HomeMy WebLinkAbout1639t~pply surh reota, isauex and profita received hy it on the indebtedness e-ec•ured hereby in such orde~ t~a ~ortgegee deter-
minea. The right to enter and tnke ~wssession ot Ihe Morlguged Pro{-eHy, !o munage and o~~e~:ite the ~~me, and to collect
ihe renls, issues and pro(ita theseof, whethe~ by a r~reiver or otherwise, slwll be cumulative to any other riRht or remedy
hereunder or attorded by lew, and may l-c exen ised rnncu~eMly therewith or inde~mndently thereof. MortgAgee ehnll
be linble to account only to~ such rents, issues nnd profita ai•tufdiy received by Mo~tgagee.
14. If the indebledneas aecured hereby is now or hereafter (urthe~ secured by chattel mortguges, eecurity interests,
financing atatementa, pledges, ~ronlracts o( guan~nty, ussignmenta of leases~ or other securitiea, or if the Mortgaged Pro-
perty l~ereby encumbered conaisls of more than one pan~el of real property~ Morigagee ~nAy at ila option e:hauat any one
or more ot suid securiliea and aecurity hereunder, or such ~x~~cels of the securily hereunde~, either concurrently or inde-
pendently. and in auch order as it may determine.
15. This Moriguge ahull secure not only exialing indebtednees, but also such future a~dvances, whelher such advances
are obligatory or to be mude at the option o( Mortgngee, or ofhemise, ~a are made withi~ twenty (20) yeare trom the dnte
hereof. to the asime e:tent aa it such tuture ~dvAnces were mAde on the d~te o( the execution of this Mortgage, twt such
secured indebtedneas shaU not exceed at any time the mnYimum principal umount of =
plus interest, and any disbursementa mnde (or the {-ayment of tAxea, levies, or insurance, on the Mortgaged Properly, with
intereat on such diabursements. Any such future advances, whelher obligatory or to be made at !he option ot the Mortgagee,
or otherwise, may be made either p~ior to or after the due date of the Note or any other notes secured by this Mortgage.
This Mortgage ia given (or the specific purpose of securing any and All indebtedness by the Mortgagor to Morigagee (but
in no event shall the secured indebtedness e:ceed at r~ny time the mx:imum principal nmou~t set (orth in thin paragrsiph) in
whatever manner this indebtednesa may be evidenced or represented, unlil this Mortgage is satiatied ot record. All coven-
ants and agreements contained in this Mortguge sfwll be applicable to ~11 further Advances mUde hy Mortgagee to
Mortgagor under this future advance clause.
16. No delay by Mortgagee in exercising any right or remedy hereunder, or otherwise aftorded by law, shall operate
as a waiver thereof or preclude the exemise lhereof during the continusince of nny de(AUIt hereunder. No waiver by
Morigngee of any default ahall constitute a waiver of or cotuent to subsequent defaults. No failure ot Mortgt~gee to e:ercise
any option herein given to accelerate maturity ot the debt hrmby secured, no forhear.~nce by Mortgagee be(ore or atter the
e:ercise ot such option and no withdrawal or abandonment or ro~•i~~re ~~roceeding by Mortgagee shall be taken or con-
strued as a waiver ot ite right to e:erciae auch option or to accelerate the maturity of the debt hereby secured by rn:ison ot
any ~t, present or tuture default on the par! oi Morigagor. And, in like munner, lhe procurement ot insurance or the pay-
ment of tAYes or other liens or charges by Mortg:~gee shall not t-e taken or conslrued :is n w~iver of its right to ac-celerate
the maturity ot the debt hereby secured_ - .
1~. Without affecting the liability of 11lortg~gor or any other person (e:cept any ~~erson expressly released in writing)
for payment of any indebtedness secured hereby or for perfornuince of any oblig~tion contained herein, and without affect-
ing t6e rights of Mortgagee wilh respest to any security not expressly released in writing, 111ortgaRee may, :~t any time and
from time to time, either before or atter the maturity of sAid note, and without notice or consent:
(a) Release any pereon liable for payment of al) or any part af the indebtedness or for pertormance of any obligation.
(b) biake any ngreement e:tending the time or otherwise altering lhe lerms of ~wymenl ot all or any part ot the
indebtednesa, or modifying or waiving Any obligation, or subordinating, modifying or otherwise dealing with the lien or
charge hereof.
(c) Ezerciae or re[rain trom exercising or waive any right Mortgagee may have.
(d) Accept addifional security of any kind.
(e) ~telease or otherwise dea! with any property, real or personal, securing the indebtedness, including all or any part
ot the MortRaged Property.
18. Any agreement hereafter made by Mortgagor and MortgaRee pursuant to this morlRaRe sh~ll be su~~e:ior to the
righls ot the holder of any intervening lien or encumbrance.
19. Mortgagor hereby waives a11 right of homeste~d exemption, i( any, in the Mortg:~ged Property.
20. In the event o[ condemnation proceedings of the Mortqaged Properiy, the award or compensation payable there-
under is hereby assigned to and shall be paid to Mortgagee. Mortgagee shal) be under no obligation to question the amount
of any auch award or compensation and may acce~~t the same in the amount in which the same ahall be paid. In any such
condemnation proceedinga, Mortgagee may be represented try counsel aelected by Mortgagee. The pra~eeds of any award
or compensation so received shall, at the option of Mortgagee, either be applied to the prepayment ot lhe Note and at the
rate of interest pro~~ded therein, regardless o( the nle oi intereat payable on the award by the condemning authority, or at
the option ot MortgaRee, such award shall be paid over to Mortgagor (or restoralion of the l~iortgnged Property.
21. ~ It ;1lortgagee, pursuant to n construction loan agreement or loan commitment made by Mortgagee with Mortgagor,
agrees to make construction loan advances up to the ~~rincipal amounl o( the Note, then Mortgagor hereby covenants that it
will comply with all of the terms, provisions and covenanis of said constraction loan agreement or loan commitment, will
diligently cc~nstruM the improvementa to be built pu~suant to the terms thereof, all o[ the terms thereot which am in-
corporated herein by reference as though set torth fully herein and will permit no defaults to occur thereunder and if a de-
(ault shall occur ihernunder, it shall constitute a de(ault under this Mortgage and the Note.
22. At the option of 1liorigaqer, 1lturtgagor shall pmvide Mortgagee with periodic certitied audited statements of the
tinancial condition of Mortgagor. '
23. Mortgagor represents and w~rrants that if a cory~oration, it is duly organized and validly existing,. in good atand-
ing under the laws of the state of its incorEwration, h~s stock outstanding which h~s been duly and validly issued, and is
qualitied to do business and is in good standing in the State of Florida, with full power and authority io consummate the
loan conlemplated hereby; and, it n partnership, it is duly (ormed and validly existing, and is (ully qualitied to do business
in the State ot Florida; with full ~wwer 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 ahall (or any reason
be held to be invalid, illegal or unenfomeable in any respect, such invalidity, illegality or _ unentorceablity shall, at the
6ption of the Mortg:igee, not affect any other pcovisions o( this Mortgage, but thia Mortgage shall be construed as if such
im•alid, illegal or unenforc•eable provision had never F~een c-ontained herein or therein. The total intereat payable pursuant
to the Note or this Mortgage shaU not in any one year exceed the hiRhest lawtul rnte ot interest in the State ot Florida_
25_ The covenants and agreements lierein containeci shall bind and the benefits and advantages shaU inure to the
respecti~•e heirs, executors, administrators, surcessors, nnd asgiqns of the par-.ies hereto. Wherever used, the singuiar
number shall include the plural, the ~~lurol the sinqular, :ind the use ot any gender shall be applicable to all genders. All
covenanta, agreements and underlakings shall be joint and several. In the e~•ent additional numFiered covenanta or para-
grapha are for convenience inserted in this Mort~aRe, such additional co~•enants ehall F-e read and given effect as though
following this coverwnt in consecutive order. •
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