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~. 16(,a)That in t:-,e event the .fOG~ '(-:hich this mortgqCJge I" glwn. ~
L:secure ~s ,mad.e for the purpose of financing ei;;her the construction
>-,of neu: Du.'Jaln~5 ~r the construction of improve!'lentG end/or additions
t to eXisting bUlldlngb, the'.zortgagor, ij required. :J1I thG .l1ortqage€,
:fexpressl,! agrees to deposit with the mortgagee or its, dcsigno.-t,d agent
~,ar: ('liiQUnL of money equal t6-the differe".'1ce between the net. p"ocet-'ds
..J:)J ,the loan and the total' amount, as detenr.iYled b:! the~'ortg.-zgce, rt-'-
~J,ulT'(Jd to fully complete said COllstructio~ in accordance with th/.;
-~'olar;s and specifications heretofor'c sub!1itt~d by the ,7ortga]or and
approved by the: .uortg~gec. Ea::! :::zmoun~ oj mone~' shall ,'y<-' rJaced t'y
the luortgagce in a "Loans in j-,-occ.r-;s IICCQUnt" in the '((2'T:t; of the ..;ort-
gagor, and the same shall DC userJ by the 'Olortgogce to .ray tile costs,
chc.rges and expenses z'ncu;-r.:d in connection with said co,:structi,"n
prior to disbursing of _this loan. It is further ,J.,1n':i:::i thert in U;,'
event said Gonstruction is :wi ju.lly c<Jf"'.p~ett1d on~ or beforc the date
strzted in the l':O'1strlLction Loan. k]reement or in the event that UI<..'
worJ! on said con$truction shall cca:::e :J,:jor<.: full completion (J,nd such
c.essG.tion shall cfJntinuc,for a period of 15 d-..ys, or if subst,lllt-
,al c:ont lnuous progress shall r..ot. be mLl~'c in such conf~truct ion, Ukn
aryl l,n any such event the s.:dd aggregat.":: sur'l, principul und irdt'rc..st,
mentzunt,d in said rromis;:;ory note and ell1 'fnonlcs sccur,:..d hereby, shall
become cU:: and payable forthwith or thereafter, at th..: option of s,:id
,':ortgagee; and in the event.of such ces~-:a.tion of work !.lpon said const-
ruction for a period of- 15 auys, or if substantial continolJ.s ~ro-
gress shall not be made in such const1'uction, as afon_saiei, the ~ort-
gagee may at its opt ion- enter inta and upon the mortga9Gd pr<-'mist S
and complete said construction in such !':anner as it d,,:e";s (:dvisar1c
with~ut, any interfe~enc:e-fro"l the ;ortgagor,' the sc id i;ort'.J('gor hcrc-
cy glvzng and grantzng to tht-' ..'ivrtgagee full power and c.uthorit11 to
make such entry into and upon said mortgaged prem!'ses, to enter' i.,do
such contr,acts or u.rrangc;ments as !'lay be n.cCt.'ssQry to cO/';'(1l2tc f:aic.'
constructzon, and to eXIend u.ny monies rernainillg in said "Loans ir.
?rocess ~ccount" and ,in addition any sums of money necessary to cor--
plete s,azd constr.uctz~n; and all and r!n:J monies expcndl.:d by the .:ort-
gagee H. connectzon u:zth such completion. of construction in ..xCt:ss of
the monies in said "Lo.J,nc i,~ Process A('count" shall be addc;d to the
sa~d prin~ipal debt and shall draw interest at th..:. ratt' provided in
sazd promzssory note, and shall b~ ~ecured by this ~ortgage, and
shall be payabl e by the .~lOrtgagor on de!....and.
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and ~medi~s, at law o~ in ~quity, and this mortg \!~ may be for~dosed with all righu and rtmedits afforrltd by '':.e laws of
FlOrida and Mortgagor sh&ll pay all costl, charges and expenses thereof, including a reasonable attorney's fee.
U. If default be made in payment. when due, of any ind~bttdnes.s secured h~reby, or in performanc~ of any of Mort,
gasor'. ob\i~tiollJ. covenanu or arreem~nU h~reunder:
(a) Mo.tgagu iJ authorized at any time, without notice, in iu sole di>cretion to enter upon and tah poueuion of the
premises or any part thereof, to perform any acU Mortgage~ deems neceuary or proper to con~rv~ the Itcunty and ;0 collect
and rec~ive all renu, iuUft and profiu thereof, :ncluding thote put due a.s well a.s those accruing thereafter, and
(b) Nortl1ll<< ahall be entitled, &I " matter of Itrict right and without regard to the value or oc<:"pancy of the security,
to have a r~ei~er appointed to ent~r upon ar,d take pouellion of th~ premises, collect the rents and profits therefrom and apply
the lame u th~ court roay dirC(;t, IUch receiver to have all the rights and powers permitt~d ullder the lAwl of Florida
In either such cue McrtgAlce !II' tt:.e rec~iver may also tak~ pou<=ssion of, and for thel'. purpof"s u~, any and all personal
property conu,ined in the prnnises and wed by Mort~30r in the rental or leasing thereof or any part th~reof. The expense
(including nceivu's f~, counsel feea, corti and agent'. compensation) incurred pursuant to the poWf:n herein contained shall
be ~ured hereb,.-. Mortga~ ahall (af~r paym~nt of all cosU and expel kl incurred) a.pply luch renU, iuu~ and profits nceived
by> it on the indebted nUl teCured hereby> in such order a.s Mortg-1O.gee detenT,ines. Thl' ri~ht to enter and tale pos~euion of laid
property, to nanage and operate the ume, ar.d to cc;Ue<:t the rer.U, iuue\ and profita thae<>f, ....hether by a r""ceiver or otfl~r-
wise, .hal! be cumulative to ar.. othPT risht iJr ~ hereunder or afforded by law, ard may be exercued con~urrently there....lth
or independently thcnof, MortP3ce shaD be li~bI.e to account ooIy r~ IUch renta, iuues and profitl actually rec.eiwd by Mortgagee.
\4, If the in<!eblednesa llCCured hereby> iJ nOw or bereaft~r further ;ecuffd by chattel mort~ages, pledgel, ~ntractl c>f
ruaranty, auiliDtMnU of Ie-. or other lKurities, or if the pumisea Rereby encumbered LonsislS of mon than one parcel, Mo~t-
(&Iff may at :u optioo exhaUSt anyone or more of u.it! lKurities and the security hereunder, or I~h parcels of the secunty
h~.det', either concurrently or indep<ndenu,.. and in such order... it may determine.
U, No delay by Wort(afee in ucrcUin. &.''Iy right ~ remedy hereund"r, or otherwiae afforded by law, Ihall c.~rate as a
waiver tbveol or precl.tde the eurcUe thereof duri~ the (t,pUnuance \>f an~' defsult hereunder. No waiver by Mortgagee of any
default than conttitute a waiver of or content to aubee<;-uasu ddaulc,
16. Withclut aBectilll the liability of uy ~~ (ot:,l'1' than any penon reiuleeI punuant hereto) for payment (Of any
in<W>tednut secured beftby, and without alre<:tm. the priority or extent of the lien hereof upon any property not lpecifically
"k!a.~d purtuant hereto. Mortgluj'ee r......, .t any time &Ad from time tv time, without notice and without limitation u to any
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