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HomeMy WebLinkAbout0940 . ` ' • • ' ~ ~ , . ~ . ~J . . . . • ~ „r ~ i~1 as sec~uity for the Note. to have a receivw appoiated w eater upou and take possession of the MortBaged P~'oPeny. col- lect the rents aad pmfitt tbenefi~om aad apply the same as the ooun msy direct. wch neoeiver w have all the rigbta and powets perntitEed utr~da the laws of Florida. Ia either sucb c~e. Matgagee or tl~e ~+ooeiver msy alao nke possessioa of. aad for these purposes use, aay and all persa~al prope~ty which is a patt of We Matgaged Propaty and used by Matg~gor in the ~ental or kasing thercof or ~Y P~ thereof. The expenae (iACludiag receiva's foes. oounsel fees. ooats uid sgent's cornpensation) incurted pursu- ant to the powers heoein oontained shall be socured hereby. Ma~tgsgoe shall (after payme~t of all coats ard expenses in- currod) apply such rents. issues and p+ofits rxeivod by it on the indebtedneas secured he~cby ia such o~der u Mcxtgagae determines. 'IUe right w entec aAd take poasession of the Matgaged Poop~rty. to n~anage and operate the same, and to rnlkct the ceats. iasues aad profits tl~of, whctt~a by a neaiver orotherwise. shall be cumuluive to any ott~er right or c~emody hea:u~der or affordod by law. and may be exercised concumently therewith or independently theroof. Mortga- . gee shall be liabk to seoount enly for such ce~ts. issues and pmfits actually roaivod by Mortgagoe. !4. If the indtbtedntss secured hereby is raw or txreafter further securtd by chattel mortgages, secutity inter- ests. financing statements, Plodges, contrscts of guaranty, assignments of kases. or other socuritits, or if the Mat- ' 8aged Pr+operty hereby encumbened consists of ~wre than one parcel of r~eal pmpetty. Mcxtgagoe may at its option ex- haust any one or more of said securities and securiry hercunder, or such pancels df'the socuriry hercunder, eitt~er concur- rcntly or indepcndendy, and in such order as it may determine. I5. This Matgage snall secure not only existing indabtodness, but also such future advanc~s, whether such advances are obligatory or to be mack at the optian of Mq~tBagee, or otherwise. as are made within twenty (20) years from the date hereof, ta the same extent as if such future advanas wot+e made oa the date of the executioa of this Mort- gage. but such xcured indebtedness shall nct exceed at any time the maximum principal amount of two times the amount of th~ Note. plus interest theneon. and any disbursements R~ade for the payment of taxes. kvies, or insurancx, on the Matgagod Property. with intercst on such disbursements. Any such future advances, whether obligatory or to be made at the option of the Mortgagee. or dherwise, may be made either prior to or after the due date of the Note or any other notes securod by this Mortgage. This Matgage is givcn for the spocific putp~se of securing any and all i~debtod- ness by the Matgagor to Mortgagee (but in no event shatl the secuned indebtedness excxe~ at any time the maximum principal amount set forth in this Qaragraph) in whatever manner this indebtedness may be evidencod or representod, until this Mortgage is satisfied of rccord. All covenants and agnxments contained in this Mortgage shall be spplicabk to all further advances made by Mortgagce to Matgagor under this future adva~xx clause. 16. No delay by Mortgagee in exercising any rigt~t or nmedy herew~der. or otherwise afforded by law, shall operate as a waiver thereof or proclude thc exercise thereof during the continuance of any default hereunder. No waiver by Mortgagee of any default shall constitute a waiver of or consent to subsequent defaults. No failure of Matgagce to exeocise any option herein given to aaxlerate maturity of the debt hereby secuted, no forbearance by Mortgagee before or after the exercise of such option and no withdrawal or abandoament of foroclosuu~ra proceeding by Matgagoe shall be taken or conswed as a waiver of its right to eaercise such option or to accelerate the maturity of the debt hereby secured by reason of any past, present or future default on the pait of Mwtgagor, and. in like manner, the procurement of in- surance or the payment of taxes oc other liens or charges by Mortgagce shall not be takzn or conswed as a waiver of its right to aocelerate the maturity of the debt hereby soc~ral. 17. Without affecting the liability of Mortgagor or any other person (except any person expressly released in writing) for payment of any i.~btedness secwed t~ereby or for perforn~ance of any obligation contained herein, and without affecting the rights of Mortgagee with mspect to any security ~wt exp~essly released in writing, Mortgaga may, at any time and from dme to time, either before or after the maturity of said note, ar~d without notice or consent: ' ~a) Release any person liable for payment of all or any pari of the indebtedness or for performance of any ~ obligaqon; ~ ~ (b) Make any agreement extending the time or otherwise altering the ternu of payment of all or any part E of the indebtodness, or modifying or waiving any obligation, on subondinating, modifying or otherwise dealing with the ~ lien or charge hereof; ~ (c) Ezercise or refrain from exec~cising or waive any right Mortgagee may have; ~ ~ (d) Acoept additionai socurity of any kind; and (e) Release or ott~erwise deal with anY P~~l+, real or personal, socuring the indebtodness, including all or any part of the Mortga~od Property. 18. Any agreement hereafter made by Mortgagor and Mortgagee pursuant to this mortgage shal l be superior to the rights of the holder of any intervening lien or encumbrarke. 19. Mortgagor hercby waivts a11 right of homestead exemption. if any, in the Mortgagai Property. ~ 20. [n the event of condemnation proccedings of the Mortgaged Properiy, the award or rnmpensation payatsle ~ thereunder is hereby assigrKd to and shall be paid w Mortgagee. Matgagce shali be under ~a obligation to question the ~ amount of any such award or compensation and may sccept the same in the amount in which the sarne shall be paid. In , any such condemnatioa proceodiags, Mortgaget may be rcpnesented by counsel selectod by Mortgagee. The proceods ~ of any award or compensation so rxeivod shall, at the option of Mortgagee, eithet be applied to the prepayment of the ` Note and at the rate of interest provided therein, regardkss of the rate of intenest payabk on the award by the condemn- ing authority. or at the option of Mortgagee, such award shall be paid over to Mortgagor for r+estoration of the Mort- i 8a8od Pr'oPerh'• I 21. If Mortgagce. pursuant to a conswction loan agreement or loan commitment rnade by Matgagee with ~ Mortgagor, ag~+as w maice conswction losn advances up w the principal amount of tbe Note. tl~en Mortgagor hec+eby . covcnants that it will comply with all of the tern~.c. provisions and covenants of said conshuction loan agreement or loan commitment, will diligendy ca~apuct the improvements to be built pursuant to the terms tt~e~sof, all of tbe terms tt~ere- of which ane incorporatod herein by rcfercn~x as though set forth fully her~ein and will pemiit no defaults to ocxur ther~e- under and if a default shall oocur thereunder. it ~all oonstiwte a defauh under this Mortgage and the Note. ` 22. At the option of Mortgagee, Mortgagor shall qovide Mortgaga with periodic cdtified audited state- ; ments of the operations of and the financial cadition of Mortgagor. 8t~ d' ~ PA{~ ( ~si ~ - _ -