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Home My WebLink About0088 :~{~~~ly su~•h mnte, i~su~~ and pmfits ~~Y•eiv~Yl b,v it on Ihe indet~tccfni•ss +e~•und hrn•I~y in xui•h urd~~~ :~x A~nrtxaK~~e ~lt~t~•r- n?in~K:. The right to t•ntc~~ aind tuk~ ~x~.cu~sean ot the I~1or1~uK~d Nn,~x•rty, to m:~na~;e and o~x•r.~te ihe s:une. and to collect the rnnte, it~aui~s and pro(its then~t, whether Iry u~ri~•er ot otherwise, ahe?11 I~e cumule~tive to i~ny uther ?ight or n•m~~ly henw~der or attc~rclec! hy law, und mny t?e exemi~ecl cc,o~•urn ntly therewith or inde~~enden~ly th~~n~ut. MorlKugir sh:dt I~e lit~ble to a~Y~ount only !or suc•h rente, iasues aind ~?rotits tu•tually reccicc~! Iry Hlurtg~~gcr. 14. 1f the i~drbtrdne~s s~r•umd herehy ia now or hereafter furthet se~•urnd by cha~ttel tti~rtgi~gc~s, M~c•urity ioterestA, fin++ncih(C atntements, pledgrs, cont~acts ol guan~nty, :~asixnnu•nts of leu~s, or other secvrities, or if lhe Aiorigagt~cl Pm- ~x~rty hereby encuml~ered conaista ot more th:m ane ~~mel o( cr.il pro{~erty, Aiorlgugee nuiy u/ its option exhuust uny one ~ or morn ot ezuid securities a~nd se~urity hereunder, or au~•h ~xirceis ot the se~vrity hereunder, either concurrenUy or indr- ~ E pendently, ~nd in such order us it muy determine. ~ • t 15. This Mortga~ge sh:ill se~•ure nol only existing indrbtedne~, hul ul~ such tuturn ud~~ances,-whether such .~dv.~ncc~rc Are obligntury or to t?e made t~t ihe option ot Mortga~Kee, or othen+~ise, as nre made within twenty (20) ycars (rom the dnte ~ hereot, to the sume eYtent :is it such tuture udvan~Yrs w~ere made on the dnte o( the exe~•ution ot this Alortg+~Ke, but s~ch ~ ~ umci indebtedness sh:~U not exc-e~~d at any time the muximum princi~xil .imuunl of S ~l; A plus interest, .~nd uny disbur3ements mude for the {k~yment o( taxes, le~~ies, ur insurnni•e, on lhe Mortgaged I'ro~~erty, w~ith ! interest on sueh disbursements. Any such futurn ud~•ain~•es, whethc r ul~ligatory o~ to F?e made at !hr o~~tinn of the MortKugee. or othen,vise, may I~e made either prior fo or nfter the due dnte of the Note or any other notes secumd by~ this MortR~~ge. ; 'l'his Mortgi~ge is given tor the specitic purywse ot securing any and uU indebtedness by the MortgaRor to MortR:igee Ibut in no event shall the.secured indebteclnes~ exceed ari u~iy time the mu:imum prin~•ipal :~mount set forth in this ~k~r.~Rr.~ph) in «•hate~•er msinner ihis indebteclness may 1?e e~•idern~ed or rnprc~enterl, unti) Ihis Mortguge is sc:~tisfied of reco~d. Al) croven- ants .~nd agreements cbntuinrd in this 111ortgaKe shall t?e a?~~pli~•:ihle to .dl turther ndvun.•cs made hy 111ortg:~Kc~e to 11torlKugor under thia (uture nd~•tince elnuse. 16. No detuy by A4ortgagee in ezereising any right or remc~ly hemunder, or otherwise .~(t~rded by law, shall operate us a«~ai~•er thereof or preclude the exemise thereof during the continunnce of :+ny detault hereunder. No~wai~•er hy I~fortgagee of any default shall cronstitate n wni~•er ot or consent to sut~sc~~uent detuults. No tuilure of Mortga~ee to exercise any opiion hereen given to acirler~te maturity of the debt hereby secured, no forF?earnnce by Mortgaigee hefore ot n(ter the exercise of such option r~nd no withdmwal or +~t?andonment of forec•losure pr«titiding by 1~1ottgagee shall i?e tuken or con- strued ns a w~iver ot ita right to e:ercise such option or to acceler.~te the maturity o[ Ihe deht hereby secvrecl bp mason of . any ~u~st, present or tuture detault on the Exirt of MortgaRor: and, in like m.+nner, the procurrment of insuranre or the ~k~y- ment of taxes or other liens or charges by AlortgaKc~ shall not be taken or ~•on~truecl as w;~i~~er o( its riKht to ai•~•eler.~te the ~r?aturity ot the debt hemby sc~~urnd. 17. VVithout a(tecting the liability of 111ortgaRor or :~ny uther ~mrson (except :~ny ~~erson expms.gly releasc~l in H~ritinR) for payment of any indebtedneas sec•ured hemby or tor ~~ertormance ot :+ny oblig:~tion contained hernin, and without ~(fcr•t- ing the rights of hiortg:~gee with res~~e.•t to f~ny sec•urity not expressly releused in ~+•riting, 1~7ortRaRee may, at :+ny time and ~ fmm time to time, either Fx forn or ~fter the malority ot said note, and without notice or consent: la) Rele~se any pe*son liahle tor {k~yment of all or any ~k~rt of the indebteclness or for perform~nce of any oMigation. (b) Make any ag~menl extendinK the time or othencise altering the terms o~ ~wyment of all or any part of the indebtedness, or modifying or w:~icinR am• obligation, or sul~orclinatireg, mexlityinR or ofherwise dealing With the lieu or rharge hereof. (c) Ezemise or refrain ftom exercising or w•ai~r ~iny reRht MortRagee m:iy ha~•e. (d) Accept additional security ot any kind. te) Release or otherwis~ deal with any pro~~erly, real or ~~erson~l, securing the indebtedness, includinq all or any part ot the Mortgaged Property. ts. Any agreement hereatter made by Atortgagur .lh(~ ~10[1R:1RPC pursuant to this m~?rtRaRe sh~l1 be su~~erior to the rights oE the holder ot any inters~ening lien or encumbrance_ l9. 14tortgagor hemby waives :~Ii tighf of homestead exemption, if any, in !he blorfR~~~ed Pmperiy. 20. In the event o( condemnation pro~•eedings of the MoHqaged Pro~~erty, the award or comper?s:+tion payable ihere- under is herehy t~svigned to and shall 1?e p:~id to 14lortgagee. Mortgagee shal! be under no oblig:~tion to question.the amount of any sueh award or compensation and m:~y accept lhe s:~me in the amount in which the same sh:~ll be ~~aid. In any such i•ondemnation proceedings, 111ortgaRee may be represented by counsel selected by Mortgagee. The proceeds of any award or com~~ensation so received shall, at the option of Mortgagee, either be apptied to the prepayment of the Note and at the rate of interest pmvided therein, regardlesv of the rate ot interest payable on the award by the condemning authority, or at the option o( 1liortgaRee, such aMard sh.~U t~ ~~:~id o~•er to Mortgagor tor restoration of the Mortgaged Pro~~erty_ 2I. If tifort~agee, pursuant to a c~nstruction la-~n agreement or loan commitment made hy btortgagee with I4fortquRor, aRrees to make construrtion lo:~n .~d~~ances up ta the principnl amount of lhe Note, then Alorigagor hereby co~•enants that it will com~ly with all of the terms, pro~•isions and co~~enants o( said construction loan agreement or loan commitmenf, w•itl diliRently construct the improvements to be bui(t pursuant to the terms thereo(, a!: ot the terms thereof ~.•hich are in- corpor.~ted hemin by reference :is thouRh set (orih (ully hernin and veill permit no defaults to occur thereunder and if a de- fault shall ocrur thereunder, it sh.ill constitute default onder this 1liortgage and the Note. 22, At the option ot 11~orlgaRer, Alortgagor chall pmvide A4ortgagee with ~~eriodic certified audited statements of the financi~l condition ot Mortgagor. 23. Mortgagor represents and w•arrants that if a ror~wr~tion, it is duly or~anized and validly existinR, in good st:ind- ing under the la~vs of the state ot its incor~~or.dion, has stock outstanding which has been duly and ~~alidly issued, and is qunlified to do business and is i~ Rood standing in the State of Fiorid~, with full power anc! authority to consommate the . loan rnntemplated her+ehy: and, if a~~rtnetship, it is duly formed and validly existing, and is fully qualitied to do businec~ in the' State o( F lotid:~: K ith lull power and authority to consummate the loan eontemplated hereby. ~ 24. In the event any one or mom of the pro~•isions mntained in ihis htortgage or in the Note shall tor any reason be held to F?e invalid, illeg~l or unentorceable in any res~~ee•t, such invalidity, illegality or unenforceablity shall, at the option of the MorlqaRee, not affcrt any other provisions o( this AtortgaRe, but this Mortgage shali be construed as if such im•atid, illegal or unenforceah?e provision had ne~~er been contained herein or therein. The total interest p:ryaMe pursuant Io the Note or this 1~fortRage shzll not in any one ~•ear exce~eci the highest lawful rite of interest in the State of Florida. 25. The c~overtants and agreements herein containc~l shall bind and the bene(its and advantages shall inure to the res~xrtive heirs, executors, administrators, successors, and assigns o( the parties hereto. Whetever used; the sinRular number shall include the plural, the plurat the sinRular, and the use o( any gender ~hall be applicable to all Renders. Atl covenants, agreementa and undertakings shall I?e joint and several. In the eti•ent additional ~umberec! covenanfs or ~~ara- Rraphs are (or convenience inserted in this llfortQage, such additional ro~•enants ~hall be mad and given etfect as thouqh follow•ing this cuvenant in consecuti~•e order. -3- - ~~RK~J~ P~,GE ~U ~ - - - - ~