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HomeMy WebLinkAbout0993 ~ . . . . . as security for the Note, to have a receive~ appoin~ed to enter upon and takt possession of the MoAgaged Prapeny, cat- Iect the rents and profits thercfrom and apply the same as the coun may direct. such receive~ to have all the rights and powers pertnitted under the laws of Florida. In eithet such case, Mongagoe or the rcceiver may also take possession of, and for thesc purpases usc, any and all personat property which is a pan of 1he Mongaged Propcny and used by Mortgagor in the rental or leasing thereof or any part thercof. The expenu (inciuding rcceive~ s fees, counsel fees, costs and agent's compensation) incurred pursu• ant to 1he powers hcrcin contained shali be secured he~cby. Mortgagee shall (after payment of all costs and expenses in• curred) apply such rcnts, issues and prof its received by it on the indebtedness securcd hereby in such order as Mortgagee detennines. The right to enter and takc possession of thc Morlgaged Propeny, to manage and operate the same, and to collect the rcnts, issues and profits thereof, whether by a rtceiver or otherwise, shail be rumulative to any other right or remedy hereunde~ or afforded by law. and may be exercised concurrently therewith or independently thereof. Mortga- gee shall be liable to account only for such rents, issues and profits actually rcceived by Mongagee. 14. If the indebtedness secured hereby is now or hereafter further secured by chattel mongages, secu~ity inter- ests, financing statements, pledges. contracts of guaranty, assignments of leases, or other securities, or if the Mort- gaged Propetty hereby encumbered consists of more than one parcel ot real properiy. Morlgagee may at its option ex- haust any one or more of said xcurities and security hercunder. or such parcels of the security hercunder. either concur- rently or independently, and in such order as it may determine. I5. .'Il~is 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, ur otherwise. as are made within twenty (20) years trom 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 the maximum principal amount of two timec the amount of the Note. plus interest thereo~, and any disbursements made for the Payment of taxes, levies, or insura~ce, on the Mortgaged Property, with interest on such disbursements. Any such future advances. whether obligatory ar 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 Mortgage is given for the specific purpose of securin& 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 tu all [urther advances made by Mortgagee 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 thereof during the continuance of any default hereunder. No waiver by Mortgagce 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 the debt hereby secured, no forbearance by Mortgagee befure or after the exercise of such option and no withdrawal or abandonment ot' 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 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 a.s 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 released in writing) for payment of any indebtedness secur~ed hereby or for performance of any obligation contained herein, and without affecting the rights of Morigagee with respect to any security not expressly released in writing, Mortgagee , may, at any tinse and from time to time, either before or aRer the maturity of said note. and without notice or consent: (a) Release any person liable for payment of al! or any part of the indebtedness or for performance otany obligation; {b) Make any agreement extending the time or otherwise altering the terms of payment of all or any part of the indebtedness, or modifying or waiving any obligation, on subordinating, modifj~ing or othervvise dealing with the ' lien or charge hereof; ~ (c) Exercise or refrain from exercising or waive any right Mortgagee may have; ~ ~ r (d) Accept additional security of any kind; and (e) Release or otherwise deal with any pruperty, real or personal, securing the indebtedness, including all or any part of the Mortgaged Property. , 18. Any agreement hereafter made by Mortgagor and Mortgagee pursuant tu this mongage shall be superior to the righ~s of the holder of any intervening lien or encumbrance. 19. Mortgagor hereby waives all right of homestead exemption, if any, in the Mortgaged Property. 20. In the event of condemnation proceedings of the Mortgaged Property, the award or compensation papable thereunder is hereby assigned to and shall be paid to Mortgagee. Morlgagee shall be under no obligation to yuestion the amount of any .uch award or compensetion and may accePt the same in the amount in which the s~me shal) be paid. In any such condemnation proceedings. Mortgagee may be represented by counsel selected by Mortgagee. The proceeds of any award ur compensation so receive~l shall, at the optiun of Mungagee, either be applied to the prepayment of the Note and at the rate of interest provided therein, rcgardless of the rate of interest payable on the award by the condemn- ing authurity, ur at thc uption of Mortgagee. ,uch award ~hall he. gaid over to Mortgagor for resroration of the Mort- gagcd Pru~rty. 21. 11 Murtc~gee, pursuant to a comwction loan agreement or luan cummitment made by Marlgagee with 1~lortgagur, agrec. tu makc run~tructiun loan advances up to the principal amount of the Note, then Morlgagor hereby cavenant, ~hat it will comply with all of the temu, provisions and covenanls ~i(said construction luan agreement or loan cummitment, will diligendy cunstruct the improvements to be built pursuant to the terms thereof, al! of Ihe tenns there- oi which are incorporateJ herein by reference as though set Forth fully herein and w~ill permit no default~ to occur there- under and if a default ~hal) ocrur thereunder, it shall cunslitute a defauh under this Murtgage and the Note. ~2. A1 thr uption of Mortgagee, Mottgabor shall pmvidr Murtba~ee with peri~idic certified audited state- ments of the oprrations uf and the financial condition of Morigagor. ~ eoo~ 5~s ~GE ~z . . . . . _ . . : _ . . .