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Home My WebLink About0956 . ' • . . . as ~eturity Cor the Note, to have a recei~~e~ apEx?intrd to cnter u~m and take {wssession uf the Martga~ed PruEx ny, col- lect the rents and profits therefrom and appiy Ihe same as the cour~ may direci, surh receiver ta have. ail the rights and ~»~~ers pern~itted under thc laws of Flotida. In either such case, Mortgagee ~~r the rec~iver may aisu take possessic~n ~~f, and for these purposes use, any and all penunal propeny which is a part of the I~~lortbage~l Pro~x ny and used hy Mortgagor in the rental ur leasing therec~f or any part thrreot. Thc expense (including receiver's fees, caunse) fees, costs and agent's compensation) incurred pursu- ant tu the {x~wers herein contained shall bc secured hereby. hlongagee shall (aftrr paymcnt of all costs and expenses in- i cuned) apply such rentc, issues and ~~raf~ts received by it on the indebtedness secured hemby in such order as Mortgagee ; detern~ines. The right to enter an~ takr ~ssessicm of the Mortgaged Propctty, tc? manage and ~perate the s;+me, and to f cullect the rents, issues ancl profits thereof, ~ti~hether by a receiver or othen~~ise, shall be cumulativ~ to any other right or ~ r~medy hereunder or utforded by law, and may tx excrrised concurrently there~~ ith or independently thereuf. Murt~a- ~ bee shal{ be liabfe to accounl only for such rents, issuc;s and prufits actually received by Mortgagee. I~. lf ~he indebtedness securcd hereby is now or hrreaftc~ furthe~ secured by chattel mortgages, security inter- ests, financing statements, pledges, contr~cts of buaranty, assignments of leases, o~ olher securities, or if the Mort- gaged Pruperty hereby encumt~ere~i ronsists of mure than one purcel of real prope~iy, Mortgagee may at its option ex- ; haust any one ot mare oP said securilies and security hereunder, or such parcels of the securiry hereunder, eithcrconcur- -~ently or indepe.ndently, and in such urder as it may dcterminc. € . E . I5. This Mortgabe shall securc not only existing indebtedness, but also such future advances, whether such t a~vances are obligatc~ry or tc~ be made at the optiun ot' Mc;rtgagee, or othen+~ise, as are made within twenty (20) }'ears ' f'rom ihe date hereuf, ro the same extent as if such Cuture advances ~vere made on the date of the execution of this Mort- gage, but such secured indebtedness sha{I not exreed at any lime the maximum principal amaunt uf iwer iimes the amount of the Note, plus intcrest thereon, and any dishursements made for the payment vf taxes, levies, or insurance, ; o?~ the Murtgaged Property. ~4ith intem.st on such disbursements. Any such future advances, whetherobligatary or to bc : made at the option of the Mongagee, or otherwise, may be made either priur ta ar aRer the due date of the Note or any ? other notes secured by this Mortgage_ This Mortgage is gi~~en for the specific purpose of securing any and all indebted- r ~ ness by the hlortgagor to Mortgagee (but in no event shall the secured indebtedness exceed at any time the maximum £ principal amount set (urih in this paragraphl in whate~~er ma~~ner this indebtedness e~a}~ be evidenced or represented, ~ ' unti) this R4orlgage is satisfied of recard. All covenants and agreements contained in this Mortgage shalt b: applicable j to all furiher advances made by tilortgagee to h4ortgagor under this future advance clause. - ~ ~ . € ~ ~ _ 16. No de{ay by Mort~agee in exercising any right or remedy hereuncier. or otherwise affc~rded by law, shall ~ opE;rate as a~ti~aiver thereof or prectude the exercisc thereof during Ihe continuance of any default hereunder. No wai~•er. ~ { by Mortgag~e of any default shall constitute a waiver of or consent to subsequent defaults. No iailure of Mocigagee to a ' exercise any option herein given to arcelerate n~aturity of the debt hereby secured, no fortx:arance by Mortgagee before _ ~ ? . or after the exercise of such option and no withdrawat or aband~nment of foreclosure proceeding by Mortgagee shall be ~ ; ta~:en or constnsed as a«~aiverof its right to exercise such option or to acceierate the maturity c;f thc debt hereby secured ~ ' by reason of any past, present or future default on ihe pari of hlortgagor: and, in like manner, the procurement of in- ~ surance or the paynzent of taxes or other liens or charges b}~ ~4ortgagee shall not tx, taken or construed a.s a waiver of its ~ right to accelerate the maturity of the debt hereby secured. ' 17. Wilhoul affecling the iiability o~ Mortgagor or ~n}~ uther person (exrept any person expressly released in = writing) for payment of any +ndebtedness secured hereby or for pcrf~rniance of any obligation conlaiued herein, and . ~ without affecting the rights of Martgagee with respect to any securily not expressly re(eased in writing, ~1c~stgagee msy, at any time and from time to time, cither beforc or after the maturity of said note, and without notice ar consent: ' ~ ; (a) Release an ~ r,on li~ble for a~rnent of all ur an ~ art of the indcbtedness or for rformance of art ~ Fk R" ~ S P' Y ~ ; obGgatiun- _ ~ ~ ,(b) Make any agrccment extendin~; the time or othcn~~ise ~Itering thc ternu of payment oCalt ur any part ~ ~ of the indcbiedness, or moditying or ~+~aiving any obligation, on subordinating, moclifying ~r other~~ise dealing with the ~ . fien or charge hereof; - ~ (c) Exercise or refrain Crom exercising or waive any right A4ortgagee Enay have; ~ F (d) Accept additiona) security of any kind; and ~ s (e) Release or otherwise deai wilh any proE>erty, real or pe.rsonal, srcuring the indebtedness, including ~ all or any part of the Martgaged Property. 18. Any agreement hereaf~er made by h1ortgagor and Mortgagec pursuant to this mortgage shal! be superior to - the rights of the holder of any inten~ening lien or encumbrance. ; l9. Mortgagor hercby wai~~es all right af homestead exemption, if any, in the 1~9ongaged Property. ~ 20. In the event of condemnation proceedings of the hiortgaged Property, the awarcl or compensation payable ~ ' thereunder is hereby assigned to and shaU be paid to Mortgagee. Mortgagee shall be under no obligation to questic~n the ~ amount of any such award or compensatiqn and mayaccept the same in the amount in which the same shall be paid. !n~ any such condemnation proeeedings, Mortgagee may be represented by counsei selected by Mortgagee. The proceeds of any award or c~mpensation so received shall, at the optiun of Mortgagee, either be applied to the prepayment of the Note and at tfie rate oF interest provided therein, regardless of the rate of interest payable on the awacd by the condemn- ing authority, or at the option of Mortgagec, such award shal! be paid o~~er to i~tortgagor for restoration of the Mart- gaged Property. ~ ~ 21 _ lC Mc,rtgagee, pursuant to a construction foan agreement or toan commitment m~de by Mortgagee with ~ ,~lortgagvr, agrees to make construction loan advances up to the principal amount of the Note, then MoRgagor hereby ~ ~ covenants that it will comply with all of the tern~s, provisions and covenants of said construction loan agreement or loan coR~mitment, will diligently construct the improvements to be built pursuant to the terms thereof, all of the tenns there~ ~ of which are incorp~rated herein by reference as thou~h set forth fully herein and will permit no defaults to occur there- ~ under and if a default shall occur thereunder, it sha{I constiwte a default under this Mortgage and the Note. ~ . . ~ - 22. At the optic~n of Mortgagce, Mortgagor shall provide i~lortgagee with periocfic ce~tified audited state- ~ ments of the operations of and the financial condition of hlortgagor. ~ ttKr~~ry ~ ~ 60QK c3 / ~ Y~GE i3~c~