Loading...
HomeMy WebLinkAbout0980 ; / as security for tix Nde, to have a rectiver appointed to enter upon and take possession of the Mortgaged Property, col- lect the rtnts and profits thercfrom and apply the same as the court maY dircct, such rcceiver to have all the rights and powers permitted under the laws of Florida. In either such case, Morigagee or the rcceiver may also take possession of, and for theu purposes use, a~y and all personal property which is a part of the Mortgaged Property and used by Morigagor in the rental or leasing thercof or any part thereof. 'Il~e expense (including receiver's fees. counsel fees. costs and agent's compenution) incurred pursu- ant to the powers hercin contain~d shall be secured hercby. Mortgagee shall (after payment of all costs and expenses in- curred) apply such rents. issues ard profits received by it on the indebtedness secured hereby in such order as Morigagee detern~ines. The right to enter and take possession of the Mortgaged Property, to manage and operate ~he same. and to collext the rcnts. issues and profits thereof. whether by a rcceiver or othenvise. shall be cumulative to any other right or rcmedy hercunder or afforded by law, and may be exercised concumently thercwith or independently thercof. Mortga- gee shall be liabk to account only for such rcnts, issues and profits actually received by Mortgagee. 14. If the indebtedness xcured hereby is now or hercafter furiher secured by chattel mortgages, security inter- ests, financing statements, pledges, contracts of guaranty. assignments of leases. or other securities, or if the Mon- gaged Property hercby encumbered consists of morc than one parcel of rcal property. Mortgagee may at its option ex- haust any one or more of said securities and security hercunckr. or such parcels of the security hercund~r. eithe~ concur- rontly or independently, and in such order as it may determine. 15. This Mortgage shall secure not only existing indebtedncss, but also such future advances. whetfier such advances are obligatory or to be made at the option of Mqrtgagee. or otherwise. as arc made within twenty (20) years ' from the date hereof, to the same extent as if such future advanccs were made on the date of the execution oE this Mon- gage. but such secured indebtedness shall not exceed at any time the maximum principal amount of two times the arr~ount of the Note. plus interest thercon, and any disbursements made for tlx payment of taxes, tevies. or insurance. on the Mortgaged Properiy, with interest on such disburser~ents. Any such futur~e advances, whether obligatory or to be made at the option of the Mongagee. or otherwise, may be made eitt?er prior to or after the due date of the Note or any other notes secured by this Mortgage. This Mongage is given for the specific purpose of securing any and all indebted- ness by the Mortgagor to Mortgagee (but in no event shall the securod indebtedness exceed at any time the maximum principal amount set forth in this paragraph) in whatever manner this indebtedness may be evidenced or reprcsented, until this Mortgage is satisfied of rccord. All covenants ar.d agreements contained in this Mortgage shall be applicable to all further advances made by Martgagee to Mortgagor under this future advance clause. 16. No delay by Mortgagce in exercising any right or remedy hereundtr. or otherwise afforded by law. shall operate as a waiver thereof or preclude the exercise thereof dunng the continuance of any default hereunder. No waiver by Mortgagee of any default shall constitute a waiver of w consent to subsequent defaults. No failure of Mortgagee to exercise any option hercin given toaccelerate maturity of the debt hereby secured. ra forbearance by Mortgagee before or after the exercise of such option and no withdrawal or abandonment of foreclosure proceeding by Mortgagec shall bc taken or construed as a waiver of its right to exercise such option or to accelerate the maturity of the debt hereby secured by rcason of any past. present or future default on the part of Mortgagor; and, in like manner. the procurcmcnt of in- surance or the payment of taxes or other liens or charges by Mortgagee shall not be taken or construed as a waiver of its rtght to accelerate the maturity of the debt Ixrcby securcd. 17. Without affectin the liabilit of Mort a or or an other rson (exce an rson ex ressl released in I 8 Y 8 8 Y Pe W Y Pe P Y writing) for payment of any indebtedness secured 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 bcfore or after the maturity of said note, and without notice or consenr. (a) Release any person liable for payment of all or any part of the indebtedness or for performance of any obligation; ~ (b) Make any agreement extending the time or utherwise 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 additiona{ security of any kind; and (e) Release or otherwis~ dea! with any propeny, real or personal, securing the indebtedness, including atl or any part of the Mortgaged Propeny. 18. Any agreement iiereafter 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 all right of homestead exemption, if any, in the Mortgaged Propeny. 20. In the event of condemnation proceedings of the Mortgaged Property, the award or compensation payable thereunder is hereby assigned to and shall be paid to Mortgagee. Mortgagee shall be under no obligation to question the amount of any ~uch 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 ~~r 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 tix condemn- ing authoriiy, ur at thc uption of Mortgagee, ~uch award shall be paid over to tilortgagor for restoration of the Mort- gaged Pre,perty. 21. If Murteabee, pursuant ro a construction loan agreement or loan commitment m3de by Morigagee with Mortgagor, agrceti t~~ make construction toan advances up to the principal amount of the Note, then Mortgagor hereby cavenant~ ~hat it w ilt comply with all of the term., provisions and covenants af said construction Ioan agreement or ~oan cummitment, wilt diligenNy cunswct the improvemrms to be built pu~uant to the terms thereof, all of the terms there- oi which are incorporated herein by rcference as though se~ forth fully herein and v?~ifl permit rw defaults to occur there- under and if a default shall occur thereunder, it shall constitUte a defauh under this Mortgage and the Note. 22. At the option of Mortgagee. Mortgagor ~hali pr~vide Murtgagee with periodic certified audited state- ments of the oprration~ uf and the financial condition of Mortgagur. ~ R 506 cE 974 ~ 800K P~ _ _ =;z-~._..~.---- - _ - _ ~ - - - - - -