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HomeMy WebLinkAbout0963 f apply such rents, issu~~+: and profits received by it on the indebtedness secured hereby in such order as Mortgagee deter- mines. The right to enter and take l~ovaession of the Mortgaged Property, to manuge and olsemte 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, issues and profits actually received by Mortgagee. 14. It the indebtedness secured hereby is now or hereafter lurther secured by chattel mortgages, security interests, financing statements, pledges, contracts of guaranty, assignments of leases. or other securities, or if the Mortgaged Yro- ' beefy hereby encumbered consists of more than one panel of real property, Mortgagee may at its o}~ion exhaust any one or more of said securities and security hereunder, or such parcels of the security hereunder, either concurrently or inde- pendently, and in such order as it may determine. 15. This Mortgage ah:+ll secure not only existing indebtedness, but also such future advances, whether such advances are obligatory or to be made at the option of INorigagee, or otherwise, as are made within twenty (20) years from the date hereof, to the same extent as if such future advances were made on the date of the execution of this Mortgage, but such secured indebtedness aball not exceed at. any time the maximum principal amount of : ~ n plus interest, a+~d any disbursert+ents made for the payment of taxes, levies, or insurance, on the Mortgaged Properly, with interest on such disbursements. Any suchduture 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 Mortg:+gee (hut in no event shall the secured indebtedness exceed at any time the maximum principal amount set forth in Chia lmn+graph) in whatever manner this indebtedness may be evidenced or represented, until this Mortgage is satisfied of record. All coven- ants and agreements contained in this ~4lorigage shall be applicable to all further advances made by Mortgagee to Mortgagor under this tutureadvance clause. 16. No delay by Mortgagee in exercising any right or remedy hereunder, or otherwise afforded 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 Mortgagee to exercise e 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 cron- 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 tx+st, present or future default on the part of Mortgagor: and, in like manner, the procurement of insure+nce or the I,:+y- 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. 17. Without affecting the liability of Mortgagor or any other person (excetri any person expressly released in writing) for I+ayment of any indebtedness secured hereby or for performance of any obligation contained herein, and without :+ffect- ing the rights of Mortgagee with respect to any security not expressly released in writing, Mortgagee may, at any time and ' r from time to time, either before or alter the maturity of said note, and without notice or consent: (a) Release any person 1ia61e for payment of all or any hart of the indebtedness or for performance of any obligation. (b) Make any :+greement extending the time or otherwise altering the terms of t~ayment 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 hereo[. (c) Exercise or refr.+in from exen•ising or waive any right Mortgagee may have. • (d; Accept additional security of any kind. (e) Release nr otherwise deal with any property, real or personal, securing the indebtedness, including all or any Is+rt 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 inlenening lien or encumbrance. 19. Mortgagor hereby waives all right of homestead exemption, if :+ny, in the DlortgaRed Property. 20. In the event of condemnation proceedings of the Mortgaged Property, the award or compensation 1><•+yable 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 r.+te of interest payable on the award by the condemning authority, or at 's the option of Mortgagee, such award shall be 1?aid over to 114ortgagor for restoration of the bioriRaged Property. 21. It Mortgagee, pursuant to a construction loan agreement or loan crommitment made by Mortgagee with Mortgagor, agrees to make construction loan advances up to the principal amount of the Note, then Mortgagor hereby covenants that it will comply with all of the terms, t+rovisions and covenants of said construction loan agreement or loan commitment, will diligently construct the improvements 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 defaults to occur thereunder and if a de- fault shall occur thereunder, it shall constitute a default under this Mortgage and the Note. t 22. At the option of Mortgagee, Mortgagor shall pmvide Mortgagee with periodic certified audited statements of the financial condition of Mortgagor. 23. Sortgagor represents and w•arr.+nts that i(a cort+oration, it is duly organized and validly existing, in good sland- inR under the laws of the slate of its incorporation, has stock outstanding which has peen duly and validly issued, and is qualified to do f+usiness and is in good st:+nding in the State of Florida, with full power and authority to consummate the loan contemplated hereby: and, if a partnership, it is duly fornsed and validly existing, and is fully qualified to do business in the Stale of Florida; with full iwwer and authority to consummate the loan contemplated hereby. 24. In the event any one or more of the Irovisions contained in this Mortgage or in the Note shall for any reason ~ ' t+e held to f?e invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceablity shall, al the ; option of the Mortgagee, not affect any other provisions of this Mortgage, but this Mortgage shall be construed as if such ~ im•alid, illegal or unenforceable provision had never teen contained herein or therein. The total interest payable pursuant f 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 agreements herein contained shall bind and the benefits and advantages shall inure to the rest+ec•tive heirs, executors, administrators, suce•essors, and assigns of the parties hereto. Wherever used, the singular numl+er shall include the plural, the plural the singular, and the -use of any gender shall 1?e applicable to all genders. All k covenants, agreements and undertakings shall I+e joint and several. In the event additional numbered covenants or pars- - graphs are for convenience inserted in this Mortgage, such additional covenants shall be read and given effect as though following this covenant in consecutive order. P 3 aoOK ~6 PacE ~i ~ ~ _ ~ _