Loading...
HomeMy WebLinkAbout0932 _Z t indebtedness secured hereby from time to time to submit to Lender an audited financial statement as to such person or entity within the same ninety (90) day period required above on an annual basis. 14. Uniform Commercial Code. When and if Borrower and lender shall respectively become the Debtor and Secured Party in any Uniform Commercial Code Financing Statement affecting property either referred to or described herein. or in any way connected with the use and enjoyment of the Property, this Mortgage shall be deemed the Security Agreement as defined in said Uniform Commercial Code and the remedies for and violation of the covenants, terms and conditions of the agreements herein contained shall be (i) as prescribed herein, or (ii) by general taw, or (iii) as to such part of the security which is also reftected in said financing statement by the specific statutory consequences now or hereafter enacteri and specified in the Unitorm Commercial Code, all at Lender's sole election. Borrower and Lender agree that the fifing of such financing statement in the ~ecords normally having to do with personal property shall never be construed as in anywise derogating trom or impairing this declarat+on and hereby stated intention of the parties hareto, that everything used in connection with the production of income from the Property (furniture only excepted) and/or adapted for use therein and/or which is described or reflected in this Mortgage is, and at all times and for all purpose~s and in all proceedings both legal or equitabte shall be, ~egarded as part of the real estate irrespective of whether (i) any such item is physically attached to the improvements, (ii) serial numbers are used for the better identification of certain equipment items capable of being thus identified in a recital contained herein or in any list filed with the Lender, or (iii) any such item is referred to or refle~;ted in any such tinancing statement so filed at any time. Similarly, the mention in any such financing statement of (t) the rights in or ihe proceeds of any fire and/or hazard insurance policy, or (2) any award in eminent domain proceedings for a taking or for toss of value, or (3) the debtor's interest as lessor in any present or future lease or rights to income growing out of the use andlor occupancy of the Property mortgaged hereby, whether pursuant to lease or otherwise, shall never be construed as in anywiSe altering any of the rights of Lender as determined by this instrument or impugning the prioriry of the Lender's lien granted hereby or by any other recorded documents, but such mantion in the financing statement is declared to be for the protection of the Lender in the event any court or judge shall at any time hold with respect to (1), (2) and (3) that notice of Lender's priority of interest to be effective against a particular class of persons, including, but not limited to, the Federal government and any subdivisions or entity of the Federal government, must be filed in the Commercial Code Records. Borrower shall pay for all costs of filing such statements and renewals and releases thereof and shall pay all reasonable costs and expenses, including reasonable attorneys' fees and any record searches for financing statements Lender may reasonably require, incident to the preparation and filing of such financing statements. 15. Assignment of Rents. Borrower does hereby assign and set over unto the Lender as additional security for tf~e indebtedness and other items herein secured, all rents, issues, profits, income and accounts receivable generated through the use by Borrower o~ others of all or any part of the Property, including any such rents, issues, profits, income and accounts receivable of any business activity conducted by Borrower on or through the use of the Property, as well as the proceeds of all of the foregoing. Borrower doss hereby appoint the Lender its attorney-in-fact to collect said rents, issues, profits, income and accounts recsivable with or without suit and apply the same, less expenses of collection, to the said indebtedness, other secured items and repairs, in such manner as the Lender may elect; provided, however, that until there be a ciefault under the terms of this Mortgage (which is not cured within the applicable curative period prescribed herein), Borrower may continue to collect and en;oy said rents, issues, profits, income and accounts receivable giving only an annual accounting to the Note holde.? for the same. The curing of any default within the period permitted by this Mortgage shall entitle the Borrower to aga~n collect said rents, issues, profits, income and accounts receivable. This assignment of rents, issues, profits, income, and accounts receivable and power of attorney shall be irrevocab!e and , shall be in addition to the other remedies herein providea for in event of default and may be put into effect independently of or concurrently with any of said remedies, but no liability shall attach to the Lender for failure or inability to collect any ' rents, issues, profits, income and accounts receivable herein assigned. Assignment, li~n, and power of attomey shall apply ' to all rents, issues, profits, income, accounts receivable choses in action and the proceeds of same hereafter accruing ` from present contracts for deed, purchase agreements, option agreements or leases and rentals of the Property and any ~ business activity conducted from or on the Property and from all contracts for deed or purchase agreements, option ~ agreements or leases and rentals and any business activity hereafter made or conducted by the present or any future € owners of the Property, and any persons entering into contracts for purchase or sale of the Property shall take subject to all the provisions and conditions hereof. 'i ~ 16. Future Advances. In addition to the Note referred to herein, this Mortgage shall also secure future advances ~ E made by the Lender to the Borrower, which future advances shall be at the option of the Lender; however, the maximum ~ orincipa{ amount secured by this Mortgage shall not exceed twice the stated principal amount of the Note. All such future ~ advances shall be made within the time limit authorized by Florida law for making valid future advances with interest and ~ all indebtednesses created by virtue of such future advances shall be and are secured hereby. All provisions of this Mortgage ~ shall apply to any future advances made pursuant to the provisions oi this paragraph 16. Nothing herein contained sl~all ° !imit the amount secured by this Mortgage, if such amount is increased by advances made uy the Lender as herein elsewhere ~ € provided and authorized for the protection of the securiry of the Lender. ~ t 7. Other pocuments. The Borrower hereby acknowledges that certain other documents or instruments have been, are being or will be submitted by or for.the Borrower or executed by the B~rrower or by the Borrower and the Lender ~ ;n ~onnection with the loan evidenced hereby. Any misrepresentation in or default under any of said documents or other ~ ~nstrument executed in connectiQn with the loan secured hereby on even date herewith or hereafter shall be and consti;ute € a default undar this Mortgage and the Note secured hereby. The word "Document(s)" shall mean any document or instrument executed or submitted by or for the Borrower in ; connection with this loan, including, as applicable but not limited to: Note, Mortgage, Loan Agreement, Assignment of Rents, Leases, Contracts, Accounts Receivable, Accounts and Deposit Accounts, Security Agreement, Financing Statements, Owner's Affidavit, Certificate of Corporate Resolution and/or Good Standing, Loan Application, Financial Statement, Title Insurance Commitment or Policy, Survey, Construction Loan Agreement, Site Plan, Plans and Specifications, r Construction Breakdown, Insurance Policies, Opinions of Counsel, Letters of any Govemmental Authority, provider of utilities, r ~ ~rchitect, engineer or other consultant, Construction Commitment, Permanent Commitment and Construction Contract. ~ 18. Release of Liability. Without affecting the liability of any party (other than any party released pursuant thereto) t for payment of any indebtedness secured hereby, and without affecting the superiority or validity of the lien hereof upon 's ' ~ : 46~ ~ ~~;E ~2~~ ~ . ~ - ~~.,E , ~ - { ~ - ~ ~ , ~ ~u~ ~ ~ ~ ~z ~:s~~~ ~