The URL can be used to link to this page

Home My WebLink About0946 as security for the Note, to have a receiver appointed to enter upon and take possession of the Mortgaged Property, col- lect the rents and profits therefrom and apply the same as the couct may direct, such receiver to have all the rights and powers permitted under the laws of Florida. In either such case. Mortgagee or the receiver may also take possession of, and for these purposes use, any and alt personal property which is a part of the Mortgaged Property and used by Moitgagor in the renta) or leasing thereof or any part thereof. The expense (including receiver's fees. counsei fees, costs and agent's compensation) incumed pursu- ant ta the powers herein contained shafi be secured fiereby. hlortgagee shall (after payment of all costs and expe~ses in- curred) appiy such rents, issues and profits received by it on the irtdebtedness secured heseby in such order as Mortgagee determines. The right to enter and take possession of the Mortgaged Property, to manage and operate the same, and to collect the rents, issues and pmfits thereof, whether by a receiver or otherwise, shall be cumulative to any other right or remedy hereunder or afforded by law, and may be exercised concumently therewith or independently thereof. Mortga- gee shall be liable to account only for such rents, issues and profits actually received by Mortgagee. 14. If the indebtedness secured hereby is now or hereafter furthes secured by chattel mortgages, security inter- ests, t`inancing statements, pledges, contracts of guaranty, assignments of leases, or uther securities, or if the Mort- , gaged Propecty hereby encumbered consists of snore than one parcel of real property, Mortgagee may at its option ex- j haust any one or more of said securities and security he~eunder, or such Qarcels of the security hereunder, either concur- ; rently or independently, and in such order as it may determine. 1 S. This Mortgage sfiall secure noi oniy existing indebtedness, but also such future advances, whether such advances are obligatory or to be made at the option of Mortgage~, oc otherwise, as are made within twenty (20) years from the date hereof, to the same extent as if such future advances were made on the date of the execution of this Mort- gage, but such secured indebtedness shall not exceed at any time the maximum principal amount of two times the ~ amount of the Note, plus interest thereon, and any disbursements made for the payment of taxes, levies, or insurance, on the Mortgaged Property, with ioterest on such disbursements. Any such future advances, whether obligatory or to tx , made at the option of the Mortgagee, or otherwise, may be made either prior to or after the due date of the Note os any : other notes secured by this Mortgage. This Mortgage is given for the specific purpose of securing any and all indebted- ness by the Mortgagor to Mortgagee (but in no event shall the secured indebtedness excred at any time the maximum ~ principal amount set forih in this paragraph) in whatever manner this indebtedness may be evidenced or represented, s untit this Mortgage is satisfied of record. All covenants and agceements contained in this Mortgage sha{I be applicable to all further advances made by Mortgagee to Mortgagor under this future advance clause. , I 16. No delay by Mortgagee in exercising any right or remedy hereunder, or otherwise afforded by law, shall operate as a waiver thereof or preclude the exercise thereolducing the continuance af any defautt hereunder. No waiver ~ by Mortgagee of any default shall constitute a waiver of or consent to subsequent defaults. No failuoe of Mo~tgagee to ~ exercise any option herein given to accelerate maturity of the debt hereby secured, no forbearance by Mortgagee before or after the exercise of such option and no withdrawal or abandonment of foreclosure proceeding by Mortgagee shall be taken or constsued as a waiver of its right to exercise such option or to acceierate the maturity of the debt hereby secured by reason of any past, present or future default on the part of MoRgagor; and, in tike mannes, the procurement of ~n- surance or the payment of taxes or other liens or charges by Mortgagee shall not be taken or construed as a waiver of its right to accelerate the maturity of the debt hereby secured. I Z Without affecting the liabiiity of Mortgagor or any other person (except any person expressly releasul in writing) for payment of any indebtedness secur~f hereby or for performance of any obligation contained herein, and without affecting the rights of Mortgagee with respect to any security not expressly released in writing, Mortgagee may, at any time and from time to time, either befor~e or after the maturity of said note, and without notice or consent: ~ ~ (a) Release any person liable for payment of all or any Qart of the indebtedness or for perfarmance of any ' ~ obligation; ? ~ ~ (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 subordinating, modifying or otherwise dealing with the ~ lien or charge hereof; ~ (c) Exercise or refrain from exercising 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, secureng the indebtedness, induding ~ all or any pert of the Mortgaged Propeny. t. ~ 18. Any agreement hereafter made by Mortgagor and Mortgagee pursuant to this mortgage shall be superior to ~ the rights of the holder of any intervening lien or encumbrance. ~ 19. Mortgagor hereby waives atl right of homestead exemption, if any, in the Murtgaged Property. ~ ~ ~ 20. In the event of condemnation proceedings of the Mortgaged Property, the award or compensation payable t thereunder is hereby assigned to and shali be paid to Mortgagee. Mortgagee shall be under no obligation to question the amount of any snch award or compensation and may accept the same in the amount in which the same shall be paid. In any such condemnation proceedings, Mortgagee may be represented by counsel selected by Mortgagee. The proceeds of any award or compensation so received shall, at the option of Mongagee, 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- gaged Property. € 21. [f Mortgagee, pursuant to a constru~tion loan agreerrtent or loan commitment made by Mortgagee with ~ Mortgagar, agrees to make construction loan advances up to the principal amount of the Note, then Mortgagor her~by fi covenants that it wil{ compty with all of the terms, provisions and covenantc of said conswction loan agreement or loan ~ commitment, will diligently constn?ct the improvements to be built pucsuant to the terms tfiereof, all of the terms there- ~ of which are irtcorporated herein by reference as though set forth fully herein and wifl permit no defaults to occur there- t under and if a defautt sha{I occur thereunder, it shail constitute a default under this Mortgage and the Note. ~ 22. At the option of Mortgagee, Mortgagor shall providz Mortgagee with periocfic certified audited state- t ments of the operations of and the financial cor~dition of MoRgagor. ~ w! a V Y~~ ~P~.SL `.l~~ ~ . ~ _ = v~ y~_. ~ - . _ ~ ~ - : ~r-~re~cy._~s,iia~r , 'S°=;~ ~ ~a 3 ~