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HomeMy WebLinkAbout0093 principal amount of two times the amount of the Note, plus interest thereon. and any disbursements made for the payment of taxes. levies. or insurance, on the Mortgaged Property, with interest on such disbursements. Any such futon advsnoa, whether obligatory or to be made at the option of the Mortgagee. or otherwise, may be msde either price 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 sawting any and a0 itlebtedrte~ by the Mortgagor to Mortgagee (but in no event shall the secured indebtedness exceed at any time the maximum principU amount set fortbFi~ this paragraph) in whatever manner this indebtedness may be evidenced or represented, until this Mortgage is xitistied of record. All covenants sod agreements contained in this Mortgage shsU Oe applicabb to all further advances made by Mortgagee to Mortgagor under this futon advsnce tdausa • 16. No delay by Mortgagee in exercising any right or remedy henurler, 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 mrutitute a waiver of or consent to wbsequent defaults. No failure of Mortgagee to exercise any option herein given to accelerate maturity of rho debt hereby secured. fro [orbear>laoe by Mortgagee before or after the exorcise o[ such option and ra withdrawal or abandonment of foreclosure proceeding by Mort- gagee slug be taken or construed u:waiver of its right to exercise such option or to accelerate the maturity of the debt hereby secured by mason of any past, precentor futon default on the put of Mortgagor: and, in like manner, the procurement of insurance or rho payment of taxes or other lieru or chuges by Mortgsgee 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 (except any person expressly released in writing) tot payment of any indebtedness secured hereby or [or performance of any obligation rnntained herein, and without affecting 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 before or after the maturity of said nr?te, and without notice or consent: (a) Rekase any person liabk for payment of all or any part 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 any part of the indebtedness, or modifying or waiving any obligation, or subordinating, modifying or otherwise dealing with the lien or charge hereof; (c) Fa?ereist or refrain from exercising or waive any right Mortgagee may have; (d) Accept additional sxurity of any kind; and ? (e) Rekase or otherwise deal with any property, real or personal. securing We indebtedness, including all or any put of the Morigsgod Property. 18. My agreement hereafter made by Mortgagor and Mortgagee pursuant to this mortgage shall be superior to the rights of the holder of F any intervening lien or encumbrance. 19. Mortgagor hereby waives all right of homestead exemption, if any, in the Mortgaged Property. 20. In the event of condemnation proceedings of the Mortgaged Property, the award or compensation payabk thereunder is hereby assigned to and shall be paid to Mortgagee. Mortgagee shall be under no obligation to question the amount o[ any such award or compensation and may accept the same in the amount in which the same shall be paid. In any such corlemaatioa prooeedingi, Mortgagee rray be represented by counsel sekcted by Mortgagee. The proceeds of any award or compensation so recavod shall, at the option of Morigagte, either be applied to the prepay- ment of the Note and at the me of interest provided therein, regardku of the rate of interest payabk on the award by the condemning authority, or at the option of Mortgagee, such award shall be paid over to Mortgagor for restoration of the Mortgaged Property. 21. If Mortgagee, purwant to a construction loan agreement or loan rnmmitment made by Mortgagee with Mortgagor, agrees to make con- struction loan advances up to the principal amount of the Note, Then Mortgagor hereby covenants that it will comply wiW all of the terms, pro- visions and covenants of said construction loan agreement or loan commitment, will diligently construct the improvements to be but7t pursuant to the terms thereof all of the terms thereof which are incorporated herein by referertet as though set forth fully herein and- will permit no de- faults to occur thereunder and if a default 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 o[ the operations of and the fmancial condition of Mortgagor. , 23. If all or any put of the Mortgaged Property, or any interest therein, is sold, conveyed, transferred or further encumbered by Mortgagor without Mortgagee's prior written consent, excluding (i) a transfer of the Mortgaged Property by merger or rnrttolidation of Mortgagor, if Mort- gagor is a corporation, with another corporation having a net worth of not less than. the rtet worth of Mortgagor, or (ri) the grant of any kaso- hold interest in the Mortgaged Property rat rnntaining an option to purchase, which kale is made in the ordinary course of Mortgagor's business, then and in that event, Mortgagee may declare all sums secured by this ortgage to be immedutely due and payabk. Mortgagee shall have waived such option to aocekrate if, prior to the sak, transfer of conveyance, Mor and the person or entity to whom the Mortgaged Property is to be s :w er tt3nrfrced r•Mh ~s!~rrmst in wt(ti~ tlut the credir of such person or entity is satiafactory to Mortgagee and that the interest Dayabk on the sums secured by this Mortgage shall be at such rate as Mortgagee shall request If Mortgagee has waived this option to aoakrate as provided in this Paragraph, and if Mortgagor s successor in interest has executed a written assumption agreement, accepted in writing by Mortgagee, Mortgagee • shall rckase Mortgagor from all obligations under this Mortgage and the Note. i 24. Mortgagor represents and warrants that if a corporation, it is duly organized and validly existing, in good standing under the laws of the stare of its incorporation, has stock outstanding which has been duly and validly issued, and is qualified to do busiress and is in good starling in t the State of Fbrida, 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. i 25. In the event any one or more of the provisions contained in this Mortgage or in the Nett shall for any reason be held to be invalid, illegal or unenformbk in any respect, such invalidity, illegality or unenforaability shall, at the option of the Mortgagee, not affect any other pro- { visions of this Mortgage, but this Mortgage shall be construed as if such invalid, illegal or unenfotoeabk provision had never been contained herein or therein The total interest payable pursuant to the Note or this Mortgage shall not in any one yar exceed the highest lawful rate of interest , allowed by the law of the State of Florida. - ~ } 26. The covenants and agreements herein contained shall bind and the benefiu and dvantages shall inure to the respective heirs, executors, administrators, successors, 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 covenants, agreements and undertakings shall be joint and several In the event additional numbered covenants or paragraphs are for convenience inserted in this Mortgage, such additional covenants shall be read arl given effect as though following this covenant in consecutive order. • ~ I j i 1 i r aooX34z PAGE 3 •3- ~''-~~~F ~ s . ~i. } ~ `