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HomeMy WebLinkAbout0993 , i.~ ~ . ~.a , ~ as socurity for the Nde. to have a receive~ appointed to ente~ upon and take possessio~ of the Mortgaged Propeny, col- kct the renta and profits ther~efrom and apply the same as the court may dirert. such receiver to t?sve all the rights and pow~rs permitted unde~ the laws of Florida. In either iuch case. Mortgaga a the rcceive~ may aiso take possession of. and for these purposes use. any and all perwnal pnopeny which ia a part of the Mortgaged Propeny and used by Mortgagor in tiie rcntal or leasing thercof or any put theroof. '!1~ expense (including receive~'s fees. counssi tas, costs and agenCs compenution) incurr~ed pu~su- ant to the powtrs hercin contained ahsll be secu~d hercby. Mortgaga shall (afte~ payment of all costs and expenses in- cumcd) apply auch ~+e~ta. i~u~s and profits roceivod by it o~ the indebtedness sacurod hereby in such ordsr as Mortgagce detemnines. The tight to enter and tske possession of the Matgaged Propetty. to managc and operate the samc. and to colloct the rcnts. iuues and profits thercof. whethe~ by a rcceive~ or Wticnvise. shall be cumulativo to any other right or rcmedy hereunder or afforded by law. and may be exerciseil co~curnently thet~ewith or independently thercof. Monga- . gee shall be li~bk to account only for such rcnts. issues and pro~ts actualiy rccsived by Matgagee. 14. lf the indebtedness secured hercby is now or hereafter furthe~ securcd by chattel mortgages. security inter- ests. financing statements. pledges. contracts of gwuanty, assignments of leases. or other securities, w if the Mon- gaged Propeny hereby encumbered consists ot more than one parcel of rtal property. Mortgagee may at its aption ex- haust any one ot mo~ of said securities and security hereunder. or such parcels of the security hereunder, eitherconcur- cendy or independently. a~d in such order as it may determine. 1 S. 'll~is Mortgage sh~il securc not only existing indebtedness, but also such future advances. whether such advances are obligatory or to bemade at the option of Mqrtgagee, or wixnhris~, as arc made within twenty (20) yean from the due hercof, to the same extent as if such futurc advances were mAde on thc date of the execution of this Mort- gage. but such securcd indebtedness shall not oxcetd at any time the maximum principal amount of two times the amouM of the Note, plus intercst thereon. and any disbu~sements made for the payment of taxes, levies. or insurance. on the Mortgaged PropeAy. with intenest on such disbursements. Any such future advances. whetherobligatory or to be ~ made at the option of the Mortgagee. or otherwise. may be msde either prioc to or aRer the due date of the Note o~ any othe~ ~otes securcd by this Mortgage. This Mortgage is given fur the specific purpose of securing any and all indebted- ness by tt~e Matgagor to Mortgagee (but in no event shall the securod indebtedness exceod at any time the maximum principai amount set forth in this paragraph) in whatever manner this indebtedness may be evidenced or rcpresented, until this MaRgage is satisfied of record. Ail covenants and agreerrunts contained in this Mortgage shall be applicable to all further advar~ces made by Mortgagce to Mortgagor under this future advance clause. 16. No delay by Mortgagea in exercising any right or remedy hereunder, or otherv~ise sii'orded by law. shall operate as a waiver thectiwf or preclude the exercise thereof during the cantinuance of any default hereunder. No waiver , by Mortgagee of any default shall constitute a waiver of or consent to subsequent defaults. No failure of Mortgagee to exercise any option herein geven 1o acceletate maturiry of the debt fiercby secured. no forbearance by Mortgagee before or after the exercise of such option and no withdrawal or abandonment af foreclostu+e proceeding by Mortgagee shail be ~ taken or conswtd as a waiver of its right ta exercise such option or to accelerate the maturity of the debt hercby secured ; by rcason of any past. present or future default on the pa~t of Moctgagor; a~d. in tike manner, the procurcment of in- i surance or the payment of taxes or other liens or charges by Mortgagee shall not be taken or constn~ed a~ a waiver of its ~ rigfit to accelerate the maturity of the debt hercby secured. 17. Without affecting the liability of Mortgagor or any other person (except any persan expressly released in writing) for payment of any indebtedness secured hereby or for performartce of any obligation contained herein, and without affecting the rights of Mortgagee with respect to any security not expressly released in writing, Mongagee may. at any time and from time to time, eithsr before or after the maturity of said note, and without notice or consent: (a) Releau any person liable for payment of ali or any part of the indebtedness or for performance otany obligation; (b) 111ake any agrcement extending the time or otherwise altering the terms of payment of all or any part of the indebtedness. or rnodifying or waiving any obligation, on subocdinating, modifying or otherwise dealing with the lien or charge hereof; • (c) Exercise or refrain from exercising or waive any right MoRgagce may have; (d) Accept additional security of any kind; and . • (e) Rekase ar otherwise dea) with any property. real or personal, securing the indebtedness, including all or any part o( the Mortg,agtd Property. 18. Any agrcement hereafter made by Mortgagor and Mortgagee pursuant to lhis mortgage shall be superior to the rights of the holder of any intervening lien or encumbrance. !9. Mortgagor hercby waives all right of homestead exemption, if any, in the Mortgaged Property. 20. In the event of condemnation proccedings of the Matgaged Property, the award or compensation payable thereunder is hereby assigned to and shall be paid to Mortgagee. Mort$aga shaii be under no obligation to question the - amiwnt 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 procadings, Mortgagee may be r~prcsented by counsel selected by Mortgagee. The proceeds ~ ' of any award ~x compensation so rcceived shall, at the optiun of Mortgagce, either be applied to the prcpayment 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 authnrity, or at the uption of Mortgagee, such award shall be paid over to~ Mortgagoi for rcstora~ion of the Mcxt- gaged Propeny. _ . 21. if Mart~eabee, pur~uant to a construction loan agreement or loan commitment made by Morigagee with Mortgagur, agrce? to make construction loan advances up to the principal amount of the Nate. then Mortgagor hereby cuvenants that it will camply with all of the tertns, provisions and covtnants of said constructio~ loan agreement or loan F cumJnitment. wilt diligently cunstruct the improvements ta be built pursuant to the terms thereof. all of the temns there- a~ which are incorpe~rated herein by reference as thaugh set forth fully herein and will permit no defaults to occur there- uncfer and if a detault shall occur thereunder, it shall constitute a default under ~his Mortgage and Ihe Note. 22. A~ the option of Mongagee. Mongagor shall provide Mongagee witfi periodic certified audited state- s; j ments of the opera~ions oE and !he Cnancial condition o~ Mortgagor. ' ~1[t ~ so~c~3 P~ 98~i .