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HomeMy WebLinkAbout0971 t as sccu~ity for lhe Note, to have a recciver appointed to e~~ter upon and take possession of the Mortgaged Property, cal- lect thc rents and profits therefrom and a}~piy the same as the court may direct, such receive~ to have ali the rights and powcrs pernnitted under the laws of Florida. In either such case. Mortgag~ or th~ receiver may also iake passession of, and ior these purpases use, any and ait p~rsonal property which is a part of ~hc Mortgaged gropecty and used by Mongagor in the rental or leasing thereof or any part thcreof. 'I'~e ex}xnse (including recciver's fzes, counsel fees, costs and agent's compensation) incurred pursu- ant to the powe~s herein contained shall be secured hereby, Mortgagee shatl (afte~ paymcnt of ail costs and expenses in- curred) apply such ~nts, issues and profits received by it on the indebtedncss stcured hereby in such order as Mortgagee detemtines. The right to enter and take possession of the IVforigaged I'roperty, to manage and operate the same~ and to collect the rents, issues and profits thtreof, whether by a receiver or otherwise, shall be cumulative to any other right or remedy hereunder or afiorded by law, and may be cxerciscd concurrentiy therewith or independently thereof. Mortga- gee shall be liable ta acco~unt only for such rents, issues and profits actually received by Mortgagee. !4. lf the indebtedntss secured hereby is now or hereafter further secured by chattel marigages, security inter- ests, financing statements, pledgcs~ contracis of guaranty, assignments of leases, or other securities, or if the Mort- gaged Property hereby encumbered consists of more than one parcel of real property, Mortgagee may at its option ex- haust any one or more of said securities and security hereunder, or such parcels of the security fiereund~r, eitherconcur- rently or independ~ntly. and in such order as it may determine. I5. This Mortgage shall secure not only existing indebtedness, but also such future advances, whether such i advances are obligatory or ro be made at the option of Mqrtgagee, ar otherwise, as are made within twenty t20) years ~ from the date hereof, ta thc same extent as if such future advances were made on the date of the execution of this Mort- i gage, but such secured indebtedness shail not exceed at any time the maximum princi~al amount of two times the ~ amount o[ the Idote, plus interest th~reon, and any disbursements made for the payrnent of taxes, tevies, or insurance, ~ on the Mortgaged Propeny, with interest on such disbursements. Any such futurc advances, whether obligalory or to be made at tita option of the Mortgagee, or othenvise, may be mad~ either prior to or after the due date of the Nate or any ~ other notes secured by this Mortgage. This Mortgage is given for the specific purpose af securing any and all indebted- ~ ness by the Mortgagor to Mortgagee (but in no event shall the secured indebtedness exceed at any time the maximum principal amount set forth in this paragraph) in whatever manner this indebtedness may be evidenced or represented, until this Mortgage is satisfied of recard. All cavenants and agreements contained in this Mortgage shall be applicable to all Further advanees made by Mortgagee to Mortgagor under this future advance clause. 16. No delay by Mortgagee in exercising any right or remedy heeeunder, or othenvise afforded by law, shal! operate as a waiver thereof or preclude the exercise thereof during the continuance of any defaul! hereunder. No waiver by Mortgagee oi any default shall constitute a waiver of or consent to subsequent defaults. No failure of Mortgagee to exercise any option herein given to accelerate maturity oi'the debt hereby secured, no forbeazanze by Mortgagee before or after the exercise of such option and no withdrawal or abandonment of forec[osure proceeding by Mortgagee shall be taken or conswed as a waiver of its rigfit to exercise such option or to accelerate the maturity of 1he debt hereby secured by reason of any past, present or future defauli on the part of 149ortgagor; and, in like manner, the procurement of in- suranre or lhe payment of taxes or other liens or charges by Mortgagee shall not be taken or construed as a waiver of its rig~?t to accelerate the maturity of the debt hereby secu~ed. 17. Without affecting the (iability of Mortgagor or any other person (except any person expressl~• released in writing) for Payment of any indebtedness secured hereby or for performance of any obligation contained hcrein, and without af(ecting 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 before 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 performance of any obligation; (b) hlake any agreement extending the time or otherwise altering tl~e terms of payment of al! or any part of the indebtedness, or modifying or waiving any obligation, a~ subordinating, modifying or otherwise dealing with ihe lien or charge hereof: (c) Exercise or refrain frorn exercising or waive any right Mortgagee may ha~e; (d) Accepi additional securiiy of any kind: and (e) Release or othenvise deal with any property, real or personal, securing the indebtedness, including all or any part ot the Mortgaged Property. 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 all ~ight af homestead exemption, if any. in the Mortgaged Property. 20. In the event of condemnation proceedings of the Mortgaged Property, the award or compens2tion payable thereunder is hereby assigned to and s;~all be paid to Mortgagee. Mortgagee shall be under no obligation to question the amount of any such award or compensatian 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. ThQ procceds of any award ur compensation so received shall, at the optiun of Mortgagee, either be applied to the prepayment of the Note and at the rate of interest providecf therein, regardless of the rate of interest payable on the award by the condemn- ing authorily, or at thc uption of Mortgagee, such award shall be paid over to Mortgagar for restoration of the Mort- gaged Prop.;rty. 21. If M~~rteabee, pursuant to a constniction loan agreement or loan commitment made by Mortgagee with l~1ortgagor, agrees to make ronstruction loan advances up to the principal amount of the Nvte. then Mortgagor hereby cuvenants that it will comply with atl c~f the eerms, provisions and covenanls of said ronstruction loan agreement or loan cimimitment, wilt diligently constn~c~ the improvements tn be built pursuant to the terms thereof, all of the tenns there- whirh are inrorpc~rated herein by reference as though set fotih fully herein and will permit n~ defaults to c~ccur there- under and if a default shall occur thereunder, i~ shall constitute a detault under this Mortgage and the Note. 22. At the option o~ Mortgagee, Mortgagor shall provide h1ang:~gce with pericxiic cenified audited state- ments of the operations of and the financial condition of Mortgagor. e~G 51$ P~~EO 9 6?