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Home My WebLink About0168 :~~?ply such n•nt,, is,u~•s and pm(ita receivetl hy il on the indebted~esa sc~•unvl hemby in su~•h ord~~~ as Mortgug~v~ d~•t~•r ~ninrs. 'I'he right tu ~~utE•r und tuke• pi~csession ut the Murlti:?g~~c! Pro~xrly, to ~nana~;~• .ind opel:~tq e ertm~. :~?a to ~•011~1•t the n~nts, i~xu~~ i?nd pro(ita thenw(, whether by .i recei~~e~ or othenvise, stu~ll I~e cumulatit•e to's~~other right'Y?r. n•m~•cly hen•uncier or .~ttorded by luw, t~nd muy t?e exen•i~~d c~nrurrently therrwith or indr~xodently thrrruf. rlortKaR~~c shull t,e liul~le to nccount o~ly (or such renls, issues und profits uctu.~lly rcr~ei~~~ci by I~lurtgugee. t4. It• the indrhteclnt~ ~•und hemby is now or hereafter furth~v secured by ch.~ttel mortg:?gew, u~•u~ity interests, (inuncing slutements, pledg~w, contracts o( Ruar.~nty, as,iKnments of Ieu~.~s, or other sec•urities, or it the Morigagecl Ym- ~?e~ty hereby encumbend consists o( more th:in one ~u?n•el of reul pro~mHy, Mortgi~gee may at ita uption eYhausl any one or more ot suid scti•urities and security hemunder, or such ~xucels of the security hereunder, either concurmnUy or inde- ~~endently, t~nd in auch order us it m.?y detennine. 15. This Mortgage shull ~~ure not only existinR indebtednes~s, but also su~~h [utum .~d~ancc~, whether su~•h ad~~uncc~s ace obligatory or to l~e m:~de at the option o( I~lorigugee, or otherwise, as are mude within twenh• (ZO) ye.~rs trom the date hemoi, to the snme extent us if such tuture ndvanc~~ were made on the date ot the exe~•ution csf lhis Mort~.iKe, but such scr•und indrbteclnrsg st?.~I! not exceed at anv time the mnYimum princi~~al umount o( S 15 • ~0~ . ' plus interest, and uny dishursements made tor the payment of taxes, le~•ies, or insurance, on the rlortgag~d Property, with interest on such disbursemenis. Any such future ad~~ances, whether obli~atory or to 1?c~ mude at the option of lhr Mortgugee. or otherwise, may be made either prior to or uiter the due date ot the Note or any other notes secured by this MortgaFe. 'I'his tilortRage is given tor the s~~ecifir pur~~ose ot sc~•urinR any und ull indebtf~clness iiy the T1ortRaQur to 14torlg:~R~r (hut in ~o event sh:~ll the securc~cl indebtedness exceed at any time the m:ixiinum principal .~mount set forth in this ~k~r.~Rr.~ph) in w•h~te~•er m:~nner this indebtedness may l~e evideni•rd or reprn~:entc~l, until this Alortg.~ge is v~tistied ot rcY•orcl. All co~~en- ants und ugnrments containe~ in this A1ortRaKe shalt t~ applii•ahle to all furiher .td~•anirs m:ide by A1ortRaRee to A1oHRagor under this tuture advi~nc~ cla~use. . 16_ No delay by 1~lortgagee in exercising any right or remedy hereunder, or otherwise atforded by law, ahall operatc as u wai~•er thereof or prrclude the exercise thenx~( during the continuan~•e o( r~ny detault here~nder. No wai~~er b~ :1lortgagee ot any default sh:~U constitute a wai~rr ot or consent to subsequent def.?ults. No tlilure of I~lortga~ee to excvci~ :iny option hrrein Ri~•en to acceler.ite maturity of the debt hereby sc~ureci, no forlxr~r:~ni•e by 111ortgagee 1?elore or atter the t•sercise of such option and no withdraw•al or ~+h:~ndo~ment of torei~losure proceeding by Mortgngee she?11 he take~ or ~•on- slr~cd ns a waiver of its right to exemise such option or to ai-celerate the muturity ot the deht hemby secumd by mason o( any ~u~st, pmscnt o~ (uture default on lhe ~h~rt of MortK:i~or: and, in like manner. the pr~x•umment of insurahi•e or the pay- ment of taxes or other liens or i•hargcs by I11att~a~ee shall not 1?e taken or i•onstruecl as a~+•ai~-er ot ils ri~M to :u•~•t~ler.~tc• the ~rlnturity of the debt hereby uti•un~d. . 17. Without a(fecting the li.~hility of hlortga~or or any other ~~erwn (ex~~~pt any ~x~rson expressly mleasecl in ~~•riting) (or p:ryment ot any indebtedm~ss secured hereby or for perform~nce o( any obliRnhon cont~ined herein, and K~ithout at(ect- ing the riRhts of I11ortRaqee with res~xr•t to any sei•urity not expressly released ,in writin~, T4ort~:~Ree m:~y, at :~ny time .~nd from lime to time, either before or a(ter the maturity of s:iid note, :~nd without notice or consent_ (a) Release uny ~~erson liable tor }h~yment of all or any ~kirt of the indebtedn~~ or for ~~er(orman~~ of any obliQation. ~b) Aiake any a~mement extending the time or olhenvise alterin~ the terms ot ~~yment of all or any part dt the indebtedness, or modifying or waiaring any obliRation, or sutx~rclinatinR, modi(ying or otherwise dealing with fhe lien or charge hereof. (c) Exercise or re(r~in from exercising ot waive~:iny ri~ht A1ortK:igee may have. ld1 AcY~ept additional security ot any kind. (e) Release or otherw•isc~ deal w~ith any pro{ierty, reul or ?~er.u~nal. se~•urinR the indebtedness, includinR all or :iny part ; of the t~iortgaged Pro~~erty. I ( 1S. Any agreement hemalter made by Mortgagor and 1~~ort~:iKee pursuant to this moriRaKe shall 1?c~ suE~rior to the ~ rights o( the holder of any inten•ening lien or encumbrance_ ~ 19. t4fortgagor hernby R'31\'PS all ri~ht of homestead exemption, if any, in the 1~1ortRaRed Yro~x~rty. • ~ 20. In the event of condemnation proceedings of the Mortgaged Properiy, the award or com~~ens:~tion ~x~yable there- x under is hereby assigned to .~nd shall be paid to Mortgagee. Mortgagee shall be under no obligation to question the amount ~ ot any such award or com{~ensation and may accept the same in the amount in which the same shaU be ~h~id. In any such ~ condemnation proceedings, l~iort~agee may 1~e repmsented by counsel selected by Mortgagee. The proceeds of any aw•.~rd or compensation so recei~~ed shall, at the option of Mortgagee, either be appliec! to the prepayment of the Note and at the ~ rate of interest pro~~ided therein, mgardlecs ot the nte of interest payaMe on the award by the condemning avthority, or at ~ the option of Mortg~gee, such :iN':ir(I 3}11~) fM ~h71d over to 113ortga~or for restoration of the hiorigaQed Propertv. ~ 21. It \iortgagee, putsuant to a construction I~~n agreement or loan e•ommitment made by Mortgagee w•ith rtortgagor, ~ agrees to m:?ke construction loan ade::nces up tn Lh~Frincipal amount ot the Note, then Aiortg:~gor hereby co~~enants that it ~ will comE~ly with all of the terms, pro~•isions-and co~~enants ot s:~id construction loan agreement or loan commitment, will ~ diliRenNy construct the improvements to t~ built pursuant to the terms thereof, all of the terms thereof w•hich are in- ~ ~•or~xir.~ted herein by reference as though set torth (ully herein and v~•ili ~?ermit no defaults to occur themunder and i( a de- z; tault shall oc•cur thereunder, it shall .constitute a de(ault under this 111ortgage and the Note. ~ 22. At the option of i~tortgagec, 4iortgagor shall pr~~•ide hlortgagee w•ith periodi~ certified audited statements of the - (innncial condition of Mortgagor. , 23. 1~1ortg:~gor represents and warrant"s that if a cor~~ordion, it is duly oraanized and validly existing, in Rood stund- ~ ing under the la~cs of the state of its inc~orEmration, has stock outstandin~ which h.~s been duly and ~•alidly is.4ued, and is = qualified to do business and is in good standinR in the State of Florida, µ•ith full power and authority to c•onsummate the~ ~ loa~ contemplated herehy; :~nd, iJ a partnership, it is duly (ormed and validly existing, and is fully qualified to do husiness - in the State of Florida: w•ith tull ~wwer and authority to consummate the loan contemplated hereby. - 24. In the event any one or more of the provisions contained in this Morfgage or in the Note shall !or any reason be held to t?e invaiid; illegal or unen(orceahle in ~nv res~~•t, such invalidity, illegality or unenforceablity shall, at the option of the 111ortgaRee, not affert any other pmvisions of this Mort~age, t?ut this Mortgage shall be construed as if su~h ~ im•alid. ille~al or unenforceaMe proeision had ne~•er t?een contained herein or thereio. The total interest payable pursuant ' fo the Note or this Mortga~e shall not in any one year exceed the highest lawful rate of interest in the State oi Florida. -a 25. The covenants and agreements herein containecl shall bind and the benefits and advantages shall inure to the res~~ecti~•e heirs, executors, administrators, successors, and :~csigns of the parties hemto. Where~~er used, the sinRular ~`z numfrer shall include the plural, the plurHl the singular, and the use of any gender sh~ll t~e applicaMe to all Kenders. All co~•en:~nts, agreements and undertakings shall 1?e joint and ~"veral. In the e~•ent additional numbered covenants or para- graphs are (or convenience inserted in this 1~fortRaRe, such additional i•o~•enants shall F?e mad and gi~•en ettect as thouKh ~ following this co~-enant in consecuti~•e order. r~~ -s- ~~R~ ~9~ PAGE ~Uv iti. . _ _ -i ^ . _ ' ' . . _ ~ - _ A , e j ~ t~ ~4'" ~ . . : i f : ~ i. ~ _ ~ " ~ ~`~,~.~~.~~~r'~'"..~3"~'`u.'.~"-'x'..~"~~' ~•w~~ _