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Home My WebLink About0562 r . , • i'. ! 2~ • ~ 1 s. . u~q~ly Ku~ h mnts, ia,u.~. und pmtite ~•eived hy il un the indebtcdnea~s x~r•umd heretiy in sui•h order us 111ortgaK~K d.•ter min.~. 'Che righl to ~•nter t~nd t:~ke ~~o_~w•avion ol the rlortguged Pro~xrty, lo mant~ge und u{~crut.• the ~~mc•, r~nd to i~oll.vt the rente, isssues und protita therco(, whether by s~ rcr•ri~•er or otherw~ise, shull 1?e ~•umulutive to uny othNr right or mm~~cly hemuncler or iitfordcd by Inw, :~nd muy I~e e:en•is+Ed concurmntly themwilh or inde~?endrnily thenr?t. Tlortgugc~ shall t~ tiabir ta arcaunt only tor such mnta, issaes and prolita actu:~lly crceivcd hy ?1lortgugre. 14. It the indebtednesa secumd hereby is now or hereatter tu~ther secured hy chi~ttel morlgugc~x, ~ti•u~ity intere~ts. (inancing stutements, pledgra, rnntructa ot gunr<~nty, usaiKnmenta of Icases, or othe~ securitirs, or il the Mortgaged Ym- {~erty herrby encumbered consists of more thu~ one ~~rcel ot nul pro{~erty, Mortgagee muy ut its optiun exhuuat uny one or more o[ sHid securities und security hereunder, or xuch ~mnrls of the security hereunder, either conivrrenUy or inde- ~~endently, and in such order us it muy detern~ine. 15. This Morigage ahall secure not only exiatinR indebtedness, but also su~•h tuture ndvnores, whether such advuncea are obligatury or to l~e m.ide ut the option o( Mortgugee, or othervvise, as nre made wilhin twenty l20) yeara (rom lhe dale hereo(, to the ~xme e:tent as i( such tuture advnnces+ were mnde on the date ot the e:ecution of this Morig~ige, hut such secured indebteclness shall not exceed at :~ny time the muximum princi~~l :~mount of = n00 _ 0~ plus internst, ~~nd Any disbursements made tor the {wyment ot taxes, leviea, or insur.~nce, on fhe Mortgaged Yro~~erty, with inten~xt on such disbursements. Any such tuture udv~nces, whether obligatory or to be made at the option of the MortgaRee. or othenvise, m:~y he mnde either prior to or :~tter fhe due date o[ the Note or any other notc•s secured 1?y this Mortg~ge. This hturtgage is given tor the s~xcific pur~~ oi sc~•uring any und uD indebtednc•ss by the 1~lorigagor to ~ioriRaRee (but in no e~•ent shull the se~ured indebtedneas exc~eed at any time the ms~ximum princi{~al umount set forth in this ~~ar.iKr.~phl in H•hi~tever manner this indebtedness mt~y be eviden~rd or represented, until this 141ortgaRe is s:itistied of rcY~urd. AU co~-en- .~Ms ~ncl ugreements contained in this MoriRuge ah:dl tM .~pplicaF?le lo aU further ndvances m:~de hy MortqaRee to Mortga~gor under this future advunce clause. 16. Nu delay by Mortgagee in exercising any right or remedy hemunder, or othemise x(torded by law, shall o~~ernte .is a waiver thereot or preclude lhe exercise thereof during the eontinuancr o( any default hereunder. No wzi~•er by ;~lortgagee of any default shaU conslitute a wuiver of or conaent to sul~sequent detaults_ No tailure of Mortgagee to exeri•ise i~ny option herein given to accelerate maturily of the debt herehy ce~~un~, no (orbearance by Mortgagee t?efore or after the ~ exercise of such option and no withdrawal or alwndonment of (orc~•losum pro~~rding by MortgaRee shall he taken or con- strued as a wai~•er o( ita right to e=erciae such option or to uc-celente the maturity ot the debt hernby secured by mason of any ~hist, present or futurn de(ault on the }u~rt ot A1oriRa~or, and, in like manner, the procurement o( insur.~nce or the pay- ment of t~xes or othe~ liens or charqes by ~11ortR:+gee shall not IK• taken or ~rnstn~~d .~s v~:~i~•er of its riRht to a~•reler.~te~ the rr~titurity ot the debt herrby ~•urc~. 17. Without a(fecting the liability ot Morigagor or any other ~~erson lexcrpt any ~~erson expressly mleased in writinR) (or ~~yment of any indebtedness seivred hernby or tor perform:~nce of any obliRation contained herein, and without .ifte~•t- ing the rights of ~'IorlRagee with res~•t to sny sei•urity not expressly released in writing, MortRnRee m~y, at any time :ind (rom time to time, either befure or aHer the maturity o( s:~id note. ~nd without notice or consent_ la) Release any ~~erson liable tor ~~:~yment of all or :~ny ~kirt of the indebtedness or for performan~•e of any obliKation. Ib) Make any uRreement extending the time or otherwise alterin~ thc terms o( payment ot all or any µ~rt of the indebtedness, or modifyinR or waivinR any obliK:~tion, or suhorclinatinR, modifyittq or otherwise de:iling with the lien or char~e hereof. ' ~ , . 1~•) F.xen•ise or retr.~in from exen•ising or wai~•e any riRht i~lort~:~Qec• may'hNvc~. . . (d? Accept additional srcurit~ of any kind. (e) Release or othenvise deal w~ith any pm~x~rty, real or ~~ersonal, securing the indebtedness, in~~ludinR all or a~y ~~:~rt of the 1~lortg:~ged Proi~erty. ! 18. Any agree~nent herea(ter made by MortgaRor and MortRagee pursuant to this mortRaRe sh:dl t~ su~?erior fo the riKhts ot the holder ot any inten•ening lien or encumbrance. E 19. Mort~agoi hereby w.ii~-es .ill right ot homestead exemption. if any, in the 14tortg:~Red Property_ i E 20. In the e~~ent of irondemnation pr«•eedings of the Dlortgaged Property, the award or com{~ens~tion ~wyable there- # under is hereby assigned to and shall be {~id to AZorigagee. 1liortgagee shall t?e under no obligation to question the amount ~ ut any such award or compensation and may accept the same in the amount in vehich the same shall be ~~id. In any such condemnation proi•eedings, \tortgagee may be represented t?y counsel selected by Mort~agee_ The proceeds of any aw•ard g or compensation so received shall, at ihe option o( Mortgagee, either be applied to the prepayment ot the 1~3ote and at the ~ r~te of interc~t provided therein, regardless ot the rate of interest ~~ayable on the award by the condemning authority, or at ~ the option of A1ortRaRee, such award shall t?e ~~aid m~er to T1ortRagor (or restoration of the MortRaged Property. ~ ~ ~ 21. It :11ortRaQee, pursuant to a~ronstruction lain .~Rreement or loan i~ommitment made by Mortgagee with Alortg:~~or, ~ agrees to make const~uction lo:in advances up to the princi~k~l amount of the Note, then Mortgagor hereby covenants that it will comply with all of the tertns, provisions and co~•enants o( s:iid construction loan agreement or loan commitment, wil) ¢ dili~ently construct the impmvements b be built pursu.int to the terms thereo(, all of the terms thereof which are in- ~ ror~~or.~ted herein by re(erence as thouQh set forth fully hemin and will ~~ermit no defaults to occur lhemunder and it a de- ~ fault sh:ill occur themunder, it shall constitute a default under this Alortgage and the Note. ~ 22. At the option of Atortgagee, AtortRagor shall pro~•ide A1ortQagee with peri~ic certi(iecl auditecl statements of the (inancial condition of A1ortRagor. _ ~ ~ 23. Rtortgagor represents and warrants that i( a cor~~or.~tion, it is duly organized and ~•alidly existing, in Rood stand- ~ inQ under the laws of the state of its incor~~oration, has stock outstanding which has F~een duly and ~~alidly issued, and is ~ yuaiified ta du i~usinr~ ~nd is in quod at.inding in the State of Ftorida, with full power and authosity to consummate the lain contempl:ited hemby: and, it a partnership, it is duly formcd and ~•alidly existing, and is tully qualified to do businecg _ 'in the State of F'lorid:r, w•ith (ull power and authority to consummate the lo:in rnntemplated hereby. 24. In the event any one or more o( the pro~~isions ~ontained in this hlortgage or in the Note shall (or any reason ~ I~e held to t~e im~alid, illegal or unenforce~ble in .iny respee•t, such im~alidity, illegality or unenforceablity ahall, at the option of the ~lortgagee, not a(fect any other pm~•isions o( this Mortgage, but this btortgage shall be construed as i( such a; im~alid, illegal or unenforceahle provision had nevPr been contained herein or therein. The total interest payable pursuant ~ to the Note or this TtortR:iKe shall not in anv one year excet~ the hi~hest lawlul rnte oi inlerest in the State ot Florida. 25. The co~~enants znd agreements herein containeci shal) bind and the benetits .~nd ~d~•antages shall inure to the - res~~ec•tive heirs, executors, administntors, successors, and assigns o[ the ~~rties hereto. Wherever used, the sinRular numl~r shall include the plural, the plural the sinRul~r, and fhe use ot any qender shall be applicable to all genders. All eovenants, agreements :~nd undertakingx shall be joint and sever.d. In the e~~ent additional numberetl covenanta or pnra- gr:~phs are (or con~•enience inserted in this rlortKaRe, such addition:il co~enants shall Fre read and given e((ect as though ~ (ollowing this co~~enant in ronsecuti~•e order. !1 D ~ ~ -3- 6~7CK PACf 56z - : ~ _ _ ~ ; _ - - - = - ° - ~ s s : ~~'k , _ _ _ ,