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Home My WebLink About0061 , , . i , . ~ - ~ ; j.. ~ II apply such renta, isauee und pro(ib teceived hy it o~ the indebtedness secured hereby in such order as MoriBagee deter minea 'The right to enter and take po~aesaion ot the MortBABed ProNerty, to manuge and operate the same. and to collec/ the rents. iesuee and protita thereot. whethes by a receiver os otherwiss. ehall be cumulative to any other rieht or remedy hereunder or at[orded by law~ and may be exerrised concurrently therewith or independently thereot. Mortgagee ahall be liable to account only for such rents, ise~uea a~d protits actually received by Mortgagee. 14. It the indebtodneas secured hereby ia now or hereafter [urther secured by chattel mortgages. security intereets. financins atatementa, pledges, contracts ot guaranty, aeaignmenta o[ leasee, or other aecuritiea, or if tbe Mortgaged Pro- perty hereby eacumbered consiets of more than one parcel of real properly. Morlgagee may at its option exheust eny one or more ot eaid securitiea and eecurity hereunder. or auch parcels of the secusity hereu~der. either_ ,concurcently or inde- pendently. and in suc6 order as it may determi~e. 15. This Mortgage shall eecure not only exiating indebtedne~, but also such tuture advancea, whether such advancea are obligatory or to be made at the option oi Mortgagee. or otherwiee. as are made within twenty (20) years lrom the dnte ~ hereot. to the eame e:tent aa it such future advancea were made on the date of the e:ecuti ~his Modgage, but such aecured indebtedc?ess shall not exceed at any time the mn:imum principal amount of i N/A plus interest, and any diabursemeats made for the payment ot t~es, levies. or inaurance, on the MoKgaged Pmperty, with interest on such disburaements. Aay such tuture advancee, whether obligatory or to be made at the option oI the Mortgagee, or otherwise. may be made either prior to or atter the due date oi the Note or any other notes secured by this Mortgage. This Mortgege is given for the apecitic purpoee of securing any and all indebtedness by the Morlgugor to Mottgagee (but in no event shall the secured indebtedneas e:ceed at any time the iruuimum principal amount aet torth in thia para8raph) in s whatever manner thia indebtedness may be evidenced or represented. until thia MortgaBe is eatis(ied of record. All coven- i ants and agreementa contained in thia Mortgage ahaU be applicable to all further advances made by Mortgagee to ~ Mortgagor under thia tuture advance clause. 16. No delay by Mortaagee in e:ercising any rig6t or remedy bereunder. or otherwiae a((orded by law. shall operale as a waiver thereof or preclude t6e e:ercise thereot during the continuance of aay defauit 6ereunder. No waiver by Mortgagee of any default ahall constitute a waiver ot or rnnsent to eubBequent defaulte. No failure o[ Mortgagee to e:erciae any option bersin given to accelerete maturity of the debt hereby secured. no torbearance by Mortgagee betore or atter the e:erciae of sach option aad no withdrawal or abandonment of foreclosure proceeding by Mortgagee shall be taken or con- strued as a waiver of i4 riBbt to ezen~iee such option or to aocelecate the maturity of the debt hereby secared by reason oi any past, present or tuture detault on the part of Mortgagor: and. in like manner, the procurement ot insurence or the pay- ment ot ta~cea or other liena or charges by Mortgaaee sball-:not be taken or construed as a waiver ot its right to accelerate the maturity of the debt hereby secured. F• t$ t 17. Without atfecting the liability ot Mortgagor or any other person (e:cept any person e:preasly releaaed in writing) i for payment ot any indebtednesa se~vred hereby or tor performance of any obligation contained herein, and without attect- } ing We tights of Mort$agee with respect to alt~y serurity not e:p~l~l-released in writing, Mortgagee may, at any time and tmm time to time. either before or after the maturity of said note. and without notice or consent: (a) Release any peraon liable for paymenE of all or any part of the indebtedness or [or performance of any obligation. (b) Make any agreement e:tending the- time or~ othetwiee altering the te;cns of payment of all or any part ot the indebtedneas. or modifying or waiving any ob'ligatioti, o~ subordinating, modifying or otherwise dealing with the lien or charge hereof. ~ (c) Exercise or retrain imm e:ercising or waive any right Mortgagee may have- } (d) Acoept additional secarity of any kind. (e) Relesee or ot6erwise d~l with any property, real or peraonal. securin8 the ~ndebtedneas, including all or any part of the Modgaged PropertY. ' 18. Any agreement herea[ter made by Mortgagor and Mortgagee pu~suant to thia mortgage shall be superior to the rights of the holder oi any intervening lien or encambrance. I 19_ Mortgagor hereby waives all rig6t oi homestead e:emption, i( any, in the Mortgaged Properly_ ' ' ~ 20. In the event oi condemnatioa proceedinga of the Mortgaged Property, tl~e award or compensation payable there- ~ under ia hereby asaigned to and shall be paid to Mortgagee. Mortgagee ahall be under no obligation to question t6e amount ~ oi any such award or compensation and may accept the same in We amounL in which the same shall be paid. In any such ~ condemnation proceedings. Mortgagee msy be represented by counsel aelected by Mortgagee. The proceeds of any award or compenaation eo received ehall, at tbe option of Mortgagee, either be applied to the prep~yment of the Note and at the rate of interest pmvided therein, regardless ot the rate oi interest payable on the award by the condemning suthority, or at the option o( Mortgagee. such award sl~all be paid over to Mortgagor for resforation of the Mortgaged Propedy. 21. If Mortgagee, putsuant to a conatruction loan agreement or loan commitment mnde by Mortgagee with Mortgagor, agrees to make rnastruction loan advances up to the principal amount of the Note, then Mortgagor hereby covenanta that it ~ will comply wit6 all of the terms, proviaione and rnvenanta of said conatruction loan agreement or loan commitment, will g diligently conatruct the improvements to be built purs~ant to the terma thereof, all of the terma thereof which are in- corporated herein by reference as though set todh fully herein and will permit no defaults to occur thereunder"and ii a de- fault a6ap occur thereunder, it s6a11 conatitute a default under this Mortgage and the Note. ` I 22. At the option ot Mortgagee, Mortgagor ahall provide Mortgagee with periodic certified audited statements ot t6e ~ tinancial oondition of biortgagor. ~ 23. Mortgagor represents and wartants that if a corporation, it is duly organized and validiy e:iating. in good stand- ~ ing under tbe laws ot the state ot ita incorporation, I~as stock outatanding whic6 has been duly and validly issued, and ia qualJ'ied to do business and ia in good atanding in the State of Florida, with tull power and authority to conAUmmate the ~ loan contemplated hereby: and, it a partners6ip, it is duly formed and validly e:iating, and ia lully quali6e"~cYo+~ businesa . in the 3tate ot Florida; with tu11 power and authority to consummate the loan contemplated hereby. ' ~ 24. In t6e event any one or more of tbe pmviaions contained in this Mortgage or in the Note ahall for any reason ~ be held to be invalid. illegal or unenforceable in any reapect, suc6 invalidity. illegality or unenforceablity shall, at the option of the Mortgagee, not afiect any other provisio~ of thia Mortgage, bnt thia Mortgage shall be construed as if such ` invalid, illegal or unentorceable provision had never been contained herein or t6erein. The total intereat payable puesuant to the Note or thia Mortgage shall not in any one year e:ceed the highest Iawiul rate of interest in the State of Florida. 25. The covenants and agreementa herein contained ahaU bind and the benefits and advantages shall inure to the respective l~eirs, e:ecntota, administratora. aucceesois, and assigne o[ the perties hereto_ Wherever uaed, the singular number atisll include the plural, the plural the singular, and the use of any gender ahall be applicable to all gendera. All covenanb. agreementa and undertakings sl~all be joint and several. In t6e ev~ent additional numbered covenante or para- grapbs are for convenience inserted in this Mortgage, such additional covenanta shall be read and given ettect aa though following this covenant in rnnaecutive order. -3- ~z~~ ~ si