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HomeMy WebLinkAbout0978 . r . _J._ _ ~ ' . - . _ . _.s- . - ~ ~ • • . .j ~ , ~ as security for the Note. to have a roceiver sppointod to eatcr upon and take possession of the Mortgaged Property. coi- krt the rents and profits the~from and apply the sarne as the court may direct, such reeeiver to have all the rights and powers permitted unde~ the iaws of Flaida. In either such case, Mortgaga or the receiver may also take possession of. and for these pu~pose.s use, any and all personal property which is a patt of the Mortgaged Property and used by Matgagot in the rental or leasing thercof or anY part theroof. The expense (including receiver's foes. eounsel fees, eosta arxl agent's compensation) incurred pursu- ant to the powess herc+n contained shall be secured fienby. Matgaga shalf (after payment of a11 costs and expenses in- curred) apply such ronts. issues and profits raxivod by it on the indebtodness secu~ed he~eby in suchorder s~s Mortgagee determines. The right to enter ared take possession of the Mortgaged Prnperty. to manage and operate the same. and to collecc the rents. issues and p~+ofits thereof. whetlxr by a raeiver or otherwise. shall be cumulative to any other right w remedy heeeut~der or afforded by law. and may be ~xercisod concumently thec~ewith or i~depenckntiy theroof. Mortga- gee shall be lisble to account only for such c~ents, issues and pmfits actually ~+oceivod by Mortgaga. 14. If the indebtedness securod hereby is now or hercafter fuRher socurcd by chattel mortgages. security inter- ests. financing statemonts. pledges. contracts of guaraniy. assignments of leases. or ~ securities; or if the Mat- ~ gaged Pevperty heoeby eacumbered consists of more than a~e parcel of rcal property. Morigagee may at its option ex- haust any one or mone of said securities and security hereunder. or such parcels of the socurity heceunder, eitherconcur- rently or independentiy. and in such order as it may detemnine. _ 15. This Matgage shall sertsrt iAOt dnly exiuing indebtedness, but also such future advances, whcthcr such advances are obligatory or to be made at the option o.f Mqrtgaga, or othecwise, as aee made within twenty (20) years from the date hereof, to the same extent as if such future advances weot made on the date of the exocution of this Mat- , gage, but such socurod inde_btodness shall not excced at any time the maximum principal amount of two times the I amount of the Note. plus interat theroon, and any disbursements made Eor tbe payment of taxes. kvies. or iasurance. ,I on the Mortgaged PropeRy. with intecest on such distwrsements. Any such futurt advances. whethar ob{igatcny or to be I made at the option of the Matgagoe. or otherwise. may be made either prior w or after the dut date of the Note u~ any other notes socurod by this Mortgage. 'il~is Mortgage is given for the specific purpose of socuring any and all indebted- ~ ness by ihe Moriga,gor w Moctgagec (but in no event shall the securod indebtedness excood at any time tt~e maximum principal amount set fath in this pacagaph) in whatever manner this indebtainess may bc ev"~denced or represented. until this Mortgage is satisfied of cecord. AU covenants and ag~eements contained in this Moctgage st~al! be applicabk to aU further advances made by Mortgagee to Matgagor under this future advanoe clause. 16. No de{ay by Mortgagee in exerci~ing any right or remody her~eunder. or dherwise afforded by law. shall operate as a waiver thercof or preclude the exencise thereof during the continuance of any ckfauk hereunder. No waiver by Mortgagee of any default shall constitute a waiver of or consent to subsoquent defaalts. No failw~e of Mortgagoe to eaercise any option herein given to accelerate maturity of the debt hereby secured, no forbearance by Mortgagee before - a aftar th~ eaercise of snch option and no withdrawal or abandonment of foroclosure proceeding by Matgagee shall be taken or construod as a waiver of its right to exercise such option or to ac~xkrate tf~e mamrity of ifie debt he~+eby securod by reason of any past. pr~es~nt or future default on the part of Mortgagor; and, in like manner, the procurement of in- ~ surance or the payment of taxes or other liens or charges by MoRgagee shall not be taken or conswed as a waiver of its right to acceierate the maturity of the debt her+eby socured. 17. Without affecting the liability of Matgagoc or any other pe~son (exapt any person express{y released in writing) for payment of any indebtodness secured heneby of for performance of any obligation contained hercin, and ~ without affecting the rights of Mortgagee with rcspoct to any security not expressly released in writing. Mortgagee nsay, at any titn~ and from time to time. either before or after the maturity of said note, and without notice or consent: (a) Release any person liable for payment of all or any part of the indebtedness or for perfocmance of any ~ obligation; f (b) Make any agreement extending the time or otherwise altering the ternu of payment o~ all oi any part ; of the indebtedness. or modifying or waiving any obligation, on subadiaating, modifying or otherwise dealing with th~ lien or charge hereof; (c) Exercix or refrain from exercising or waive any right Mortgagee may have; (d) Accept additional serurity of any kind; and (e) Retcase or otherwise deal with any property. rcal or pcrsonal. securing the indebtodncss, including all a any part of the Mortgagod Property. I 8. Any agr~eement hereafter made by Mortgagor and Mortgaga pursuant to this mortgage shal l be superior to tfie rights of the holder of any intervening lien or encumbrance. 19. Mortgagor hereby waives all right of homestead exemption, if any. in the Matgaged PropeAy. 20. In the event of rondemnation proccedings of the Mortgaged Property, the award or compensation payable ~ thcreunder is hereby assigned to and shall be paid to Mortgagee. Mortgagce shall be under no obligation to question the amount of any such award or compensation and may xceq the same in the amount in which the sarne shall be paid. In any such condemnation proceedings. Mortgagee may be r~epc~esentod by counsel selectod by Mortgaget. 7'he procoeds of any award or compensation so rcceived shall, at the option of Mortgagee. either be applied to the prepayment of the Note and at the rate of interest providod therein, negardless of the rate of interest payabk on the award by the condemn- ing auttarity. or at the option of Mortgagee, snch award shall be paid over to Mortgagor for r~estoration of the Mat- 8a8~ ~~Y- 21. If Mortgagee, Qursuant to a conswction loan agreement or Ioan commitment made by Mortgagee with Mortgagor, agrees to make conswction taan advances up to the principal amaint of the Note. then Martgagor hereby covenants that it will comply with all of the tersns, provisions and covtnants of said conswction ioan agreement or loan ~ commitmont. will diligently conswct the impnovements to be built pu~uant to the terms theroof, all of the tenns there- of which are incorporated herein by r+efercnce as though set forth fully hercin and will permit no defaults to occur there- under and if a default shall occur ther~wnder. it shall constitute a default under this Mortgage and the Note. 22. At the oQtion of Matgagoe. Moctgaga sha41 provide Mortgaga with periodic certified suditod state- ments of the operations of and the financial condition of Mortgagor. BO~~ ~3 e,~ 978 ~ -