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HomeMy WebLinkAbout067210. No person liib~ for the delft hereby secured, whether such liability is primary or secondary, and whether such liability is created by endorsement f the notes or as joint maker of the notes, or guarantor, or having assumed the obligation to pay said Mortgage debt or otherwise liable for said Mortgage debt, shall be released or discharged from liability of the aforesaid debt by vir- tue of any extension or renewal granted by the Mortgagee to the maker of the notes hereby secured, or any other person liable for said debt, whether primary or secondary. The Mortgagee is hereby expressly granted the right and power to grant such extensions to the makers of the notes hereby secured as said Mortgagee may deem advisable, without first obtaining the consent of any other person liable for said debt, whether primary or secondary, and to take such renewals of the notes and debt hereby secured as said Mortgagee may deem advisable, without first securing the consent of any other person liable for said indebtedness. No delay in the enforcement by the Mortgagee of any of the rights of said Mortgagee arising by virtue of this Mortgage and promissory :rotes hereby secured operate as a release or discharge of any person liable for the debt hereby secured, whether primary or secondary. 11. If any said sums of money herein referred to be not promptly and fully paid within fifteen days next aster the same severally become due and payable, or if each and every the stipulations, agreements, conditions and covenants of the promissory notes and this Mortgage, or either, are not duly performed, complied with and abided by, the said aggregate sum mentioned in said promissory notes shall become due and payable forthwith automatically and without notice or demand and Mortgagee may fore- close this Mortgage by judicial proceeding. Mortgagee shall be entitled to collect in such proceeding all expenses of foreclosure in• eluding but net limited to attorney's fees and costs incurred by reason of said default. 12. In .he event of the Mortgagor's default in the performance of any of the terms, provisions, conditions, covenants or agreements of this Mortgage, any loan documents or the promissory note hereby secured, or if any action or proceeding is com- menced which materially affects mortgagee's interest in the Property including but not limited to eminent domain, insolvency, code entorcements and arrangements or proceedings involving a bankrupt or decedent: a. The Mortgagee (in addition to the rights and remedies herein conferred) shall also have the right to avail itself of the remedies prescribed by Chapter 679 F.S., and all other rights and remedies conferred upon a creditor by virtue of the provisions of the Ur•iform Commercial Code. The Mortgagor agrees to surrender possession of the property herein described to the Mortgagee on demand; the Mortgagee, its agents or employees, are authorized to enter into and onto and upon any premises where said property may be located for the purpose of repossessing the same. b. The Mortgagee shall have the right to have a receiver appointed to take charge of, control and manage the mortgaged premises, and to collect and hold the assigned rents and profits accruing therefrom; such receiver shall be appointed without the necessity of showing insolvency of the Mortgagor or inadequacy of the mortgaged security; all rents, profits, revenues and income a~~sing from the mortgage premises or accruing thereupon shall, upon default of the Mortgagor of any of the terms of the Mortgage or the promissory notes hereby secured, be considered as trust funds, and if collected by the Mortgagor the same shall constitute trust funds and be held in trust for the use and benefit of the Mortgagee, and forthwith delivered upon collection to said Mortgagee. The Mortgagee is excused from giving or filing any bond in a judicial proceeding as required by statute or rules of court as a condi- tion or prerequisite to the appointment of a receiver, issuance of injunction, attachment, garnishment or other provisional remedy, or supersedeas in the event an appeal is taken by the Mortgagee. The Mortgagor irrevocably waives such statutory or rule require- ments relating to bond. c. The Mortgagee at Mortgagee's option, upon notice to Mortgagor, may make such appearances, disburse such sums and take such action as is necessary to protect Mortgagee's interest, including, but not limited to, disbursement of reasonable attor- ney's fees and entry upon the Property to make repairs. If Mortgagee required Mortgage insurance as a condition of making the loan secured by this Mortgage, Mortgagor shall pay the premiums required to maintain such insurance in effect until such time as the re- quirement for such insurance terminates in accordance with Mortgagor's and Mortgagee's written agreement or applicable law. Mort- gagor shall pay the amount of all Mortgage insurance premiums in the manner provided under paragraph 3 hereof. Any amounts disbursed by Mortgagee pursuant to this paragraph with interest thereon, shall become additional in- debtedness of Mortgagor secured by this Mortgage. Unless Mortgagor and Mortgagee agree to other terms of payment, such amounts shall be payable upon notice from Mortgagee to Mortgagor requesting payment thereof, and shall bear interest from the date of dis- bursement at the highest rate permissible under applicable law. Nothing contained in this paragraph shall require Mortgagee to incur any expense or take any action hereunder. d. The Mortgagor irrevocably appoints the Mortgagee or its representative as the agent of the Mortgagor for the follow- ing purposes: ia1 to enter upon and take possession of, for the account of the Mortgagor, the mortgaged premises and property hereby encumbered (including but not limited to the rents, profits and income accruing therefrom) until such time as said property, including rents, profits and income, is taken into actual custody by the court and out of such rents, profits and income to pay all obligations of the Mortgagor as herein defined, in the order which the Mortgagee may determine; such acts of the Mortgagee shall not be construed as a waiver of default or estoppel against the Mortgagee to exercise all other rights and privileges herein conferred upon the Mortgagee; Ib1 to take possession of all tangible personal property hereby encumbered for the account of the Mortgagor, and provide for the safekeeping of the same until such time as said property is taken into actual custody by the court. All costs and expenses, including reasonable attorney's tees thus incurred by the Mortgagee, shall be paid by the Mortgagor and secured by the lien of this mortgage. 13. It is agreed that the provisions, agreements, terms and conditions contained in this Mortgage and promissory notes hereby secured, together with the lien and security hereby created, shall extend and apply to, and govern any and all notes given in extension or renewal-of the notes hereby originally secured. 14. Mortgagee may make or cause to be made reasonable entries upon and inspections of the Property, provided that Mort- gagee shall give Mortgagor notice prior to any such inspection specifying reasonable cause therefor related to Mortgagee's interest in the Property. 15. All remedies provided in this Mortgage or the note are distinct and cumulative to any other right or remedy under this Mortgage or the note or afforded by law or equity, and may be exercised concurrently, independently or successively. 16. Except for any notice required under applicable law to be given in another manner, Ia1 any notice to Mortgagor pro- vided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Mortgagor at the Property Address or at such other address as Mortgagor may designate by notice to Mortgagee as provided herein, and (b) any notice to Mortgagee shall be given by certified mail, return receipt requested, to Mortgagee's address stated herein or to such other address as Mortgagee may designate by notice to Mortgagor as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Mortgagor or Mortgagee when given in the manner designated herein. 17. The term "Mortgagee" as used in this Mortgage and the promissory notes hereby secured, shall be Deemed to include and mean the Mortgagee, his or her or their heirs, administrators, executors and assigns, and if a corporation, its successors, grantees and assigns; the term "Mortgagor" as used in this Mortgage and promissory notes hereby secured shall be deemed to include and mean the Mortgagor, his or her or their heirs, administrators, executors, grantees and assigns, and if a corporation, its successors, grantees and assigns. The use of the singular shall be construed as the plural whenever the context so requires. The terms "debt" or "obligation", as used in this Mortgage and promissory notes hereby secured, shall be deemed to include all covenants, agreements and promises of the Mortgagor as herein delineated. All covenants and agreements of Mortgagor shall be joint and several. 18. As used in this Mortgage and in the note, attorney's fees shall include but not be limited to, such fees incurred prior to I institution of litigation, or in Litigation, including trial and appellate review, and in arbitration, bankruptcy or other administrative or judicial proceedings. ~K ~~~ PdGf U~~