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Home My WebLink About0869 ~ ~ ap~dy auch rents, isssuea und pro(ita receivecl hy i! on the indebtedneas ec~•umd htieby in auc6: orcler tw Mor~CR+~K~ deter- .mines. 7'he right to enter u~id tnke ~w~~sion of the Mortguged Nro~~erty, to m.UU~ge ap{I•o{ierute the aqrae, und to collect the rente, i~suea and pmtits thercr~t, whethe~ by a receiver or othenviae. shuA be cumulative to a~y othe~ right or rem~Kly hereunder or a(torded by law, and may be exen•iaed rnncurrenQy therewith or independenlly therrot. Mo~tgt~Ree ahnll be liuble to accounl o~ly (or such renta. issuea nnd profits actunlly received hy Morigagee. 14. It the indebtednesa secured hereby is now or he~eu(ter (urther secured by chattel mo~tgages, security interests. _ tinancing stutementa, pledgea, crontnicta ot guaranty. ussignmenta ot leuses, or other securities, or if the Mortgaged Pro- perty her~by encumbered i~ti~uziaie ui mura tt~n one ~wrcel o[ renl properiy. Mortgagee muy at ils option exhausl uny one or morn ot said secutities und security hereunder. or auch {xucels ot the security hereunder, either coocurrently or inde- ~~endently, und in such order as it may detennine. ' 15. This Mortgage shnl) secure not only existi~g indebtednesa. but alao such futum advancea, whether such ,~dvuncex are obligatory or to be made at the option ot Mortgaqee, or othervriee, as are made within twenty (20) yea~s Irom the dale hereoi, to the same extent as it such tuture ndvAnces were made on the date ot the execution ot thia Mortgage, hut such secured indebtednesa shall not exceed ~t any time the ma:imum principal amount oi E ~ plus interest, und pny dixburaements made tor lhe payment ot taxes, levies, or insurance, on Ihe Morigaged Property, with interest on such disbursements. Any auch tuture advances, vrhether oblig~tory or to he made at the option o[ the Mortgagee, or ot6erwise, may be made either prior to or atter the due date oi the Note or any other notes secured by this Mortgage. This Mortguge is given tor the apeci(ic purpose ot scti•uring any and all indebtedness by the Mortg,igor to Mortgugee (but in no event shnll ihe secured indebtedness exceed At any lime the mu:imum prinripai amount set torth in thia par~+graph) in whatever manner this indebtedness may t?e evidenced or represented, until this Mortg~ge ia satisfied of rec~rd. Alt co~~e~- :inta and agreementa contnined in this Mortgage ahull he ap~~licnble to nll turther ~dvnn~rs made by MortgAgee to 111ortgagor under this future advance clause. 16. No delay by MortgAgee in e:emising tiny right or remedy hereunder, or othemiae a(torded by law, shall o~~erale a~s a wai~~er thereot or preclude the e:erciae thereof during the continuance ot any default hereunder. No waiver by : Mortgagee o( any de(ault shall constitute a wpiver ot or conaent to subsequent de(aults. No (ailure of Mortgagee to eYercise . any option herein given to accelerate maturity of the debt hereby secured, no forbearance by Mortgagee betore or atter the . _ eYercise of such option and no withdrawal or abandonment ot foreclosure proceeding by Morigagee shall be taken or c•on- strued as a waiver of ita right to e:ercise such option or to accelente the maturity of the debt fiereby secured by rnason ot any ~~ast, ptesent or future detault on ihe ~h~rt of 1lfortgagor: and, in like mnnner, the procumment ot insurnnce or the ~hiy- menl of taxes or other liens or charges by MoHgagee sh:~ll not he taken or consirued as w:~iver of its riRht ta :u•erler.ite the maturity ot the debt hereby sc~arecl. 17. Without at[ecting the liabilily ot Mortgugor or any other person (except siny ~~erson expressly releaseti in writing) (or ~x~yment o( any indebtedness secured hereby or for pertormance of any obligation contained heretin, nnd without nltect- ing the rights of Mortga~gee with res~~•t to any security not expressly released in writing, Mortgagee may, at ~ny time and from time to time, either before or atter the maturity of said note. ~nd without notice or consent: (a) Release any person liable (or ~yment of all or ~ny ~~rt of the indebtedness or for ~~er(ormance of any obligation. (b) Make any agi+eement eztending the time or othemise altering the terms of ~~ayment af all or any part of the indebtedness, or modifying or wai~~ing t~ny obligation, or subordinating, modifying or othenvise dealing with the lien or charge hereo(_ (c) Exercise or refra~n from eYercising or waive any right MortR:~gee may have. (d) Accept additionul security of any kind. ` (e) Release or othervvise deal with any pro~~erty, real or personal, securing the indebtedness, including all or any ~~:~rt of the 11~tortgaged Property. ~ 18_ Any agreement here.~fter made by Mortgagor and Mortgagee pursuant to this mortg~ge shall he superior to the rights of the holder oi any intervening lien or encumbrance. 1_4_ M~rtg~gnr hP!ehy waivPa ;~11 ri¢ht of homestead exemption, if any, in the 114ortgaged Property. ~ 20. In the event of condemnation proceedings of the Mortgaged Property, the award or compensation payable there- ~ under is hereby assigned to and shall be paid to 1liortgagee. Mortgagee shal! be under no obligation to question the amount ! of any such award or compensation and may accept the s. me in the amount in which the same shall be paid. In any such condemnation proceedings, Mortgagee may be represented by counsel selected by Motlgagee. The proceeds of any award ; or compensation so rec~ived shall, at the option of Mortgagee, either be applied to the pre~rayment of the Note and at the ~ rate of interest provided therein, regardless o[ the nte ot interest payable on the award by the condemning authority, or at € the option of Mortgagee, such award shall t?e paid over to 111ortgagor for restoration of the Mortgaged Property. 21. If Mortgagee, pursuant to a construction loan agreement or loan commitment made by Mortgagee vvith Mortgagor, , agrees to make construction loan advances up to the principal amount ot the Note, then Mortgagor hernby covenants that it wil! comply with all of the terms, provisions and covenants of said construction loan agreement or loan commitment, will diligently construct the improvements to be built pursuant to the terms thereof, all of the terms thereof which are in- corporated herein by reference as though set forth tully herein and will permit no defaults to occur thereunder and if a de- ' tault shall occur thereunder, it shall constetute a default under this Mortgage and the Note. ~ 22. At the option ot Mortgagec, Morigagor shall provide Mortgagee with periodic certi(ied audit~d.statements ot the ` ~ (inancial condition of Mortgagor_ ~ 2.3. I~iortgagor represents and warrants that if a cur{wration, it is duly organized and validly existing, in good stand- ing under the laws ot the state of its incorporation, has stock outstanding which has been duly and validly issued, and is ~ qualified to do business and is in good standing in the State of Florida, with full ~wwer and authority to consummate the Iw~n contemplated hereby: and, if a parinership, it is duly fortned and validly ezisting, and is tully qualified to do business in the State of Florida: with tull power and authority to consummate the loan contemplafed hereby_ ~ 24. In the event any one or more of the provisions contained in lhis 111ortgage or in the Note shall for any reason ; be held to be invalid, iUegal or unenforceable in any respect, such invalidity, illegality or unen(orceablity shall, at the ~ option of the Mortgagee, not a((ect any other procisions of this Mortgage, but this 1liortqnge shall be construed as if such . ~ in~~alid, illegal or unenforcrable provision had never been contained herein or therein. The total interest payable pursuant : _ to the Note or this MortgaRe shall-not in any one year exceed the highest lawful mte of interest in fhe State ot Florida_ s : > 25. The covenanta pnd agreements herein containecl shall bind and the bene(its and advantages shal) inure to the ~ rcwpecti~~e heirs, executors, administrators, succeagora, and assigns of the parties hereto. Wherever used, the singular ~ numiier stwll include the plural, the plural the sinRular, and the use ot any gender shall be applicable to all genders. Atl ~ covenants, agreements and undertakings ahall he joint and several. In the event additional numbered covenante or para- „ grapha are tor convenience inserted in this Mortgage, such additional co~•enants shall be read and given effect as though ~ ~ toflowing this co~•enant in consecutivz order. ~ ~ R t~ ~ ~oo~ 2~v Pa6E ~s~ z 5 , : ~ ~ ro ~ . . _ . _ _ _ . _ : . _ . ,