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HomeMy WebLinkAbout0545 ~t~ - upply such mots, issu~•a and profits received by it on the indebtedness secured hereby in such onler us Mortgagee deter- mines. The right to enter and take l,oss~~ssion of the Mortgaged Property, to manage and operate the some, and to collect the rents, issues and' profits thereof, whether by a receiver or otherwise, shall I,e cumulative to any other right or remedy hereunder or afforded by law, and may I,e exercised concurrently therewith or independently thereof. Mortgagee shall tre liable to account only (or such meta, issues and profits actually received by Mortgagee. 14. It the indebtedness secured hereby is now or hereafter further secured by chattel mortgages, security interests, financing statements, pledges, contracts of guaranty, assignments of leases, or other securities, or it the Mortgaged Pro• periy hereby encumbered rnnsisls of mom than one parcel of mat property, Mortgagee may at its option exhaust any one or mom of said securities :,nd security hereu,xler, or such parcels of the security hereunder, either concurmntly or inde- l,endently, and in such order as it may determine. 15. This. Mortgage shall aecum not only existing indebtedness. but also such (alum advances, whether such advances am obligatory or to be made at the option of Mortgagee, or otherwise, as am made within twenty (20) years tram the date hemot, to the same extent as it such future advances wem 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 = plus interest, and any disbursements made for the payment of taxes, levies, or insurance, on the Mortgaged Property, with interest on such disbursements. Any such future advances, whether obligatory or to be made at the option of the Mortgagee, or otherwise, may he made either prior to or after the due date oY 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 Morigagor to Mortgagee (but in no event shall the secured indebtednessv exceed al any time the maximum principal amount set forth in thin paragraph) in whatever manner this indebtedness may t,e evidenced or represented, until this Mortgage is satisfied of record. All coven- ants and agreements rnntained in this Mortgage shall be applicable to all further advances made by Mortgagee to . Mortgagor under this tuium advance clause. 16. No delay by Mortgagee in exercising any right or remedy hereunder, or otherwise afforded by law, shall operate as a waiver themot or preclude the exercise themof during the continuance of any default hereunder. No waiver by , Mortgagee of any default shall rnnstitute a waiver of or rnnaenl to subsequent defaults. No failure of Mortgagee to exercise any option herein given to accelerate maturity of the debt hereby secured, no forbearance by Mortgagee befom or after the exercise of such option and no withdrawal or abandonment of foreclosum proceeding by Mortgagee shall be taken or con- strued as a waiver of its right to a:excise such option or to accelemte the maturity of the debt hereby secured by mason of any past, pmsent or future default on the part of Mortgagor; and, in like manner, the procumment of insurance or the I,:,y- menl of taxes or other liens or charges by Mortgagee shall not~he taken or construed as a waiver of its right to accelerate the maturity of the debt hemhy secured. 17. Without affecting the liability of Morigagor or any other person (except any person expmssly mleused in writing) (or payment of any indebtedness secured hereby or for pertonnance of any obligation contained heroin, and without attect- ing the rights of Mortgagee with inspect to any security not expressly mleased in writing, Mortgagee may, :,t :,ny time and from time to time, either t,etore or after the maturity of said note, and without notice or consent: (a) Release any person liable for payment of all or any part of the indebtedness or for performan:r of any obligation. (b) Make any agreement extendina~the time or otherwise altering the teens of I,aymenl of all or any part. of the indebtedness, or modifying or waiving any oblig:,lion, or subordinating, modifying or otherwise dealing with the lien or charge hereof. (cl Exer_•ise or mtraiq(rom exercising or waive any right Mortgagee may have. (d1 Accept additional security of any kind. (e) Release or otherwise deal with any property, real or I,ersonal, securing the indebtedness, including all or any p:,rt of the Mortgaged Property. - 18. Any agmement hema(ter made by Mortgagor and Mortgagee pursuant to this mortgage shall Ire superior to the rights of the holder of any inten~ening lien or encumtrrance. I~ 19. Mortgagor hereby waives all right of homestead exemption, i( any, in the Mortgaged Property- . I ~ 20. In the event of condemnation proceedings of the Mortgaged Property, the award or compensation I,ayable them- 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 he repro-rented try counsel selected by Mortgagee. The proceeds of -any award or compensation so received shall, at the option of Mortgagee, either he applied to the pmpayment 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 at the option of Mortgagee, such award shall be traid mrr to Mortgagor (or restoration-of the Mortgagee Properly. 21. It 1ltortgagee, pursuant to a construction loan agreement or loan commitment made by Mortgagee with Mortgagor, agrees to make construction la,n advances up to the principal amount of the Note, then Mortgagor hereby covenants that it will comply with all of the terms, provisions and covenants of said construction loan agreement or loan commitment, will diligently ronsin,ct the improvements to tre built pursuant to the terms thereof, all of the teens thereof which are in- corporated herein by reference as though set forth fully heroin and will permit no defaults to occur themunder and i(a de- fault shall occur thereunder, it shall constitute a default under this I?lortgage and the Note. 22. Al the option of Mortgagee, Mortgagor shall provide Mortgagee with periodic certified audited statements of the financial condition of 1ltorlgagor. 23. Mortgagor represents and warrants that if a coryK~r.,tion, it is duly organized and validly existing, in good stand- ing under the laws of the state of its incortwrllion, has stock outstanding which has teen duly and validly issued, and is qualified to,do b~iness and is in good standing in the State of Florida, with full power and authority to consummate the ( loan contemplated hereby: and, if partnership, it is duly Conned and validly existing, and is fully qualified to do business in the Slate of Florida; with full power and authority to consummate the loan contemplated hereby. t 24. In the event any one or more of the provisions conli,ined in this 1Nortgage or in the Nofe shall for any reason fre held to tre invalid, illegal or unenforceable in any respect, such invalidity, illegality or unentorceablity shall, at the ol,tion of the 1Nortg:,gcr, not attee•t any other provisions of this Alorigage, but this Mortgage sh:,ll be constn,ed :,s it such invalid, illegal or unenton•eable provision h:,d never been contained herein or therein. The total intemst payable pursuant } to the Note or this ,Mortgage shall not in any one year exccK~d the highest lawful r.,te of interest in the State of Florida_ r 25. The covenants and agreements heroin contained shall bind and the I,enetits and advantages sh:,11 inure to the respective heirs, executors, administrators, successors, and :,signs of the p:,riies hemto_ Whemver used, the singular numtrer shall include the plural, the plural the singular, smd the use of any gender shall Ire applicable to all genders. All covenants, agreements and undertakings shall tre joint and several. In the event additional numbered covenants or para- graphs are for convenience inserted in this Mortgage, such additional covenants shall be read and given effect as though following this covenant in consecuti~•e order. r - ~ BO~KJJe7 P~~E 545 -T-__