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Home My WebLink About0522 a~~ply au~•h n~ntx. ixsuea und prutits received by it on the indebledncas ~:c~•ur.d hrmby in su~•h unler :~a I~torl~;ager ~l~•~~,r. . uum~x. '1'he right to e~tvr und ta~ke ~x,.~c~ion of the lWortgi~g~d Yro{?erty, to munuge ~~nd o~~erulr the ~une, und to i•oll~K•1 ' the rnnta, issu~? und pro(ita thereot, whethe~ by u receiver or otherwixe, ahull I~e cumulntivc tu uny other right or n~nc~cly hv~cunJer ur nffonled by luw, i~nd mey t~e exen•ised concuReotly therewith or inde~ndenUy ihenr~t. MortgugEr shull t~e lia~ble to uc~v~unt only (or such renta, issues und profita :utually receiveti by Mortgi~g~~. 14. it the indehtEdness se~~ured hernby ia now or hemufter turther srcured by cht~tlel mortguges, securily intemats, tinartcing statements, pledges, contracta ot quaninly, a.gsi~nments ot leuars, or othrr sc~uritiea, or if the Mortgaged I'ro- {?erty hereby encumbered consiats ot more ituin one parce! ot mul property, Mortgngee r~wy ~t its optiun exhnuat i~ny one or more ot said ~-urities and security hereunder, or surh ~~rcels o( the securily hereunder, either concurrendy or inde- ~~endently, nnd in such order u$ it muy determine. ~ i 15. 1'his Mortgi~ge ahut! serure not o~ly eYisting indebtedneas, but ultiu such (uturn advu~crs, whethr~ such advunces nro obligutory or to be made at the option ot MorigaRee, or otherwise, as are mnde within lwenty (20) ycuts trom the dnte ~ hereof. to the same exlenl ne if ~uch ~uture ad~'ances were made on the date o( the eYerution of thia 11lorigage, but su~•h sec•ured indebtedness shall not exct.~ed `nt nny time the ma?ximum principal amount of i N/A ~ plus interest, :ind any disbursements made for the µ~yment of taYes, levies, or insur~n~~e, on lhe Mortg~iged Properly, with + i~~tereat on such dist?ursemente. Any such future udvaners, whelher obligutory ur to be made .~t the option of the Alortgi~gee, ' or otherv?ise, may be made eilher prior to or atter the due date o( the Note or any other notes secured by thia 111orig:~Re. ~ This Mortgage is given tor the apeceiic pury~oae o( securing any and all indebteclnesa by ihe rlortgagor to Morlgagee (but t in no event shsdl the secured indebtedneas exceed at nny time the rtui:imum principal ~mount aet torih in this ~wragniph) in whatever manner this iodebtedneae may be e~~idem~ed or represeMed, until lhis Mortgage is u~tistied ot rei~ord. All cove~- ! .~nta ~nci ugreements contained ia this Mortgage shall 1~ ,~pplicubte lo all (urther ad~7in~~es m~de by MortgF~gee to Mottgrgor under this future ticlvance clause. 16. No delay by Mortgagee in exercising any ~ight or remedy hereunder, or otherwise aftorded by law, shall o~~eratc us n wniver thereof or preclude lhe exerciee thereo! during the ~~ontinunnre ot i~ny defnult hernunder. No waiver by Mortgagee ot any def:~ult shall co~stitute n waiver ot or c•onsenl to sulxsequent defeults. No (ailurn ot Mortgagee to eYerrise any option herein gi~~en to accelerate maturity of the debt hereby acK•ured, no torbearnnce by Mortgagee beforn or atter the exerrise ot such option and no withdrawal or ahandonment of forc~•losum pro~reding hy 111ortgagee shall be taken or con- atnted ea a waiver of ita right to exerciee such option or to Airelerde the maturity ot the debt hereby sc~•ured by mason oI any ~~ast, present or future defaull on the part ot Mortg:~gor; :ind, in like manner, the procurnment o( insur.~ncr or ihe {u~y- menl of txxes or other liens or ctwrges by Mortgagee shall not be t.iken o~ i~onstnied as a w~iver of its riRht to :~i•.~eler.~fe the nwturily of the debt hereby secured. 17. Without aftecting the liability of 111ortgagor or any other per3on lexcept any person expressly released in N•ritin~;) for payment ot any indebtedness secured hereby or tor performance of any obliRation contained hemin, and N•ithout attect- ing the rights of 1ltortgagee with respect to any security nol expc~essly released in writing. 11for1g:~Ree may, at uny time :~nd from time to time, either beforn or atter lhe maturity o( said note, and without notice or consenl: (a) Release any peraon liable for payment ot s~ll or an3 }?art of the indebtedness or for ~x•rformance of any obliRation. (b) 1ltake any agreement e:lending fhe time or otherwise altering the terms of payment ot all or nny part o( the indebtednes~, or modi(ying or waiving any obligation, or subordinating, modi(ying or otherwise dealing with the lien or ch:?rge hereof. ~ (c) Exercise or refrain trom exercising or 'vv~ivc f~ny riRht A1oH~c~gee may ha~•e. ~ , s ~ (d) Accept additional security of any kind. (e) Rele~aee or otherwise de~l with :~ny property, real or personal, securing the indebtedness, including all or any ~k~rt ot the Mortgaged Property. 18. Any agreement hereafter made by Mortgagor and Mortgagee pursuant to this mort~.~Re sh:ill be su~~erior to the riRhts of the holder oi•any intervening lien or encumbrance. 19. Mortgagor hemby waives aU right of homestead eaemption, it any, in the Mortgaged Yroperty. 20. In the event o[ •condemnation pra~eedings of the Mortgaged Property, the award or com~~et~atiun ~~ayable there- un~er is hereby assigned to and shall be paid to Mortgagee_ Mortgagee shall he under no obligation to question the amount o( any such award or compensation and mxy accept the same in the amount in which the same shall be{~aid. In any such condemnation proceedings, rtortg~gee may be represented by counsel selected by Afortgagee. T6e prooeeds ot any award or compensation so received shall, at the option oi Mortgagee, either be applied'to the prepayment ot the Note and at the ; r.~te o( interest provided therein, regardless of the rate of interest payable on the award by the condemning authority, or at the option ot Mortgagee, such award shall be ~~aid o~•er to 1liortgagor for re~toration of the Morlgaged Property. 21. If 11lortgagee, pursuant to a construction loan agreement or loan commitment made by I~fortgagee with MortgaRor. rigrees to make conslruction lain ad«nces up to the principal amount of the Note, then hfortgagor hereby covenants that it will comply with all ot the terms, provisions and cocen:ints of said construction loan agreement or loan commitment, will diliRently construct the improvements to be built pursuant to the terms thereof, all of the terms thereof which are in- ~•orywrated hemin by reference as though set forth fully herein and will permit no defaults to occur thereunder and it a de- ~ fault shall occur thereunder, it shtill constitute a default under this 114ortgage and the Note. ; 22. At the option ot ;~lortgager, ttortgagor sh.~ll provide MortgaRee with periodic certified audited statements of the tinancia! condition o[ Alortgagor. ' 23. Mortgagor represents and warrants that if a cor~~oration, it is duly orqanized and validly existing, in good atand- ing ~nder the luvvs of the atate ot its incor~~oration, has stock outstanding which Fws t?een duly and validly issued, and is qualified to do busines.4 and is in good standing in the State ot Florida, with tull power and authorily to consummate the loan contemplated hereby; and, if a partnership, it is duly (ormed and ~~alidly existinR, and is tully qualified to do business it~ the State ot Florida: with tull power and authority to ronsummate the loan contemplated hereby. 24. In the event any one or more of the provisions contained in this Alortgage or in the Note shall tor any reaeon held to t?e invalid, illegal or unentorceable in any res{~ect, such invalidity, illegality or unentomeablity shall, at the option of the Mortgagee, not aftect any other provisions of this Mortgage, but this Mortgage sh:~p be construed as if such in~alid, illegal or unenforceable provision had ne~•er been conts~ined herein or therein. The total interest payable pursuant to the Note or thia Mort~age shall not in any one year exceed the higheat lawful rate of interest in the State of Florida. ?a. The covenanta and agreements herein containecf shall bind and the benefits and advantagea ahall inure to the rE~pective heirs, ezecutors, adminiatratore, successors, and c~ssigns ot the parties hereto. Whemver used, the singular number shall include the plural, the plural the sinRular, and the use of any gender shall be applicable to aU genders. All co~~enante, agteementn nnd undertakinga ahall t?e joint and aever.~l. In the e~-ent additional numbered covenants or para- grapha are tor convenience inserted in this l~tortgage, such ndditional cmenants shall be read and gi~•en e(fect as though (ollowing this covenant in consecutive order. ~ ~ t i ~~L~ -3- 8G~'~; ~,r~E ~ ~ _ _ _ ; ~ ~ ~x~ ~ ~ ~ _ , x 3