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HomeMy WebLinkAbout0971 ~ ~ as securiry for ihe Note, to have a rcceiver appainted to enier upon and take possession of 1he Mortgaged Property, coi- lect the rents and pcofits therefrom and apply the same as the court may direct, such receiver to have all the rights and powers pennitted under the laws of Florida. In either such case, Mortgagee or ~he receiver may atso take possession of, and far these pu~poses use, any and aH personal property which is a part af the Mortgaged Property and used by Mongagor in the rental or leasing thereof ur any part thereof. The expense (including receiver's fees, counsel fees, costs and agent's compensation) incurred pursu- ant to the powers herein contained shall be secured hereby. Morlgagee shall (after payment of all costs and expenses in- curredl apply such rents, issues and profits received by it on the indebtedness secured hereby in suct~ order as Mortgagee detern~ines. Ttie ~ight to enter a~d take possession of the Mortgaged Properiy, to manage and operate the same, and to colieci the renis. issues and profits thereuf, whether by a receiver or othervvise. shall be cumulative to any other right or remedy hereunder or afforded by law, and may be exerciseJ concurrently therewith or independently thereof. hlohga- gee shall be liabie to account only for such rents, issues and profits actually received by Mortgagee. ! 4. If the indebtedness secured hereby is now or hereafter further secured by chattel mohgages, securiry inter- ests, financing statements, pledges, contracts of guaranty, assignments of leases, or other secucities, or if the Man- gaged Property hereby encumbered consists of more than one parcei of real pn~peny, Mortgagee may at its option ex- haust any one or more of said securities and security hereur~der, or such parcels of the security hereunder, eithercancur- ' rently or independently, and in such arder as it may determine. IS. 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 of Mortgagee, or otherwise, as are made within twenly (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 ~uch secured indebtedness shall not excee:l at any time the maximum principal anwunt o~ two time~ the amount of the Note, plus interest thereon, and any disbursements maJe for the payment of taxes, levies, or insurance. - on the Mortgaged Property, with interest on such disbursements. Any such future advances, whether obligatory or t~~ he made at the option of the Mortgagee, or otherwise, may be made either prior ta or after the due date of the Note or any other notes secured by this Alortgage. 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 exceed at any time the maximum principal amount set fonh in ~his paragraph) in whatever manner this indebtedness may be eviJenced or representeJ, until this Mortgage is satisfied of record. All covenants and agreements contained in this Murtgage shall be applicable to all further advances made by Mortgagee to Mortgagor under this future advance clause. Ib. No delay by Mortgagee in exercising any nght or remedy hereunder, or atherwise afforded by law, shall operate as a waiver thereof ar preclude the exercise thereof during the continuance of any default hereunder. No waiver by Mortgagec of any default shall constitute a waiver of or consent to subsequent defaults. No failure of Mongagee to exercise any option herein given to accelerate maturity of the debt hereby serured, no forbearance by Mortgagee before or after the exercise of such option and no withdrawal or abandonment of foreciosure 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 ar future default on the part of Morigagor; and, in like manner, the pra;urement of in- surance or the payment of taxes or other liens or charges by Mortgagee shal) not be taken or construed f3 a waiver of its rigfit to accelerate the maturity of the debt hereby secured. 17. Without affecting the liability of Mortgagor or any other person ~except any person expressly rele~~ed in writing) for payment of any indebtedness serured hereby or for performance of any obligation contained herein, and without affecting the rights of Mortgagee with r~spect to any security not expressly released in writing, Mortgagee may, at any time and from time ro time, either before or aRer the maturity vf said note, and without notice or consent: (a) Release any perscm liable for payment ot al) or any part of the indeb~edness or fur performance uf any obligation; (b) Make any agreement extending the time or utherwise altering the ~crms of payment o(all or any part of the indebtedness, or modifying or waiving any obligation, on subordinating, modifying or otherwise dealing with the lien or charge heseof; (c) Exercise or refrain from exercising or waive any right Mortgagee may have; (d) Accept additional securiry of any kind: and (e) Retease or otherwise deal with any property, real or personal, seruring the indebtedness, including all or any part of the Mortgaged Property. ; I 8. Any agreement hereafter made by Mortgagor and Mtortgagee pursuant to Ihis martgage shall b:: superiur to the rights of the hoider of any intervening lien or encumbrance. 19. Mortgagor hereby waives all right of homestead exemption, if any, in the Mongaged Property. 20. In the event of condemnation prcxeedings of the Murtgaged Nroperty, the a~•ard ur compensation pa}able thereunder is hereby assigoed to and shall be paid ~o Mortgagee. Mortgagee shall be under no obligation to question the amount c~f :~ny ,urh award or compemation and may accept thr same in the amount in which the same shall be paid. In . any such condemnation proceedings, Mortbagee may be represented by counsel selected by Mortgagee. The proceed. of any award ~~r compensation sa received shall, at the uptiun of Mortgagee, either be applied to the prepayment of the Note and at the rate c~f inrerest provided therein, reg:~rdless of the rate of interest payable on the award by the condemn- ing authurily~. or at thc ~~p~ion of Mong~gcr. ~uch award ~hall be paid ovcr to Mortgagor for retitoration o( the Mon- gaged Pro~rty. ° 21. 11 M~~rtcagre, pursuan~ to a cc?ntitrurtiun loan agree?nem or loan commitment made by 1~4urlgagee u ith 1~4ortgagur, agree~ tu make r~~nstruciicm loan advances up to the principal amourt of the Note, then Mortgagor hereby ~ c~~vcnant~ that it will ce~mply with ~II uf the term., provisicros and rovenant, ~if ~aid construction loan :~greement or loan r~~mmitment, will diliFently comtruct the improvements to be built pursuant to the terrns thereof, all uf tf?e tenns there- ' ~~i which are incorporatrd herein by rrfrrrnce a~ lhough Set forth fully herein :~nd w•ill permit nv defaulta ~c~ occur there- under and if a default shall occur ~hereundrr, it shall constitute a default under this Mortgage and the Nute. '_2. At the uption of Meirtgagee, Mc~rtgabor ~hall provide M~~rtgagee a~ith perit?dic certified audited ~t~te- ' ments of the uprrauuns uf and the financiat condition of Mortgagur. BK0526 pASE0965 ~ - - - - _ . _ _