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Home My WebLink About0306 l 4 ~ spply eue•h rents, issuc~a ar~d protits received by it on the indebtednees aecured herel~y id aue6 drder ns Mottrn~+ deter- mines. Tbe ri6ht to enter and take {wes~ssior. ot the Morlguged Yroperty, to tnanuge and opernte ihe snme, and to collect ~ the rents. issue~ ar~d pmtita thereof; whettier by a receiver os. otherwise. shall be cumulative to any u~her right or remedy t hereunler or a[[orde~d by l~w, and rmy be esemised concurrently therewith or independently therPOt. Mortgegee a1w11 ~ be liable to account only tor surh rents, issues and protits actu~lly received by Mortgagee. 14. It the indebtedneaa secured hereby is aow or hereafter tuMher secured by chattel mortgages, eecurity interesta, tinancing statemenb, pled6es, contracls ot guAranty. assignmenla ot leaees, or other secorities, or it the Mortgaged Pco- perl~r~ereby-encuuabas~d-oousi:ts-nj mnr.~ ~_ong_pais'~_ ot_ teal pro~ectY~_Mort~a,gee ma~r_at ita option exheust any one or more ot said secutitier and security heeeunder. or such parcels of the securiiy hereu~der, e~ther concuir~nt!'y or 'inde. t~endently. and 'w iuch order as it m~y determine. } . 15. Thu Mortaage ehali aecure nat onty exiating indebtedness, but aiso isuch tuture advance~s, whetber such ~dvuncea are obliaatory or to be made at the option o[ Mortgagee, or otherwise. as are made within twenty (20) yeais from the date 6ereoi. to tLe same e:tent as it auch (uture advances were made on the date ot the e:ecution ot this Mortgage, but such eecured indebtedneas shall not eYCeec! at any time the maYimum principal amount of = ng plus interest, aad any disburaements made for the paymenR o[ ta:es, levies, or inauraace, on the Mortgsged Pmperty, wi?h intereM on such disbursementa Any such future advancea, whe~her ohligatory or to be made at the option ot the Mortgagee, ; or otbe~wise. may be made either prior to or atter the due date ot the Note or any othet notee secured by this Morigage, This Mortgage ia given tor the apeci(ic purpose o[ securing any and all indebledness by the Mortgagor to Mortgagee (but in no event shal! the secured indebtedneas exce~ed nt any time the maximum principal amount set forth in thia paragraph) in , vvhatev~er manner this indebtednc~ may be ovidenced or represented, until this Mortgage is satistied ot record. Ap coven. ~ nnts and agreementa rnnteined in thia MoNgage ahall ~be applicable to All turther advances mnde by Mortgagee to j Mortgasor under this future advance clauae. ~ . 16. No delay by Mortgagee in e:erciaing any right or remedy hereunder. or otherwiae afforded by [aw, ehall operale as a waiver t6ereof or preciude the exemi~ thereot during the continetunce ot any default hereunder. 11To waiver 6y Mortgagee of any detanlt sbap rnnstitute a waiver ot or consent to eub~equent defaulls. No failure of Mortgagee to exercise any option her~in given to acceletate matutity of the debt hereby~ aecured, no torbearance by Mortgngee betore or atter the e:ercise oi such option_and no withdrawal or abandonment o! forecica~ure proceeding by Mottgagee shall be taken or coo- atrued as a waiver of ita rig6t to.ezerciee such option or to aocelerate the maturity of the debt hereby aecured by reason o! any p~at, present or (uture detault on the part of Mortgagor; and, in like munner, the procurement o( insurance or the pay- ment o( t~es or othzr liens or chargea by Mortg:~gee shull not be ta~ken or construed s~s a w:~iver ot its right to ~cceterate the macuricy oi the debc hereby secured. ~ 17. Without affecting the liability ot Mortgagor or any othee peraon (e:cept any perxon expreasly rnleased in writing) tor payment of any indebtedness aecured hereby or for pedormance of any obligntion eontained herein, and withoui affect- ina the rights of Mortgagee with reapect to any security not e:presaly released in writing, Mottgagge may, at aoy time and from time to time, either before or after the maturity of snid note, and without notice or consent: . ~ ' (a) Release any person liable tor payment of all or any part ot the indebtednesa or tor perlormance ot any obligation. (b) blake any agreement extending the time or otherwise altering the terms of payment of a1) or any part ot the indebtednese~ or moditying or waiving any obiigation, or subordinating, modifying or otherwise dealing with the lien or j cbarge hereof. ~ , (c) E:erciae or refrain trom exercising or waive any right iNortgagee may have. ' (d) Accept additional aecurity of any kind. ~ (e) Release or otherwise deal with ahy property, real or personal, securing the indebtedness, including all or any ~u~rt ` o[ the Mortgeged Property. i 18. Any agrcement hereatter made by Mortgagor and 11lortgagee pu~suxnt to this mortgage ahali be superior to the tights of the holder of any intervening lien or encumbrance. 19_ Mortgagor hereby waivea all right of homestead e:emption, i( any, in lhe Mortgaged Properly. 2U. . In t6e event ot condemnation proceedings of the Mortgaged Property, the award or compensation payable there- under is hereby aeBigned to and shail be paid to Mortgagee, Mortgagee shall be under no obligation to quest~on the amount ~ of any such awar+d or comperu~tion and may accept the same in the amount tn which the same ahall be paid. In any such s condemnation proceedings, Mortgagee may be represented by counsel selected Fry Mortgagee. The proceeds o( any award or compensation eo received s6a11, at t6e option of Mortgagee~ either be applied to the prepayment of the Note and at the i ~tate of interest provided therein, regardless of the mte o[ interest payable on the award by the condemning authority, or at the option of Mort~agee, such award ahall be paid over to Mortgagor iQr r~storation of the Mortgaged Property. 21. I[ Mortgagee, pursuant to a construction loan agreement or loan commitment made by Mortgagee with Mortgagor, ~e~s to make eonstruMion loan advances up to the principal amount of the Note. then Mortgagor here6y rnvenants that it will comply vvith att o( the tetms, proviaions and coverwnta Ot, aaid construction loan agreement or loan commitment, will diligeatly conatruct the improvemenb to be_ bnilt pursuant to the terms thereot, aU ot the terms thereof which are in- corporated herein by reference as though set torth tully herein and wiN pettnit no defaults to occur t6ereunder and it a de- fault shall occur thereunder, it shall constitute a default under this Mortgage and the Note. . 22_ At~the option ot Mottgagee, Morigagor shall provide Morlgagee with periodic certified audited slatements of lhe financial rnndition of Mortgagor. 23, A4ortgagor tepresents and warrants ttu~t it a corporation, it is duly organized and validly e:isting, in good atand- ing under the laws of the state of its incorporation, has_ atock outstanding which haa been duly and validly issued, and is qualified to do businesa and is in good stnnding in the State ot Florida, with full power and authorily to consummate the loen contemptated hereb}r; and, it a partnership, it ia duly iormed and validty e:isting, and ia [ully qualified to do businesa in the 3tate of Florida; with tull power and authority to conaummate the losin contemplated hereby. ~ 24. In the event any one or more of the provisions contained in this Mortgage or in the Note shall tor any reaaon i be held to be invalid, illegal or unentorceable in any respect, such invalidity, illegality or unenforceablity shall, at the ' option of the Mortgagee, not attect any other provisions ot this Mortgage, but this Mortgage ahaU be construed. as i( such i invalid, illegal or unentorceable provision had never been contained herein or therein: The total interest peyable pursuant to the Note or this 1liorigage shall not in any oree year exceed the higheat lawiul rate of interest in the 5tate of Florida. 25. The covenanta and agreementa herein contained shall bind and the benefita and advantages ahall inure to the respective 6eits, e:ecutora, administrators, successors, and assigna of the partiea 6ereto. Whett.wer used, t6e singular number s6aU include the plural, the plural the singular, and the uee of any gender ahall be applicable to all gendeia. A11 rnvenants, agreementa and undertakings shall be joint and acweral_ In the event additional numbered covenanta or para- gtaphs are tor conveniznce inserted in this Mottgage, such additional covenants ahall be read and given etfec! as though following Wia covenant in coneecutive order. i -3- ' ~ B~uII ~~9 PAGt t~IOV - ~ . : - _ ~ ' _ - _ ~ : ~ ~ ~ , s~~:_`'~ " _ Q~.~,.. . ..~<1;~ ' ~