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Home My WebLink About0963 t as srcurity fo~ the Note, to have a recciver appointcd tu entcr upon and take posscssion uf the Mongaged Propeny, col- lect the rents and profits thercf~om and apply the same as thc court may direct, such receivcr to have all the rights and powcrs pcrmitted under the laws uf Florida. In eithe~ such case, Mongagee or the receive~ may also take possession af, and for these purposes use, any and all personal property which is a pan of the Murtgaged Property and used by Mortgagor in ~he rental or leasing ~hercof or any part thereof. The expense (including receiver's fees, counsel fees, costs and agenCs compensation) incurred pursu- ant to the powers herein contained shall be secured hereby. Mortgagee shall (aRer payment of all costs and expenses in- curred) apply such rents. issues and profits rece~yed by it on the indebtedness secured hereby in such order as Mortgagee detennines. 1'he right to enter and take possession uf the Mortgaged Propeny, to manage and operale ihe same, and to callect the rents, issues and profits thereof, whether by a receiver or othenvise, shall be cumulative to any other right ur remedy heteunder or afforded by law. and may be exercised concuRenQy therewith or in~iependently thereof. Martga- gee shall be liable to account only for such rents, issues and profits actually received by Morigagee. ; 14. If the indebtedness secured hereby is now or hereafter further secureJ by chattel mortgages, securiry inter- ; ests, financing statements, pledges, cantracts of guaranty. assignnients of leases, or other securities, or if the Mort- gaged Propeny hereby encumbered cansists of more than one parcel of real property, Mongagee may at its aption ex- ~ haust any one or more of said securities and security hereunder, or such parcels oF the security hereunder, either concur- renQy or independently, and in such order as it may determine. } I5. This Mortgage shall secure not only existing indebtedness, but also such future advances, whether such aJvances are obligatory or to be made at the uption of Mqrtgagee, or othenvise, as are madc 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, but such secured indebtedness shall not exceed at any time Ihe maximum principal amount of two times the amount of the Note, plus interest thereon, and any disbursements made for the payment of taxes, levies, or insurance, on the Mortgaged Propecty, with interest on such disbursements. Any such future advances, whether obligatory or to be made at the option of the Mortgagee, or otherwise. may be made either prior to or after the due date of the Note or any = other notes secured by this Mortgage. This Mongage is given for the speclfic purpose of securing any and all indebted- ness by the Mortgagor to Murtgagee (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 tu all further advances made by hlortgagee to Mortgagor under this future advance clause. 16. No delay by Mortgagee in exercising any right or remedy hereunder, or otherwise afforded by law, shall ~ operate as a waiver thereof or preclude the exercise ~hereof during the continuance of any delault hereunJer. No wai~~er by Morigagee of 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 of ~he debt hereby secured, no forbearance by Mortgagee before or after the exercise of such option and no withdrawal or abandonment of foreclosure proceeding by Mortgagee shall be taken or conswed as a w•aiver of its right to exercise such option or to accelerate the maturity of the debt hereby secured by reason of any past. present or future 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 as a w•aiver 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 ar for performance of any obligation contained herein, and without affecting the rights of Mortgagee with respect to any security not expre~sly released in writing, Martgagee may, at any lime and from time to time, either before ur after the maturiry of said note, and wilhout notice or consenr. ~ 'Y ( a) Release any persc?n liable for payment uf all c~r any pan of the indeMedness ur fur performance of any obligation; x ~ (b) Make any agreement extending the time or otherwise altering the terms of payment of all ar an~• part ~ of the indebtedness, or modifying or waiving any obligation, on subordinating, mcxiifying or otherwise dealing a~ith the i lien or charge hereof; ~ ~ ' (c) Exercise or reGain from exercising or waive any right Mongagee may have; ° I s ~ ~ (d) Accept additional security of any kind; and i ~ (e) Release or otherwise deal with any propeny, real or personal, securing the indebtedness, including ~ all or any part of the Mortgaged Propertp. ~ I S. Any agreement hereafter made by Mortgagor and hiortgagee pursuant tu this mortgage shal) be superior w ~ the rights of the holder of any intervening lien ur encumbrance. ~ ~ F 19. Mortgagor hereby waives al) right of homestead exemption, if any, in the Mortgaged Property. 20. In the evem of condemnatiun proceeding~ of the Mu:tgaged Property, the :~ward or compensation pa~~ahle thereunder is hereby assigned to and shall be paid to Mortgagee. I~tortgagee shall be under no obligatic~n to question the amount ~~f any wch award or compensation and may arcept thc same in the amuunt in which the same shall be paiJ. In any such condemnation proceedings, Mortbagee may be represented by counsel selected by Mortgagee. The prcxeed. of any a~~ard ~~r compensation so receired ~hall, at the uption of Murtgagee, either be applied te~ the prepayment c~f the Nc~te and at thc ratc of interest provided therein, regardless of the rate of interest payable on the award by the condemn- ing auth<~rit~, or ~t the ~~~tion of Mortgager, ~urh award ~hall he paid over to h1ortgagor for resturation of the Mort- gaged Nru~xrt~. ~ ? I. II ~1nrtc:~gre. rur.uant t~? a r~~mtruction loan agreemem or loan rommi~ment mad. by Mortgagee w~ith ~1ortgagur, agr~c~ a~ makc r~m~wcliem loan advances up to the principal amount of the Note. Ihen Mortgagor hereby : c~?ven~m. that it ill c~~mpl}• w i~h all ~if the term~, prcwision~ and covenant, i~f ~aid construclion loan agreement or I~an c~?mmitmrnt, will diligcntly runuruct the impro~einents tu tx: built punuant to the terms thereof, all uf the tenm there- ~~i a~hich are incor~x~rated herein h~• referenre ati though set forth fully herein :~nd w~ill permit no default~ to occur there- under and if a default ~hall ocrur thereunder, it tihall constitute a default under this Mortgage and the Note. 22. A1 the uption uf yturtkagee. Mongagor ,hall prc,ride 11urt~agee with peri~xlic cerlified audited ~tate- mcnts of the ~~peraliun. uf and thc financial condition of Murigag~?r. ~0535 Pdb~0963 ~ _ r~-_,~--:_,,,,~ - - - - ~