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Home My WebLink About0403 appty such rents, issues and pto(ib tereived b~r' it or~ the indehtednese sec•uoed hereby in such order c?s Mortgugee deter- minrs. The right to enter a~d teke ~~oasession of the Mortgi?ged Pro~~erty, to manage and opernle lhe sume, und to collect the rents, iasues a~d protita thereot, whelher by a receiver or otherwine, ahnll be cumulative ~o any othet right or remedy hereur?der or Aftorded by law, and may lx~ exerciaed rnncurrent{y therewith or inde~~endentiy thereuf. Mortgagee ahull ~ be liable to account only tor such renta, iasuea And protits actually rc~~eived by Mortgageo. 14. If the indebtedneas secured hereby is now or hereafter further eecured by chattel mortguges, aecu~ity interes:a, financing atalements. pledges, conlracts o[ guaraniy, ussignme~ts o[ leases, or other secu~ties, or it the Mortgaged Pro- perty hereby encumbered consists o[ more~ than one pun-el ot rnal properly, Mortgagee may at ita option exheuat a~y one or more ot said aecuritie8 and security hereunder, or such parcels of the scrurity hereunder, either concurrnntly or inde- pendenUy. and in auch ordet us it may determine_ 15. 'I'his Mortgage ahalt secure not only existing indebtednea~, but elao such (uture ud~•ances, whether such udvancea are obligatory or to be made at the option ot Mortgagee, or otheniviae, as are made within tvrenly (20) years trom the da/e hereot, to ihe same extent as it auch tuture advancea were made on the date of the eaecution of thia MortgAge, 1?ut such eecured indebtednesa ahall not e:ceed at_ any time tbe mu:imum principal amount of a-~l~A plua interest, and any disbursements made tor the pnyment of tu:es, leviee, or inaurunce, on the Mortgaged Property, with interest on sucti diatwraements. Any such future advancea, whether obligatory or to be made at lhe option of the Mortgugee, or otherwiae, may he made either prior to or after the due date ot the Note or any other notea secured by this MortgAge_ This Mortgage ia given for the specific pun~o~e ot securing ony and nll•indebtedness by the Mortgagor to Mortgagee (but in no event ahnll the secured indebtedness e:ceetl at any time the ma:imum, principal amoun[ set forih in this par~grs~ph) ir~ vehate~~er manner this indebtedness may be evidenced or represented, until this Mortgage is satistied of recorcl. Al) coven- ants aod agreemente contained in this Mottguge shaU be npplicable to all (urther udvances ir?ade by Mortgagee to Mortgagor under this future advance.clause. 16. No delay by Mortgagee in exercising any right or cemedy heteunder, or otherwise atfouied by lAw, shall operete as a waiver thereof or preclude the ezereise lhereo[ during the continuance of any default hereunder. No waiver by Mortgagee o( any default shall constitute a wai4er ot or consent to subsequent defaults. No (ailure o( Mortgagee to exercise any option herein given to accelerate maturity ot the debt hereby secured, no forbenrance by Mortgagee before nr after the e:ercise of such option and no wilhdrawal or abandonment of foreclosare proceeding by Mortgagee shall be taken or con- strued as a waiver ot its tight to e:ercise such option or to accelerate the mnturity o! the debt hereby secured by reason ot any past, present or future detault on the part of 1liortgagor; and, in like manner, the procurement ot insurance or the ~~:iy- ment of taxes or othec.liens or charges by Mortgagee shall not he ts~ken or construed as A waiiver of its right to aceelerate the ms~turity ot the debt hernby secueed. _ 17. Without af(ecting the liability of Mortgngor or any other person (except ~ny person expressly released in w•riting) tor payment o( any indebtedness secured hereby or for pertom~ance ot any obligation contained herein, pnd without atfect- ing the rights of Mortgagee with respect to any security not e:pressly released in writing, Mortgagee mny, at ~ny time and trom time to time, either betorn or alter the maturity of said note, and without notice or cottaent: . (a) Release any {~erson liable tor payment ot.all or any part of the indebtedness or for periormance of any obligation. -(b) Make any agreement e:tending lhe time or otherwiae altering the terms ot paymen[ of all or ~ny ~~rt of the indebCedne~, or moditying or waiving any ohligation, or suhordinating, modifying or otherwise dealing with the lien or charge hereo(_ (c) E:emise or refrain trom exereising or wuive any right MortRagee may ha~•e. (d) Accept additional security oi any kind. . (e) Release oi othemise deal v?ifh any property, real or personal, securing the indebtedness, including all or any ~xirt of the Mortgaged Property. _ ~ . ~ I~ 18. Any agreement hereatter made by 1liortgagor and 1liortgagee pursuant to this mortgage shall F?e su~~erior to the _ ~ rights of the holder of any inlervening lien or encumbrance. ~ 19. Mortgagor hernby waives all right of homestead ezemption, if ~ny, in the Mortgaged Property. 20. Ia the event of condemnation proceedings of the Mortgaged Property, the award or compensation payuble there- under is hereby asaigneti to and shall be paid to Mortgagee. 111ortgagee shall be under no obligation to question the amount o[ any such award or compensation and may accept the same in the amount in which ihe same shull be paid_ In any such ~ condemnation pr~xeedings, Mortgagee may be represented by counsel selected by Mortgagee. The pra~eeds of any aw•ard or compensation eo received shall, at the option ot Mortgagee, either be apptied to the prepayment of the Note and at the rate ot interest provided therein, regardless o( the rate of interest paynble on the award by the condemning authority, or at the option of Mortgagee, such award shall be paid over to Mortgagor for restoration of the Mortgaged Property. 21. If Mortgagee, pursuant to a construction loan agreement or loan commitment made by Mortgagee with Mortgagor, agrees to make construction loan pdvances up to the principal amottnt o[ the Note, then Mortgagor hereby covenants that it will comply with all of the terma, provisions and covenants ot aaid construction loan agreement or loan commitment, will diligently constn~ct the improvements to be built pursuant to the terms thereof, all of the terms thereof which are in- cory~orated herein by reference as though set (orth fully herein and will permit no detaults to occur thereunder and it a de- (nult shall ocrur thereunder. it ahall constitute a de(ault under this Mortgage and the Note. 22. At the option of Mortgagee, Mortgagor shall provide Mortgagee with periodic certitied audited statements of the tinancial condition of 111ortgagor. . 23. Mortgagor represents and warrants that it a corporation, it ia duly organized aed validly existing, in good atand- ing under the laws of the state ot its incorporation, has stock outstanding which has been duly and validly issued, and is - quali(ied to do business and is in good atanding in the State of Florida, with fup power and authority to consummate the ~ lo:~n contemplated hereby; and, if a partnership, it is duly tormed and validly e:iating, and is tully qualified to do Fwsiness in the State of Florida: with tsll power and authority to consummate the loan contemplated hereby. ~ 24. In t6e event any one or more of the provisions contained in lhis Mortgage or in the Note ahall for any reason ~ be held to tie invalid, illegal or unenforceable in any respect, such invalidity, illegality or unentorceablity ahall, at the ~ option•of the Mortgagee, not p((ect any other provisions of this Mortgage, but this Mortgage ahall t~e construed as if such invalid, illegal or unenforceable provision had never been contained herein or therein. The total interest payable pursuant ~ lo the Note or this Mortgnge ahall not in any one year eaceed the highest lawtul rate of interest in the State of Florida. 25. The rnvenanta and agreements herein contained shall bind and the benefits and advantages ahall inure to the respectiv~e heirs, e:ecutora, administrators, succes.gors, and assigns of the perties hereto. Whenwer used, the singular ~ number shaU include the plural, the plural the sin~;ular, nnd the use of any gender ahall be applicable to. all genders. All _ covenanGs, agreemente and undertakinga shall be joint and several. In the event additional numbered covenanta or para- graphs are tor convenience inaerted in this Mortgage, such additional co~•enants shall be read and given effect ae though ~ following this cocena~t in consecutive order. - ~ ~ f` . 6dr K ~.Rp PAGE ~O~ ~ ' ~