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Home My WebLink About0302 , . ' y ~ • • 1 t upply auch oenta isxu~~ und protita received by it on the indebtedners ~ccurod ~ereby in E~` orde~ as Mongngee deter- ~ mines. The right to enter und tnke jwsavicessio~ ot thc Mottga~ed Ptoperly, to mnnage and opernfe tl~e same, und to collcrt the rrnts, iasues und protib thenwf, whether by a receiver or otherwise. s6ul! be.cumufutive to any other right or remedy hereuoder or t~tforded by law, and may be exemiaed concurrenlly thernwith or independently thereot. Mortgagee ahali be linble to account only tor auch renta. iasues a~d profib actuully received by Mortgagee. 14. It the indebtednes~ secured hereby ia now or hereatter turiher eecured by chattel mortgages. security interesta. (ioancing atatements~ ptedgea~ coniracta ot guaranty, assignmenU ot l~asea, or other eecurities, or it the Mortgaged Pm• perty hereby encumbend conaiata ot more than one parcel of reai property. Mort~ee may a!-its option eYhaust any ons _ or more ot said eerurities and security bereunder, or euch parcels ot the eecurity hereundet, either concurrently or inde- pendenUy. and in aurb order es it may determine. lb. Tl~is Mortgage ehall secute not only e:istins indebtedness. but also such tuture advances, whether such ndvnncea are obligatory or ta be made at the option ot Mortgagee. or otherwiae, as are made within twenty (20) years from tbe date hereot, to the same extent ae if auch tuture advanc~ were mede on the date ot the eYecution of this Mortg~ge~ but such • sexured indebtedoc~s shull not ezceed at any time the maximum principal amount ot i ~ plua interest, and any disbureements made tor the payment of tazes, levies, or insursince, on the rtorigaged Property. with interest on aueh diabureementa Any such future advances, whether obligatory or to be made at the option ot the Mortgngee, j or ot6erwiae, enay be made either prior to or a(ter the due date of the Note or any other ootes aecured by thia MortBage, Thist Mortgage ia aiven tor the apecitic purpoee ot securing any and all indebtedness by the Mortgagor.to Mortgagee (but in no event shall the aec~red indebtedness exceed at any time the mnximum principal vmount set forth in this paragraph) in whatever manner thia indebtedness may be evidenced or represented: unti) thie Morigage is satisGed of record. Ap rnven- ants and agreements contained in this Mortgnge ah~ll be applicaMe to al1 turther udvances mnde by Morigngee to :Nortgagar under thia future advance clause. . . 16. No delay by Mortgagee in exetcising anjr right or ceiqedy hereunder, or otherwiee atforded by law, shall operate ae a waiver t6ereoi or preclude the eYerrise thereof during the continuance ot any detault 6ereunder. No waiver by . MoHgagee ot any detault shall constitute a waiver of or coneen~ to suheequent detaults. No failure ot Mortgagee to exemise ~ any option he~+ein given to accelerate malurity of ihe debt hereby secured, no forbearance by Mortgagee betore or a[ter the e:ercise of such option and iw withdrawal or abandonment of toreclosure proceeding by Mortgagee shaU be taken or rnn- atrued as a waiver of its right to e:ercise such oplion or to accelerate the m~turity of the debt hereby secvred try rea~on ot any pa$t, preaent or (uture default on the part of Mortgagor; nnd, irt like manner, the prncurement of insurance or the pay- ment of tazea or other lisns or ebargea by Mortgagee shall not be laken or conatrued ns a wniver of its right to accelerate the maturity ot the debt hernby secured. 17. Without affectiag the liability ot Morigagor or any other peraon (except any person e:pressly releaged in writing) . - tor payment oi any indebtednesa secured hereby or tor pedorn~ance ot any obligation contained herein, and without attect- ing the rights ot Mortgagee with respect to any security not expreasly releaeed in writing. Mortgagee may, at any time and irom time to time, either before or atter the maturity of said note, and without notice or rnneent: (a) Release any person liable tor payment of atl or any part o[ the indebtedness or [or pertormance of any obligation '(b) Make any agreement extending the time or otherwise altering the terms ot payrr~ent of ali or uny part ot the indebtedneas, or modifying or waiving any obligation, or subordinating, modifying or otherwise dealing with the lien or chatge hereoL . (c) E:ercise or refrain from exereising or waive any reght Mortgagee may have. _ (d) Accept additional aecurity of any kind. (e) Releuae or otherwise deal with any property, real or personal, securing the indebtedne.ss, inctuding all or any part of the Mortgaged Properiy. - ~ 18. Any agteement hereafter made by Mortgagor and Mortgagee puisuant to this mortgage ahall be superior to the tights of the holder ot any intervening lien or encumbrance. 19_ Mortgagor hereby waives atl right of homestead e:e~qption, if ~ny, in the 1Norigaged Properly. ~20, In the event of condemnation proceedings of the Mortgaged Property, the award or compensation payable there- under is hereby assigned to and shall be paid to Mortgagee, Mortgagee ehai! be uadet no obligation to question the amount ot any such award or rnmpensation and may accept the sarpe in the amount in which the same ahall be paid. In aoy such condemnation proceedinga, Mortgagee may be represented by counsel selected by Mortgagee. The proceeds ot any award or compensation eo received shali, at the option of Mortgagee, either be applied to the prepeyment of the Note arid at Lhe rate of interest provided therein, regardiess of the rate o( interest payable on the award by the condemning authority, or at the option of Mortgagee, such award shatl be paid over to Mortgagor tor reatoration of the Mortgaged Property. _ 21. If Mortgugee, pursuant to a construction loan agreement or loan commiiment made by Mortgagee with Mortgagor, • agrees to make consiruction loan advances up to the principal amount ot the Note. theri Mortgagor hereby covenants that it will comply with all ot t6e terma, provisiona and covenanta of said construMion loan agreement or loan commitment, will diligentty construct the improvements to be built putsuant to the terms thereof~ atl of t6e tern~,a thereof which are in- corporated herein by reter~ence as thoagh set forth (ully herein arid will permit no defaulta to occur thereunder and it a de- fault shall occur thereunder. it shall constitute a de[ault under this Murtgage and the Note. - 22. At the option of Mortgagee, Mortgagor shall proride MortgaRee with periodic certified audited statementa ot the firiancial condition o( Mortgagor. . 23. Mortgagor represents and warrants that it a corpocation, it is duly organized and validly eziating, in good stand- ing under the laws of the atate of its incorporation, has stock outatanding wh~ch has been duly and validly iasued, and is qualified to do busihess and ie in good standing in t6e State of Florida, with full power and authority to consummate the loan rnntemplated hereby; and, if a partnership, it ie duly formed and validly esisting, and ie tuUy qualitied to do businese in the 3tate of Florida: with tull power and authority to consummate the loan rnntemplated hereby. 24. In the event any one or more ot the provisione contained in this Mortgage or in the N~te ehall for any reason be held to be invalid, iltegai or unentorceable in any reapect, such invalidity, illegality or unenforceablity shail, at the option o( the Mortgagee, not af(ect any other provisiona of thia Mortgage. lwt thia Mortgage ahall be congtrued as if such im~alid, iflegal or unenforceable proviaion had ne~•er been contained herein or therein. The total interest payable puisuant to the Note or this Mortgage ahull not in any one year exceed the highest lawfu) rate ot interest in the 5tate of Florida. 25. The rnvenanta and agreemrnts herein contained shal! bind and the benetita and advantages sha11 inurP to the reapective heir9, executors, administrators, succeasora, and assigns of ihe padiee hereto. Wherever used, the singular number shall include the plural, the plurai the aingular, pnd the use of any gender ahall be applicable to all gende~s. All covenanta~ agreementa and undertakinga ahall be joint and several. In the event additiar~al numbered covenanta or para- grapba ace (or c~onvenience, inaerted in thie Mortgage, sucb additional co~enanta shali be read and given eftect as though following thia covenant in coneecvtive order. -3- ' . e~~~~~ fa~E J1J~ . . - ~ - , ~~~~~~~7~~ _ ~ ~ ~ ~ x v` ~ ~ , ; - ~~c,:.. ~ -