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Home My WebLink About0711 apply ew•h rents, i~uc~ untl prn(ita ceceived by il on the indei?tedn~~s ~•urc~1 hereby in such onlrr +ts Mortg:~gec~ deler minrs. The ~ight to enter und Inke ~ws~esaiun a( the Murtgugcd Pro~~irty, to maas?ge und o~~erute tbo aume, u~d to ~~oUc~•t the re~ta, iaaueo nnd pro[ita thereut, whether by n rereiver or otherwise, shuil 6e cumulative to uny other right or remr~iy hereunder or atlotded by law, nnd may be excmised concurrently therewith or inde~ndenUy then~t. Mortgugee shuU ; be liable to account only (or auch rnnts, issuea and prolita actunlly rerei~~ed by Mortg~gee. 14. li the indebtednesa arcured herrby ia now or hereatter turther eecured hy chnitel mortguges, e;c~•urily interests, ± ~,~~~;ri;~~ ~fnlnmwr~lp ~~~Ey. Mh~M(`~ ~t auan~ntv. vsai~[nments ot leiwea, or other securities, or i[ tl~e Mortgaged Yro- ~ {~eerty hereby encumbered consista ot more thun one {u?rce) ot ceul property, Mottgagee muy at its option exhiiust uny one ~ or more ot said securitiea and security hereunder, or such parcels ot the security hereunder, either cancurrenily or inde- ~ pendently, and in such order aa it may detortniue. ± •15. This Mortg~ge sh~l) secure not only existing indebtednres, but ulso such fulu[e advancea, whether auch advances ~re ohiieatory ar to be made ut thc optiote of Morigagee, or otherwise, as arw mr~de within twenty (ZO) ,yean trom the dnte hereot, to the same extent iis if such tuture pdvances were mnde on the date of the executiop of fhis Motigage, i~ut su~•i~ secured indebtednese ahx~ exceed ut any time the mnximum principal amuunt of s N/A ~ plus interest, And uny disbureementa made lor the ~aymenl of t~:es, leviea, or insurunce, on the 111aHgaged Pmperty, with ~ interest on such disbursements. Any such (uture ndvances, whether o6ligntory or to be made ut the option of the Mortgugee, ~ ur otherwiae, mny be made either prior to or atter the due dute ot the Note or any other notea secured by this Morigage. 4 ThSs Morigage is given !or the epecific pur~wRe uf securing any and All indebiedness by the Mottg~gor to Morlgagee {but in eo event shal! the secured indebtedness exceed ~t uny time the mu:imum principal amount set forth in this {u~ragruph) in ; whatever manner this indebtedness tnay be evidenced or represented, until this Mortgi~ge is sati.gtied ot recotd. All coven- ~ ~nts and agreements contained in this 1Norig~Re ahull be applicable to aU fuHher :~d~•unces made by Mortgagee to Morigugor under this (uture advance clau~e_ . . s~ 16. No delay by Mortgagee in exercising nny right or remedy hereunder, or otherwise aftorded by law, shall oper~te us a waiver lhereof ot preclude the eYerciae thereot during the continuance of nny defuult hercunder. No wuiver by Mortgpgee of any defnult ahnll conatitute a waiver ot or consent to sul?sequent defaults. No failur+e of Mortgagee lo eYercise , any option herein given to.accelerate maturity of the debt hereby secuted, no (orbearance by Mortgagee betore or after the eYercise of such option and no withdrawul or uhandonment of foreclosure proceeding by _Morigagee shpll be taken or con- . ~ stnted as a waiver of ita right to exercise such option or to accelerate the malurity oi the debt here6y secored by re.lson of i any past, present or tuture detault on the ~xtrt of Mortgngor; and, in like manner, the procumment of insurance o~ ihe E~.~y- ~ ment o[ taxes or other liens or charges by Mortg:~gee shall not he taken or construed us a wniver of its riRht to t~c-c~elerate the maturity ot the debt hereby secured. 4 • 1 17. Without a[[ecting the liability of Morigagor or ~ny other person (eYCept .~ny person expressly reieased in K~ritinA) ? for payment of any indebtedness secured hereby or for performance of any obliRateon contained herein, nnd without attect- ing the rights ot Mortgagee witA respect to any security not expreasly releaaed in writing, Mortgagee may, at any time and ? irom time to time, either before or atter the tnaturity of said note, and without notice or consent: (a) Release any person liable tor peyment ot all or an ~ y part o[ the indebtedness or for performance oi any obligation, ~ ~ (b~ Make any agrPement extending the time or otherwise altering the •terms of payment of ap or any part ot the ~ indebtednesa, or raodifying or waiving any obligation, or subordinating, modifying or othenvise dealing witl: the lien or s charge hereot. ' ~ (e) Exemiae or retrain trom exercising or waive ~~nv right Mortgagcr may ha~•e. (d) AccepYadditional serurity ot any kind_ (e) Release or otherwise deAl with any property, renl or personal, securing the indebtedness, inctuding all or any ~k~rt ~ ot the Mortgaged Property. ~ 18. Any agreement liereatter made by Morigagor and Mortgagee pursuant to this mortgage ahall F?e superior to the € righla ot the holder of any intenening lien or encumbrance_ ~ 19. Mortgagor hernby waives all right of homestead e:emption, it any, in the I?4ortgaged Properiy. 20. In the event of condemnation pra-eedings o[ the Alortgaged Property, the award or compensation payable there- # under is hereby assigned to and shall be paid to Mortgagee. Mortgagee ahall be under no obligation to question lhe amount = of any such award or compensation and may accept the same in the amounf in which ihe same shali be paid. In any such condemnation prcx-rrc~inges, A3uriga~ee rnay .`se re~r~senit~ by rtsuzssrt r~lcrl~ hy M~rigag~. The pr~eds nf any award or compensation so received shall, at the aption of Mortgagee, either be applied to the ptepeyment ot the Note and at the rate ot interest provided therein, regardless of the rate of interest payable on the award by fhe condemning authority, or at the option o[ Mortgagee, such award ahalt he paid over to 1liortgagor for restoration of the Aiorf~aged Property. . 21. It Mortgagee. pursuant to a construction loan agreement ot loan commitment tnade by Mortgagee with Mortgagor. agreea to make conatruction la~n advances up to the principal amount of the Note, then 11Tortgagor hereby covenants that it will comply with all of the tertns, pro~•ision$ and covennnts of aaid rnnstruction loan agreement or loan commitment, will diligently construet the improvements to be built pursuant to the ternoa thereof, all of the terms thereof w6ich are in- corporated herein by reference as though set (orth fully herein and will permit no default~ to ocenr thereundei aad if a de- - tault shall cecur thereunder, it ahall constitute a defauit under this Mortgage and the Note. 22. At the option ot Mortgagee, hiortgagor shall provide Mortgagee with periodic certi(ied audited statements of the # financiai condition of Mortgagor. ~ 23. Mortgagor represents and warrants that it corporation, it is duly organized and validly ezisting, in good atand- ing under the laws of the ~tate ot its incorporation, has stock outstanding which has been duly and calidly issued, and is ~ qualified to do buainesn and is in good standing in the State of Florida, with ful! power and authority to consummate the 4 loan contemplated hereby: and, if a partnerabip, it ia duly tormed ~nd validly e:isting, and is tully qualified to do business ~ in the State of Florida: with fuli power and authority to consummate the loan contemplated hereby. ~ € In the event any one or more of the provisions contained in this Mortgage or in the Note ahalt for any reason i be heid to be invatid, itlegat or unenforc~eable in any respert, such invalidity, illegality or unenforceablity shall, at the option of fhe Mortgagee, not affect any other provisione of this Mortgage, but thia Mortgage ahall be construed as it such 4 invalid, illegal or nnen(orc~eable proviaion had never been contained herein or therein. T6e total interest payable pursuant ~ to the Note or this Morigage st~all not in any one year excred the highest iawful rate o[ interest in the Stafe of Florfda. X 25. The covenants and agreements herein contained shall bind and the bene(itls and advantagen shall inure tv the respective heire, e:ecutors, administrators, success~rs, and assigns of the partiea hereto. Wherevet used, the singular ~ number shaA include ihe plural, the plural the 8ingular. And the use ot any gender shall be applicable to aU gendera. All ~ covenants, agreements and undertakings st~all be joint and aeveral. In the event additional numbered covenant$ or para- ~ grapha are tor convenience inserted in this Mortgage, such additional co~•enants shall be read and given etfect aa though = following this covenant in conaecutive order. ' f .3_ . $Oi,l~ ~+VC) ~t . ~ k ~ ' ~ ~ ~ ~ _ _ _ . - ~ ~ _ - -