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HomeMy WebLinkAbout1797 , • n ~ j : apply such rents, issues and profits received by it on the indebtedness secured hereby in such order us Mortgagee deter- mines. The right to enter and take l,ossession of the Mortgaged Property, to munugf a(~dpherate the same. and to collect the rents, issues and profits thereof, whether by a receiver or othemisec ~btt11 be to any other right or remedy hereunder or afforded by law, and may be exercised concurrently the[~`~ or independently thereof. Mortgagee shall t Iw liable to account only for such rents, issues and profits actually received by Mortgagee. 14. If the indebterlnem secured hereby is now or hereafter further secured I+y chattel mortgages, security interests, financing statements, pledges, contracts of guaranty. assignments of leases, or other securities, or if the Mortgaged Pro- perty hereby encumbered consists of more than one parcel of real property, Mortgagee may at its option exhaust any one ~ or more of said securities and security hereunder, or such parcels of the security hereunder, either concurrently or inde- I pendently, and in such order as it may determine. ~ s 15. This Mortgage shall secure not only existing indebtedness, but also such future advances, whether such advances i are obligatory or to be made at the option of Mortgagee, or otherwise, as are made within twenty (20) years from the date hereof. to the same extent as it such future advances were made on the date of the execution of thunlyf8ortgage, but such secured indebtedness shall not exceed at any time the maximum principal amount of i plus interest, and any disbursements made for the payment of lazes, levies, or insurance. on the Mortgaged 1'~roperty, with t interest on such disbursements. 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 indebtedness may be evidenced or represented, until this Mortgage is satisfied of record. All coven- ants and agreements contained in this Mortgage .shat! 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 a[[orded 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 rnnatitute a waiver of 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 for+sclasure proceeding by Mortgagee shall be taken or con- strued as a waiver of its right to a:erciae such option or tQ accelerate the maturity of the debt hereby secured by reason of t any past, present or future default on the part of Mortgagor: and, in like manner, the procurement of insurnnce or the pay- ment of tares or other liens or charges by Mortgagee shall not be t:+ken or construed as a waiver of its right to accelerate . c the maturity of the debt hereby secured. } 17. Without affecting the liability of blortgagor.or any other person lexcel,t any person expressly released in writing) for payment of any indebtedness secured hereby or for performance of any obligation rnntained herein, and without affect- ing the rights of 111ortgagee with respect to any security not expressly released in writing, Mortgagee may, at :rny time and from time to time, either t+efore or after. the maturity of said note, and without notice or consent: (a) Release any person liable for payment of all or any {,art of the indebtedness or for performance of any obligation. (b) Make any agreement extending the time or otherwise altering the terms of payment of all or anv 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 refrrin from exercising or waive any right Mortgagee may have. Id) Accept additional security of any kind. (e) Release or otherwise deal with any property, real or personal, securing the indebtedness, including all or any {,art 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 intenrninq lien or encumbrance. - ~ ~ 19. Mortgagor hereby waives all right of homestead exemption, if :rny, in the Mortgaged Property. _ { 20. In the event of condemnation proceedings o[ 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 {,aid. In any such condemnation proceedings, Mortgagee may he represented l,y counsel selected by Mortgagee. The praeeds of any aware! > or compensation so received shall, at the option of M_ ortgagee, either be applied to 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 the option of Mortgagee, such award slwll be fwid over to Mortgagor for restoration of the lltorigaged Property. 21. If Mortgagee, pursuant to a construction loan agreement or loan c•ommitrnenl made by 111ortgagee 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, provisions 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- cortwr<rted 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. 22. At the option of Afortgagee, Mortgagor shall provide Mortgagee with periodic certified audited statements of the ' financial condition of Mortgagor. - 23_ Mortgagor represents and warrants that if a c•ortwration, it is duly organized and validly existing, in good stand- ing under the laws of the slate of its incY,rporation, 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, it a partnership, it is duly formed and validly existing, and is fully qualified to do business in the State of Florida; with full {waver 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 t,e held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceablity shall, at the option of the Mortgagee, not affect any otherpmvisions of this Mortgage, but this Mortgage shall be construed as i( such invalid, illegal or unenfonrable provision hard never been contained herein or therein. The total interest payable pursuant to the Note or this Mortgage shall not in :rny one year exceed the highest lawful rate of interest in the State of Florida. _ 25. The c•oven:rnts and agreements herein contained shall bind and the benefits and :rdvantagea shall inure to the , respective heirs, executors, administrators, succ•eswrs, 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 covenwnts, agreements and undertakings shall 1?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 covea~nt in consecutive order. • -3- gpjK c~ PbGE _ -