be apl,lied to the prepayment of the Note and at the rate of interest provided therein, regardless oI the rate of interest payable on the award by the condemning authority, or at the option of Iortgagee, such award shall I,e Iuiid over to 1~lortgagor for restoration of the Mortgaged Property. 21. It Mortgagee, pursuant to a construction loan agreement or loan commitment made by Mortgagee with Mortgagor, agrees to make construction lain advances up to the principal amount a[ 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 l,e built pursuant to the terms thereof, all of the terms thereof which are in- corl,orated herein by reference as though set forth fully heroin 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- 23. Mortgagor represents and warrants that if a cortx,rition, it is duly organized and validly existing, in good stand- ing under the laws of the state o[ 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 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 Ix,wer and authority to consummate the loan contemplated hereby. 1 ~ 24. In the event any one or more of the provisions contained in this Mortgage or in the Note shall [or any reason ire held to t,e imalid. illegal or unenforceable in any resl,ec•t, such invalidity, illegality or unenforceablity shall, at the } option of the Mortgagee, not affect any other provisions of this Mortgage, but this Mortgave shall be construed as if such ~ invalid, illegal or unenfon•eable provision had never been contained herein or therein. The toial 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. 1 25. The covenants and agreements-herein contained shall bind and the benefits and advantages shall inure to the respective heirs, executors, administrators, successors, :rod 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 t,e applicable to all genders. All covenant8, agreements and undertakings shall ire joint and several. In the event additional numbered covenants or para- graphs are for convenience inserted in this Mortgage, such additional covenants shall tre read and given effect as though following this covenant in consecutive order. -3- 8Q0~~ P~Cf~