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Home My WebLink About0116 .?~?ply su~•h mn~s. ~ssu.~x und protita received hy i! on the iodeAtedness aM•un~l he~by in such onler us MurtK~~R~~~ drter- minea. 7'hu ~ight to enter and tt~ke ~x?sse~iun ot th~~ MurtguKecl Yru~xrty, to m:~nagr und u~~rrade Ihr aiune, i?nd to coUc~•t the rent~. isaues and pro(its ihercwt, whethe~ by u rrcei~~er or othenviaa, ahall be cupwlutive to n~y~ ofher right or mm~~1y hereurxle~ or utforded by uiw, end muy~t~e ex~rcii+rd concuReoUy lherewilh o~ iqde~xnde~Uy thar~. r1.?~iKagee ahall I~e liuble lo uccount only (or such mnta, issuea und profile uctuully recei~~ed i~y Mortx~~Ree. 14. If the indrbt~dnexs aec•umcl hereby ia n~?w on c~rr:dter (urther xecunKl by chuttel morfgugea, srcurity inte~exta, tioancing st~tementa, pledges, cantrncta o( guan~nly, ua~ignments of lea~s, or qther securi/ies, or if the Morfgf~ged Pro- ~ ~ierty hereby encwnbered ~~nsiats of more ttu~n one pun~el of rrnl propcrty~ Mortgagae m:iy t~t its optiun exluiusl tiny one or a~orr ot auid eea•urities und ercurity hereunder, or sui•h ~~rcela of lhe security hereunder, either concurn~tly or inde- ; I~endently, and in such order ua it muy cietermine. 15. 7'his Martgnge BhaU secOre uot orty ~xisting indebtedneaa, but nlso euch tuture ud.~ancea, whethe~ such i~d~•.incex ' are obligatory or to be ~ruide at the option oi Morlgagee, or olherwiro, aa are mside wilhi~ twenty (20) yeurs fmm the dnte ' hereot, to the same extent :?8 it such tuture nd~•ancea wete made on the dute ot the exe.vtian of this Mortguge, !?ut aurh ' ~•ured indebte~lnc~s xtwll not exceed at any linie the m.~ximum princi~wl umount ot S plua intercwt, nnd any dishursementa made fot th~ p~yntent o( tnxc~s, le~•ies, or insurancr, on the MuriR:~Rid Pf~~~rly, with ` intereat on such diahureementa. Any such (uture udvan~~, whethe~ obligatory o~ to i?c nu~de at the opliun of the MortKagec•, or othemise, nwy be made either ~rior to or atter the due dnte ot the Note or any oihet notc~a secured by thia MortR•~RQ- i This 111origage ie given tor the speci(ic putpo~e ot eeivring uny and al) indebtedness by the Mortgagor to MorlgaRee (but in nu event shall the secured indebtedneas e:ceed at uny timr the ma:imum principal umount set toHh in this ~x~ragr:~~~h) in • whutever munner this indebteclneas may be evidenced or representecl, until this Mortgage is s:diafied o( record. All coven- ~ anta and agnements contained in this biortguge ahull be nppiir.~bie ~o alt (urfhe~ c~dvunc~es m:~dr hy AlortgaAee to + .'•Nortgt~gor under this tuture f~dvr~nce clause. - 16. No detay by Mortgagee in exercising any right or remedy hrreunder, or olherwise nttorded by ls~w, ahall o~~rate aY n w.-~iver thereof or prerlude the exemisc thereof during the continuunee,ot uny default hereundcr. No w:~iver by Mortgager of any Jetault stwll constitute a wfliver of or cnnsent to sui?srquent detuults. No tailure ot Mortgagce to eYercise ' any option herein given to accelerate maturity of the debt hereby sec~ureci, no fort?enr.inc~e by Mortgagce he(or+e or nfter the exrn•ise of such option and no withdrawal or at?andonm~~t ot (omclosurn pra~eeding by Mortgagee ahall be wken or con- f struc~! ns n wniver of ita riRht to exercise such option or to arcelen~te the matu~ity of the debt herehy secumd by re:ison o( uny ~~t, pre~ent or futurn det~ult on the ~~art of I~lortRaKot: .~nd, in like m:inner, the proc•ummenl of insur.~n~•e or the {~:~y- ment ot ti~xes or othet liens or chargea b~ l14or1Ks~Rcr xha(1 not I?r t:~ken or ~-onstriu~) :~s u w:~i~~er of its riRh! to ;u•~•E~I~ratr the nwturity of the debt herel>y rzecvmd. lT, Without af[ecting the liability of 1liortgi~Rot or any other ~~ersun (except :iny ~~erson ex~?mssly mleHSC~1 irt wrilinR? tor payment of any indebtedness serurecf herrhy or tor ~~er(ormanre of vny obligation rontained hemin, und without a(fec~t- ; ing the rights ot t1lorigi~gee with respec•t to any secvrity not ezpressly rele.ised in writinR, MortRaRee rnsry, at :~ny time and ~ irom time to time, either t?efore or ntter the mnturity ot said~ note, and without noticr ur consent: i la) Release any ~~ersun liable tor payment o( all or :~ny ~wrt of the indebtednc~ or (or ~~er(ormance of any obli~;iition. t Ib) Make ainy uqreement extending the time or otherv?•ise altering the terms of ~~ayment of all or ~ny ~k~rl of th~ ~ indebtednesa, or modi[yinR or waiving any oblig.~tion, or suhordi~ating, mocli(ying or othetwi~se clealing with the lien or ~ charge hereo(. ; 3 (c) Exen•ise or rrfrain from exerrising or waiv~+ any right MorlRag~c• m:,y h~.•e. ~ (dl Accept additions~l secvrity ot any kind. 5 !e) Relense or otherwise deal K•ith any pm~?erly, re:d or ~~etsonal, securing lhe indebt~Ylness, ini•IudinR :dl or :~ny ~?:irt of the Mortgaged Pmperty_ ~ ' ~ 18. Any agreement hereatter made by 1liortgagor :~nd MortRaRee pursu:inl to this mortg:~ke sh~ll F?e su~?erior to the riRhts of the holder of any inlervening lien or encumbrance. ~ - 19. Mortg~Ror hereby waives all riRht of homestead exempfion, if any, in the htoHRa~eri YropcHy. 20. In the event ot cundemnation proceedings of the Mortgaged Property, the award or compensation ~wyable there- =r under is hereby ~ssigned to and szhall I~e paid to Mortgagee. Mortgager sh:ill be under no obligntion to qucstion the amuunt ot any such award or rompensation And tnay aceept the same in the amount in which the seme shall be i~id. In any such : ~ondemnation pruceedings, r~ortgagee m;iy be reprnsentcYf by. counsel selected by Aiortg~gee. The procreds o( any awanl ~ or compensation so rec-eived shall, at the option ot MortgTgee, either be applied to the prepayment of lhe Note and at the r.~te of interest.pro~•ided therein, reRardless of the rate ot interest ~wyable on the Award by the condemning authority, or at - the option ot Mortgagee, such award shail be ~~aid o~•er to MortgaRor for restoration of the Mortgf~ged Properiy. 21. If lllort~agee, pursuant to a cronstruction Ic?an agre~ment or lnan commitment made by Mortg.~gee with Mortgagor, :~Kneex to m~ke conatruction lu.~n ad~~ances up lo t6e princi~~al ~mount of the t\'ote, then Mortgagor heteby c~ovenants that it will comply with atl o( the terms, ptoviaiona and co~•enanis oi asiid i-onstruction loan agreement or loan commitment, wi11 diliRently construct the improvementa to be built pursuanl to the ternis thereof, all of the terma thereot which are in- cor~x,rated herein tnr re[erencr ari thouRh xet torth fully herein vnd will F~ertnit no de(aults to occur thereunder :~nd if a de- (ault sh~ll occur thereunder, it sh:ill constitute n detault under this Mortgage and the Note. `L`l. At the option of Mortgagec, Mortgagor sh:~ll pmvide. :liortg:+gee with periodic certificd audited statements ot ft~e finanrial condition of Mortgaguc 23. b1nrtgagur represcmts and warrantx fhat i( a corpor.~tion, it ia duiy orRanizcd tind r.ilidly existihK, in ~;ood etand- ing under the l:~ws o/ the state o! ete inrqr~ioration, h.is sto~•k uutsiunding which h:~s bec:n duly and ~•alidly issued, and is qualitied to do businexs and is in good standinR in the St:~te of Floricla, with full power and authurity lo ~~onsummate the loan rontemplated hereby: and, i( a~rtnership, it is duly Iormed and validly exiatinq, and ia tully qualified to do iwaineas in the State o( Florida; with fuU ~wwer nnd uuthority to coneumr?~te the Iqan contemplatcd hereby. 2d. In the event any one or more of the provisions c-ontnined in this Diortgage or, in the Note shali for any reason he held to F~e invalid, illegal or unenforceable in :~ny respect, such incalidity, illegaiity or unenfor~•eablity ahall, nt the opiibn of the MortgaRee, not ~tfect any other pmvisions oF this Mortgage, but thia Mortgs~ge aFwll F?e construed as i( su~•h inv:ilid, illegal or unen(orreahle provision had ne~•er I~een rnntained herein or therein. The total intereat payable purauant to the Note or thie MortRage ahall not in eny one year excec~cl the highest inwfu! rate ot interest in !he Sfate of Floridt. 25. The covenants and agreementa herein i•ontainerf xhull binc3 s?nd the benefita and advantages shall inure to the rea~xc•tive heirs, executors, udminixtrators, succes.~sorn, and axsigns of the parties hereto. Wherever used, _the ainRular number shall inrlude the plurfll, the plurtil the sinRul:ir, and the uae o( ~ny qender ah:~ll be applic:~ble to all Renders. All coverwnla, agreementa and undertakinqe shall f~e joint and several. in Ihe e~•ent additional numbered covenanta or para- Rrapha are for convenience ineerted in thi~ 111ortRnKe, such ackiitional co~•enanta ahall be read and Riven etfect as though tollowing thia co~•enant in consecutive order. -3- ~ ~ ~ :~r ~ . _ _ = - _ - . - Y- - - - • - - ~ ~ v , ~ : ~ ~ ~ - ~ ~~;Y~.~ ; ~ X r~>_