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Home My WebLink About0277 . . 1 ~ . upply ruch renta, iusuee and pcotita received by it on the indebtedneas eecund hereby in such order as Mortga8~ deter- minea. The right to enter and take poa~eesion ot the Mottgated Propecty. to ana~:?ge and operate the same, and to collert the mnts, iasue~ end prutita thereof. whethar by a receiver or otl~erwias. ~hall bs cumulative to any other right or remedy hereunde~ or at[orded by law, and naay be e:escired concurrently t6erewith or independently thereof. Mortgagee shall be liable to account only tor auch rents. issue~ and profila actually received by Mortaagee. 14. It the indebtedneea secured hereby is now or hereatter turther secured by chattel mortgages, serurity interests, tina~cina statements~ pledges, contracb of guaranty, assignments ot leases. or other securities. or i[ the Modsaged Pro- perty hereby encumbered consists ot mors than one percel ot real pmperty, Mortgagee may at ib option e:haust aay one or more ot ssid securities and ~rity hareunder. or auch parceb of the security bereunder, either concurrently or inde- pendeatlY. and in such orcbr as it may detsrmine. 15. This Mortgage ahall secure not only e:isting indebtedneas, but abo auch future edvances, whether such ndvances are oWigatory or to be made at the option ot Mortgegee, or otherwiee. as are mede within twenty (20) yeais tmm the date hereot. to the same e:tent as it such future advancea were made on the date ot the e:ecution ot this Merlgage, but such secured indebtedneas ahall not e:ceed at ar~y time the maximum principal amou~t of = -0- plus interest, and any disburaementa made [or the payment of ta:es. levies, or insurance, on the Mortgeged Pmperty, with interest on such diaMusementa. Any such future advancea, whether obligatory or W ba ~nade at tbe option of the Mortgagee, or otherwise, may be made either prior to or atter the due date of the Note or any ot6er notes aecvred by this Mortgage. This Mortgage is give~ tor tbe apecitic purpoee ot securing any and aU indebtedneas by the Mortgagor to Mottgagee (but in no event ahall the eecured indebtedneas e:ceed at any tune the mazimum principal amount set [orth in this paresrepb) in whatever manner this indebtedneae may be evidenced or repreaented, until thia Mortgage is aatiafied ot record. All coven- anta and agreementa contained in this Mortgage shall be applicable to aU turther advances made by MoKgaaee to Mortgagor under tLis future advance clause. • 16. No delay by Mortgagee in e:ercising aay right or remedy hereunder. or otherwise attorded by law. s6a11 operate as a waiver thereof or preclude the euercise thereo[ during the continuance ot any default 6ereunder. No waiver by Mortgagee of any default shall constitute a waiver ot or coneent to subeequent detaulte. No failure of Mortgagee to ezercise any option herein given to aecelerate maturity of the debt hereby aecured, no forbesrance by Mortgagee. betore or after the e:etcise ot such option and no withdrawal or abandonment of toreclo~ure procreding by Mortgagee shall be taken or con- atrued aa a waiver o[ ite riaht to e:etcise auch option or to aecelerate the maturity of the debt hereby secured by reason ot any paat, present or tuture default on the part of Mortgagor: and, in tike manner~ the procueement of iRSUrance or the pay- , ment of tazes or ot6er liens or c6arges by Mortgagee ahall not be taken or construed as a waiver ot ita right to accelerate the maturity of the debt hereby secured. ~ 17. Without afEecting tbe liability of MortgaBor or any other penon (e:cept any pecson expreesly released in writing) ior payment of any indebtedneae aecured hereby or !ot pe rmance of any obligalion rnntained herEin, and without aftect- ing the rights of Mortgagee with respect to any aecurity not~ipfeesly released, u~. ~ Mortgagee may, at any time and (rom time to time. either betore or after the maturity of eaid note. and witt~;~iy~aol~coneent: (a) Release any peison liable (or payment of aU or any part ot the indebtedneas or (or performance o( any obligation. (b) Make any agreement extending the time or otLerwise altering t6e terma oi payment of a11 os any part ot tl~e indebtednees, or moditying or waiving any oWigation, or subordinating, modi(ying or otherwiee dealing with the lien or charge hereoL ~ (c) Ezercise or refrain from e:erciaing or waive any right Mortgagee may have. (d) Accept additional aecurity of any kind. (e) Release or otherwiae deal-wit6 any property. real or pereonal, ae~uring t6e indebtednees, including all or any part ot the Mortgaged Property. 18. Any agreement herea(ter msde by Mortgagor and Mottgagee puesuant to thia mortgage shall be s~perior to tbe i rig6ta of the holder of any intervening lien or encumbrance. ! ' j 19. Mortgagor hereby waives all rigbt of homestead exemption, it any, in the Mortgaged Property. ~ ~ 20. In the event o( condemnation proceedings of the Mortgaged Property. t6e award or compensation payable there- under is 6ereby asaigned to and s6a11 be paid to Mortaagee_ Mortgegee ahall be under no obligation to question the amount { of any aac6 award or compensation and may accept the same in the amount in which t6e same a6a11 be paid. In any such ; condemnatioa proceedings, Mortgagee tnay be represented by counsel selected by Mortgagee. The proceeds of any award or compeneation eo received ahall, at the option ot Mortgagee. either be applied to the prepayment oE the Note and at t6e rate oE interest pmvided therein, regardless o( ths rate ot interest payable on We award by We oondemniryG authority, or et t6e option of Mortgagee. such award ehall be paid over to Mortgagor for restoration oi tbe Morigaged Property. 21. I[ Mortgagee, pursuant to a construction loan agreement or loan rnmmitment made by Mortgagee with Mortgagor, agrees to make conatraction loan advances up to the principal amount ot the Note, then Mortgagor hereby rnvenanta that it will comply with all of We terma. pmviaions and covenanta of said conatraction loan agreement or loan commitment, will diligently construct the impmvements to be built pursuant to the ter~ne thereof. all ot the tetme thereof which are in- corporated 6erein by re[erence aa though set torth fully herein and will permit no de[aulta to occur thereunder and if a de- fault shall octivr thereunder. it shell rnnstitute a detautt under t6is Mortgage and the Note. 22. At the option of Mortgagee, Mortgagor shall provide Mortgagee with periodic certified audited atateanents o[ the tinancial rnndition ot Mortgagor. ~ 23. Mortgagor repreeenta and warrants that if a rnrporetion, it is duly organized and validly eiisting~ in good sfead- ing under the laws of the state of its incorporation. 6as stock outatanding which has been duly snd validly iasued, and is qualified to do businees and ia in good standing in the State of Florida, with full power and authority to conaummate the loan contemplated hereby; and, if a partnerahip, it ia duly tormed and yalidly e:isting, and is [ully qualified to do busineas ~ in tl~e 3tate of Florida: wit6 tul) power and authority to rnnsummate tl~e loan rnntemplated hernby. ~ 24. In t6e event any one or more of tbe pmviaions contained in tt?ia Mortgage or in the Note ahall for any reason be 6eld to be invalid, illegal or nnenforceable in any respect, s~ch invalidity. iilegality or nnenforc~blity aball. at tbe ~ option ot t6e Mortgagee, not aftect any other proviaions ot this Mortgage, but t6is Mortgage ahall be eonatrued aa if suc6 invalid. illegal or nnentorceable proviaion had never been rnntained herein or Werein. The totsl interest peyable puisnant to t6e Note or this Mortgage shall not ia a~ one year ezceed the higheat lewful rate oi intereat in the State of Florida. 25. 'I'he covenanb and aareements herein contained shall bind and t6e benetits and advantages shali inure to t6e respective heits, e:e~aton, administrators, succeaeora, and a~igns of the patties bereto. Wherever used, the singular number shall iaclude the plural, tlse plural the singular, and the uae of any gender shall be applicable to all gendeis. All covenants. sgreements and undertakings ahall be joint. and several. In the event additional numbered covenant~ or pnra- graphs are for canvenience inserted in this Mortgage, such additional covenants ehaU be read and given e[fect as thoug6 tollowing this covenant in consecutive order. • d -3- _ ~~O 2-~~ P~ ~ y,~ _ _ _ _ _ _