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HomeMy WebLinkAbout0422 1 ~ 1f' t . • • • ~ ..r i~ ! • 3•y apply such Hints, issues and profile received by it on the indebtedness secured hereby in such order as Mortgagee deter- urinca. The right to enter and take Iwsscssion of the Mortgaged Yrolrerty, to manage and olrcrute the acme, and to collect the rents, issues and profile lherecrf, whether by a receiver or otherwise, shall be cumulative to any other right or remedy hereunder or afforded by Inw, and may ire exen•ised concurrently therewith or indelrendently thenwf. Mortgagee shall Ire liable to an•ount only for such rents, issues and profits actu:dly received by Mortgagee. 14. If the indebtedness secured hereb'yj is now or hereafter further secured by chattel mortgages, se•c•urity interests, firr:rncing statements, pledges, contracts of guaranty,`assignments of bases, or other securities, or if the Mortgaged Irro- Ixrty hereby encumtx•red consists of more than one luucel of real property, Mortgagee may at its option exhaust uny one or more of s:+id sec•urilies and sec•ucily hereunder, or such {rnrcels of the security hereunder, either concurrently or inde- Irendently, and in such order us it may determine. 15. This Mortgage shall secure not only existing indebtedness, but also such future advances, whether such advances are obligatory or to Ix made at'the option of Mortgagee, or otherwise, as nre made within twenty (20) years from the date henof, to the some extent as if such future advances were mode on the date of the execution of this INortguge, but such see•und indebtedness shall not exc•ee~ at >yny time the maximum princifral amount of S N /A plus interest, and any disbursements m'rde Tor the Ixryment of taxes, levies, or insurance, on the Mortgaged Property, with interest on such disbursements. Any such future advances, whether obligatory or to Ire made al the option of the Mortgagee, or otherwise, may Ire 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 purlwse of securing any and all indebtedness by the Mortgagor to Mortgagee (but in no event shall the secured indebtednessg exceed at any time the maximum princi{rat amount set forth in this Ik+ragraph) in whatever manner this indebtedness may Ire evidenced or represented, until this Mortgage is s:+tisfied of record. All coven- , ants and agn•cments contained in this Mortgage shall tee applicable to all further advances made t?y Mortgagee to Mortgagor under this future advance clause. 16. No delay by Mortgagee in exercising ++ny right or remedy hereunder, or otherwise afforded by law, shall olrerate as a wai~rr 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 subsiyuent defaults. No failure of Mortgagee to exercise any option herein given to an•elerrte maturity of the debt hereby secured, no torlrear.+nce by Mortgagee before or after the exercise of such option and no withdrawal or afr+ndunment of foreclosure praeeding by Mortgagee shall he taken or con- strued as a waiver of ila right to exercise such option or to an-elevate the maturity of the debt hereby se~r•ured by mason of any lust, present or future default on the hart of Mortgagor: and, in like manner, the procurement of insur.+nce or the Ir:+y- ment of taxes or other liens or charges by Mortgagee shall not Ire taken or rnnstnred as a waiver of its right to acceler.+te the maturity of the debt hereby sec•und. 17. Vlrithout affecting the liability of 1~lortgagor or any other lrerson (except any lrerson expressly released in writing) for lr:ryment of any indebtedness secured hereby or for performance of any obligation contained herein, and without aflec•t- ing the rights of Aortgagee with reslrec•t 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: 1:+1 Kelease any lx•rsun liable for payment of all or any part of the indehtednc:tis or for lx•rfurmanc-e of any obligation. Ibl Make any agreement extending the time or otherwise altering the terms of luyment of all or any part of the indebtedness, ur modifying or waiving any obligation, or subordinating, modifying or otherwise dealing with the lien or charge hereof. Ic) F.xercis:e or r:•[r<+in from exercising or waive any right Mortgagee may hare. Idl Accept additional security of any kind. (el Kelease or otherwise deal with any property, real ur lrersunal, securing the indebtedness, including all or any part of the kortgaged Yrolrerty. 1K. Any agreement hereafter made by Mortgagor and Mortgagee pursuant to this mortgage shall Fx~ sulreriur to the rights of the holder of any intervening lien ur encumhr.+nce. 19. Mortgagor hereby waives all right of homestead exemption, if any, in thc• Mortgaged Nrolx•rly. 20. In the event of condemnation proceedings of the A~ortgaged Irolrerty, the award or c•omlrens:+tiun lu+yable there- { under is hereby assigned to and shall fee laid to Mortgagee- Mortgagee shall Fee under no obligation to question the amount of any such award or c•oml,ena-+tion and may accept the same in the amount in which the same shall tee lraid. In any such condemnation proceedings, Mortgagee may tee represented fry counsel selected by Mortgagee- The proceeds of any award or comlrena•+tion so received shall, at the option of Mortgagee, either Ire applied to the prepayment of the Note and at the rate of interest provided therein, regardless of the rate of interest luyable on the award by the condemning authority, ur at the option of 1~tortgagee, such award shall Ix• paid user to Mortgagor for n•slor+tiun of the Mortgaged Property. 21. If Mortgagee, pursu:+nt to a construction loan agreement ur loan commitment made by Mortgagee with bortgagor. agrees to make construction loan advances up to the princilul amount of the Note, then Mortgagor hereby covenants that it will comply with all of the terms, pmvisions and covenants of s:+id c•onstruc•tion loan agreement or loan commitment, will diligently construct the improvements to I,e built pursuant to the terms thereof, all of the terms thereof which are in- coryxrratcd herein 1»• reference as though set forth fully herein and will hermit no defaults to occur thereunder and if a de- ~ fault shall cx•cur thereunder, it shall constitute a default under this Mortgage and the Note. 'l'2. At the option of Afortgagec•, Mortgagor shall pmride Mortgagee with lreriodic certified audited statements of the financial condition ul Mortgagor. 23. lfortgagur represents and w:+rr.+nts that if a +•orfx,r.+tion, it is duly organized and validly existing, in gcxxl stand- ing under the laws of the st:de of its inc•orlwration. has stcrc•k outstanding which has Ix~en duly and validly issued, and is qualified to du business and is in gcxrd standing in the State of Florida, with full (rower and authority to consummate the _ loan contemplated hereby: and, if a lxutnership, it is duly formed and ~:alidly existing, and is fully qualified to do business in the State of Florid:+: with full power and authority to consummate the lo:+n contemplated hemby. t 24. In the event any one or more of the provisions contained in this Mortgage or in the Note shall [or any reason fx• held to Ire rm:clid, illegal or unenforceable in any reslrect, such invalidity, illegality or unen(urceablity shall, at the option of the Mortgagee, nut affect any other provisions of this Mortgage, but this Mortgage shall l,e construed as if such ~ invalid, illegal or unc•nforceahlc• provision had never been c•untaincd herein or therein. The total interest luyable pursuant to the Note or this :1lortgagc• shall not in any une year exceed the highest lawful rate of interest in the State of Florida. 2.5. The covenants and agreements herein contained shall (rind and the Ixnelits :md advantages shall inure to the n•sl,cxtive heirs, executors, administrators, succeswrs, and assigns of the parties hen•tu. ~Vhererer used, the singular numlx•r shall include the plural, the plural the singular, :+nd the use, of any Kender shall tx• applicable to all genders. Afl covenants, agreements and undert:rkinga shall Ire joint and server.+l. In the event additional numbered covenants ur lrara- graphs are for com~enience inserted in this Mortgage, such additional covenants shall Ire read and given effect as though ~ following this cavenaM in consecutive order. a r f -3- 6~f01 Yd~E ~1 _ _ ~ s , -