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Home My WebLink About0886 .:a*' • ~ 'L upply such rents, issw~a and protib received by it on the indebtedneas serured hereby in such onier us I?lortgagee deter- mines. '1'he right to entei And take ~~o.wiessioo of the Mortg~ged Properly, to mnru~ge nnd opernte the a~me, und to collei•t the renta, iasues and p[o(its thereof, whether by a receiver or otherwise, s1w1f be cumulative to any other right or remecly hereunder or attorded by law, and may be e:enieed rnncurcently therewilh or independently thernof. Mortgr~gee shnN ' he tiabte to nccount only tor such rents, issues and protits actu:~lly received by Mortgagee. 14. It the indebtedness eecured hereby. is now or here~fter further ~erured by chuttel moNgages, security jnteresta, tinancing atatements, pledges, rnntracta ot guaranty, a~saignmenta ot le~ses. or other eecurities, or if the Mortgaged Pro- periy hereby encumbered consiats ot more than one purcel ot real property. Mortgagee may at ita option exhauat uny one ° or more ot eaid securities und security hereunder, or such parrele ot the security hereunder, either coocurrendy or inde- r pende~tly, and in such order as it may detertnine. j lb. This Mortgage shull eecure not only existing indebtedneas, but aleo such tuture Advancea, whether auch advancea a~+e obligatnry or to be made at the option ot Mortgagee, or othemise, aa are made within twenty (20) yeara from the date hereot, to the same extent as if such [ptp[e,a~ve?nces were mAde on the date ot the execution ot thia Mortgage, but auch secured indebtedness shull not e:oeed At any time the mnximum principal amount o[ s N/A ~ plus interest, and any disbursements made tor the pnyment of tnxes, levies, or insurance, on the Mortgaged Property, with interest on such disbursements. Any such tuture advancea, whether obligatory or to be made at the option of the Mortgugee, ' or otherwise, may be ma,de either prior to or after the due dute oi the Note or any other notes secured by thia Mortg:~ge, } This 1liortgage is given tor the specitic purpose of securing any and all indebtedness by the 1Nortgagor to 1liortgagee (but in no event slwp the secured indebtedness esceed at any time the maximum principai amount set torih in this ~wragraiph) in whntever manner this indebtednesa may be eviden~i or represented, until lhis Mortgage is satistied ot record. All coven- i ants nnd agreementa contained in thie Mortgaate shall }?e applicable to aU turther advances made by Mortgugee to ; I?lortgagor under this tuture ad~~ance clause. 16. No delay by Mortgagee in exercising nny right or remedy hereunder, or otherwise af(ocded hy law, shatl o{~erate . ~s a wniver thereof or preclude the exemise thereof during the continuaece oi any default hereunder. No waiver by A7ortgagee ot any default shu11 constitute a wniver of or con~ent to sutxsequent defaults. No failure ot Mortgagee to exercise any option herein given to accelerate maturity of the debt herehy secured, no (orbearance by Morigagee betore ot atter the exercise of such o~~tion :~nd no withdrawal or alwndonment ot (oreclosure proc-eeding by Mortgagee shall be taken or con- strued as a waivet ot its right to e:erci9e such option or to nrcelerate the mnturity of the debt hereby serured by rezison of any ~wst, present or fnturn dclaull on the part of Mortgngor; ~nd, in like manner, the pra•urnment of insurance or the E~y- ment of taxes or other liens or charges by 111ortgagee shall not I~e taken or construeci as a waiver oi its riRht to ac~rlerde the maturity of the debt here6y secured. 17. Without a(fecting the liability oi Mortgagor or uny other person (except any ~~eraun expressly mleased in writing) (or payment ot any indebtedness serured hereby or tor perforniance o( any obligntion contained herein, and without affect- ing the rights of Mortgagee with respect to any security not expreasly r~eleased in writing, Mortgagee may, at any time and trom time to time, either before or atter the matqrity of a~id note, and withoul notice or consent: (a) Release any ~~erson liable for payment of all or any ~~art ot the indebtedness or tor pertormance of any obligation, (b) Make any agreement extending the time or otherw•ise aitering the terms oI paymenf ot all or any part of the indebtedness, or modifying or waiving any obligation, or subordinating, modifying or otherwise dealing with the lien or charge hereof. (c) Ezemise or refrain trom exetcising or waive any right MortR.~gee may havc. (dl Accept additiont~,l security of any kind. (e) Release or othemise deal with any property, rnal or ~~ersonal, securing the indebtedness, including all or any ~u~r! of the Mortgaged Property. 18. Any agreement hereatter made by Mortgagot and Mortgagee pursuant to this mortgage shaD be superior to fhe rights ot the holder of any intervening lien or encumbrance. 19. Mortgagor hereby waivrs all right of homestead exemption, ef any, in !he Mortgaged Property. ~ 20. In the event of condemnation proceedings of fhe biortgaged Property, the award or compensation ~~ayable there- - under is hernby assigned to and shall be paid to Mortgagee. Mortgagee ahall be under no obligation to question the amount of any such award or rnmpensation ~nd may accept the same in the amount in which the same shal! t?e paid. In any such condemnation ptoceedings, MoTtgagee may be represented by counsel selected by Mortgagee. The procEreds of any a~vard or compensation so received ahail, at the option of Mortgagee, either be applied to the prepayment of the Note and at the rate of interest pro~~ded therein, regardless of the rate of interest payable on the award by the condemning authority, or at the option of Mortgaqee, such award shal) be paid over to Mortgagor for restoration of the Mortgaged Property. 21. If Mortgagee, pursuant !o a ronstruction loan ~greement or loan commitment made by Mortgagee with Mortgagor, agrees to ceake construction loan advances up to the principal amount of the Note, then Mortgagor hereby covenants that it will comply with all ot the terms, provisions and covenants ot said construction loan agreement or loan commitment, will diligently constract the improvements to he built pursuant to the term4 thereof, all ot the terms thereof which are in- corporrzted hetein by reference as though set forth fully herein and will permit no defaults to occur thereunder.and if a de- tautt shall occur thereunder, it shall constitute a detault under this Mortgage and the Note. 22. At the option of 1liortg~gee, 111ortgagor shaU provide Mortgagee with periodic certitied audited statementa o( the financial condition of Mortgagor. 23. l~iortgagor rnpresents and warrants that it corporation, it is duly organized and validly existing, in good stand- ing under the laws of the state ot its incorporation, has stock outstanding which has been duly and validly issued, and is qualitied to do business and is in good standing in the State ot Fiorida, with tult power and authority to consummate'the loan contemplated hereby: and, et a partnership, it is duly formed and validly existing, and is fully qualified to do business in the State oi Florida; with full power and authority to conaummate the loan contemplated hereby. 2 s 24. In the event any one or more ot the pro~•isions contained in this Mortgage or in the Note shaU tor any reason = - be held to be invalid, illegal or unen(orceable in any respect, such invalidity, illegality or unentorceablity shall, at the option of the Mortgagee, not atfect any other provisions of this Mortgage, but this blortgage shall be construed as if such ~ invalid, illegal or unenfomeable i~mvision hxd neti•er Fieen contained herein or therein. The total interest payable puisuant ; to the Note or thia Morigage shall not in any one year ezceed the highest lawful rate of interest in the State of Florida. + 25. The covenante and agreements herein contained shall bind and the beneiits and advantages shall inure to the ~ resixrti~~e heirs, e:ecutors, administratora, successors, and assigns of the parties hereto_ Wherever used, the singular number shall include the pl~ral, the plural the singular, and ihe use ot any gender shall be applicable to all gendere. All ~ covenants, agreements and ~ndertakinga shall be joint and several. In the event additiona) numbered cavenants or para- grapha are for convenience ineerted in this Mortgage, such additional covenanta ahall be read and given effect as though ; tollowing this covenant in consecutive order. . ~ -3- ~ q w ' , ~f1~ ~ 3 ~ i ~ ,~a`u;,_R 'z : ~ _ ~_a.J: ~.w . ~ - ~f~~ - " s: a _ ,.x r,'k~ r ~ ~ - 3 . ~