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HomeMy WebLinkAbout1943t+.. :•.•.~:... priac~pal amouut of the Note. plu~~n ~t14r~t thereoa. ~d ~p IZbursements made for the payment of taxes, leries. or insuraaoe, oa the Mortgaged Property, MitA interest on such dislSorlments. Any such~u~un advances, whether obligatory or to be made at the optioa of the Mortga6oe, ot othe~wise, may be made eithet priot to ot after the due date ot the Note or ~ny othe~ notas secuced by this Mort6a~e. TAh Mortgage is 6iren [or the specit'~c purpose ot securuig any and all indebtedness by the Mortgago~ to Mortaagee (but in rw event sA~ll the secured indebtedness excaed at any time the maximum priacipal upount set foith ia this puagaph) in whatever manner tbls indebtednees may be evidenced or reptesentod, undl this Mortgage is satisfiod of raord. AU covenanu and agreements contained in thk Mortgage shaU be appiicable to aU further adrances msde by Mottaagee to Mortgagor under thls tutun advance dause. l6. No delay by Mortgagee in exercising any right or remedy hareuader, or otherwise al'torded by law. sAaU operate u a waivet thereot or preclude tho oxercise thereof during the continuance of any default hereunder. No waiver by Mortgsaee of any default shall constitute a waivet ot or consenl to subsequent defaults No Cailure o[ Mortgagoe to exercise any option herein ~ren to accelente maturity of the debt henby secuted, no forbeuana by Mortaa6ee before or after the exetcise of such option aad no withdrawal or abandonment oI foredosure ptoceeding by Mort• gasee shal! be taken or construed u a waire~ of its right to exercise such option or to accelerate the maturity of the debt hereby socured by reuon o[ any put, present ot future def~ult oa the put o[ Mortgagoi; and, in like manner, thc procurement oC i~uranoe.or the payment of taxes or other liens or chuges by Mortaagee shall not be taken or censuuod as a waiver of its right to accelente the matutity of the debt henby secured. 17. Without affectin6 the liabi6ty oi lNortgagor or any other penon (exapt any person expressly relessed in writing) for payment of any indebiodness securod hereby or for perfotmance of any obligation contained herein, and without affecting the rights of Mortgagee with tespect to any security not expressly releaud in writing, Mortgagee may, at any time and from time to time, either be[ore or after the maturity of said note, and without notice or consent: (a) Rekase any person liabk foc payment of all or any part ot the indebtedness or tor performance of any obligation; (b) Make my agreement extending tl~e time or othecwise alteting the te[ms of payme~t of all or any put ot the indebtodness, or modifying or waiving any obl'gation, or subordinating, modifying or oiherwise dealin6 with the fien or charge heceof; (c) F.xetcise or teftain [rom exetcising or waive any right Mortgaga may have; (d) Accept additional securiry of any kind; and (e) Release or otherwise deal with a~y property, real or personal, securing the indebtodaess, includiag all or any Qut of the MortgaEed Ptoperty. 18. My agrcement herq[te~ made by Mortgagor and Moitgagee pursuant to this mortgage shall be wperior to the rights of the holder of any intervening tien or encumbrance. 19. Moitgagor hereby wairrs all right of homestead exemption~ if any, in the Mortgaged Propeity. 20. !n the event of condemnatioa proceedings of the Mortgaged Property, the awud or compensation payabk thereuadsr is hereby assigned to and shall be paid to Mortgagea Morigaaee shall be under no obligation to question the amount o( any st~ch awud or oomgenntioa aad may accept the same in t6e amount ie which the same shal! be paid. In aay such condemnation proeeedings, Mortgagee may be cepres~nted br co~atd sekcted by Morytagce. The proceeds of any awud or compensation w receired shaQ at the option of Mortgagee~ either be applied to the prepay- ment o( the Note and at the rate of inierest provided thereia, regudku of the nte of interest payabk on ihe award by the condemttina authority, or at the opt'an o[ Mortgagee, such award shall be paid orer to Mortgagor for restontion of the Mortgaged Property. 21_ It Mortgagee, pursuant to a construction loan agreement or loan commitment made by Mottgagee with Mortgagor, agceex to malce mn- struction loan advances up to the principal amount of the Note, then Mortgaaor hereby covenants that it will rnmply with aU of the terms. pro visiora and corenants of said conctruction loin agreement or loan commitment, wi11 diligently consUuct the improrements to be bw7t pursuant to the terms thereof, aU of the terms thercof which ue incorponted herein by refercnce u though set focth Cully herein and will permit ao do- faults to occur thereunder and if a default shall occur thereunder, it shall constitute a de[ault under this Mortgage and the Note. 22. At the option o( MottEagee, Mortgagor shall ptovide Mortgagee with periodic certified audited statements of the operations of and the financial condition of Mortgagor. ~ 23. IC all or any part of the Mortgaged Property, ot any interest therein, is sold, conreyed, ttansCerred ot further encumberod by Mortgaaor without Mortgagee's prior written consent, excluding (i) a transCer of the Mortgaged Property by merger or consolidation of Mort~or, if Mort- gagor ic a corporatioq with another corpontion having a net worth of not less than the net worth of Mortgagor, or (u) the annt of any Icua hold interest in the Mortgaged Property not containing an option to purchase, w hich lease is made in the ordinary course of Mortgagor s business, then and in ihat event, Mortgagee may declue all sums secured by thg Mort6age to be immediatdy due and pa; abk. Mortgagce stull hare waired such option to accelente if, prior to the sak. transfer or conveyana, Mortga6ee and the person or entity to rvhom the Mortgaged Property it to be sold or transferred reach agreement in w ritina that the credit of such penon or entity is satisfactory to Moatgagee and that the interat payabk on the sums secured by this Mortgaae shall be at such rate as Mortgagee shall requat. If Mortgagee Fus waived this option to acoelerate u providod in this Pua~raph, and if Mortgagor's successor in interest has executod a virritten assumption agreement, accepted in writing by Mortgagee, Mortgaga shall reluse Mortgagor from aD obligations under thg Moctgage and the Noie. 24. Mortgagor represents and a•arrants that if a corporation, it is duly organiud and validly existing, in good standing under the lawc of the state of its incorporation, has stock outstanding w~hich has brzn duly and validly issued, and is qualifiod to do busineu and is in good studing in the State of Florida, w•ith tuU pow~er and authority to consummate the loaa contemplated hereby; and, it a putnership, it is duly formed and validly existing, and is fully qualified to do business in the State of Florida; with full powYr and authority to consummate the loan contemplated hercby. 25. In the erent any one or more of the provisions contained in this Mortgage or in the Note shall for any reuon be held to be invalid, illegal or unenforceabk in any respect, wch invalidity, ilkgality or unenforcubility shall, at the option of the Mortgagee, not affect any other pro- visions of thu Niortgaae, but this Mortgage shall be construed as if such invalid, illegal or unenforceabk provision had never bcen contained herein or therein. The total interest payabk pursuant to the Note or this Mortgage shall not in any one year exceed the highest law ful rate ot interest allowed by the law of the State of Ilotida. 26. The covenants and agrcements herein contained shall bind and the benefits and advantages shall inure to the respective heirs, executors, administrators, succeuors, 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 a0 genders_ All covenants, agreements and undertakings shall be joint and several ln the event additiomi numbered oovenants or puagraphs ue for cunvenience inserted in this !Hortgage, such additional covenants shap be read and given efkct as though following this corenant in consecutive order. ~L31R(3~~ ~~~~19`39 -3- ~:~ ~~;.-..._ _--. _~ ~ ~.-_.~...Nr~ -.