HomeMy WebLinkAbout0914 ~~LO~~, ~nr nuwrr u~ an~ in~en'emng iien or encumbrance.
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" ! 9. 1lortgagor hereb} µai~es all right of homestead exemptiun, if any, in the ti1ortg~ged Propert~ .
?1). In the e~ent uf condemnahvn prcxeedingti e~f the M~~rtgaged Propert}'. the award or c~~mpem~tiun pa~ahlr
thereunder ~s hereby a,signed to and shall be paid to Murtgagee. i~iortgagee shall be under no obligatiun to yuestie~n the
_ arnuunt ~~f ar}~ ~uch award or cum~ntiatiun and may accept the same in the ~muunt in whirh the same ~hall be pai~. In
an} such condemnation proceedings. Mortgagee may be represeited by c~;unsel selected by MortgageE. The prexeedti
uf an} award c~r compensation so received shall, at the optiun of ~lortgagee, either be applied to the prepa} ment uf thr
N~~te and at the rate of interest provided therein, regardlesti of the rate of interest payabie on the award by the condemn- ~
ing authcint~~, ~~r at the opti~m cif 11vrtg~gee, ~uch aHard ~hall be paid ~~ver tu ~1ortgagor for restroa!ion of the ~1ort- ~
gaged Pmperty.
- ~ I. If '~1i~ngaeee, punuant t~~ a ron.trurU~~n I~~an agreement or Ie~an r~~mmitment made by '~1ortgagee ~ ith
M~irtgagor, agrees t~~ make conswction loan ~dvances up to the pnnripal amount o( ihe Note, then M~rtgagor hereby
~ r~,. rnant` that it will cumply v. ith all cif the temis. pruvisi~,n~ and a~venantti c~f said c~m~trurtion loan agreen~ent or luan
f r~~mmrtment, w ill diligently c<~mtrUCt the impnnements to be built pursuant to the terms thereof, all of the tem~~ there-
_ ~~1 hich zire inrurp~rated herrin b~ referenrr a~ th~~ugh ~r~ f~~rth (ull} hcrein and H ill ~rmit no defaults tu ~xcur therr-
uncier anJ if a default tihall Ekc~r thereund~r, it .hail c~mtititute a default un~er this ~turtgage and the Ne~te.
" -~t the ~~rti~m ~~1 '11~~rtrakrc. ~1~~rt~cic<~r ~hall ~r~~~ i~1c ~1~,rt~:a~*ee w ith ~x ri~xlic cemfied auJ~teu ~talr-
nzent~ ~~f thc ~~rrr,iti~~m ~,t an~l the financial r~mdih~m ~~t '~i~~rtEa~;~~r.
~n'~ i'•`~f >~i ~
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a~,e~urity for the Nute, to havr a recei~•cr ap~~intrd to entrr u~m an~! take ~n,ession of the M~~ng~ged Pri~Fkrty. cul-
lert the rents and profits therefrom and :~pply the same as the ruurt may direct, ~uch rtceiver to have all the rights •~nd
~~w~er~ ~rmittrd un~ier the I~w~ uf Florida.
In rither surh rdse, Murtgagee or the rerei~•er m~y alw take posse~siun ut~, and fur these pur~x~u~ u.e, anp anJ
all ~k r.unal property H~hich ia a p:ut of thr hlortgaged Prupeny anJ use~i by I~1c~rigag~~r in the rental ur Ira,ing there~~f ~~r
any part thereof. The expense (inclis~iing rereiver's fees, counsel fees, ro~ts and agent's conipen,~tionl incurred pur~u-
ant tu thc Fx~wer~ herein contained ~hall tx: tie~ured hereby. ;~1urtgager ~hall I~fter papnient uf all ~o~t~ snd c?cpc naes in-
curred? appl}• surh rents, issues and profits received by it on the indebtednes~ securcd hereby in surh order as Murtgagee
~ieterniine~. Th~. right tu enter and take pos,e~.i~m uf the Mortgaged Property, to msnage ~nd operate the .a?ne, and t~~
rolle~t the rents, issues :~nd profits thereof, whether by a rcceiver or othecwise, shall be cumulative to any other right ur
rrme~fy hereun~ier ur atforded by law~, ~nd ma}~ be exerri~ed c~~ncurrrntl~ therewith or independentl~ thereuf. 1lurtga-
gee ,haU he li:~ble to acrounl only (ur surh rents, issues and pro~itti actually recei~~ed b~~ Mongager.
14. If the in~iebtedne~s serure~l h~reby i~ nu~~ ur hereafter turther tiecured b~ rhattel rn~~rtgage,, tirr~int~ inter-
e~ts, tinancing statements, piedges, contracts of guaranty, assignments of lea.e~, ur other securities, or if the Mort-
g:~ge~1 f'ropc;rt}' hereb}~ encumtx:red cun,i~ts o~ more than une parrel u( real prc~pert}. Mortg~gee ma~ at it~ u~ti:m e.~-
haust ~ny une ur more of said secuntirs and security hereunder, ur such parrels of the ~ecurit}~ hereunder, cither roncur-
rently or independently. and in such ~uder as it may detrnnine.
I5. This Mortgage shall serure not unly existing indebtr~ines., but al`~~ such future a~l~ anres, w hether ~uch
a~i~ance, are oblig:?tury ur to be niade at the opti~m of ~1~rtgagee, or otherHise, ati are ma~e ~~ithin twent~ 1?0) }ran
frum the date hereuf, tu the same extent as if surh fuwre adv~nces were made on the date of the executiun ot~ thi~ Mort-
r;~ge, hut tiurh secured indebtednes5 shall not exreed at an~~ time the maximum prinrip:~l :~muunt of tHO tirneti the
:~muunt of the Note, plus interest thereon, and any disbursements made for the p~yment of taxes, le~~ies, or insurance,
un the Mortgaged Property, w ith intere,t un tiuch disburtiementti. Am~,urh future ad~~anrrs, whetherobli~:at~~r}~ ur tu he
made at the option of the Mortgagee, or otherw~ise, ma}• be made either priur to or after the duc date of the N~~te or an~
~~ther n~~tes serured by this Murtgage. This ~9ortg:~ge i~ given for the ~pecific purpuse of securing any~ and all ind~hte~i-
ncss by the ;~1ortgagur to Mortgagee Ibut in no event sh:~ll the secured indrbtedness e;cceed at any time the maximum
prinri~~l anwunt set furth in thi~ paragr:~ph) in ti•h:~te~•er m;~nner thi~ indebte~nesti rnay be evidenced or reprctiented.
until thiti Murtga€e i~ satistied ~~f record. All cocenants and agreements contained in this ~1vrtg3ge shall be applical~le
to a11 further ad~ anceti made by ~1art~agee to 111ortgagor under this fuwre advance clause.
; 16. No delay by Mortgagee in exerrising any right or remedy hereunder, or othenvise affurded by lati•, shall
u~erate as a wai~~er thereuf ~~r preclude the exerri,e thcreuf during the cuniinuance of any default hereun~er. No w ai~ er
by~ Mortgagee of any default shall ronstitute a waiver uf or ronsent to subseyuent defaults. Nc~ failure uf Mortgagee t~~
erercise any uption herein gi~~cn tu accelerate maturit}~ of the debt hereby secured, n~? forbearance by Mortg~gee bef~~re
ur after the exercise of such option and no w•ithdr3ual or ab~ndunment of (oreclosure prcxeeding by Mortgagee shall be
~ taken oc construed as a w ai~~er of its right tu exercise tiuch optiun ~~r t~~ :~cceler:~te thc maturit}• of the debt hereby secured
b} reason ~f an}• past, present or future default on tfie part of Mortgagor, and, in like manner, the prucurement c~f in-
~urance or the payment of taxe. or ~~ther liens or charge. b~ 1lortgagee ~h~ll n~~t be taken e~r con,trueJ ?ti a H ei~~er ~~f itti
~ right to accelerate the maturity of the debt hereby secured.
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