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HomeMy WebLinkAbout1105 • i t i apply such rents, issues and profit received by it on the indebtedness sauced hereby in ouch order as Mortgagee deter- mines. The tight to enter and take Iwssesaion of the Mortgaged Property, to ananiagq q~ operula tlles~tde, and to collect the rents, issues and profits thereof, whether by a receiver or otherwise, ahall~be~cvtadleitive to af~yloUie~right or remedy hereunder of afforded by law, and may be exercised concurrently therewith or independently then.~of. Mortgagee shall be liable to account only for such rents, issues and profits actually received by Mortgagee. 1~. It the indebtedness secured hereby is now or hereafter further recured by chattel mortgages, security interest, financing statement, pledges, contracts of guaranty, assignments of leases, or other securities, or it the Mortgaged Pro- t~erty hereby encumbered consist of more than one parcel of real property, Mortgagee may at it option exhawt any one or more of said securities and security hereuruler, or such parcels of the security hereunder, either concurrently or rode- i 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 of Mortgagee, or otherwise, ae are made within twenty (20) yeah from the date s hereof, to the same extent as it such future advances were made on the date of the execution of this Mortgage, but such secured indebtedness shall not exceed at any time the maximum principal amount of i plw intrest, and any disbursement made for flee payment of taxes, levies, or insurance, on the Mortgaged Property, with interest on such disbursement. Any such future advances, 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 indebtedneaa may be evidenced or represented, until this Mortgage is aatistied of rernrd. All coven- ant and agreement contained in this Mortgage shall be applicable to all further advances made by Mortgagee to Mortgagor under this future advance clause. 16. No delay by Mortgagee in exercising any right or remedy hereunder, or otherwise afforded by law, shall operate :us a waiver thereof or preclude the exercise thereof during the rnnlinuance of any default hereunder. No waiver by Mortgagee of any default shall constitute a waiver of or consent to subsequent default. 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 rnn• atrued as a waiver of it 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 txea or other liens or charges by Mortgagee shall no! be taken or construed 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 o? any indebtedness secured hereby or for performance of any obligation contained herein, and without atfect- inq the right of Mortgagee with respect to any security not expressly released in writing, I?lortgagee 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 tot payment of all or any Bart of the indebtedness or for I~ertormance 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 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 otherwise deal with any property, real or personal, securing the indebtedness, including all or any part of the Mortgaged Property. 18. 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 waives all right of homestead exemption, it any, in the Mortgaged Property. 20. In the event of condemnation 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 and may accept the same in the amount in which the same shall be paid. In any such condemnation proceedings, Mortgagee may be represented by counsel selected by Mortgagee. The proceeds of any award or compensation so received shall, at the option of Mortgagee, either be applied to the prepayment of the Note and at the rate of interest provided therein, regardless of the rate of interest.payahle on the award by the condemning authority, or at the option of Mortgagee, such award shall be paid over to Mortgagor for restoration of_the Mortgaged Property. 21. It Mortgagee, pursuant to a construction loan agreement or loan commitment ~raade by Mortgagee with Mortgagor, agrees to make rnnstruclion 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 commitment, 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 forth fully herein and will permit no default 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 statement of the financial condition of Mortgagor. 23. Mortgagor represent and warrants that if a corporation, it is duly organized and validly existing, in good stand- ing under the Paws of the state of it incorporation, has stock outtanding 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 vaiidty 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 be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unentorceablity shall, at the option of the Mortgagee, not affect any other provisions of this Mortgage, but this Mortgage shall be construed as if such invalid, illegal or unenforceable provision had never been 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 covenant and agreement herein contained shall bind and the benefit and advantages shall inure to the respective heirs, executors, administrators, 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 genders. All covenant, agreement and undertakings shall be joint and several. In the event additional numbered covenant or para- graphs are for convenience inserted in this Mortgage, such additional covenant shall be read and given effect as though following this covenant in rnnsecirtive order. -3- e~ 81:GKJJ~ PE6E~~ - - -