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HomeMy WebLinkAbout2181 + as xcurity for the Note, to have a rece~ver appoinied toenter upon and take posse~sion of the Mortgaged Pruperty, col- lect the rents and profits thercfrom and apply the same as the court may direct, such receiver to have all the nghts and powers pennitted under the laws of Florida. in either such case, Mortgagee or the rcceiver may also take possession of, and for thest purposes use, any and all personal propeny which is a part of the Mungaged Property and used by Alortgagor in the rentnl ar leasing ~hereof ur any part thereof. The expenu (including receiver's fces, counsei fees, costs and agent's compensation) incurred pursu- ant to the powers here~n contained shall be secured hereby. Mortgagee shall (afier payment of all costs and expen~es in- curred) apply such rcnts, issues and profits received by it on the indebtedness secured hereby in such order as Mongagee determines. The nght to enter and take possession of the Mortgaged Property, to manage and operate the same, and to collect the rents, issues and profits thereof, whether by a rcceiver or othenvise, shall be cumulative to any other right or remedy hereunder or afforded by law, and may be exercised concurrently therewith or independently thereof. Murtga- gee shall be liable to account only for such rents, issues and profits actually received by Mortgagee. 14. If the indebtedness secured hereby is now or hereafter further serured by chattel mortgages, security inter- ests, financing statements, pledges, contracts of guaranty, assignments of Icases, or oiher securitics, or if the Mort- Yavtcl Pr~!+~!ty heltbY fnr~~rnF+grr~.~ C4!lcictS flC!*24!~P lF!3!! i?^L' S3rr~I f!C ~a3! ss~:ix:lt R~nr!eao~p :v:~v a! iec ::r.e: :n : s_ r - v • ~ -o•-o-- ••--i haust any one or more of said securities and security hercunder, or such parcels of the securiry hertunder, either concur- rently or indtpendently, and in such order as it may determine. I5. 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 twenty (20) years from the date hereof, to the same extent as if such futurc 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 times the amount of the Note, plus interest thereon, and any disbursements made for the payment of taxes, levies, or insurance, on the Mortgaged Propehy, 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 s~cured by this Mortgage. This Mortgage is given for the specific purpose of securing any and all indebted- ness by the Mongagor to Mongagee (but in no event shall the secured indebtedness exceed at any time the maximum principal amount set foAh 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 to all further advances made by Mortgagee to Mongagor under this future advance clause. l6. No delay by Mortgagee in exercising any right or remedy hereunder, or othcrwise afforded by law, shal! operate as a waiver thereof or preclude the exercise thereof during the continuance of any default hereunder. No waiver by Mortgagee of any default shall constitute a waiver of or coosent 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 before or after the exercise of such option arsd no withdrawal or abandonment of forcclosure procceding by Mortgagee shal! 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 reazon of any past, present or future default on the part of Mortgagor; and, in like manner, the pmcurement of in- surance or the payment of taxes or other liens or charges by Mortgagee shall not be taken or construed as a waiver 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 or for performance of any obligation contained herein, and ! without affecting the rights of Morigagee with rcspect to any security not expressly released in wridng, Mongagee ~ may, at any time and fsom time to time, either before or after the maturity of said note, and without notice or consent: t r (a) Release any persun liable for paymem of all or any part of the indebtedness o~ for performance of any obligation; f ~ (b) Make any agreement extending the iime or utherwise altering the terms of payment of al{ or any part of the indebtedness, or mociifying or waiving any obligation, on subordinating, modifying or otherwise dealing with the lien or charge hereof; ` (c) Exercise or refrain from exercising or waive any right Mortgagee may have; ~ E (d) Accept additional security of any kind; and j (e) Release or otherwise deal with any property, real or personal, securing the indebtedness, irscluding ~ allor any part of the Mortgaged Properry. ' F K ~ I 8. Any agreement hereafter made by Mortgagor and Mortgagee pursuant to this mortgage shall be supenor to the nghts of the holder of any intervening lien or encumbrance. ~ ~ 19. Morigagor hereby waives all right of homestead exemption, if any, in the Mortgaged Property. ~ 20. In the event of condemna~ion proceedings o( the Mortgaged Property, the award or compensation payable g thercunder is hereby assigned to and shall be paid to Mortgagee. Mortgagee shall be under.no obligation to question the ~ amuunt c~f any wch award or compen~ation and may accept the seme in the amo~m in which the same shall be paid. In any such condemnation proceedings, Mortgagee may be represented by counsel selected by Mongagee. The proceeds o( any award or compensation so received shall, at the option of Mortgagee, either be applied to the prepayment of the Note and at the rate oC interest provided therein, regardless of the rate of interest payable on the award by the condemn- ing authunly, or at the uption of Morigagee. such award ~hall tx paid over ro Mongagor for restoration of the Mon- . gagcd Prc?perty . ' I. If 1~t~~rtcagee, pur~uant to a con~trucUun loan abreement or loan commitment ma~e by M~~rtgagee w ith ti1urtgagur, agr~e. te~ makr runsteuction loan advances up to the principal amount of the Note, then Mongagor hereby F c~?vcnant~ that it w~II c~~mply with all of the term~, provision~ and covenants of said construction loan agreement ur loan a~mmitment, will diligendy cunstruct the improvements to be built pursuant to the terms thereo(, all uf the tenns there- ~ ~n which are ~ncurEwrated hrrein by reference a~ though ~et forth fully herein and wil! permit nu defaulb to occur there- ~ under and ~f a default ~hail ocrur thereunder, i~ shall constitute a default under this Mortgage and the Note. ~ ~ 22. A~ che option of Mortg~gee. Mongagor ~hall provide Me?rtbagee with periodic certifi~d audited state- ments of the operations uf and the financial conditian of Mortgagor. BOGK675 PAGE~1~~ ~ - ~ xT,~~ , ~ --a. : _