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Home My WebLink About0495 . :iE,~~ty surh n•nts, i~.u~•s :~oc1 pm(ita recei~~~) by it on thP indt•btedn~:+s .~~•unYi hen~l~y in su~•h order :is Atort~;ak.x• ~I~~Icr ~n~nr~. 'I~he right lu .•nter :~nd take ~x~.~c~ :..tiiun ot lhe \turtK:~Kt~i Yw~K~Hy. to m:uiuge und u~k~rulr ihi• s~une, and to i•uUi•i•t the rnnts, i~u~~ cind profits thereot, M•heiher by a rcKri~rr or othrrw•ise, shall I,e cumul.itive to uny other riKht or n•ma~c1>~ hrnu~~der o~ ut(urdecl by law, und m~y I~e rxen•iud cun.vrrenUy iherrwith or inde~x~ndently thi•n~ut. A1ortRaK~~e shall lie liable lo account ooly (o; ~uch mnta. iuauw~ .~nd profits a~•tu.~lly n~•~•ivE~l 1?y Atortg:~gee. 14. If the indrbtcKln~ scv~umcl herehy~ is now or hemaft.•r turth~•r sc~c•u~d by ch:~U~~l mi?riK:~ges, a~~curily intere~ts, tinancing xt.~tements, p1~~:lgra, ~•outracls of gu:uanty, a~.,i~;nmentv of Itusrs, or other scK•urities. or if the 111orlRuRei1 Y~o- ~H•rty hereby encumbercd cunaists ot mure th:~n one {k?rml o( n•al pro~xNy, AlortgugEti muy .~t its uptiun exhuust uny one or niom ot s:~id sc~•urities und rx~•urity hereurnler, or such ~xin~is of the sc~vrity henunder, eithe~ concurmntly or inde- {iendrnUy, and in such order us it m.ry detennine. 15. This 3~1oriRage sh:~ll ~•ure not only existinR indebtedntss, hut ulso surh (utum ad~•unrc~, whether su~•h .~d~•an~•~w ' am oblig.~tory or to 1?e mude at the option of 1~lortg.~gcr, or otherv?•i:e, as am made within twenty 120) ycars trom the d.~te hemuf, to lhe s:ime extent .?s if such (uture t~d~~nn~rs were mude on the dute o( lhe execution of this Mort~uge, but such scrvnd indebtedness shull not ex~red ut uny time lhe muxim~m princi~x~l amuunt of S N/A plus intemst, and any dishursements mnde tur fhe ~x~ymrnt of tax~~x, Icvies, or insur.~nce, ~~n the Mortg.iKe~l Pro{mrty, with inter~~t on such disliu~sements. Any such futum .~dvunccKz. H•hether obligutory or to Ix: made at the option of the AfortKag~K•, or othrrvvise, muy 1?e mnde either prior to or aher the due date of the Note or any other notes secumd by this A1ortR.ige. This 11urfRage is gi~~en for the spei•itii• pur~w~e of scr•urinR any :~nd ull indebt~dnesc by the Mortgugor to I~tortgagee Ibut in no event sh:~ll the scrured indebtedness ex~ti~c.•d at any time the muzimum principal umount set (orth in this ~xiragraph) in whi~tever nu~nner lfiis indebtedness m.?y I~e evid~n~•ed or rep~esented, until this Mortgu~e is u~tisfied ot rei•ord. All coven- ants and .~greements contained in this 1~1ort~;aKe shull !~e ap}~licahle to uU turther advan~•rs m:~de hy 111ortK:~Rtr to AtortR.~gor under this luture ad~:~ncc clause. 16. No drlay by l~lortgugee in eYercising ~~ny right or mmedy hereundrr, or otherwise atfordrd by law, shall o~~er.ite as w•aiver thereot or pre~•lude the exercise thereof during the continuance o( :~ny default hereunder. No waiver hy ~ 1~tortgugee of finy default shull constit~te n waiver oi or consent to sul~sequrnl defaults. No tailure of Mortgagee to exercisr any option h~rein gi~•en tu acmler?te mnturity of the debt hereby secured, no lorl~ear.ini~e hy Alortg.iRee lm(ore or atter the exercise o[ such option .?nd no withdrawal or alx~ndonntent af fotec•losure pra•eedinq by 1~tortRagee shall be taken or con- strued ~s a we~iver of its right to eYercise such opt'tan or to acceler.ite the maturity of the deht hereby secvmd by reason of any past, prnsent or future default on the {k~rt ot Atort~;a~or; and, in like manner, the procurement of insur.ince r~r !he pay- ment of tuxes or other licns or chargrs by Ttortgugee shall not 1?e taken or ~Y~nstrued as a~v;~i~~er of its right to a~•~•eler.~te the maturity of the debt hereby ~•umd. 1?_ Without a(fecting the liability of htortg.i~or or :~ny other ~~crson (except any ~?erson ex~~ressly relrasec! in H•ritinR) tor ~k~~ ment of any indebtedness secured hereby or for ~~er(ormance of any oblig:dion cont<iincYl herein, :~nd ~~•ithout atfe~•t- inR the riRhts o( 1liortgagee with res~~•t to any sc~~urity not exprnssly released in ..~ritinR, AtortR~Ree may, :~t :~ny time :ind from time to time, either Fx~fore or atter the maturity of s:~id note, nnd without notice or consent: (a) Release any ~~enon liable for payment of all or any ~~art of the indebtedness or (or ~~er(orman~•e of :iny obliKt~tiun. (b) M~ke any aKreement exte~ding the time or othenvise .~ltering the t~rms of ~k~yment of all or any ~H~rt of the indebtedness, or modifying or wai~•ing any obliK:~tion, or suF?ordii~atinR, m~xiifying or otherw•ise dealing ~+~ith the lien or charge hereot. (c) EYercise or re(rnin tmm exemisinR or wai~•c any riRht LiortRagcr may h.~~e. II ~ (d) Accept additional security of any kind. ~ (e) Release or othenvise deal ~?~ith any proE~erty, mal or ~~ersonal. se~•uring the indebte~clness, includinK all or any part ~ of the Mortgaged Pro~~erty. ~ 18. Any agreement hereaher madc hy AlortRagor and Dtortg:~Kee pursuant to this murtRaKe shall be su~~erior ta the ri~hts of the holder ot any inten•ening lien or encumbrance. ~ 12 \tortgaRor hereby wai~•es all riKht ol humestead exemption, if any, in the 111ortQaRec1 Yro~~erty_ ~ 20. In the event ot ~rondemnation prm~eedings of the 1Nortgaged Yro~~erty, the award or com~~ens:dion payahle there- ~ under is hereby aasig~ed to and shall be i~aid to 1liortg.~gee. Mortgagee shall be under no obligation to questiun the amount ~ of any such aw•ard or compensation and may accept the same in the amount in which the s:~me shall be ~k-~id. In any such ~ condemnution pro.•eedings, Mortgagee may be represented fr_y counse) selec?ed by Mort~a~~~e. The proceeds of any :~ward or compensation so recei~•ed shall. at the option of 111ortgagee, either be applied ta the prepayment o[ the I~'ote and at the ~ rate a[ interest pm~~ided therein, mgardiess of the nte of interest {~ayable on the a~~•ard by the condemnin~ authorit~•, or at ~ the option of A4ortgaRee, such a~•ard shall t~e paid o~•er to 3~tortga~or for restor.~tion o( the 111ortRaged Property. " 21. It AtortRagee, pursuant to a construction luan agrt~ement or loan commitment made by Mottgagee with 1ltortgagor, a :+~rees to make constructiun loan .~d~•ances up to the principal amount o~ the Note, then btortRagor hereby co~'enants that it ~ will compl_v ~~•ith all of the terms, pro~•isions and co~•enants of s:iid construction loan agreement or loan commitment, w•ill ~ diliRently construct the impm~•ements to I?e built putsu~nt to the term.g thereof, all ot the terms thereof ..•hich are in- ~ cor~~or.~ted he~ein by reference as though set torth fully herein ~nd will pern~it no defaults to occur thereunder and if a de- ~ fault sh.~ll occur thereunder, it shall constitute a default under this 111ortgaRe and fhe Note. ~ ~ :.'2. At the option of \lorlgagcr, ~fortRa~or sh:ill pro~~ide \lortKaRee ~~~ith {~eriodic certi(ied auditecl st<itemenis of the ~ finan~ial conditiun of 1~lortgagor. 23. 3~tortgagur represents und N:~rrants that if a cor~~oration, it is duly orQanized and validly existinQ~ in Rood stand- ~ ing under the laws of the state of its incor~x~r.~tion, has stock outstanding w~hich has tx•en duly and validly issued, and is _ qualified to do. business and ic in good st:~nding in the State of Florida, with full power and authority to consummate the loan contemplated hereby; and, i( a Eh~rtnership, it is duly fortned and validly existing, and is tully qualified to do husiness in the State of Floridu: ~vith full ~~ower and auihority to ~•onsummate the loan n~ntemplated hereby. `3 ' 24. in the e~•ent any one or more of the pro~isions rontained in this 111ortgage or in the Note shall for any reason he held to t~e in~•alid, illeRal or unenforceahle in any res~~ec•t, such im•alidity, illeg.ility or unenforceaMity shall, at the uption of the :~1ort~aRee, not at(ec-t any other ~~rovisions o( this i~1ortgage, but this Mortg<~~e sh.~ll t~e c•onstrued as if su~•h im:ilid, iliegal or unenforceable provision had ne~•er been ~rontained herein or therein. The total interest ~~.~yable parsuant Y~ to the Note or this A'IortRaKe sh~ll not in any une >•ear ex~•ec~i the hiRhest lawtul rate ot interest in the State of Florida. 25. The coa•en.~nts and aRreement4 herein contained sh.~ll bind and the t~enetits and ad~~antaQes shall inure to the res~>ecti~~e heirs, exec•utors, administntors, successurs, and .~ssiRns of the parties hereto. Nhere~•er used, the sinRular v~ nt~mt~er shall include the plural, the plural the sin~ular, and the use o( any ~ender shal) tx applicable to all genders. All covenants, aRreements and andertakinRs shall t?e joint and se~•eraL In the event additional numbered ~o~~enants or ~~ara- = Rraphs are tor convenience inserted in this ;~tortRaRe, suc•h additional ~•o~'enants shall he read and Ri~•en e(fect as thouRh = follow-ing thls co~•enant in consecuti~•e order. - ' -3- ci,UK~ {~(i{ '~V'~ :^i ' , . ~t " ' - ~ k.{j ~ . ~ , . . _ ~r . ~ t ..>~y'*_