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HomeMy WebLinkAbout0934 14) In the event that MORTG/1GOR shail ta) consent to the appointment of a receiver, t~ustee or liquidator of all or a substantial part of MORTGAGOR'S assets, or (b) be adjudicated a bankrupt, or inwlvent, or tile a voluntary petition in bank~uptq, or admit in writing its inabitity to pay its debts as they become due o~ shall generaliy fail to pay its debts as they mature, or (c) make a genenl assignment for the benefit of c~editors, or (d) file a petition or answer seeking reo~~anization or a~nngement with creditors, o~ to take advantage of any insolvency law, or (e) file an answer admitting the material allegations o~, ~ pet~tip~t tHed against the MORTG/1GOR in any bank~uptcy, reorganization o~ insolvency proceeding, or (f) action shall be taket~ by jlhe IV10RT11GOR for the purpose of effecting any of the foregoing, or (g) any order, judgment or dec~ee shall be entered upon an application of a credltor or MORTG/1GOR by a c~urt of compete~t jurisdiction approving a petition seeking appointment of a receiver or trustee of all or a substantial pa?t of the MORTGAGOR'S assets and such order, judgment or decree shal) continue unstayed and in effect for any pe~iod o( thirty (30) consecutive days, the MORTGAGEE may declare the Note hereby secured forthwith due and payable, whereupon the principal of and the interest accrued on the Note and all other sums hereby secured shall become fonhwith due and payable as if all of the said sums of money were originally stipulated to be paid on such day; and thereupon the MOR7GAGEE without notice or demand may prosecute a suit at law and/or in equity as if all monies secured hereby had matured prior to its institution. 15) The MORTGAGEE, or any pe~son authorized by the MORTG/1GEE, shall have the right to enter upon and inspect the mortgaged premises at all reasonable times. 16) This M~rtgage shall cPCUre not only the existing indebtedness of MORTGAGOR, but also such future adva~ces, whether such advances or obligations are to be made at the option of the MORTGAGEE or otherwise, as are made within twenty (20) years from the date hereof to the same extent as if such future advances were made on the date of the executio~ of this Mortgage, and although there may be no advances at the time of the execution of this Mortgage, and although there may be no indebtedness outstd~~.;~~g at the time any advance is made. The total amount of indebtedness that is secured hereunder may decrease or increase from time to time, but the total unpaid balance so secured at any one time shall not exceed the maximum principal amount of N1A , plus interest thereo~ and any disbursements made for the payme~t of taxes, levies o~ insurance on the Property covered by this Mortgage with interest on such disbursements, and attorney's fees, court costs and expenses. Nothing herein contained shall be deemed an obligation on the part of MORTGAGEE to make any future advances. 17) As required by MORTGAGEE, the MORTGAGOR will pay unto the MORTGAGEf, on the first day of each and every consecutive month, a sum equal to one-twelfth (1/12) of the annual amount necessary to pay all taxes and assessments against the mortgaged premises, the monthly sum to be estimated solely by MORTGAGEE and calculated to be an amount not less than the amount of taxes ass~ssed against the mortgaged premises for the previous year, and further to pay to MORTGAGEE all insurance premiums required hereunder in a similar manner. All monies thus paid shall be held by MORTGAGEE without interest. 18) If this Mortgage is in connection with construction loan financing, then this Mortgage is subject to the Canstruction loan Agreement of even date between the MORTGAGOR and the MORTGAGEf, an executed copy of which is in the possession of the MORTGAGEE a~d is incorporated herein by reference and made a part hereof. Any default by MORTGAGOR under said agreement shall constitute an event of default under this Mortgage_ 19) The MORTGAGOR will on the request of the MORTGAGEE furnish a written statement of ~i~c amount owing on the obligation which this Mortgage secures and therein state whether or not MORTGAGOR claims any defenses or oFisets thereto. 20) MORTGAGEE shall have the right to setoff and charge MORTGAGOR'S bank account with MORTGAGEE for interest and principal due and payable, as provided in the Note, as it becomes due. 21) At the option of the MORTGAGEE, MORTGAGOR agrees to provide MORTGAGEE with an annual financial statement in form satisfactory to the MORTGAGEE and an annual operating statement of the mortgaged premises, both statements to be delivered to MORTGAGEE within sixty (60) days following the end of MORTGAGOR'S fiscal year. ' 22) It is agreed that nothing in the Not~ or this Mortgage shail operate to require the MORTGAGOR to pay interest at a rate greater than the maximum lawful rate of interest allowable from time to time under the laws of the State of Florida or the United ~ States of America, whichever is higher, or unlimited, or to make any payment or to do any act contrary to law. If any clauses or ~ provisions herein would operate to invalidate this Mortgage or the Note in whole or in part, such clause or provision only shall be ~ considered invalid, and the remainder of this Mortgage shall remain operative and in full force and effect. 23) If all or any part of the mortgaged property shall be damage~ ar taken through condemnation (which term when used in this Mortgage shall include any damage or taking by any governmental authority, and any transfer by private sale in lieu thereof), either temporarily or permanently, the entire indebtedness secured hereby shall at the option of the MORTGAGEE, become immediately due and payable. The MORTGAGEE shall be entitled to all compensation awards, and other payments or relief therefor and is hereby authorized, at its option, to commence, appear in and prosecute, in its own or the MORTGAGOR'S name, any action or proceeding relating to any condemnation, and to settle or compromise any claim in connection therewith. All such compensation is hereby assigned by the MORTGAGOR to the MORTGAGEE, who, after deducting therefrom alf its expenses, including attorney's fees, may release any monies so received by it without affecting the lien of this Mortgage or may apply the same in such manner as the MORTGAGEE shall determine, to the reduction of the sums secured hereby, and any balance of such monies then remaining shal~ be paid to the MORTGAGOR. The MORTGAGOR agrees to execute such further assignments of any compensation, awards, damages, claims, rights of action and proceeds as the MORTGAGEE may require. 24) This Mortgage secures any monies advanced by the MORTGAGEE to pay Florida excise taxes (and penalties thereon) which may become due because of the compounding of interest or adding of interest to principal under thP Note secured hereunder. Failure of MORTGAGOR to pay any such taxes at the request of MORTGAGEE shall constitute a default under this Mortgage. . 25) MORTGAGOR hereby ass'sgns to MORTGAGEE all of M(~RTGAGOR'S rights and interest as lessor in any leases now or hereafter existing and affecting the real property described herein, together with all rents, income and proiits due and becoming due therefrom, which leases shall be subject and subordinate to this Mortgage in all respects. In the event of ar~ default occasioning acceleration under this Mortgage or the Note which it secures, MORTGAGOR authorizes MORTGAGEE to demand and to collect al) rents accruing (rom the mortgaged property and appfy the same to the outstanding indebtedness, and any payments thus made and applied shall not cure any default nor impair the ,'vtORTGAGEE'S right to proceed with any (egal action to collect its entire mortgage debt. MORTGAGOR hereby autt~orizes MORTGAGEE to give notice in writing of this assignment at any time to any tenant whose lease is assigned to MORTGAGEE by virtue of this provision. Prior to default, MORTGAGOR shall have the right to collect said rents, provided, however, that even before a default occurs, no rent for more than two (2) months in advance shall be collected. MORTGAGOR further agrees to take no other act which would impair or dPStroy the rights and benefits of MORTGAGEE under this assignment. 26) The Note which this Mortgage secures provides that the Note Holder may charge a late payment equal to four percent (4%) of E any payment received more than f'sfteen (15) days after its due date, and all such late payment charges shall also be secured by this Mortgage. 27i MORTGAGOR covenants that it shall perform and fulfill promptly alf covenants contained i~ superior or inferior ' encumbrances on any and all of the Mortgaged Property. If MORTGAGOR shall fai) to do so, MORTGAGEE may, at its election, _ perform or fulfifl such covenant, without waiving or affecting the option to foreclose or any other right h~reunder, and the cost thereof, together with interest from the date of payment at the maximum intere t rate permissibl~~laLw, shall be secured hereby. The failure of MORTGAGOR to pay said superior or inferior mor;gages wh~~5a~1~ a ~ tts terms or failure -3- ~a 3- 9a 8'