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Home My WebLink About0863 :~{~ply rui•h nnts, iuuurx urxl prutits t~eraived by il un the i~?debtedness ~•ured hrrehy in wch orcler us MurlgaK~ti• drter minrs. 'The righ/ ta enter and t:~ke ~xxgsr~sion ot the Moriguged Ym~~erty, to mu~i~~e und u~~~ate Ihe same, nnd to ~•olle~•t the rents, isssues and {u~u(ib thenwt, waet~er by A receivrr or Mhemire, shult 1,e ~umulati~ro to uny other right o~ mm~~cly hereunder or A([o~ded by Isw, und may be exen•ieed concurrently therewith or independently themuf. Mo~tRa~Ree ehnl) t~e liuble to account only to~ such rents, iasues a~d prolita actui~lly received by Mortgagee. 14. It the i~debtednert aecuted hereby is now or herentter further secured by chnttel mortgages, securily interrata, financins atutementa, pledges, ~wntracts of guaranty, uesignments ot leuaea, or other securities, or it the Mortgaged Pro- perty hereby encumbered consista o( more th:in one punrl of real properly, Mortgagee muy ut its option exhuusl uny one or more ot said securitiea a~d recurity heceunder, or such parcels of the security hettiunder, either concurrently or inde- ~ ~ ~~endenlly, and i~ such order as it may detemnine. ; ! 15. This Mortgage aFu~l) eecure not oniy e:isting indebtedness, but alw euch future udvancea, whethe~ such udvunces ! are obiigatory or to be made ul the option ot 111ortg~gee, or otherwisc, as nre madc within twenly (20) years trom the dale 4 hereot, to the same extent ns if auch future udvun~rs were mnde on the date o( the execution o( this Mort(Cage, bul sui•h eecured indebtedness ahall not excerd at uny time the maximum principal amouot of i N/A plus interest, and nny distwr~ementa mAde for the payment ot tuxes, levies, or insucance, on the Mortgaged Property, with interest on such disbursementa. Any such tuture advances, whether obligatory or to be mnde at ihe option ot !he Alortgagee, or otherwiae, ms~y he made either prior to or after the due d~te of the Note or any other notea secured by this Mortgage. 'Chis Morigage is given for the apecitic purpode o( securing ~ny and all indebtedness by the Alortgagor to 111urtgagee (but in no event ahall the aecure~ ~ndebtedness e:eeed at uny time the ma:imum principal Amount set forlh io thia ~~mKraph) in whatever mAnner thi~ indebtednesa muy be evidenced or repmsentrd, unti) thie Morigage is st~tisfied ot record. All coven- ants and ugreements contained in thie Mortgf~ge aFu~ll t?e npplicable to all tuHher ~dvances m:?de by Mortgagee to Mortgagor under this future advance clause. i 16. No delay by Mortgagee in exercising any right or rnmedy hereunder, or otherwise uf(orded t?y law, shall o~~erate t~s ~ wui~~er thereot or preclude the e:emise thereuf ~uring the continuance o( uny detault hereunder. ho wAi~•er by Mortgagee of any de(au11 shall constitute a wairer of or consent to sut~equent defaults. No tailure ot Mortgagee to eYercise any option herein given to accelerate maturity of the debt hereby secured, no forbearance by Mortgagee I~e(ore or a~fler the ezercise ot such option ~nd no withdrawal or alx~ndonment o( ioreclosurn proceeding by Mortgagee shall he taken or con- atrued aa a waive~ ot ita right to e:ercise such option or to accelerate the maturity ot the deht hereby secured by reason o( any past, present o~ (uture default on the {x~rt of Mortg:~gor: and, in like manner, the procurement of insuran~~e or !he ~hiy- ment of taxes or other liens or charges by 111ortgagee shall not be taken or construed us a wniver of its riRht to a~•~rlente the nwturily o( the debt hereby secured. 1T. Without affecting the liability of Mortgagor or any other {mrson lexcept any ~~erson rxpressly released in writinR) tor payment of any indebtedness secured herehy or for performance o( any oMig:~tion contained hemin, and .~•ithout attect- ing the righls ot Mortgagee with respect to any se~•urity not expressly released in writing. A'lortgagee may. .~t any time and (rom time to time, either t~efore or a(ter the maturity of said note, and without notice or consent: Ia) Release any ~~erson liable (or payment o( all or any ~~art of the indebtedness or tor per(ormance o( any obliRation. (b) Make any agreement e:tending the time or otherwise altering the terms of payment o[ all or any part ot the indebtedness, or moditying or waiving any obligation, or suhordinating, moditying or othemise dealinq with the lien or ~•harge hereof. (c) Exerciee or re(rain from exercising or w~ive ~ny right MoH~~gee may have. (d) Accept additional security of any kind. (e) Release or otherwise deal with any property, real or ~~ersonal, securing the indebtednese, includinR all or any ~rt ! of the Morigaged Property. I ! : 18. Any agreement hereafler made by 111ortgaRor and Morigagee purauant to this mortgaqe ahall he suE~erior to the ~ I riRhts of the holder of any intervening lien or encumbrance. I ~ 19. Mort a or hereb wai~•es aEl ri ht of homestead exem tion, if an gaged. Yropetty. ` g g y g p y, in the llfort ~ 20. In the event o( condemnalion praredings of the Mortgaged Property, the award or compensation ~~ay:~l?le there- ; under is hereby asaiqned to and shall be paid to Mortgagee. Mortgugee shall be u~der no oblig~tion to question the amount ~ of any suc6 award or compenaation and may accept the same in the amount in which the same shall t?e ~~aid. In any such ~ condemnation pra~eedings, Mortgagee may be represented by counsei selected by Mortgagee. The pr«•eeds of any av?•ard ~ or compensation so received shall, at the option ot Mortgagee, either be applied to the prepayment of the Note and at the ~ rate of interest pro~~ided therein, regardless ot the rate o( interest payable on the award by the condemning authority, or at " the o~~tion o[ 111ortgagee, such award shall I~e Naid uver to 1~lortgagor for restoration of the Mortgaged Property. - ~ 21. If Mortqagee, pursuant to a construction loan agreement or lo:~n commitmenf made by Mortgagee w•ith 111ortgugor, ~ agrees to make construction loan advancrs up lo the principal amount of the Note, then Mortgagor hereby covenanta that it ~ will comply with all o( the terms, provisions and covenants o( said conatruction loan agreement or loan commitment, will ` ~ diligently construct the improvements to he built pursuant to the terma thereo(, all of the terms thereof which are in- - F cor{~orated herein by reference as though set forth fully herein and will permit no detaults to occur thereunder and if a de- ~ (ault shall occur thereunder, it shall constitute a default under this A1ortRage and the Note. ~ 22. At the o tion of Mort a ee, Mort ~ or shall g• pe ' ~ p g• g R• g provide Mort aRee with nodic ~ertified audited statementa of the ~ (irwncial condition of MortRagor. ~ ' 23. Mortgagor represents and warrants that i( a ror~~or.~tion, it is duly orRanized and validly existin~, in qood stand- inA under the laws o( the state o( its ini-or~~oration, has stock outstanding which has been duly and validly issued, and is ~ quatified to do business and is in good st<~ndin~ in the State of Florida, ~th tull ~?ower and authority to consummate the t - loan contemplated hereby; and, if a~wrtnership, il is duly tormed and ~~a idly existing, and is tully qualified to do business ~ ~ in the State of Florida: with full power and authority to consumm~te lhe loa~ contemplated hereby. 'l9. In the event :~ny one or more ot the pro~isions contained in this Dlortg:~ge or in the Note shall for any reason t~e held to F?e invalid, illegal or unenforceable in any res~•t, snch im•~lidity, illegality or unenforceablity shall, ~at the W' optiorc of the vtortgagee, not affect any other pmvisions of this 111ortgage, but this Atortgage shall be construed as if such in~~alid, ille al or unenfon•cable ~rovision had ne~~er t~een contained hetein or therein. The total interest ~ ee payable pursuant ~ _ to the Note or this MortRage shall not in any one year ex~•eed the highest lawful rate ot interest in the State ot Florida. _ 25, The co~enants and agreements herein containec1 ~hall hind and the tx netits and ad~~antages sh~ll inure to the i rc~s~~•tive heirs, executora, administrators, succ-~s.wrs, and assiRns of the parties hereto. Wherever used, the singular ; :;=5 number shall include the plural, the plural the sinKular, and the use o( any qender shall tie applicable to all genders. All ~•oven:~nts, agreements and undertakinga shall t?e joint and se~•er.~L [n the e~~ent .~dditional numberec! cocenants or para- ~ ~raphs are (or convenience inserted in this blottQage, such addition:~l cn~~enants shall be re:~d and gi~~en effect as though following this co~-enant in ~onsecuti~•e order. ~ ~ _ -3- ~ P ~~j BOCR ~9 ( PACE 8~ ~ ~ _ . - - _ h rt 3"x . "y . . _ . _ . , , : . _ . ~