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HomeMy WebLinkAbout0118 ' • .1 ~ apply such rents, issues and ~iibfits received by it on the indebtedness secttred thereay~in such' ~tde Mortgagee deter- ' mince 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, whether by a receiver or otherwise, shall be cumulative to any other right or remedy hereunder or afforded by law, and may be exercised concurrently therewith or independently thereof. Mortgagee shall be liable to account only for such rents, rues and profits actually received by Mortgagee. 14. If the indebtedness secured hereby is now or hereafter further secured by chattel mortgages, security interests, financing statements, pledges. contracts of guaranty, .assixnments of leases, or other securities, or if the Mortgaged Pro- perty hereby encumbered consists of more than one paa.•el 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 rnncurrently or inde- pendently,and in such order as it may determine. 35. '1't•+• 1Nnrf~now shall ancure not only existinK indebtedness, but also such future advances, whether such advances are obligatory or to be made at the option of Mortgagee, or otherwise, as are made wtthtn twenty t~V) years iror++ ii+e w,:c hereof, to the same extgpt~,~;sy?ch future advances were made on the date of the execution of this Mortgage, but such secured indebtedness shall gPtt@~cpad at aqy time the maximum principal amount of E -~Tf A plus interest, and any disburs~q~ttr,5er jos the payment of taxes, levies, or insurance, on the Mortgaged Property, with interest on such diabursemenfs,_~Aa sttteh tutpre advances, whether obligatory or to be made at the option of the Mortgagee, or otherwise, may be made eitM~t~'~rietr to or after the due date of the Nole or any other notes secured by this Mortgage. This Mortgage is given fob.~e specific purpose of securing any and all indebtedness by the Mortgagor to Mortgagee (but in no event shall the seculyd,'lrtrkbte~ OJtceejl at~sny time the maximum principal amount set forth in this paragraph) in whatever manner this indebtedness may be evidenced or represented, until this Mortgage is satisfied of record. All coven- ants and agreements containe~ r~+ ithj~ l~;iortgage shall be applicable to all further advances made by Mortgagee to 1liortgagor under this future ad1~~ce claust!.i 16. No delay by Mortgagee in exercising any righ/ or remedy hereunder, or otherwise'atforded by law, shall operate :+s 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 fllortgagee 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 be taken or construed as a waiver of its right to accelerate the maturity of the debt hereby secured. 1T. Without at[ecting the liability of Mortgagor or any other person lexcept any person expressly released in writing) for payment of any indebtedness secured hereby or for per/orrr+ance of any obligation contained herein, and without affect- ing the rights of Mortg:gee with respect to any security not expressly released in writing, Mortgagee may, at :+ny time :+nd from time to time, either before or after the maturity of said note, and without notice or consent: la) Release any person liable for p:+yment of all or any Bart of the indebtedness or for performance of any obligation. (b) 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 obliq~+tion, or subordinating, modifying or otherwise dealing with the lien or charge hereof. ' (r) Exercise or refrain from exercising 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 tx+rt of the Mortgaged Property. 18. Any agreement hereafter made by Mortgagor and Alortgagee pursuant to this mortgage shall he sut+erinr 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 condemnation proceedings of the Mortgaged Property, the award or c•oml+ens:+tion lk•+yable there- under is hereby assigned to and sh:+ll be laid to Mortgagee. Mortgagee shaft he 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 laid. In any such condemnation proceedings, Mortgagee may be represented by counsel selected by ltlortgagee. The pra-eeds of any award or compensation so received sh:+ll, at the option of Mortgagee, either t+e applied to the prepayment of the. Note and at the rate of interest provided therein, regardless of the rate of interest payable on the award by the condemning authority, or al the option of Mortgagee, such award shall Fx paid over to 1liortgagor for restoration of the Mortgaged Property. 21. If Mortgagee, pursuant to a construction lo:+n agreement or loan commitment made by bortgagee with Mortgagor, agrees to make construction lo:+n advances up to the princ•ilx+l amount of the Note, then Mortgagor hereby covenants that it will comply with all of the terms, lrovi~iuns and covenants of said construction loan agreement or loan commitment, will d+ligently construct the improvements to be built pursuant' to the terms thereof, all of the terms thereof which are in- c•or{wrated herein by reference as though set forth tally herein and will permit no defaults to occur thereunder and if a de- fault shall cKC•ur thereunder, it shall constitute a default under this 1lfortgage 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 cort+or.+tion, it is duly organized and validly existing, in good stand- ing under the laws of the state of its incor~+oration, has stork 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 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 tie 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 t+e construed as if such invalid, illegal or unenforceable provision had never I+een contained herein or therein. The total 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. 25. The covenants :end agreements herein contained shall bind and the benefits and advantages shall inure to the resl+ec•tive heirs, executors, administrators, successors, and assigns of the lr.+rties hereto- Wherever used, the singular number shall include the phirnf, the plural the singular, and the use of any gender shall be applicable to all genders. All covenants, agreements and undertakings shall t?e joint and several. In the event additional numbered covenants or para- graphs are for convenience inserted in this Alortgage, such additional covenants shall be read and given effect as though following this covenant in consecutive order. -3- , ; Bt;~K JJ~ P4GE 118 - - - ~ _ ~ - -