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HomeMy WebLinkAbout0957 , _ _ ' • - . ~ ~ - w . • ! \ ~ \,.J , , , . . f ' u securiry fo~ the Note, to have a receiver appointod to ente~ upon and take poasession of the Matgaged Propecty. col- kct the rents and p~+ofits tl~refrom and spply the same as the oowt may dii+ect, such receiver to have all the rights and powers pe~mittod under the laws of Florida. In either such case. Mu~tgagoe or the c~eceive~ may also take possession of, and for these pucposes use, any and all personal property which is a part of the Mortgagod Propeny and usod by Matgagor i~ the rental or kasing thereof or any pait theroof. '11~e expeose (including roceiver's fees. counsel fces, costs and agent's compensation) incurrod pursu- ant to the powe~s hercin containod st~all be socural hercby. Mortgaga shall (after payme~t of all costs and exper~ses in- curred) apply such rents, issu~s and profits roaivod by it on the indebtodness secured hereby in such ader as Mortgagoe dctermines. The right to e~ter and take possession of the Mortgagod Property, to manage and operate the same, and to colloct the rents. issues and pmfits the~+eof, whett~er by a rooeivu or dherwise, shall be cumulative to aay ottier right or , remody hereunder or afforded by Iaw, and may be eaercisod co~currently tt~erewith or independently theceof: Mortga- gce shall be liabk to account only for such rcnts, issua and profits actually r~xeived by Matgaga. 14. If the indebtedness securcd hereby is now or heresfter furtt~er securod by chattel matgages. securiry inter- ests. financing statements, Pled8es, contrscts of guaranty, assigaments of leases. or ott~er socurities: or-if the Mort- 888~ ~P~nY ~~y eocumbered consists of more than ooe parcel of real property. Mortgaget may at its option ex- haust any one or more of said securities and security hereunder, or such pac~cels of the socuriry herwnder, either concur- rently or independensly. and in such order as it may detemune. 15. This Mortgage shall secure not only existing ind~btedness, but also such futwe advances, whether such advances are obligatory br to be made at the option of MqrtBagoe, or othen~vise, as are rnade withia twenty (20) years from the date hereof, to the sart~e exteat as if such future advances were made on the date of the execution of this Mo~t- gage. but such secured indebtedness sha11 not exceed at any time the maximum principal amount of two times the amount of the Note, plus iaterest thereon, and any disbursements made for the payment of taxes. kvies, or insurance, on the Mortgaged Property, with inter~est on such disbursements. Any such future advanves. whether obligatory or to be made at the option of the Mortgagce, or otherwise, may be mad~ either prior to or after the due date of the Note or any other notes secured by this Mongage. This Moctgage is given for the spocific Qurpose of socuring any and all indebted- ness by the Mortgagor to Monigagee (but in no event shall tbe secured indebtedness exoeed at any time the mauimum principal amount set fo~th in this paragraph) in whatever manner this~indebtodness may be ev'~denced or ~pnesented, until this Mortgage is satisfied of rrcord. All covenants and agreements containod ia this Mortgage shall be applicable to all further advances made by Mortgagee to Mortgagor under this future,advance clause. 16. No delay by Matgagce in exec+cising any right or remody he~eunder, or otherwise affaded by law, shall operate as a waiver ther+eof or preclude the exercise thereof during the continuance of any default hec~eunder. No waiver by Matgagee of any default shall constitute a waiver of or consent to subsoquent defaults. No failure of Matgagce to exercise any option hecein given to accelerate maturity of the debt hereby secuced, no forbearance by Matgagee before or after the exec+cise of such option and ao withdrawal or abandonment of forxlosure prnooeding by Martgagee shall be taken or conswed as a waiver of its right to exercise such option or to xcelerate the maturity of the debt hereby_socw+ed by neason of any past, present or future default on the part of Matgagor; and, in like manner, the pr+ocurement of in- surance or the payment of taues or other liens or charges by Mortgagee shail not be taken or conswed?.s a waiver of its right to xoelerate the maturity of the debt hecrby secured. 17. Without affecting the liability of MoRgagor or any other person (eacept any person expressly r~eleased in f writing) for payment of any indebtedness secuted hereby or for pecforn~ance of any obligation contained herein, and without affecting the rights of Mortgagee with respect to any security not expressly released in writing, Mongagee may, at any time and from time to time, either befae 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 perforn~ance of any ~ obligation; ~ P ~ (b) Make any agreement extending the time or otherwise altering the terms of payment of all or any part ~ of the indebtedness. or modifying or waiving any obligation, on subordi~ing. modifying orotherwise dealing with the lien or charge hereof; ~ (c) Exercise or refrain from exec+cising or waive any right Mortgagee may have; _ (d) Accept additional security of any kind; and • (e) Release or otherwise deal with anY property, real or personal, securing the indebtedness, including - E; a11 or any part of ctie M~od Properey. ~ ~ 18. Any ag~+eement hereafter made by Mortgagor and Matgagce pursuant to this moRgage shall be superior to the rights of the holder of any intervening lien or encumbrance. ~ 19. Mat or he~+eb waives all ri t of homestead exem ~on, if an , in the Mort a ed Sa8 Y 8h P~~ Y 8 8 ~~Y• ~ 20. In the event of condemnation proccedings of the Mortgaged Property, the award or compensation payable i thereunder is hereby assigr~ed to and shall be paid to Mortgagee. Mortgagce shall be unckr no obligation to question the amount of any such award or compensation and may accept the same in the amount in which the same shall be paid. In any such cademnation proceedings, Mortgagee may b~ represented by counsel xlected by Mortgagee. The proceeds , of any award or compensation so received shall. at the option of Mortgagee, either be applied to the prepayment of the Note and at the rate of interest provided therein, regardless of the rate of interest payable on the award by the condemn- ing authority, or at the option of Mortgagee, such award shall be paid over to Mortgagor for restoration of the Mort- 8a8ed ProPenY- ; 21. If Mortgagce, pursuant to a conswction loan agreement~or loan commitment made by Mortgagee with ~ Mortgagor, agrees to make conswction loan advances up to th~ principal amount of the Note. then MoRgagor hereby ~ covenants that it wiU comply with al! of the ternu, provisions and covenants of said conswction loan agreement or loan ~ commitment, will diligendy construet the improvements w be built pursuant to the termc thereof, all of the ternu thene- ~ of which are incorporated he~ein by rcference as though set fath fully herein and will permit no defaults to occur tt~ere- ~ under and if a default shall occur tfiereunder, it shall constitute a default under this Mortgage and the Note. • 22. At the option of Mortgagee. Mortgagor shall provide Mortgagee with periodic certifiod sudited state- ments of the operations of and the financial condition of Mortgagor. R~4~!2 P~ 95T ~ _ . _ _ , _Y . - .r- _ x - - - ~ _