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HomeMy WebLinkAbout0310 ~•`•j ? ' • ~ ;+f~hly such rentx, issues: and profits received by it on the indebtedness secured hereby in such order us Mortgagee deter mines. The right le enter and take Ixicsession of the Mortgaged Property, to munagA and operate the s:+me, and to collect the rents. issues and profits thereof, whether I,y r+ receiver or otherwise, shall t,e cumulative to any other right or remedy hereunder or afforded by law, and m:+y he exen•ised concurrently therewith or independently thereof. Mortgagee shall be liable to aeeount only (or such trots, issues and profits actually received by Mortgagee. • 14. It the indebtedness secured heref?y is now or hereafter further secured by chattel mortgages, security interests, financing statements, pledges, contracts of guaranty, ustiignments of leases, or other securities, or if the Mortgaged Pw- txrty hereby encumbered consists of more than one lu+n•el of real properly, Mortgagee may at its option exhaust any one or more of s:+id securities and see•urily hereunder, or such Ix+rcels of the security hereunder, Tither concurrently or inde- t?endently, :+nd in such order :+s it m:?y determine. 15. This Mortgage shall ser.•ure not only existing indebtedness, but also such future udvan.•es, whether such ud~:+nces are obligatory or to be mode ut the option of Mortgagee, or otherwise, us are made within twenty (20) yeah: from the date hereof, to the same extent ux if such future advamrs were mode on the date of the execution of this Mortgage, but such secured indebtcYlness shall not exceed at any time the maximum princilu+l amount of S -n- plus interest, and any disbursements mode for the tr.+yment of taxes, levies, or insur.+n+•e, on the Mortgaged Property, with interest on such disbursements. Any such future udvanc•es, whether obligatory or to t,e made at the option of the Mortq:+gee, or otherwise, may be made either prior to or after the due date of the Note or any other notes secured by this Atortgage.. This Mortgage is gi~•en for the slx•cific purpose of see•urinq any and all indebtedness ty the I1lortgagor to Mortgagee (but in no event sh:dl the secured indebtedness exceed at any time the maximum princil,:+l amount set torih in this 1?;+r.+Kr.+ph) in whatever manner this indebtedness miry I,e evidenced or represented, until this Mortgage is x;+tisfied of ree•ord. All co~en- ants and agreements erontained in this Afortgage shall Le applicable to all further advanr•es made by Mortgagee to lltortgagor under this future udvaner duusc•. 16. No delay by Mortgagee in exen•isinq any right or remedy hereunder, or otherwise afforded by law,, shall ul,erate as a waiver thereof or pree•lude the exercise thereof during the continuance of any default hereunder. No waiver by Mgrlgagee of :any default shall constitute a waiver of or consent to subsequent defaults. No failure of 1liortgagec• to exere•ise• any option herein given to accelerate maturity of the debt hereby secured, no torbear.+ncr by Mortgagee before or after the exercise of such option and no withdr.+wul or uh:+ndonment of foreclosure pr«•eedinq by I4lortgagee shall he taken or con- strued as a waiver of its right to exercise such option or to acreler.+te the maU+rity o[ the debt hereby se•e•urrd by reason of any t>i+st, present or future default on the part of Mortgagor, and, in like man::^€, the proe•umment of insur.+nce or the Ix+y- :nent of taxes or other liens or charges by Mortgagee shall not Ix• taken or cnrstruc•d as a waiver of its right to accc•ler.+te the maturity of the debt hereby secured. 1T. Without affecting the liability of Mortgagor or any other I,erson (exec•pt any Ix•rson rxpn•ssly mleasext in writing) for Ix+ymenl of any indebtedness see•urcd hereby or for I,erformancr of any obligation container] herein, and without atfe•c•t- inq the rights of Mortgagee with n•spc•ct to any seKurity not expressly released in writing, !1lortgage•e may, at any time :end fn,m time to time, either before or after the maturity of s:+id note, and without notice or consent: la) Rele:+sc• any I,erso?? liable for payment of all or any I,:+rt of the indebtedness or for performance of any obligation. (h) I11ake any agreement extending the time or otherwise altering the terms of Ix+yment of all or any I,:+rt of the indebtedness, or mcxli(yinq or waiving any obligation, ur sutwnlinalinq, m«lifyinq or otherwise dealing with the lien or charge hereof. (cl Exercise or refrain from exercising or waive any right Mortgage•e• may have. (d? Accept additional se•c•urity of any kind. le) Release or otherwise deal with any protx•rty• real or personal, see•urinq the indebtedness, including all or any part of the Mortgaged Yrof+erty. - IK. Any agreement here:+tter made by Alurtgagor and A1oHgage~e pursuant to ,this mortgage shall he superior to the rights of the holder of any inten•eninq- lien or encumhr.+nce. I 19. Mortgagor hereby K:riwes :dl right of homestead exemption; it any, in the Mortgage•d Protx•rty. i ?b. In the event of condemnation pnx•e•edings of the Mortgaged Yrotx•rly, the award or compens:+tion p;+yai,le there- ] under is hereby assigne•e1 to and shall t,e paid to Ttortgagee. ;Mortgagee shall he under no obligation to question the amount of any sue•h aw:+rcl or coml,ens:+tion and may accept the s;+me in the amount in which the s:+me shall t,e {,:+id. In any such ' condemnation pr«•eedings• Alortgage•e may t,e represented by counsel selected by ;1lortgagee. The prcx•eeds of am• award or r•omlx•ns:+tion so rer•e•ivecl shall at the option of Mortgagee, either t,e applied to the pre{+ayment of the Note and at the ' rate of interest prodded therein, reganlless of the rrte of interest payable on the award by the condemning authority, or at p ~ the option of i•tortgagee• such avant .hall IK• trrid met to ~turtytagor for resturrUun of the :~tortgaged Prol?erh•. '~I. If ~turtKage•e, pursuant to a construction loan agn•rment or lo:m commitment made by ~lortgagee with ~lortgagor. agrees to make construction loan ad~:rm•es up to the principal amount of the Note, then ~Iortgagor hereby cucenants that it E' will comply with all of the terms, procisiuns and cu~enants of s:+id construction lo:+n agreement or lo:+n commitment, will diligently construct the improvements to ix• built pursuant to the terms thereof, :+11 of the terrru thereof which are in- curtmr.+ted herein by refenmcc as though set forth tally heroin and will I,e•rmit no defaults to «•cur thereunder :+nd if a de- t:wlt shall occur thereunder, it sh:+ll constiU+te a default under this Atortgage and the Note. '22. At the option of !~tortgagee, \lortgagor shall provide 1lortq:+qee with periodic certified audited statements of the finanr•ial cronditiun of ~lortgaqur. { 2:;. ~lurtgaqur represents and warrrnts that it a corlrurrtion, it is duly.organizcd :+nd validly existing, in q«xl stand- inq under the laws of the state o[ its inrorpur:rtion, has st«•k outstanding which has hee•n duly and validly issued, and is qualified to do business and is in go«I standing in the State of Florida- with full bower and authority to consummate the loan contemplated hcn•hy: ;end- if a partnership, it is duly torme•d and validly existing, and is fully qualified to do business in the State ul Flnrid:r: with lull tx,wcr and authority to . onsummate the loan contemplated hereby. 'l4. In the event any one ur more of the procisiuns contained in this ~tortgage or in the Note shall for any reason t,e• held to he• invalid, illegal or unenturccahlc in any n•slx•ct, such im:rliditc, illegality or unenfon•eablity shall, at the option of the, ~tortgager, nut affect any other procisiuns of this Alortgage•• but this lfurtgage shall be constnred as if such E im:rlid, illegal or unenlon~cahle prucisiun had never Ix•en contai«•d herein or therein. The total interest payable pursuant to the, Note or this ~tortgagr shall not in anc unr• rear excee•e1 the highest lawful rate of interest in the State ut Florida. 2:,. The cu~en:urts and agreements herein containr•rl shall hind and the i,enelits and advantages shall inure to the resl,e•r•tive heirs, execuk,rs• administrators, succes:urs, and assigns of the p.+rties hereto. ~~'herever used, the singular t numlrr•r shall inrludr• thr• plural, the plural thr• singular. and the use of any kenclr•r shall I,e applir•nble to all gt'nders. All cuvenanls, agreements and undertakings shall he joint and se•ceral. In the, event additional nwnherrd covenants or {>:+r.+- graphs arc for conrenicnce inserted in this 1lortgage• such additional coccnants shall Ix• read and given effect as though folluwinq this covenant in ronse•r•ufive order. • t S a -3- ~I)K~~~ PIILiF ~0 f e _ Ff.