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HomeMy WebLinkAbout2781 . ~ ~ ii as securiry for the Nott, to have a receiver appointed to enter upon and take possession of the Mortgaged Property, rul- ar,~ :s : w~~~~o~~~ e,K; aN~,iy iiK aa~~~c as ~i~e cuun may direc~, sucn rccewer to bave all tt~ nghts and p~wers permitted undtr the faws of Florida. tn eitt?er such case, Mortgagce or the receiver may also take passession of, and for [hese purposes use, any and alt personal property which is a part uf the Mongaged Propeny and used by Mortgag<x in the rcntal ur leasing thereof or i any part thercof. Tht expense (including rcceiver's fees. counsel fees, costs and agent's compensation) incurred pursu- , ant to the powecs herein contained shalt be. secured heieby. Mortgagee shaN (ai'ter payment of aH costs and expenses in- currtd) apply such rcnts, issues and profits received by it on the indebttdness 5ecu~rd he~eby in such orde~ as Mortgag~e determines. The right to enter and take possession of the Mortgagtd Property, to manage and operare the same, and to coftect the rents, issues and profits thereof. whether by a rcceiver or otherwise. shall be cumulativ~ to any other ~ight or remedy hereunr!er or afforded by law, a~d may be exercixd cuncurrently therewith or independently thereoF. Mortga- gce shall be liable to account only for such rcnts. issues and profits actually rcceived by Mottgagee. ~I 14. If the iodebtedness secured hereby is now or hereafler further secured by chattel mongages, security inter- j ests, financing statements, pledges, contracts of guaranty. assignments of leases, or other securities, or if the Mort- ~ gaged Property hereby encumbered consists of morc thao one parcel of real property, Mortgagce may at its option ex- I haust any one or more of said securities and security hereunder. or such parcels of the securiry hereunder, either concur- ~ rently or independently, and in such order as it may determine. I 5. Th+s Martgage shall secure not only existing indebtcdness, but also su~h future advances, whether such ~ advances are obligatory or ta be made at the option of Mqrtgagee. ur othe~wise, as are made within twenty {20) years from tiie dace hercoi. to the same extent as if such future advances werc 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 Property. with inte~est o~ such disbursements. Any such future advances, wfietfier obligaiory or to be made at the option of the Mortgagee, ~r 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 securing any and all indebted- n~ss by the Mortgagor to Mortgagee (but in no event shall the secured indebtedness ezceed at any time the maximum principal amc2unt set furih 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 irt this Mortgage sha!! be applicable to all further advances made by Mortgagee to Mortgagor under this future advance clause. !6. No delay by Mongagee in exercising any right or remedy hereunder, or olherwise afforded by law, shall operate as a waiver thereof or preclude the exercise thereof dur+ng the continuance of any default fiereunder. No waiver by Mortgagee of any default shall constitute a waiver of or consent to subseQucnt 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 and no withdrawal or abandonment oi foreclosure proceeding by Mortgagee shall be taken or ronstrued as a waiver of i:s right to exercise such optioo or to acce{erate 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 af in- surance or the payment of taxes or other liens or charges by Mortgagee shall not be taken or construed a,s a waie•er of its rigfit to acceterate the maturity of the debt hereby secured. 17. Without affecting the liabili~y of Mortgagor or any uther person (except any persoo expressty released in writing) for payment of any ir~debtedness stcured hereby or for performance of any obligation contained herein, and , without affecting the rights of Mortgagee with respect to any security rrot expressly released in writing, Mortgagee , may, at any time and from time to time, either before or aiter the maturity of said note, and without notice or consent: ~I (a) Release any person liabte for payment of al) or any part of the indebtedness or for perfonnance of any obl igation; (b) Make any agreement extending the time or otherwise aftering the terms of payment of all or any part of the indebtedness, or modifying or waiving any obligation, on subordinating, modifyingorotherwise dealing with the lien or charge hereof; (c) Exercise or refrain from exercising or waive any right Mortgagee may have; (d) Accept additional security of any kind: and (e) Release or otherwise deai with any property, real or personal, securing the indebtedness, including all or any part of the Mortgaged Property. I 8. Any agreement hereafter made by Mortgagor and Mongagee pursuant to this mortgage shall be superior tu the rigMs of the holder of any intervening lien or enrumbrance. 19. Mortgagor hereby waives ali right of homestead exemption, if any, in the Mortgaged Property. 20. In the event of condemnation proceedings of the Mortgaged Property, tfie aw:~rd or compensation payable thereunder is hereby assigned to and shafl be paid to Mortgagee. Mortgagee shall be under no obligation to question the amount of any wch award or comQensation and may accept the santie in the amount in whicfi the same shatl be paid. In any such condemna~ion proceedings, Mortgagee may be represented by counse! selected by Mortgagee. The p~oceeds of any award ur cc~mpensation so received shall. at the option of Mortgagee, either be applied to the prepayment of the tVote and at the ra¢e c~f interest provided therein, regardles~ of the rate of interest payable on the award by the condemn- ing authurity. vr at thc uption of t~tong~gee. ~uch award shall be paid over to Mortgagor for res~oration of the tilon- gaged Prt?perty. ?1. lf M~~rtcagre, pursuam to a contiwctiun loan agreement or loan commitment made by Mortgagee with ;~lartgagar, agr..e. w snake cun~trucuun loan advances up to the principal amount of the Note, then Mortgagor hereby cuvenant~ that it will cumpll• with all of the term~. provisions and covenants of said construction tuan agreement or loan c~~mm~tment, will diligemly cunstrurt the improvements to be built pursuant to the terms thereuf, all of the tenns there- ot which are incorporated herein by refcrence :~ti thou~h set forth fully herein and will permit no defeult~ to occur there- under and ~f a defauh ~halt .xcur ~hereundrr, it shail constitWe a default under this Mortgage and the Note. 22. At the op~ion of Mortgagee, Martgagor shatl pravide M~sctbagee with peri~xiic certified audited ~tate- ments of the oprrations of and the tinancial condition of Mongagur. gppX 6 ( 5 PAGE ~7C)~ ~ - ~ - : - _ _ . , _ ~ TM,~._:_~: ~r _ ; =y