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income, profits, issues ord revenues oceher~mo?t0aged os if specifically set fortF+ and described in the grontinp ~d hobendum
ckx~ses hereof, and such receiver :boll hove allthe brood ord effective functions and powers in any wise entrusted-~ court b o
reviver, and such oppointrnent :boll be mode by such court os an admitted equity and a molter of absolute right in the Mortgagee,
and without referenu b the otkquocy or iradequocy of the value of floe property mortgaged, or b the solvency or insolvency, of
the Ma~tgogor and/or the defendant arxi such rentrs, profits, income, issues and revenues shall be applied by the receiver according
b tht lien and/or equity of this mortgage and the practice of such court, and sud+ appointment of receiver shall be without notice -
to any obligor hereunder. - -
NINTH: The. Mortgagor hereby waives all rights of homestead and exemption granted by the Constitution and lows of
Florida. 1t is specifically o~reed that tiros is of the essence in this contract and that rw waiver by the Mortgagee of any obligation
hereunder or of the obligation secured hereby shall at any time tjoereaher be bald to be o waiver of the-terms hereof or of the
obligation secured hereby. -
_ TENTH: If all or any port of the above described property or on interest therein is sold or transferred by the Mortgagor,
or his successor in interest, without the Mortgagee's prior written consent, excluding (a) the creation of o lien Rr encumberonce
subordinate b this nartgoge, (b) the creation of a purchase money security interest for household oppliorices, (c) o tror?sfer by
devise, descent a by operation of law upon the death of o joint tenant, or (d) the grant of any leasehold interest of three years
or less not tonbinirg on option b purchase, the Mortgagee may, of the Mortgagee's option, decloro all the sums secured by this
mortgage b be immediately due and payable. ,The Mortgagee sFioll hove waived -such option to occelerote if, prior b the solo or
transfer, the Mortgagee and the person b whom the above-described property is b be sold or transferred reach agreement in w?it-
ing that the credit of such person is satisfactory to the Mortgagee and that the interest payable on the sums secured by this _
mortgage shall be of such rote os the Mortgagee shotl request.
ELEVENTH: If foreclosure proceedings of any second mortgage or second tn,st deed or any junior lien of oriy kind should
be instituted, the Mortgagee may, at its option immediately or thereoher declare this mortgage and the indebtedness secured here-
by due and payable. ~ ~ - - .
TWELFTH: That in the event the premises hereby mortgaged, or any part thereof, shall be condemned and token for public
use under the power of eminent domain, the Mortgagee shall hove the right to demand that all damages awarded for the bking
of or dornoges b sold premises shall be Quid b the Mortgagee, up b the amount then unpaid on this mortgage and the obligation'
secured hereby and may be applied upon the payments last payable under this mortgage and the obligation secured hereby.
THIRTEENTH:. Thot~nstollments, payable under the temu hereof and the note secured hereby, not paid when due, shall
be subject, offer fihcen (15) Boys from the due dote thereof, bond it is agreed Mortgagee shall collect thereon and therewith,
o "tote charge" in the amount of four per cent (496) of the, installment due upon each such delinquent installment, and such "late
charges" ore secured by the lien hereof.
- FOURTEENTH: Without impairing the obligations of Mortgagor contained in paragraphs SECOND, THIRD and FOURTH
hereof, and for-application to the purposes thereof insofar os the some shall be sufficient, Mortgagor shall, in odddition to the
monthly payments of principal and interest os sbted in the original note (and in the note or notes secured hereby) provided to be
I~ mode, pay o monthly sum and amount equal bone-twelfth (1/12) of the estimated annual foxes, assessments and insurance
premiums upon the real estate security, os the amount thereof is determined from time b time by the Mortgagee.
FIFTEENTH: That the Mortgagor shall furnish annually, of the request of the Mortgagee, financial statements in form
and certified in o Wanner satisfacbry b the Mortgagee.
SIXTEENTH: This mortgage secures on existing indebtedness and also secures any and all renewals and extentiorn of the
promissory note referred to herein and secured hereby, orx! all installments thereof, and also any other note which may have been
or may hereaher be given b the Mortgagee by the Mortgagor, and any other indebtedness of the Mortgagor to the Mortgagee,
and this mortgage is oleo intended b be and is a mortgage to secure po_yment of any and all future or additional advances mode
by the Mortgagee at its option b the Mitgagor, or his successor in title, for any purpose, to the some extent os if such future or
additional advances were mode on the dote of the execution of this mortgage, although there may be no odvorite mode of the
time of the execution of this mortgage and although there may be no indebtedness outstanding at the lima any advance is mode.
All such oclvances are b be made within twenty years from the dote of this mortgage, or within such lesser period of time as may
be provided hereoher by low as opre-requisite for the sufficiency of actuot notice or record notice of the option of future or oddi-
tioria! advances as against the rights of creditors or subsequent purcFasers for valuable consideration. The btol indebtedness se-
cured by this mortgage may decrease or increase from time b time, but the total unpaid balance so secured of any one time shall
not exceed o maximum principal amount of 1Z~REE NIl~I'Y ~/1~-----------
plus interest thereon, and any disbursements mode for the payment of foxes, levies or insurance on the -property covered by the
lien of this mortgage, with interest on such disbursements. _
: Sales and Release of Mortgages of individual lots at Bay Colary will be
allowed in an amount not to ~,ceed $200,000 without a reduction of
~ rote, thereafter a
reduction equal to the cost as shown in the ~a~audited ~`inancial Statements_ of B. F. ProQerties,
Znc. as of Jin~e 30, 1979 repo~'ted by Goddard, ~s and Co~any, va~der ScTiedule of Ivts
Sold and Cost of Iots (see attached l~hibit Aj , would 6e made uj~on each sale with the
~rceptiatn that should the col]attnal of the lots err the stock became less than twice the
arrant of the loan, a reduction to the loan would be made to bring the balance to this ratio.
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