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Home My WebLink About0561 t ~ t , 1 ~ . l :~~~ply su~•h ra~n1K, i~.vu~~ und pm(itA rri•ei~~~~d hy it on the indebt.~incsa ~•ur~x1 hereb~• in su~•h un1e~ us I1lortgugee deter- = ~~~u?ea '1'he right to enter and lvke ~~wer~.vion of the i~lortguKed Yro~xrly, to mun.~Ke ol~~te !he ss~me, und to collcY•1 R the mnts, issues and prolitx themuf, whethe~ hy n re~•eiver or othenvise, slu~ll !~e cumulative to any othrr right or remc~ciy ~ hereundr~ or nt(orded by lt~w, :~nd mny be exen•iscd roni•urmntly Iherevvith or indeprndcntly thrrcwf. Mo~tgaKee sh~ll i~e linble to nccouni only (or such re~ts, isaues f~nd pmfits actu.~lly received by MortBugee• ; ~ 14. It the indebledness aecumd hemby is nuw or herui(ter (urther secumd by chuttel mortguges, security intemxta, ; fina~ci~~[ stutementa, pleclg~+, contntcta of guan~nty, aeaiK~unent8 of leuaes, or other aecuritiea, or i! the Mortgaged Pro- _ {xrly hereby encumbered cor?sists uf more thun one {~aa~el o[ rrul property~ MortgaKee mny at its option exhuust unv one ~ ~r mar~ 3t s:i;ci sec-urifiru and sc:~uriiy i~r~unel~•r, or nuch ~x,rcria oi the sec•urity hereunder, e~ther concurrently or inde- ~ Nrndently, n~d in such orcler us it mr~y determine. • d 3 15. Thia Mortgnge slwll secure not only existinR indebtedness, but nlso surh tuture z~dvancrs, whethe~ auch advunce~ i are obligntory or to be mnde at the option ot I~forigugee, or olherwise, as nre mnde within tw•enty (20) years (rom the date hereof. to the same exlent us i[ such [uture ndvan~~es were mnde on the dale ot the execution ot ihis Morignge, !wt such ' ; ~ ,~r.vred indebtedneaa shall l~al! e~caed~at uny time the muximum ptincipal amount ot i a1,~A plus interest. and uny diabursementa mnde tor the payment ot taxes, leviea, or inaurunce, on the Mortg~Eed Property, with } internst on such disburaementa. Any such (uture ndvam~es, whether obligatory or to be mude nt the option of the 1~lortgziKee. _ or othe[wiae, muY be matie eilhec priot to or atte~ the due date o~ the Note or any other notes secured by this !~~orlgaRe. ~ This MortqaRe ia gi~•en ~or t~?e specitic ~iurpane of ~eavrinR any nnd nll indebtedness by !he Morlgagor to 1~lortgagee (hut ' in no event ahaU the secured indebtednea~ e:ceec! at any time the m:~ximum prinri~uil aimount set forth in thia ~~nr.~gr:iph) in f whute~er munner this indebtednees may be evidenced or rcpresented, until this l~iortgage is s~dis(ied of recY?rd. All ca~~en- :~nta.a~nd t~greements eontained in this I4tortgu~ce shaU br np{?li~-able to aR (erther advs~ncea made by Morigngee to htortg.~gar under thia future advance clauae. 16. No delay by Mortgagee in~ exercising uny right or remedy hereundec, or otherwise at[orded hy law. shali operate :!g ra W:~~YP~ ~!P!'nf}. r ~j_ Ii js • ~ !'f_"' f ~ ~ a~__•~_ ~ ~a~:r: ~E:£i'!'^~ ~:::::s 'i:- : ~i.:ii~c ~t~ iiiij' i~~~uu~t ~iciCiii~fi2r. iVtT iirsiiVrF. ily ~tortgagee of any defuult shall constitute a waiver o( or ~~onsent to subsequent de(aulls. No (ailute ot Mortgugee to exercise ~ any option herein gi~•ea la :~ccelerute maturity o! the debt hereby secured, no torbean~nce by Iblortgagee before or atter IhP eYercise of such option and no withdrawal or ahandonenent of toreclosure proc~eeding by Mortga~gee slwll i~e u~ken or run- strued as a waiver of ita right to ezercise such option or to accelerate the maturity of the debt hereby secured by reason of any past, present or future default on the part of Mortgagor: find, in like manner, the procumment of insurince or the {~:~y- ment of taxes or other liens or charges bp rlorigagee sh:ill not he taken or conatrued ns a wniver ot its right to acceler.~te the maturity ot the debt hemby secured. 17. Without affecting the liability o[ Mortgagor vr any olher person (except any person expressly released in writing) ~ (or ~x~yment of any indebtedness secured hereby or tor per(orrn~nce of any obligation contained herein, and without a~tfect- ing the rights of 114ortgagee with rea~t to any eecurity not expressly released in writing. Mortgagee m~y, at ~~ny fime ~nd [rom time to time, either before or atter the maturity of snid note, and without notice or consent: la) Reic:~se any person liable for {wyment ot all or any ~~art of the indebtedness or for performnnce of nny obligation. (b) Make any agreement e:tending the time or othervvise altering the terms o! payment ot all or any part of the indebtedness, or modifying or wHiving any obligation, or subordirwting, modifying or otherwise dealing with the lien or ~ charge hereof. {c) Exerc~se or refrain tmm exemising or wiii~r any right MortR:~gee msiy ha~~e. ; $ (d) Accept additional security ot any kind. i 3 (e) Itele~se or otherwise deal with any properiy, rea1 or peraonpl. aecuring the indebtedness, including nll or :~ny ~~:~rt ? ot the Mortgaged Properiy. ~ IS. Any agreement hereaFter made by Mortgagor and Mortgagee pursuant to this mortgage shall be superior to the riRhts ot the holder o( any intenening lien or encumbrance_ 19. Mortgagor hereby waives all right ot homestead exemption, ii any, in the Mortgaged Property. 20. In the event of condemnation proceeding~ o( the Mortgaged Property, the award or compensation ~~ayable lhere- nnder is hereby asaigned to and shalf be paid to Mortgagee_ Mortgagee shali be under no obligation to question tbe amount of any such award or compensation and may accept the same in the amouat in which the same ahall he pa+d_ In any such condemnation proceedings, Mortgagee may be represented hy rounael selected by Mortgagee. The proceeds of any award ' - _ or c•ompensation so received shall. at the option of Mortgagee, either be applied to the prnpayment of the Note and at lhe r?te of intereat provided tfierein, regardfess of the nte of interest payable on the award by the condemning zwthority, or at ~ the o~>tion oi Mortqagee, such award shall be paid over to Mortgagor tor restotation o[ the Modgnged Ptoperty. ' 21. It ~lortgagee, pursuant to a constraMion loan s~greement or loan rommitment made by Mortgagee with. Mortgagor, aRrees to make construction loan advances up to !he ~~rinci{~s~l amount ot the Note, then Mortgagor hereby covenanta that it will comply wi!h all of the terms, pro~~isions and covenants of zcaid construction loan agreement or loan commitment, will dili~ently conatruM the improvements to be t?uilt pursuant to the terms thereof, all of the terma thereof w•hich are in- c~onx~rated herein by rnterence as though set iorth ful{v herein and wi11 permit no deFautta to occur thereunder and ii a de- fault shall occur therrunder, it shall constitute a default under this Mortgnge and the Note. 22. At the option ot Mortgagec, Mortgagor shall pro~~de 1liortRaKee with periodic certified auditetl atatements of tfie financial condition ot ?~tortg~gor. 23. Mortgagor represent$ und warrants that if a cor{?oration, it ie duly orqanized and validly.e:isting, in good atand- ing under the laws of the state o( ita incorporation, hae stock outatanding which hf?s been duly and validly isaued, and is qualiiied to do business and is in good atanding in the State of Florida, wit6 full power and authority to con.4ummate the (o~~n contemplated hereby: at?d, i( o partnership, it is duly formed and v~lidly existing, and is fully quali(ied to do business in the State o( Florid:i: with (ull power and authority to cronsumm:~te the loan contemplated here6y_ 24. In the event any one or moc~e of the provisions cc,ntnined in this Mortgage or in the Note sha11 for any reaeon f?e held to 1?e invalid, illegal or unenforcenble in any respect, such invalidity, illegality or unentomeablily ahall, at the option of the Mortgugee, not aftect any other pmvisions of thia blortgage, but this Mortgage ahall be construed as if such im•alid, illegal or unenforceable provision h:~d ne~•er been contained herein or therein. The total interest payable pursuant to the Note or this Mortg:~Ke sh~ll not in any one year exceed the highest law(ul rate ot 1nlerest in the Stnte of Florid~. 2S. The ~^ovenanta and agreementa herein contained afiaU bind and t1~e beneFita and advantages slwll inure to the re,~m~~tiee heirs, e:ecutors, administratore, succes.gors, and :issigns of the partiea hereto_ Wherever used, the aingulnr number shull include ihe plural, the plural the ainRular, and the uae ot any gender shall be applicable to all genders. All co~rnants, agreementa and undertakinga s1w1) I~e joint and se~•ernL In the e~•ent additional numbered covenants or para- qraphs are [or convenience inserted in thia MorfgaRe, such s+dditional covenants shall be read and given effect aa though fo~lowinq this cavenant in consecutive order. -3- . A~RK~v4 i'AfE 553 ~ . ~