HomeMy WebLinkAbout1714 receiver, liable for the payment of the indebtedness secured hereby
and without regard to the then value of the premises or whether the
same shall be then occupied as a homestead or not. Such receiver
shall have the power to take possession, control, and care of the
premises and to collect the rents, issues, and profits of the premises
• during the pendency of such foreclosure suit and, in case of a sale and
a deficiency, during the full statutory period of redemption (provided
that the period of redemption has not been waived by the Mortgagor),
as well as during any further times when the Mortgagor, its
successors, or assigns, except for the intervention of such receiver,
would be entitled to collect such rents, issues, and profits, and all
other powers which may be necessary or are useful in such cases for
the protection, possession, control, management, and operation of the
premises, during the whole of said period. To the extent permitted
by law, said receiver may be authorized by the court to extend or
modify any then existing leases and to make new leases, which
extensions, modifications, and new leases may provide for terms to
expire, or for options to lessees to extend or renew terms to expire,
beyond the maturity date of the indebtedness hereunder, it being
understood and agreed that any such leases and the options or other
such provisions to be contained therein, shall be binding upon
Mortgagor and all persons whose interests in the premises are subject
to the lien hereof and upon the purchaser or purchasers at any
foreclosure sale, notwithstanding any redemption from sale,
discharge of the mortgage indebtedness, satisfaction of any
foreclosure decree, or issuance of any certificate of sale or deed to
any purchaser.
(f) A lication of Proceeds of Foreclosure Suit. The proceeds of any
oreclosure sale o the premises shall be distributed in accordance
with applicable Florida law and applied in the following order of
priority: first, on account of all costs and expenses incident to the
foreclosure proceedings, including all such items as are mentioned in
Paragraph (b) hereof; second, all other items which, under the terms
hereof, constitute secured indebtedness additional to that evidenced
by the Note, with interest thereon, at the Default Interest Rate;
third, all principal and interest remaining unpaid on the Note;. and
fourth, any overplus to Mortgagor, its successors or assigns, as their
rights may appear.
(g) Rescission of or Failure to Exercise. The failure of the Mortgagee to
exercise the option for acceleration of maturity and/or foreclosure
following any default as aforesaid or to exercise any other option
granted to the Mortgagee hereunder in any one or more instances, or
the acceptance by Mortgagee of partial payments hereunder shall not
cohs'titute a waiver of any such default, nor extend or affect the
grace period, if any, but such optiop shall remain continuously in
force. Acceleration of maturity, once claimed hereunder by
~ Mortgagee, may, at the option of Mortgagee, be rescinded by written
~ acknowledgement to that effect by the Mortgagee, and shall not
affect the Mortgagee's right to accelerate the maturity for any
future default.
• (h) Sale of Se crate Parcels• Ri ht of Mort a ee to Purchase. In the
event o any oreclosure sale o said premises, the same may be sold
in one or more parcels. Mortgagee may be the purchaser at any
foreclosure sale of the premises or any part thereof.
(i) Waiver of Statutory Rights. To the extent permitted by law,
Mortgagor shall not and will not apply for or avail itself of any
~ appraisement, valuation, redemption, stay, extension, or exemption
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