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HomeMy WebLinkAbout0707 tiit apply aueh rents, issues utd profits received by it on the indebtedness secured herebyorder iur11t~3~agee deter- mines. The right to enter and take possession of the Mortgaged Property, to manage and operate the same, and to collect tl?e rents. isates and profits thereof. whether by a receiver of 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 sucb rents. issues and profits actually received by Mortgagee. 14. It the indebtedness secured hereby is now or hereafter turiher secured by chattel mortgagee, security interests, financing statements, pledges, contracts of guaranty. assignments of leases, or other securities, or it the Mortgaged Pro- perty hereby encumbered consists of more than one panel of real property, Mortgagee may at its option exhaust any one or more of said securities and security hereunder, or ouch parcels of the security hereunder, either concurrently or inde- pendently. and in sucb order as it may determine. are obligatory or to be made at the option of Mortgagee. or otherwise. as ere made within twenty (~0) yea ate hereof. to the same extent as it such future advances were made on the date of We execution of gage, but each secured indebtedness shall not exceed at any time the maximum principal amoun plus interest. and any disbursements made for the payment of taxes, lev' ranee, on the Mortgaged Property, with interest on such disbursements. Any such future advances, wt ~gatory or to be made at the option of the Mortgagee, or otherwise, may be made either prior to or after ate of the Note or any other notes secured by this Mortgage. . This Mortgage is given for the specifies of securing any and all indebtedness by the Mortgagor to Mortgagee (but in no event shall the secure mess a:teed at any time the maximum principal amount set forth in this paragraph) in whatever manne a redness may be evidenced or represented, until this Mortgage is satisfied of record. All rnven- ants meats cnntained in this Mortgage shall be applicable to all turiher advances made by Mortgagee to '16. No delay by Mortgage's in exercising any right or remedy hereunder. or otherwise afforded by law, shall operate as 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 o[ or consent 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 before or after the exercise of such option and no withdrawal or abandonment of foreclosure proceeding by Mortgagee shall be taken or con- strued as a waiver of its right to exercise such option or to accelerate the maturity o[ We 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 taxes or other liens or charges by Mortgagee shall not be taken or construed as a waiver of its right to a~relerate the maturity of the debt hereby secured. - 17. Without affeMing the liability of Mortgagor or any other person (except any person expressly released in writing) for payment of any indebtedness secured hereby or for performance of any obligation contained herein, and without affect- ing the rights of Mortgagee with respect to any security not expressly released in writing, Mortgagee may, at any time and from time to time, either ~etore or after the maturity of said note, and without notice or rnnsent: (a) Release any person liable for payment of all or any part of the indebtedness or for pertom~ance of any obligation. Ib) Make any agreement extending the time or otherwise altering the teams 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 waiar any right Mortgagee may have. (d) Accept additional security of any kind. (e) Release or otherwise deal with any property, real ar personal, securing the indebtedness, including all or any part of the Mortgaged Property. 18. Any agreement hereafter made by Ii~iortgagor 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 1liorlgaged Property. I 20. In the event of condemnation proceedings of the Mortgaged Property, the award or compensation frayable there- f under is hereby assigned to and shall be paid to Mortgagee. lyyt>:(ga shalt-be_n ~ ~ anwuat--------- ~ of any such award or compensation and n>eyr-eceep!•the~samein~h~ount iri which the same shall be paid. In any such _ condemnation proceedings, Mortgagee may be represented try counee~TT~cted 1?y-lulotlgagee. The pra~eeds of any award or compensation ro received shall, at the option of Mortgagee, either be applied fo the prepayment 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 E the option of Mortgagee, such award shall be maid over to Mortgagor for restoration o~ the Mortgaged Property. 21. It Mortgagee, pursuant to a construction loan agreement or loan commitment made by Mortgagee with Mortgagor. ~ agrees to make construction torn advances up to the principal amount of the Note, then Mortgagor hereby covenants that it ~ will rnmply with all of the terms, provisions and covenants of said construction loan agreement or loan commitment. will diligently construct the improvements to be built pursuant to the teams thereof, all o[ the terms thereof which are in- t corporated herein by reference as though set forth fully herein and will permit no defaults to occur thereunder and it 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 statements of the financial rnndition of Mortgagor. ~ 23. Mortgagor represents and warrants that if a corporation, it is duly organized and validly existing, in good stand- ing under the laws of the state of its incorporation, has stock outstanding 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 validly 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 [or 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 aftec•t any other provisions of this Mortgage, but this Mortgage shall be construed as if such 1 invalid, illegal or unenforceable provision had never been contained herein or therein. The total interest payable pursuant ~ to the Note or this liiortgage 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 ~ t respective heirs, executors, administrators, successors, and assigns of the parties hereto. Wherever used, the singular ! numher shall include the plural. the f~lural the singular, and the use of any gender shall be applicable to all genders. All covenants, agreements and undertakings shall be joint and several In the event additional numbered rnvenanta or pare- ~ 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. -3- ' D11{~~ , t PJ~