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Home My WebLink About0513 ~ ~ . ~ t~pply such renta, iasw~x nnd proti4 received hy it on Ihe indebtednegs secured hereby in such unie~ i?s MortBagee deter- minex. The right to enter und tuke ~~oasesaion ot the 1liortgi~ged Pro~~eHy, to munuge and o~~erate ihe ac~me, and to rollect the renta, irsue~ and protits thaceot, whethe~ 1?y a recei~~er or othdrwise. ~t~K t~ ~u~ti~o awY'p~er right or remc~iy hereunder or uttorded by law, and mny be e:ercised concurre~tly therewit~ dr ' y~d`eritly f~1e~~ Mortgugee ahnll t,e liable to account only for such rents, issues and protits actunlly nreived by Mortgngee. 14. It the indebtedness secured hereby is now or hereufter turther secured by chuttel morlgagea, aecu~ity interesta, tinancing statements, pledges, rnntracts ot guarenty, asaignmenta ot leaoea, or other securities. or it the Mortgaged Pco- ~~erty hereby encumbered co~aista o[ more tlwn one pan^el ot real properiy~ Mortgagee may at ita option exhaust any one o~ more ot anid securitios aad aecurity hereunder, or such parcele ot the security hereunder, either concurrently o~ inde- pendently, and in such order as it may determine. ~ 15. This Morlgage shall eecure not only e:isling indebted~ess. but also such future ndvAnces, whether such advancea ure obligatory or to be made at the option of Mortgagee, or otherwise, as are made within twenty (20) years fmm lhe date hereot. to the eame extent as it such future adva~eea were made on the date ot the execulion ot thia Mortgaqe. but auch aecured indebtedness shall not e:ceed ut any time the maximum principal amount ot t plua interest, and any disbursementa made tor the payment ot taxes, leviea, or insurance, o~ the Mortgaged Property. with interest on such disbuisementa. Any such tuture advances, whether obligatory or to be made at the option of t6e Mortgagee, or otherwise, may be roade either prior to or after the due date ot thr Note or any other notea eecund by thia Mortgage. Thia Mortgage ia given tor the apeci(ic pur~wae ot securing nny and all indebtedness by the Mortgagor to Mortgagee (but in no event sht?11 the secured indebtednesa e:ceed at any time lhe mu:imum principal amount aet forth in this paragraph) in whatever manner thia indebtedness may be evidenced or represented, until this Mortgage ia satisfied oi record. Ali coven- ants and agreementa contained in thie Moriguge shul) be applicahle to ull further ad~uncea made by Mortgngee to Mortgagor under this futuie advance clause. 16. No delay by Mortgagee in exercising any right or remedy her~under. or otherwiee atforded by law, shall operate ae a waiver thereof or preclude the exemise thereof during lhe continuance ot any defauit hereunder. No waiver by ~ Mortgagee ot any de[ault ahall constitute a waiver ot or conaent to suheequent detaults. No failure ot Mortgagee to exercise any option herein given to accelerate maturity ot the debt hereby secured, no torbearance by Mortgagee betore or aiter the exercise of sucb option and no withdrawal or ab:+ndonment ot toreclosure proceeding by Mortgagee shall be taken or con- strued aa a waiver of its right to esereise such option or to accelerate the mnEurity of the debt hereby aecured by reason ot any pnst, present or future default on the part of Mortgugor; and, in like m~nner, the procurement oi insurance or the p:~y- ment ot la:ea or other liens or chargea by Mortgagee shali not be taken or con.gtrued us n waiver of ita right to nccelerate the maturity ot the debt hereby secured_ . 17. Without aftecting the liability of Morigagor or any other person (except any person e:preasly relea.ved in writing) for payment of any indebtednese aecured hereby or for perfom~ance of any obligation contained herein, and witheut u(tect- ing the righta ot Mortgagee with respect to any eecurity not e:pressly ieleased in writing, Mortgngee may, at any time rnd from time to time, either before or atter the maturity of.said note, and without notice or consent: (a) Release any person liable for payment of all or any part ot the indebtedness or for riertorriman~~e o[ any obligation. (b) Make any agreement e:tending the time or othemise altering the terms ot payment ot all or any part ot the indebtedneas, or modifying or waiving any oMigation, or subordinating, moditying or otherwise dealing with 1he lien or charge hereo[. (c) E:erciee or refrain irom e:erciaing or waive any right Mortgagee may have. _ (d) Accept additional eecarity ot any kind. . (e) Release or otherwise deal vYith any property, res~l or pereonal. secvring t6e indebtedness, including all or any ~>art of the Mortgaged Property. , 18. Aay agreement herea(ter made by Mortgagor and Mortgagee pucsuant to thia mortgage ahall be superior to lhe ~ righta ot the holder of any intervening lien or encumbrance. ~ 19: Mortgagor hereby waives all right of homestead e:emption, it any, in the Mortguged Ptoperty. ~ Z0. In the event o[ cond~mnation proceedings ot the Mortgaged Pmperty, the award or compensation payable there-" k under ia bereby assigned to and shall be paid to Mortgagee. Mortgagee shaU be under no obligation to question the amount E of any such award or rnmpensation and tnay accept t6e same in the amount in which the same shall be paid. In any such E conderanation proceedings, Mortgagee may be represented by counsel selected by Mortgagee. The proceeds of an~? award ~ ~ or compensation so received stiall, at the option of Mortgagee, eit6er be applied to the prepeyment of the Note and at the ~ rate of intetest provided therein, regardlesa ot the rate of interest payable on the award by the condemning authority, or at the option of Mortgagee, such award shall he paid over to Mortgagor for restocation of the. Mortgaged Property. ~ 21. If Mortgagee, putsuant to a construction loan agreement or loan commitment made by Mortgagee with Mortgagor, ~ agreea to make co~traction loan advances up to the principal amount o[ the Note, then Mortgagor hereby covenants that it ~ wil) comply with all of the terms, proviaioris and covenants of said construction loan agreement or loan rnmmitment, will diligently constract the improvements to be built putsuant to the terms thereof, all o[ the terms thereof which are in- ~ rnrporated herein by reference as though set torth -fulty herein and will permit no defaults to occur thereunder and i( a de- lault shall occur thereunder, it ahall constitute a defauh under this Mortgage and the Note. ` ~ 22. At the option of Mortgagee, Mortgagor ahall provide Mortgagee wiW periodic certified audited statementa of the _ s financial condition of Mortgagor. ~ ~ 23. Mortgagor represents und warrants that if a cor{wration, it ia duly organized and validly exiating, in good atand- ~ ~ ~ ing under the laws of the state of ita incorporation, 6as stcek outatanding virhich has been duly and validly issued, and is qualiGed to do businesa and is in good standing in the State of Florida, with full power and authority to consummate the g loan contemplated hereby; and, et a partnership, it is duly tormed and validly e:isting, and is tully qualified to do business ~ in the State of Fiorida: with tull power and authority to conaummate the loan contemplated hereby. 24. In the event any one or more of the provisions contained in this Mortgage or in the Note ahall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceablity ahall, at the ~ option o( the Mortgagee, not affect any other provisions of this Mortgage, but thia Modgage ahail be constnted as it such ~ invalid, illegal or unenfome:~ble pmvision had ne~er been contained herein or therein. The total interest payable pursuant ~ to the Note or thie Mortgage ahal) not in any one year eaceed the highest tawtul rate o[ intereat in the State of Florids~. ~ . ~ 25. The covenanEs and agreements herein rnntained shall bind and the henetits and advantages shall inure to f6e s respective heirs, eYecutore, edministrators, successors, and assigns of the.partiea hereto. Wherever used, the singular ~ number s6all intlude the plurel, the piural the singular, and the uee ot any gender shall be applicable to all genders. All ~ covenants, agteemente and undertakinge at~all be joint and several. In the event additional numbered covenanta or para- ~ graphs are for convenience inserted in this Mortgage, such additional covenanta shall be read and given etfect as though ~ following this covenant in consecutive order. . ~ ~ : ~ _ ~ ~ ~~287 ~ 5~~, ~ ~ . ~ ~ A ` ~ j ~ p~ ~ r - _ . . -Vn'YYw FrP~kP`~r AF'~z ~52m.. ~y~ . . _