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Home My WebLink About0388 t . . • :~pply such mnta, issurx and protib n~ceived hy it on the indebtedness eiecu~rd hemtiy in sueh order us I11o~tgugce dctrr aunra. The ~ight lo enter and take ~~o~eession a( the Mortguged Pwperty. to munuge and opemta the same, und to coUcti•t the rents, issuer and profits thereot, wt~ether hy a receiver or othenvi~e, shall be rumulative to any other right or oemeciy hereuoder or a[forded by law, and may be e:en•ised concurrenlly tl~erewi~ or independenUy the~t. Mortgngee ahAll be liuWe to account only tor such re~ts, iseues and profits actuully received by Mortgagee. 14. It the indebtedneas aecured hereby is now or hereatter turther eecured by chnttel moriguges, security intereata tinancir~ s/atements, pledges, contraMs of guarnnty, nseignments of leaees, or othe~ securilies, or if the MoHgaged Ym- perty hereby encumbered conaiata o( more than one {wrcel of rw~l property~ Mortgagee may at ita option exhnuat any one o~ more ot said ~ecuritiea ~nd aecurity hereunder, or such pan~els ot the eecurity hereunder, either concurrently or inde- pendently, and in suc6 order as it may determine. 15_ 'Ibis Morigage stuill eecure not only e:isting indebtedneas, but aleo such tuture udvances, whether auc•h nd~~unces are. obtigatory or to be made at the option o( Mortgpgee, or otherwise, ae are made within twenty (20) yeanr trom the date hereot. to ti~e same e:tent as it auch future advances were made on the date ot the e:ecution of this Mortgage, but such secured indebtedneas shall not e:ceed at any time the ma:imum principal amount ot i plus interest, and any disbureeme~ta made tor thc payment ot ~xes, levies, or insurnnce, on the Mortgaged Properly, with intereat on such disbursemeats. Any such (uture advances, whether obligetory or to be made At the option o[ the Morlgs~gee. ot otherwise, may be made either prior to or atter the due date of the Note or any other notes secured by this Mortgage. This Mortgage ia ~iven tor the specitic purpoee ot securing any and ~11 indeMed~ess by the Mortg~gor to Mortg:~gee (but in no e~^ent sl~all lhe secuccd indebtedne~ exceed at any time the maximum principal amount set fofth in thia parngruph) in whatever manner t6is indebtedneas may be evidenced or represented, until thia 111ortgage is satisfied of record_ All rnven- anta and aareeaients rnntained in this Mortgage ahal) he applic~ble to ~U turfher ad~•ances m~c1e by Mortgagee to Mortaagor under this tuture advance clause. 16. No delay by Mortgagee in e:ercising uny right or remedy hereunder, or othemise attorded by law, shall operate aa ~t waiver thereof or preclude the exemise theteo( during the continuance of any default hereunder. No waiver by Mortgagee o( any detault shall conatitute a waiver of or conaent to subaequent de(aulta. No tailure o! Mortgagee to e:ercise any oplion herein 6iven to accelerate maturity of the deM hereby secured, no forbearance by Mortgagee betore or after the e:ereise of suc6 oplion and no withdrawal or abandonment ot toreclosure pra~eeding by Mortgagee ahal! be taken or con- atrued aa a waiver o[ ita riB6t to e:erriee such option or to accelerate the mulurity of the debt hereby secured by reuson of any past, present or tuture default on the pari of Morigagor: and, in like mnnner, the procurement ot insurance or the pay- ment ot taues or otl~er liens or charges by Mortgngee shall not he taken or construed as a vvaiver o( its right to ~c~rlente the tnaturity ot lhe debt hemby secured_ 17. Without atfecting the liability ot Mortgagor or any other peraon (e:cept any person e:pressly released in writing) tor payment ot any indebtednesa secured heteby or :or pertormance of any obligation contained herein, and wilhout nffect- ina the rights of biorigagee with respect to any aecurity not espressly released in writing, Mortg~gee may, nt nny time and trom time to time, either t?efore or after the maturity ot said note, nnd without notice or consent: (a) Rele~ase any person liable tor payment of all or any ~rt ot the indebtedness or for performance of any obligation. " e (b) Make any agreement e:tending the time or otherwise nltering the terms o( payment of all or any part ot the ~ indeMednesa, or moditying or v~ai~~ng any obligation, or suhord:nating, modifying or otherwise dealing with the licn or ; charge hereof_ _ - - - ' (c) E:en~ise or refrain from e:errising or waive nny right Morlgagee may have. Id1 Accept additional eecurity o( any kind. (e) Release or otherwise deal with any property, mal or pe~sonal, securing the indebtednesa, including all or any ~~rt • ! ot the INortgaged Property. f 18_ Any agreement hereatter made by Mortgagor and Mortgagee purauant to this mortgage shall t?e superi~~r to the rights ot t6e holder of any ~ten~ening lien or encumbrance. E ~ 19. Mortgagor hereby waives all right of homeatead ezemption, if any, in the 1liortg:~ged Property. ~ 2(1. In tbe event of condemnation proceedings ot the Mortgaged Property, the award or rnm{~nsation payable there- ~ under is hereby sesigned to and ahall be paid to Mortgagee. Mortgagee sball be under no obligation to question the amount ot any such avrard ot compeasation and may accePt the same in the amount in which the same shal) be ~~aid. In any such condemnation proceedings, 111ortgagee may be mpresented by counael selected by Morigagee. The proceeda of any award ~ or compematioa so rereived shall, at the option of Mortgagee, eit6er be applied to the prepayment ot the Note and at the rale ot interest pro~ided t6erein, regardlea4 of the rate o( interest payable on the award by the condemning authority, or at the option o( btortgagee, such award shall F?e paid over to Mortgagor for restorsition of the Mortgaged Property. 21. If 11~ortgagee, pursuant to a construction loan agreement or loan commitment tnade by Mortgagee with Mortgagor, agrees to make consttuction loan advances up to the principal amornt of the Note, then Mortgagor hereby covenants that it t will rnmply with all ot the terma, provisiona and covenants of saia construction loan agreement or loan commitment. will ' diligently construct the improvements to be built pursuant to the ternLS thereof, all ot the terms thereof which are in- ~ corporated herein by rnterence as though set (orth tully herein and will permit no defaults to occur thereunder and it a de- Fault s6a11 occur thereunder, it st~all conatitute a default under this Mortgage and the Note. ~ 22. At the option ot 1liortgagee, Morlgagor shall provide htortgagee with periodic certitied audited statements of the ~ financial condition of Mortgagor. ~ ~ 23. Mortgagor represenls and warranls that if a rorporation, it is duly organized and validly e:isting, in good aland- ~ ~ ing under the laws ot the state of its incorporation, has stock outstanding which has been duly and validly issued, and is _ qualified to do Misiness and is in good standing in the State of Florida, .~ith tull power and authority to consummate the ~ : ~ loan contemplated hereby: and, if a parinership, it is duly (ormed and validly existing, and is tully qualified to do business ~ in the State of Florida; with (ull power s~nd authority to consummate the loan contemplated hereby. ~ ~ : 24. In tbe cwent any one or more of the proviaiona contained in this Mortgage or in the Note shall for any reason ~ be held to be invalid, iqegal or unenforceable in any respect, such invalidity, illegality or unenforceablity. shalt, at the option of the Mortgaqee, not a((ect any other provisionss ot this Mortgnge, but thia Mortgage ahall be construed as if such ¢ im•alid, illegal or unentorceat?le provision had ne~er F?een contained herein or therein. The total interest payable pucauant ~ to the Note or thia MortlCage ahall not in any one year exceed the highest lawfu) rate of intereat in the State of Florida. ~ 25. The covenanta and agreementa herein contained shall bind and the benetits and advantages shall inure to the respecti~~e heira, ezecutor~, administratore, successors, s~nd assigns of the parties hereto. Wherever uaed, the singular , ~ number shall include the plural, the plural the singular, nnd lhe use ot any gender shall be applicable to nll genders. All ~ co~rnants, aa[eements and undertalcinga shall t?e joint and several. In the event additional wmbered covenants or para- grapbs are tor convenience inserted in t6ie Mortqage, such additional covenanta shal) be mad and gi~•en et(ect as though following t6is cocenant in consecuti~•e order. ~ -3- ~ ~ EQGK PAGE