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HomeMy WebLinkAbout2183 ` _ _.r. ......_r__ . ~ r ~ apply such rents, issues and pro[it eeceived by it on the ierdsbtdrress assured hereby in such order as Mortgagee deter- _ mines. The right to enter and take poesessian of the Mortgaged Property. to marwge and operate the same, and to collect - t6s rents. issriss earl Profits thereof. whether by a tegiver er otherwise. ahaU be cumulative to any other right os remedy _ hereunder or afforded by 4w, and may bs veercisal concurrently therewith or independently thereof. Mortgages shall bs liable to account ody for such rents. issues and Profits actually received by Mortgagee. 14. It the Indebtedness savrsd beteby is rover or Mrsafter further secured by chattel mortgages. security interest. financing statements. Pledges. contsacL of guaranty, aaignment of leases. or other securities. or i< the Mortgaged Pro- perty hereby encumbered consists of more than one parcel of real Property, Mortgages may at it option esbaud aqy one or mots of said securities and security hereunder. or such paroeL of the security hereunder. either rnncurrently or inde- pendently, and in such order as it may determine. lb. 'Ibis Mortgage shall- 1 e:iding indebtedness. but abo such future advances. whether such advances are obligatory os to be made a~ ttie ~ ~ 'onMortgages. or otherwise. as are made wiWin twenty (90) yearn from the date hereo~l. to the same eztent as it such future advances were made on the date of the execution of this Mortgage. but such secured indebtedness ahaU not a:coed at any time the mazimum principal amount of i plus interest, and any disbursement marls for the payment of fazes, levies, or insurance. on the Mortgaged Property. with interest on such disbursements.. Ave suet tutnre advances. whether obligatory or to be wads at the option of the Mortgagee. or otherwise, may be made eit)ier Prior to or after the due date of tbs Note or any other notes secured by this Mortgage. This Mortgage is given for the specific purPwe of securing any and aU indebtedness by the Mortgagor to Mortgagee (but in no event shall the secured indebtedness ezceed at any timd the ma:innum principal amount yet iorW in this paragraph) in whatever manner this indebtedness may be evidenced or represented. until this Mortgage is satisfied of record. AU coven• ant and agreement contained in this Mortgage shall be applicable to ali farther advances made by Mortgagee to Mortgagor under this future advance clause. ll% No delay by Mortgagee in ezercising any right or~remedy hereunder. or otherwise afforded by law. ahaU 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 detaulta. No failure of Mortgagee to a:excise any option herein given to accelerate maturity of the debt hereby secured. no forbearance by Mortgagee be[ore or attar the e:excise of such option and rw withdrawal or abandonment o[ foreclosure pra~eeding by Mortgagee shall be taken or con- strued as a waiver of it right to ezer+cise such option or. to accelerate the maturity of the debt hereby secured by reason of ~Y Pte. Present or future default on the part of Mortgagor: and. in like manner, the procurement of insurance or the pay- ment of to:es or other liens or charges by Mortgagee ahaU not be taken or construed as a waiver of it right to accelerate the maturity of the debt herby secured. . 17. Without affecting the Uability of Mortgagor or any other person (except any person expressly released in writing) for payment of any indebtedness secured hereby or for pertora4anoe of any obligation contained herein, and without affect• ing the right of Mortgagee wiW respect to any security not ezpressly released in writing, Mortgagee may. at any time and from time to time. either before or after the maturity of acid note, and without notice or consent: (a) Release any person liable for payment of all or any part of the indebtedness or for performance o[ any obligation. (b) Make any agreement extending the time or otherwise alteling the terms of payment of all or any,~art of the _4 indebtedness, or modifying or waiving any obUgation, or subordinating, modifying or otherwise dealing. with _th~. ~en• oat charge hereof. _ r ~ (c) Is'~ercise or refrain from a:errising 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 part of the Mortgaged Property. 18. Any agreemett hereafter made by Mortgagor and Mortgagee pursuant to this mortgage ahaU be superior to the rights of the holder of 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 condemmtion 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 a~ may accept the same in the amount in which the same shall be paid. In any each condemnation proceedings, Mortgagee may be represented by counsel selected by Mortgagee. The proceeds of any award or compensation so received ahaU. at tbe option of Mortgagee, either be applied to the prepayment of the Note and at the ~ rate of interest provided therein, regardless of tbe rate of interest payable on the award by the condemning authority, or at E the option o[ Mortgagee, such award shall be paid over to Mortgagor for restoration of the Mortgaged Property. 21. If Mortgagee, pursuant to a construction loan agreement or loan commitment made by Mortgagee with Mortgagor, agrees to make rnnstruMion loan advances up to the principal amount of the Note, then Mortgagor hereby covenant that it will comply with all of the terms, provisions and covenant of said construction loan agreement or loan rnmmitment, will diligently construct the improvement to be built pursuant to the terms thereof, all of the terms thereof which are in- corporated herein by reference as though set torch fully herein and will permit no default to occur thereunder and it 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 statement of the [financial condition of Mortgagor. . 23. Mortgagor represent and warrants that it a corporation, it is duly organised and validly ezisting, in good stand- ~ ing under the laws of the state of its inrnrporation, bas stock outstanding which has been duly and validly issued, and is qualified to do business and is in rood 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 ezisting, and is [ally qualified to do business in the State of Florida; with full power and authority to consummate the loan contemplated hereby. 24. In tbe event any one or rocs of the provisions contained in this Mortgage -or in the Note shall for any reason r beheld to be invalid, illegal of unontoroeabie in any respect, such invalidity, illegality or unen[otc~blity shall. at the f option of the Mortgagee, not affect any other provisions of this Mortgage, but this Mortgage shall be construed as it such invalid, illegal or unenforceable provision had never been rnntained herein or therein. The total interest payable puruant to the Note or this Mortgage shall not in any one year exceed the highest lawful rate of interest in the State of Florida. 25. The covenants and agreement herein contained shall bind and the benefits- and advantages shall inure to the respective heirs.. ezecutor, administrator, successors, and assigns of the parties hereto. Wherever used, the. singular number shall include the plural, the plural the singular. and the use of any gender shall be applicable to all gender. All covenant, agreement 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 covenant shall be read and given effect ar thargh_ [oUowing this covenant in conser•utive order. -3- L _ 8~3~ p~ .?,.172 _ yam. _