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Home My WebLink About0056 apply su~•h mnte, i~~cuex und pro(ita receivecf by if on the indebtedness xc~•ured hereMy i~ su~•h onler aa MoHgag~~c• deter- minra. The riRht to enter and take ~wsa~~xsiun of lhe MortRaged Pro~ierty, to ma~uge u~d o{~er.~te fhe same, end to ~•olle~~! the rents, issuas and pto(its the~eof, whether by u~~eiver or otheiwiae, a}wll t,e cumulntive to nny other right ar mmedy hereunder or Atto~ded by li~w, und may Ix~ e:en•iaed concurtently therewith or indapendently thereot. Mortg~gee ahall he Iwble to Account only tor such mnts, iesues und protits netunlly rec~ived by Mortgugee. 14. It the indebtc~iness secured herehy ie ~ow nr hereutter turther secured hy chnttel mortguges, security interests. financing atatementa, pledgea, contrncts of Ruar~~nty, usaignmenta of leusea, or other securitiea, or it the Mortgnged Pro- ' {mny hernby encumbered consiats ot more than one pun~el o( mul property, Mortgagee nwy at ita option e:lwuat nny one ' or more of euid securitiea und security hereunder, or such Fw~cela ot the security hereunder, either concurrently or inde- ~ pendeaUy, and in auch order a?s it muy determine. IS. Thia Mortga~ge ahall sfcure not only existinR indebtednees, but ulso such tuture i~dvAnces, whether suc•h advt~nces i ure obligatory or to he mnde at the option of Mortgagee, or otherwise, rts Ace made within twenty (20) yeAra (rom the dnte . hereot, to the same erient ns it such tuture ndvnnres were mude on t6e date ot the execution oi this Mortgage, t>ut such secured indebtedness stu~ll not e:ceed at any time the maximum princi~~al amount o( i N/A plus interest, and any disbursements mude tor the ~wymeot o( tnxes, leviea, or insucance, on the Mortgt~Reci Pro~~erty, with intereat on such disbureements. Any auch fulure udvances, whether obligatory or to be made at the option of the Mortgaigee, or olherwise, may he mnde either prior to or after the due dnte oi the Note or any other notes secvred by this Mortgnge. This Mortgage is given for tt~e apecitic purpose of secvring any and all indebtednesa by the Mortgugor to Mortgugee (but in no event xlwll the ~ecured indebtednees e:ceed at any time the muximum principal amount set torth in this ~~ragraph) in whntever manner this indebtedness may be evidenced or represented, until this Mortgnge is satistied of record. Ail coven- ants and agreemenls contained in thia MortgaRe sht~ll !?e applic~ble !o aU further advances mside by Mortgagee to I~lortgagor under this tuture advance clause. 16. No delay by Mortgagee in exemising any righl or remedy hereunder, or otherwise aftorded by law, ahali operate us a waiver thereo[ or preclude the exerciae thereof during the continuance of any defuult hereunder. No waiver by Mortgagee o( any default shall constitute a wAiver ot or connent to subaequenl de(s~ults. No (ailure of Mortgagee to exercise any option herein given to accelerate maturily of the debt hereby secured, no (orheatance by Mortgagee be(ore or after th~ exercise of such option and no withdrawal or at?andonment of toreclosure ~~roceecling by Mortgagee shall be taken or con- strued aa a waiver of ita right to e:ercise auch option or to arcelerate ihe maturity ot the debt hereby secured by reason o( any ~~asi, preyeni or iuiure d~fault on the part ot Morigagor: and, in like mnnner, the procurement ot insur.rnce or the ~k~y- ment ot taxes or other liens or charges by Mortgagee shnll not be laken or construed as n wniver of its right to a~•crlerate the maturity of the debt hereby secured. 17. Without af[ecting the liability o( Mortgagor or any other person (except any peraon e:presaly relea+ed in writing) [or payment ot any indebtedness secured hereby or for pertormance oi any obliqation contained herein, and without ~tfect- ing the rights of Mortgagee with respect to any security not expressly released in writing, Morigagee may, at ~ny time nnd . from time to time, either betore or after the maturity of said note, and without notice or consent: (a) Release any person linble tor payment ot all ot any part o( the indebtedness or for performance o( any obligation. (b) Make any s~greement extending the time or otherwise altering the ter~:of pay;nent of all or any pact ot the indebtedness, or modifying or waivinq ~ny obligation, or subordinating, modifying or othembe dealing wilh the lien or charge hereof. . (c) F::emise or re[rain trom exercising or wai~~e any right A1ortRagee may havc. (d) Accept additionai security of any kind. (e) Release or otherwise deal with any pro~~erly, real or peraonal, securing the indebtednesa, including all or any ~xiri of the Mortgu6ed Property. 18. Any aareement hereatter made by Mortgagor and l~tortgagee pursuant to this mortgaRe shall be su{?erior to the - righls ot the halder of any intervening lien or encumbrance. 19_ Morl~agor hereby wai~•es all right of homestead ezemption, if any, in the Morigaged Property. 20. In the event o( condemnation proceedings of the Mortgaged Property, the award or compensation payable there- ~ under is hereby :issigned to and shall be paid to Mortgagee. Mortgagee ahall be under no obligation to question the amount ' ot any such award or compenaation and may amept the same in the amount in which the same shall be ~~aid. In any such ~ condemnation ~roceedin s, Mort a ee ma be re resented counse! selected b Mort a ee_ The roceeds of an award ; I B S B Y P bY Y 8' B I~ Y' ~ or compensation so received ahall, at the option ot Mortgagee, either be applied to the prepayment ot the Note and at the ~ rote of interest provided therein, mgardless o( lhe nte o( interest payable on the award by the condemning authority, or at j `the o rtion of Mort a ee, such aw•ard shall he wid over to ~1ort a or for restoration of the Mort a ed Pro rt ~ ! ~ R B B 8 B Pe Y- ~ 21. It Mortqaqee, pursuant to a construction loan agreement or loan commitment made by Mortgagee with htortgagor, agrees to make construction la~n .id~~ances up to lhe principal amount of the Note, then Mortgagor hereby covenants that it ~ will comply with all o( the terms, provisions and covenants of said construction loan agreement or loan commitment, will diligently consiruct the improvements to be built pursuant to the terms thereof, aA of the terma thereof which are in- ! cor~~orated herein by mference as though set (orth (ully herein and will per~mit no defaults to occur thereunder and it a de- ~ (ault ah:ill occur thereunder, it shall constitute a default under this Mortgage and the Note. " - ~ 22. At the option of Mortgagee, 14fortgagor shaU provide Mortgagee with periodic certitied audited atatementa of the financial condition of Mortgagor. E ' t 'l3. Mort a or re resents and warrants that if a co ~ K• g p rporation, it is duly organized and validly existing, in Rood stand- i ing under the laws of the state of ita incorEwrntion, has stock outstanding which has been duly and validly issued, and is ; qualified to do buainess and is in good standing in the State of Florida, with tull power and authority to consummate the loan contemplated hereby: and, i( a ~~artnership, it is duly tormed and validly exiating, and is fully quali(ied fo do business in the State o( Florida; with futl power and authority to i~naummate the lonn contemplated hereby. ~ 24. In the event any one or more of the pmvieions contained in t6ia Mortgage or in the Note ahall for any reason i ~ be held to t~e invalid. illegal or unenforceable in any respect, such invalidity, illegality or unentorceablity shall, at the ` ~~ption of the Mortgagee, not at(ect any other provisions ot this Mortgage, but this Mortgage ahall be construed ae if such F im•alid, i11eRa1 or unenforce~i{~te provision had ne~•er been contained herein or themin. The total interest payable purauant s lo Ihe Note or this Mortg:~ge shall not in any one ye:~r exc•eed the higheat lawfu) rate of interest in. the State of Florida. ~ 25. The covenants and agreements herein containecl Rhall bind and the benetits and advantages shall inure to the ; res~~ecti~•e heire, e:ecutors, administratora, succes4ors, and assigna of the parties hereto. Wherever used, the singular ; numt?er shall include the plural, the plural the aingular, and the use of any gender shall be applicable to all gendera. All ~ covenante, agreemente and undertakinqs sFuill be joint and severaL In the event additional numbered covenants or para- ~ graphs are for convenience inserted in this 11'lortgage, such additional co~~enants shall be read and gi~•en e(fect as though ~ (oUowing this covenant in conaecutive order. a 3 ~ ` e~L~ 278 P,~ 55 F r 3 4 i ~ ~ j . . ' . a^ . . . . _ . . . - "'ti;,+~