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HomeMy WebLinkAbout0994 hereby, or in performance of any ot Mortgegor's obligations, eovenants or agreements hereunder, after thirty (30) days of receipt oi notice of default: (a) Mortgagee ia authorized at any time, wiinout notiee, in its sole discreUon to enter upon and teke possessio~ of the premiaes or any part thereof, to periorm any acts Mortgagee deems neeessary or proper to ~onserve the security and to aolleet and receive all rents, issues and profita thereof, ineluding tho~e psst due as well as those . aaeruing thereafter, and (b) Mortgagee shall be entitled, aa a matter oi strict right and Mithout regard to the value oc oeeupaney of the security, to have a receiver appointed to enter upon and take possession of the pcemisea, collect the rents and pcofits thecefrom and applq the same as the court.may direct, such ceceivec to have all the rights and powers permitted under the laws oi Florida, ineluding, wi~hout limitation, the right and power to oomplete oongtruetion oi any and all pactially c~onstructed improvementa and to eomplete periocmanee of any and all of • Moctgagoc's obligatlons under then existing construetion contraets, or to enter into new aontracts for the eompletion oi sueh eonstruction; to aubmit all or any portions oi the Pcoperty upon wMch this mortgage is a ficst llen moctgage to eondominium, and thereaftec to market, advertise for sale, sell, convey and cent or lease condominium units thereof, and, in connection therewith, to have and ~ - exercise all rights, powers and privileges incident to the development and sale of condominium pcoperty. ~ - In either of such cases, Mortgagee or the receiver may aLso take possession of, and for these purposes use, any and all personal property contained in the premises and used by Mortgagor in the cental or leasing thereof or any part thereof. The ~ ~ expense (includirg receiver's fees, counsel fees, coets and agent's compensatlon) incucred pursuant to the powers herein contained shall be seeured hereby. Mortgagee shall (aiter payment of all casts and expenses incurced) apply such rents, issues and profits received by it on th~e indebtedness secured t~ereby in such order as Moctgagee . ~ determines. The right to enter and take possession of said property, to manage and operate the same, and to collect. the rents, issues and pcofits thereof, w#~ether~ by a receiver or otherwise, shall be cumulative to any other right or remedy hereunder or ~ afforded by law, and may be exercised concurcenUy tfierewith or independently theceof. ~ Mortgagee shall be liable to aecount only fot such rents, issues and profits actually received by Mortgagee. ~ 14. If the indebtedness secured hereby is now or hereaftec furthec secured by chattel moctgages, securtty agreements, seeucity Interests, pledges, _ ; contracts of guaranty, assignments of leases, oc other securities, or if the premises ; hereby encumbeced cor~ists of more than one pareel, Mortgagee may at its option exhaust any one or more of said securitle~ hereunder, whether concurrently or ~ indeQendently, and in such order as it may determine. I E ~ 15. The total amount of indebtedness secuced hereby may decrease or ~ increase from time to time, but the total unpaid balance so secured at any one time shall not exceed the princlpal sum of ;14,000,000.00 plus interest thereon and any ~ disbursements made pursuant to the Construction Loan dc Project Agceement to ~ complete construction or for the payment of taxes, levies or insurance on the pcoperty ~ ~ covered by the liert oi this mortgage, with interest thereon; and this moctgage shall ~ seeure eny and all additional or further monies which may be advanced by Mortgegee to the Mortgagor after the date hereof to the same extent and with the same priority, ~ . force and effect as though such future advances were made on the date hereof, which future advances of money, if made, shall be evidenced by a note or notes executed by ~ the Mortgagor to the Mortgagee beacing sueh rate of interest and with such maturities ~ ~ as shall be determined from time to tlme, but any and all such future advances secured ' by this mortgage shall be made not more than twenty (20) years aiter the date hereof. ~ Nothing herein contained shall be deemed an obligation on the part of the Mortgagee ; to make any future advances. The word "Mortgagor" as used in this paragraph includes ~ any successor in ownership of the mortgaged property, including any receiver duly ~ appointed by a court of competent jurisdiction. ~ ~ a 16. No delay by Mortgagee in exercising any right or remedy hereunder, ~ or otherwise afforded by law, shall operate as a waiver theceof or preclude the ~ exercise thereof during the continuance of any default hereunder. No waiver by ~ ~ ~ ~ f O li , ~ ~ _4_ ~ k ~ i .~'a_,_.e~.._ . . : _ A_~~_ - ~ ~ _ ~ `