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HomeMy WebLinkAbout0940 as security for the Note, to have a rcceiver appointed to enter upon and take possession of the Mortgagcd Propeny, col- lect the rcnts and profits thercfrom and apply the same as the coun may direct, such rcceiver to have ail the rights and powers pennitted under the laws of Florida. in either such cact, Mortgagee or the r~ceiver may also talce possession of, and for these purpous use, any and al! personal prapeny which is a pan of the Mortgaged Property and used by Matgagor in the rcntal or leasing theroof or any part thercof. The ezpens~ (inciuding receiver's fxs. counsel fees, costs and agtnt's compe~sation) incurrtd pursu- ant tu the powers herein contained shall be secured hereby. Mortgaga shall (after payment of ait costs and expenses in- currcd) apPly such rcnts. issuts and profits receivod by it on the ir~debtcdness secutad herobY in such order as Mortgagee ~ determir~es. The right to enter and take passession of tht Mortgage~i Pm}xrty, to manage and operate the same, and to colicct thc rcnts, issues and profits thercof, whether by a receiver or otheewise, shall bt cumulative to any othe~ nght or ~ remedy hereuncier or afforded by law, and may be exercised concurrcntly thercwith or independently thercof. 4latga- gee shall be liabte to account only for such rents, iswes and profits actually received by Mortgaga. 14. lf the inclebtedness secured hereby is now arhercafter further secured by chattel mortgages, security inter- i ests, financing statements, pledges, contracts of guaranty, assignments of leases, or other securities, or if the Mort- ; gaged Property hercby encumbercd consists of more than one parcel of r~eal property, Mortgagee may at its option ex- t haust any one or morti of said sccurities and security hercunder, or such pazcels of the sccurity hercunder, either concur- ~ rently or inde~ende~Ny, and in such ordtr as it may determine. ; IS. This Mortgage shall secure not only existing indebtedness. but also such futurc advances, whether suzh ~ advances are obligatory or to be made at the option of Mqrtgagee, or otherwise, az arc made withirt twenty (20) years # from the date her~eof, to the sarne eztent as if sach futua advances were mack on the date of the exocution of this Ma~- ~ gage, bu~ such secured indebtedness shall not exceed at any time the maximum principal amount of two times the ~ amo~ant of the Note. plus intcrcst thereon. and any disbursements made for the payment of taxes. kvies. or insurance. ~ on the Mortgaged Property, with interest on such disbursements. Any such future advances, whether obligatory or to be ? made at the option of the MoRgaget, or atherwise, may be made eitt~er prior to or after the due date of the NQte ar any other notes securrd by this Mortgage. This Mortgage is given for the sptcific purpost of securing any and all indebted- ness by the Mortgagor to Mortgagee (but in no event shall the secured indebtedness ezceed at any time the maximum principal amount set farth in this paragraph) in whatever manner this indebtedness may be evidenced or rcpresentecl, until this Mortgage is satisfied of record. All covenants and agreements contained in this Mortgage shal! be applicable to all furtt~er advances made by Mortgagce to blortgagor under this future advance dause_ 16. No delay by MoRgagee in exercising any right or remedy hereunder, oc otherwise afforded by law, shall operate as a waiver thereof or preclude the exercise thereof during the continuance of any defauft hereunder. No waiver by Mortgagee of any default shall constitute a waiver of or consertt to subsequent defaulls. No failure ~f Martgagee to exercise any option herein given to acrelerate maturity of the deb~ hereby secured, no forbearance by Mortgagee before or after the exercise of such option and no withdrawai or abandonment of foreclosure proceeding by M~rtgagce sha:l be taken or construed as a waiver of its right to exercise such option or to accelPrate the maturity of the debt hereby secured by reason of any past. present or future defau(t on the part of Mongagor, and, in iike manner. the procurement of in- surance or the payment of taxes or other liens or ch~rges by Mortgagee shall not be taken or construed zs a waiver of its right to accelerate the maturity of the debt hereby secured. 17. Without affecting the liability of Mortgagor or any other person (except any person expressly released in writing) for payment of any indebtedness secured hereby or for performance of any obligation contained herein, and ~ ' without affecting the rights of Alortgagce with respect to any security not expressiy released in writing, Mortgagee may, at any time and from time to time, either before or after the maturiry of said note, and without notice or consent: (a ) Release any person liable for payrr.ent of all or any part of the indebtedness or for performance of any obiigation; (b) Make any agreement extending the Iime or ottierwise 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 persanal, securing the indtbtedness, including ' all or any part of the Mortgaged Property. i I 8. Any agr~ement hereafter made by Mortgagor and Mortgagee pursuant to this mortgage shalt be superior to tix nghts ~f the hotder of any intervening fien or encumbrance. t9. Mostgagor hereby waives all right of homestead exemption, if any, in the t~iortgaged Property. 20. [n !he event of condemnation proceedings of the Mortgaged Property, the award or compensation payable thereunder is h~reby ass+gncd tv ar~d shal! be paid to Mortgagee. Mortgagee shall be under 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 condemnation proceedings, Mortgagee may be reprcsented by counsel selected by Mortgagce. The procteds of any award or compcnsation so rcceived shall, at the option of Mortgagce, either be applied to the prepayment of the Note and at the rate of interest provided thcrein, rcgardless of the rate of intercst payable on the award by the condemn- irtg authority, or at the option of Mongagee, such award shall be p~id over to Mortgagor for restoration of the Mort- gaged Property. 21. If Mortgagee, pursuant to a construction loan agreement or loan commilment made by Mortgagee with Mortgagos, agrees tr make construction loan advances up to the principal amoum of the Note, then Mortgagor hereby eovenants tha~ it wil! comply with all of the terms, provisions and covenants of said construction loan agreement or loan commitment, will diligently construct the improvements to be built pursuant to the temns thereof, alt of the terms therc- of whi~h are incorporated herein by reference as though set forth fully herein and will permit no defaults tooccur there- under and if a default shatl occur thereun~er, it shall constitute a default under this M~rtgage and the Nate. 22. At the option of Mortg~gee, Mortgag~r shall provide Mortgagee wi?h peritxlic certified audited state- ments of the opera~iuns uf and the financial condition of Mortgagor. gGR~ P,1~,E . _ . ~.,y,,~ . _ .v . ~ ~ - _ _ -,r; ..,_'+~y-~~~~ . r R - . „ V... . . .._~ti~« <-~i-.~........ ~ ~ _ . - . . . . ` . . d~.,.~.~v^ . ~ - .-.z+-c~+ce~s_r -s~!--._._.__ . . _ _ . . . . - _ - y:.:...- _ _ ,y_.,~~;,• ~