HomeMy WebLinkAbout1117' T ~
apply such rents, issues and profits received by it on the indebtedness secured hereby in such outer us INortgugee deter-
mines. The right to enter and lake {wssession of the Mortgaged Property, to manage and ol-erate the same, and to collect
the rents. issues and profits thereof, whether by a receiver or otherwise, shall Ire cumulative to any other right or remody
hereunder or afforded by law, end may I-e exen•ised concurrently therewith or independently (hereof. Mortgagee shall
t-e liable to account only for such rents, issues and profits ac•tu:tlly received by Mortgagee.
14- It the indebtedness secured hereby is now or hereafter turthec secured by chattel mortgages, security interests,
(financing statements, pledges, contracts of guaranty, assignments of leases, or other securities, or it the Mortgaged Pro-
t-erty hereby encumbered consists of more than one panel of mat property, Mortgagee may at its option exhaust any one
or more of acid securities and security hereunder, or such Ixtrcela of the security hereunder, either concurrently or inde-
Itendently, andin such order:ta it may determine.
are obligatory or to be made at the option of Mortgagee, or otherwise, as are made within twenty (20) yea rert~fhe date
hereof, to the same extent as if such future advances were made on the dote of the execution o ortgage, 1-ut such
secured indebtedness shall not exceed al any time the maximum principal amoun
plus interest, and any disbursements made for the payment of taxes, lev' tnsurstnoe, on the Mortgaged Proterty, with
interest on such disbursements- Ar-y such future advances, wh - igutory or to be made al the option of the Mortgagee,
or otherwise, may be made either prior to or after a date of the Note or any other notes secured by this Mortgage.
This Mortgage is given for the specific of securing any and all indebtedness by the Mortgagor to Mortgagee (but
in no event shall the secured i races exceed at any time the maximum princital amount set forth in this Ixtmgraph) in
whatever manner a tedness may he evidenced or represented, until this Mortgage is satisfied of record. All coven-
ants an ments contained in this 1liortgage shall he applicable to all further advances made by Mortgagee to
16. No delay by Mortgagee in exercising any right or remedy hereunder, or otherwise at(ordod by law, shall ot-erate
as a waiver thereof or preclude the exen•ise thereof during the continuance of any default hereunder- No waiver by
Aortgagee of any default shall constitute a waiver of or consent to subsequent defaults. No fai)ure of Mortgagee to exen•ise
any option herein given to accelerate maturity of the debt hereby secured, no torbeantnce by Mortgagee before or after the
exercise of such option and no withdrawal or abandonment of foreclosure lrroceeding by Mortgagee shall t-e taken or c•on-
slrued as a waiver of its right to exercise such option or to accelerate the maturity of the debt hereby secured Fty reason of
any past, present or future default on the {><•trt of Mortgagor: and, in like manner, the procurement of insurtnm or the trty-
ment of taxes or other liens or charges by Mortgagee shall not Ix taken or construed as a waiver of its right to armlerate
the n-caturily of the debt hereby secured-
17. Without affecting the liability of 1ortgagor or any other person lexmpt any 1-crson expressly released in writing)
for lutyment of any indebtedness secured hereby or for perforrnancr of any obligation contained herein; and without attec•t-
ing the rights of Mortgagee with respect to :my sec urily not expressly released in writing, Mortgagee may, at any time and
from time to time, either t-etore or after the maturity of said note, :tnd without notice or consent:
la) Release any )-erson liable for tr:tyment of all or any tk~rt of the indebtedness or for lrerformanm of any obligation.
th) Blake any agreement extending the time or otherwise altering the terms of t-:tyment of all or any part of the
indebtedness, oc modifying or waiving any obligation, or suhonlinatinR, mc-di(ying or otherwise .dealing with the lien or
charge hereof.
Ic- Exen•ise or refrain from exercising or waive any right Mortgagor may h:n•e.
(d) Accept additional severity of any kind.
(e) Release or otherwise deal with any protrerty, real or t-ersonal, securing the indebtedness, including all or any )-art
of the Mortgaged Property.
18. Any agreement hereafter made by Mortgagor and Alortgager pursuant to this mortgage shall lee sutx•rior to the
rights of the holder of :cny intervening lien or encumbrance.
19. Mortgagor hereby waives all right of homestead exemption, it any, in the Mortgaged Yro)-erh•.
20. In the event of condemnation proceedings of the Mortgaged Prolrerty, the award or compensation payable there-
under is hereby. assigned to and shall I-e t-:tid to Mortgagee. Alortgagcr shall t-e under no obligation to question the amount
of any such award or comtensation and may aec•ept the s:cme in the amount in which the same shall be t-:tid. In any such
condemnation proceedings, Mortgagee may Fee represented try c•ounse) selected by Mortgagee The promeds of any awanl
or compensation so remixed shall, al the option of Mortgagee, either I-e applied to the pre)>.~yment of the Note and al the
rate of interest provided therein, regardless of the rt1e of interest t-:tyable on the award by the condemning authority, or at
the option of illortgagee, such award shall Ix• paid over to 111orjgagVc. for nmlor-afipgd;~to~o~iged Yrolrerty.
aa
'Ll. It Mortgagee, pursuant to a construction lam agreement or loan corfimifrnent->~A'tfy I1lortgagee with Alortgagor,
agrees to make c•onstruc•tion latn advances up to the princit-:d amount of the Note, then IlllottkagoY he4~lby covenants that it
will comply with all of the terms, provisions and covenants of said c•onstruc•tion loan agreement or loan ttiinmitment, will
diligently construct the improvements to he built pursuant to the terms thereof, all of the term.4 thereof which are in-
c•orlwrated herein by reference as though set forth fully heroin and will 1-ermit 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 Mortgagor, 1~lortgagor shall provide Mortgagee wtth penodtc c•ertitied audited statements of the
financial condition of 1lortgagot
'23. Mortgagor represents and warrants that it a c•ortwrttion, it is duly organized and validly existing, in good stand-
ing under the laws of the state of its incortwrdion, 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 )waver and authority to consummate the
loan contemplated herel-y: and, if a t-:trtnership, it is duly formed and validly existing, and is fully qualified to do business
in the State of Florida: with full tww•er and authority to consummate the (stn crontemplated hereby .
24- In the event any one or more of the provisions contained in this Mortgage or in the Note shall for any reason
tx• held to t-e invalid, illegal or unenforceal-Ie in any res{rec•t, such invalidity, illegality or unentoneablity shall, at the
option of the Mortgagor, not attec•t any other provisions of this Mortgage, (rut this Alortgage shall be construed as i( suc•h
im•alid, illegal or unentonratrlc• provision had never Irec•n c•ontaincd herein or therein. The lot:d interest twyable pursuant
to the Note or this Mortgage shad) not in any one year exc•crd the highest lawful rate of interest in the State of Florida.
25. The covenants and agreements herein containcct shall trind and the Ixnelits and advantages shall inure to the
j rc•stxr•tive heirs; executors, administrators, succe~scrrs, suet assigns of the t-:trtirs hereto. Wherever used, the singular -
f number shall include the plural, the plural the singular, and the use of any gender shall t>,• applicable to all genders. All
I covenants, agreements and undertakings sFwll Ire joint and severtl. In the event additional numbered covenants or para-
graphs are for convenience inserted in this Mortgage, such additiorut) covenants shall Fee read and given effect as though
~ following this covenant in consec tiv order.
~ 26. Mortgagor shal~ ~irst obtain the written consent of Mortgagee prior to the
conveyance of the mortgaged property to a third party. It is specifically understood
that failure to obtain such written consent of Mortgagee, which consent may be granted
or withheld at the sole discretion of Mortgagee shall consitute a default hereunder.
aonx34~ PacE1117 •
.y --