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Home My WebLink About0286 upply auch renta, iasuea a~d pmtib received by it on the indeMedness ee^ured hereby iri sucb 4~eR.W. ~o~xBee deter- minea The right to enter and take poe~session ot the Mortga~ed Pmperty. to manage and operate t}re iame. and to collect the rents, iesues and pmtib thereof, wbether by a receiver ot otberwi~e. shall be cu;qul~tjve to any other ciaht or remedy 6ereunder or a[torded by law. and ,may,, be e~e concurrently thorewit6 0~ independently tl~ereof. Mortgagee ahall ' be lieble to account only to~sucl~ ~iati, iisue~ ~rotib actually received by Mortgases. 14. It the indebtednea secared hereby is now or hereaftes further eecured by chattel mortgages. ~erurity interests. tinancins statements~ pledges. rnntracts ot guaranty. sesignments ot leasea. or other iecuritie~. or it the Mortgaged Pro- periy 6ereby encumbered consists ot more than one parcel ot r~l property~ Mortgagee may at ib option e~eust any one or more of ~sid securities and .ecurity hereunder, or such parceb ot the secudty heseunder, either rnncurrently or inde- pendently. and in such order as it may determiae. lb. 'lUis Mottaage shap secve~e not only e:isting indebtednees, but also such tuture advances. whether such advances are obligatory or to be made at the option of Mortgagee. or othetwi~e. as ace tnads within twenty (20) yean trom the date hereot. to the eame e:tent as it such future advances were mede on tbe date ot the ezecution ot this Modgege. b~t euch secured indebtedneas shaA not e:eeed at any time the mauimum ptincipsl araount of i-- - plus interest, aad any disbureements made tor the payment of ta~ces, leviea, or insurance, on the Mortgaged Property. with intet+eet on suc6 disbursementa. Any such future advancee. whether obligatory os to be made at the option o[ the Mortgagee. or othetwise. may be made either prior to or a[ter tl~e due date of the Note or any other notes secvred by this Mod$age. This Mortgage is giv~en tor tbe speci~c purpoee oi secnrins any and all indebtedness by the Mort;agor to Mortssaee (but in no ev~ent shall t6e secured indebtedness exceed at any time the a~imum principal amount eet forth ia this paraeraPh) in whatever manner thia indebtedneas may be evidenced or represented, unW this Mortgage ia setiafied ot record. All coven- ants ut~d agreements contained in this Mortgage shall be applicable to all further advances made by Mortgagee to Mortgagor under thia tuture advance clause. 16. No delay by Mortgagee in euerciaina any right or remedy heceuader. or otherwise attorded by law. shall operate as a waiver tbereof or preclude the ezercise Wereof during the continuance of any de(ault hereunder. No waiver by Modgagee of any default shall conrtitute a waiver of or consent to subsequent defaults. No failure ot Mortgagee to e~cercise any option herein given to accelerate maturity of the debt hereby aecured. no torb~rance by Mortgagee betore or a[ter the exercise of such option and tw withdrawal or abandonment of toteclosure pmeeedin8 by Mortgagee shall be taken or con- strued as a waiver of its =ight to ~ercise suc6 option or to socelerete the maturity of the debt l~ereby secured by reason ot any paat, present or future detault on the part ot Mortgagor; and. in llke manner, the procurement of insurance or the pay- ment of taxea or other liens or chargea by Mortgagee shall not be taken or construed aa a waiver of its rig6t to accelerate the maturity of We debt hereby secured. ~ ~ ~ ~ ~ ~ 17. Withont af[ecting the lisbility ot Mortgagor or any other person (e:cept any person ~Qre~r ~leased in writing) tor payment oi any indebtedneae secured hereby or tor pedormance of any obligatinn contained herein, and without atfect- ing the righfs oi Mortgagee with reapec~t to any security not e=preealy released in writing. ly[ortgaaee mey. 8t ti~e and irom time to time, either betore or atter t6e maturity of aaid note, and without notice or cod~ent: ' (a) Relesse any peeson liable tor payment ot ~Il or any pert of the indebtednese or for pedormance of any obligation. ` (b) Make any agreement e:tending the time or ot6erwise altering the terms of payment ot sll or ai?y part ot the indebtedness, or moditying or waiving any obligetion. or eubordinating~ modifying or othe~trijee dealins ~vrith the lien or charge hereof. (c) Ezerciee or retrain fmm e:ereiaing or waive any right Mortgagee may have. (d) Aecept additional secvrity ot any kind. (e) Release or offierwiee deal with any propedy. real or pereonal. eecvrinB d~e indebtedness, including all or any part ot the Mortgaged Property. 18. Any agreement hema(ter made by Mortgagor and Mortgagee pu~auant to this mortgage s6a11 be auperior to the rights of the holder of any intervening lien or encumbrance. ~ 19. Mortgagor hereby waives all right of homestead e:emption, if any. in the Mortgaged Property. ; Z0. In the event of rnndemnation proceedings of the Mortgaged Pmperty. the award or compensation payable there- , [ un~r is hereby a~igned to and s6a11 be paid to Mortgagee. Mortgegee shall be under no obligation to question the amount ~ of any such award or compensation and may accept ihe eame ia the amount in which the ssme ahall be paid. In any such ; condemnation proceedinga, Mortgagee may be rept~ented by counsel selected by Mortgagee. T6e proceeda of any award ~ or compe~atioa eo received shall. at the option of Mortgagee, either be applied to the prepeyment of the Note and at t6e rate of intereat provided therein, regardless o[ t6e rate of inteteat payable on the award by the condemning authority. or at t6e option of Modgagee. such award ahall be paid ov~er to Mortgagor for restoration of the Mortgaged Property. 21. If Mortgagee, pursuant to a construction loan agreement or loan commitment made by Mortgagee with Mortgagor, agrep to malce eonstruction lonn advancea up to t6e principal amount of the Note. then Mortgagor hereby covenants that it , _ wili comply wit6 all of the terms, provisions and rnvenanta of eaid construction loan agreement or loan commitment, will diligently constturt the impmvements to be built puiaiant to the terma thereof, all of the terma t6ereof which are in- corporated herein by reference as thoug6 eet totth fully herein and wiU permit no defaulta to occur thereunder and if a de- fault a6ai1 occur t6ereunder, it sball conatitute a default under tLis Mortgage a~ the Note. 22. At t6e option oE Mortgagee~ Mortgagor ahall provide Mottgagee with periodic certified audited atatementa of tbe tinancial rnndition of Mortgagor. 23. Mortgagor representa and warrants that if a corporation, it is duly organized and validly e~ating, in good stand- ing under the laws oE the atate o[ its incorporetion, has stock outatanding whic6 has been duly and validly issued. and is qualitied to do buaineae and is in good standing in the Stste ot Florida, with full power and autlwrity to oonsummate the ~ loan contemplated hereby: and, it a partnership, it ia duly formed and validly eziating, and is tully qualified to do basiness ~ in the 3tate of Florida; witb tull power and authority to consummate tl~e loan contempiated bereby. 24. In t6e event any one or more of the pmvisione contained in this Mo;tgage or in the Note ahall [or any reason ~ ~ be held to be invalid, illegal or unenforceable in any reapect; such invelidity, illegality or wientorceablity ahall, at the _ option of the Mortgagee, not a(fect any other provisiona pf this Mortgage, but t6ia Mortgage s6a11 be construed as i! suc6 invalid, illesal or unenforceable proviaion had never been contained herein or therein. T6e total interest payable purauant to the Note or this Mortgage ahaU not in any one year e:cced the highest lawful rate of interest in the ~utate ot Florida. 25. Tbe covenanta and agreementa herein contained ahell bind and the benetits and advantages ahall inure to the respective heita, e:ecutois, adminiatrators, succea~ors. and assiBns of the partiea hereto. Wher~wer used, the singular number shall include the plural, the plural the singular. and the uee of any gender shall be applicable to all genders. All rnvenanta, agreementa and nndertakings shall be joint and several. In the event additional numbered covenanta or para- grephs are tor rnnvenience ineerted in this Mortgage, wch additional covenanb sball be read and eiven eHect as though tollowing this covenant in consecutive order. , -3- a~,c2 t5 ~ 2'~ i