The URL can be used to link to this page

Home My WebLink About0312 .w ~ :~~,ply su.•h renta, iasu~~ i~nd profita tcv~ei~rci by it on the indrhtednear ae~pred herel?y,ia arch orrter ua Mortgeg~r deter minra. The right to entr~ und take ~xu~s~ion ot the Mortguged Ytvpet~~ fp muriage a~~ ~eprc~tN the same, u~d to collert the rente, iasues and protita thereof, whether by o rnceiver or othemiee. ~ha11 I~e cumulative to uny other right or mmeciy hereundec or uttorded by law, and may t?e Axercised concurrently therewith or indepeodently thereot. rtortgt~gee shall ~ be liable to account only fot auch re~ts, issuea and {~rofits actunlly rnceived by Mortg~gre. f 14. lt the indebtedness aecured hereby ia now or hereutter fur/her ercured hy cha~ttel mortguges, ac~v~ity intemsts. ~ tinuncing stutemenla~ pledgex, conlmcts ot guarnnty, nsaignments of le~aea, or other securities, or it the Mortgaged Pro- : perty hereby encumberet! consists o( more thc?re oae {wn~e! ot reu! property~ Morigagee muy at its option e:huust uny one ~ or more of auid aecurities and recurity hereunder, or such parcels o( the aecurity hereunder, eithe~ concur~enUy or inde- pendently, and in such otder as it may determir.e. ~ s i 15. Tfiia Mortguge ahull ~ecure not only existing indebtedness, but also such future advances, whether auch udva~ncea ~ are obligAtory or to be made at the optioa of Mortgi~gee, or otherwise, as are made within twenty (ZO) yeara'from the dnte hereof, to the same extent ua it such lutuee advunces werr mude on the date ot the execution ot thia lNoriguge, but such j secured indebtednesa ahall not e:ceed at any time the muYimum principal amount of i plua interest, and any diabursements tnHde for Ihe payment ot tn:ea, leviee, ot inaurance, on the Mortgaged Pro~~erty, with interest on such disbursementa Any such (uture adva~res, whether obligatory or to be mnde at the option ot the MoHgugee. ~ or otherwise, may be tnAde either prior to o~ after the due date of the Note or any other aotes secured by this Mortgage. This Mortg~ge is given tor the apecific pur~ose o( securing any s~nd all indebtedness by the Mortgugo~ to Mortgagee (hut ~ in no e~~ent shuU tt~e aecured indebtednesa e:ceed At nny time the ma:imum principa! amount aet torth in this paragraph) in v?hatever manner this indebtedneas may M evidenced or reptesented, until this btortgage is antiatied of record. All rnven- anta und agreementa contained in thia Mottgage shall be applicnble to a!) furiher adv:~ners made by Alortgngee to Mortgagor under this tuture advance clause. 16. No delay by Mortgagee in e:ercising any right or rnmedy hereunder, or otherwiae af(orded by lnw, shull operate as a waiver thereof or preclude tl~e e:emiee thereot during the continuance ot any default hereunder. No waiver by Mortg~gee ot any default shall rnnstitute a waiver ot or consent to suhaequent defaults. No (silure ot Morigngee to exercise any option herein given to acceterate maturity of the debt hereby secured, no lorbeatance by MoHgagee hefore or a(ler the e:ercise of such optian nnd no withdrawal or abandonment ot forerlosure proceeding by Morigagee shnll be taken or con- ctruc~ nx a waiver oi ita riAht to ezerciee wch option or to accelemte the mriturity of the deM hereby secured by reason o( any ~uiat, present or tuture detault on the µart of MoHgagor: And, in (ike manner, the procurement of insurance or the ~wy- ment of taxes or other liens or charges by Mortgagee sh:rll not be tsiken or rnn.atrued as n waiver ot ita right to ac~rlerate the maturity ot the debt hereby secured. 1?. Without af[ecting the liability o! Mortgagor or any other person (except any peraon rxpressly released in writing) tor payment at any indebtednesa secured hereby or for pertormance of any obligation contained herein, and without u(tect- ing the rights o( Mortgagee with respect to any security not expressly released in writing, Mortgngee mny, at any time and k (rom time to time, either before or atter the maturity of said note, nnd without notice or consent: ; (a) Release any person liable tor payment of all or any part of the indebtednesa or tor performance of any obligation. (b) Make any agreement e:tending the time or otherwise altering the te~s of psyment o[ all or any part:ot the indebtednesa, or moditying or wai~ing any obligation, or subordinating, modifying or othetwiee dealing with the lien or charge hereof. . (c) E:errise or re(ruin irom ezeccising or waive any right biortgngee may ha~•r. (dl Accept additional security ot any kind. (e) Release or otherwise dea! with any property~ real or personal, aecvring the indebtednese, including all or any ~~:irt of the Mortgaged Property. 18. Any agreement hereatter made by 111ortgagor and Mortgagee pursuant to this mortg~ge ahall be su~~erior to the rights of the holder of any intervening lien or encumbrance. 19. I?1ortgUgor hereby waives all right ot homestead exemption, i( any, in the 1ltortgaged Pmperty. 20. In the event of condemnation pra~eedings of the Mortgaged Property, the award or compensation payable there- under is hereby assigned to and ahaU be paid to Mortgagee. Mortgagee s6atl be under na abtigation to question the amount of any such awa~+d or compensation and may accept the same in the sinount in which the same ahall be paid. In any such condemnation proceedings, Mortgagee may be represented Fry counsel selected by MoHgagee. The proceeds of any award or compensation so received shall, at the option ot Mortgagee, either be applied to the prn~x~yment of the Note and at the rate of interest pro~ided themin, regardless ot the rate of inteiest payable on the award by the condemning authority, or at the option of Atortgagee, such award shall be paid over to Mortgagor tor restoration of the Mortgaged Property_ 21. It Mortgagee, purauant to a construction loan s~greement or loan commitmenE made by Mortga6ee witb Mortgagor, agrees to tnnke construction la~n adv~nces up to the prirnip~-el amount ot the Note, then Mortgagor hereby coveriants that it wiD, .v~n~,iy wiiti ~i; vi ti~~ tarr.:s. ~.rs~:s:~ :s ar.~ czz:•cr_:.^.ts ~t ~.~tr~ctir_+n l~.~sn agmrment or loan rnmmit~nt. will diligently construct the improvements to be built pursuant to t}~e terms thereof, all oi the tertns thereof which are in- rorporated herein by reference as though set fort6 tully herein and wilt permit no defaults to occur theteunder and it ~ de- fault shall occur thereunder, it shal) constitute a default under this 1liortgage and the Note. ~ 22. At the option ot Mortgager, t~iorlgagor shall provide Mortgagee with periodic certi(ied audited statements of the finaneial condition ot Mortgagor. 23. Mortgagor represents and warrants that it a cot}wration, it ia duly organized and validly e:isting, in good stand- ing ender the laws of the atate oi its incor~wration, has stock oulstanding which has been duly and validly issued, and is qualified to do business and is in good atnnding in the State of Ftorida, with full power and authority to consummate the loan contemplated hereby: and, it a partnership, it is duiy formed ~nd vaiidly existing, and is fully qualitied to do buaines.g in the 3tate of Florida: with fal! power and authority to ~~onsummate the loan contemplated hereby. 24. In the event any one or more of fhe provisions contained iri this Mortgage or in the Note shall !or any reason be held to be invalid, illegal or unentorceaMe in Any respect, such invalidity, illegality or unenforceablity ahall, at the option of the Mortgagee, not aftect any other proviaiona of this Mortgaqe, but this 114ortgaqe shall be constroed as i( such invalid, illegal or unenforceable provision had never been contained herein or themin. The total interest payabie putsuant fo the Note or this Mortgage ah:ill not in any one year ezc•eed the highest lawfu! rate of interest in the 3tate o( Florida. 25. The covenants aad ngreementa hetein contained shalt bind and the benefita and advantages shal) inure to the respecti~~e heira, ezerutors, administratore, succes,~?ors, and assigns of the parties herefo. Wherever used, the sinECUlar number shaU include the plural, the plural the ain~ular, and ihe use of any gender shal) be applicable to all genders. All covenanta, agreements and undertakinga ahall be joint and several. In the event additional numbered covenants or para- graphs are tor com~enience inaerted in this Mortgage, such additional covenanta sha~l be read aad given etlect aa though tollowing thia covenant in consecutive order. -3- g~~~ 278 PA~E ~11