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HomeMy WebLinkAbout0996 (i ) as secufity for the Note, to havc a receiver appointed ta enter upon and take pc~ssession of thc Mortgaged Propeny, col- lect the rents and profits theref~om and apply thc same as thc court may direct, such receiver to have all the rights and powers pcrmitted 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 all personal property which is a part of the Mortgaged Property and used by Mungagar in the rental or leasing thereof or any pan thereof. Tne expense (including receiver's fees, counsel fees, costs and agent's compensation) incurred pursu- ant to the po~~ers herein contained shall be secured hereby. Mortgagee shall (afte~ paymcnt of ail costs and expenses in- curced) apply such rents, issues and profits received by it on the indebtedness secured hereby in such order as Mortgagee deterniines. The right to enter and take possession of the Mortgaged Property, to manage and operate the same, and to collect the rents, issues and profits th~rzaf, 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 ahall be liable to account only for such rents, issues and profits actually received by Morigagee. 14. 1( the indebtedness secured hereby is now or hereafter fuhher secured by chattel mortgages, security inter- ests, financing siatements, pledges, contracts of guaranty. assignments of leases, or other securities, or ii the Mort- gaged Property hereby encumbered consists of more than one parcel of real propeny, Mortgagee may at its option ex- haust any one or more of said securities and security hereunder, or such parceis ot iii~ secuiiiy i?c~cu~~der. eiti~~r eoncur- rently or independently, and in such order as it may determine. ~ l5. This Mortgage shall secure not only existing indebtedness, but also such future advances, whether such advances are obligatory or to be made at the option o( Mqrtgagee, or ottienvise, 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. hut such secured indebtedrtess yhall not exczed at any time the maximum prineipal amount of two times the j amounf of the Note, plus interest thereon, and any disbursements made for the payment of taxes, levies, or insurance, ~ on the Mortgaged Property. with interest on such disbursements. Any such future advances, whether obligatory or to be made at the opiion of the Mortgagee. or otherwise. may be made either prior to or after the due date of the Note or any ~ other notes secur~ed by this Mortgage. This Mortgage is given for the specific putpose of 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 record. All covenants and agreements contained in this Mortgage shall be applicable to all further advances made by Mortgagee to Mortgagor under this future advance clause. 16. No delay by Mortgagee in exercising any right or remedy hereunder. or olherwise afforded by taw, shall operate as a waiver thereof or preclude the exercise thereof during the cun!inuance of any detault hereunder. Na waiver by Mortgagee of any dcfault shall constitute a waiver of or consent to subsequent defaults. No failure of Mortgagee to ~ exercise any option herein given to accelerate maturity of the debt hereby secured. no forbearance by Mortgagee before t or after the exercise of such option anci no withdrawal or abandonment of foreclosure proceeding by Mortgagee shall be taken or construed as a waiver of its right to exercise such option or to accelerate the maturity of the debt hereby secured } by reason of any past, present or fuwre default on the part of Mortgagor, and, in like manner, the procurement of in- ~ surance or the payment of taxes or other liens or charges by Mortgagee shall not be taken or construed a.s a waiver of its ' right to accelerate the maturity of the debt her~by secured. ; 17. Without affectin the liabilit af Mort a or or an ather rson (exce t an rson ex ressl released in 4 8 y g g Y Pe P 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 oi' Mortgagee with respec? 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) Make any agreement extending the time or otherwise altering the teRns of paynzent of all or any part - ; of the indebtcdness, 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 righi Mortgagee may have; ~ (d) Accept additional security of any kind; and (e) Release or otherwise deal with any pn~perty, real or personal, securing the indebtedness, including all or any part of the Mortgaged Property. I 8. 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 a:: : E6ti: af homestead exernption, if any, in the Mortgaged Property. 20. In the event of condemnation proceedings of the Mortgaged Property, the award or compensation payable thercunder is hereby assigned to and shall be paid to Mortgagee. Mortgagee shall be under no obligation to question the - amount of any such award or compensation and may accept thc same in the amount in which the same shall be paid. In any such condemnatior~ proceedings, Mortgagee may tx represented by counsel selected by Mortgagee. The proceeds . of any award ur compensation so received shall, at the optiun of Mi~rtgagee, eithPr 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, ur at the ~~ption of Mortgagee, such award shall be paid over to Mortgagor for restoration of the Mort- ; gaged Pro~xrty. 21. If Mort~abee, pursuant to a contitruction loan agreement or loan commitment made by Murtgagee with Mortgagor, agrees to makc ccrostruction loan advances up to the principal amount of the Note, then Mortgagor hereby cuvenant~ thel it will a~mply with all of the terms, provisions and covenants of said conswction loan agreement or loan - commitment, will diligently cunstruct the improvements to be built Pursuant to the terms thereof, all vf the tenns there- oi which are incorpc~rated herein by reference ~s though set forth Cully herein and wil) permit no defaults to occur there- under and if a default shall uccur thereunder, i~ shall constitute a default under this Mortgage and the Note. 22. At the oplion of Mortgagee, Mortgagor shall provide Murtbagee with peri~xiic certified audited s~ate- ments of the operations of and the financial condition of Morigagor. 3~o~z~ ~~~~~o~~~ 6