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Home My WebLink About0136 ! ~ ~ ~ N ~~pi~ly such rentr. irsuw und protib received by it on 1he iadebtedna~s aea~ured hersby !n ~uch order +u Mortangee detur- ~ min~. The right to entar und take pwscysion ot the Mortgaged Property, to mann~e end operate the wme, und to collect Ihe renls. iisue~ and profitR tbe[eof, whether by a receiver or otherwise. shall be cumulative to any other right or remedy ~ hereunder or a[torded by law, aod may be e:ercised concurrently therewith or independently thereot. Mortgngee shali be liable to account only. tot such re~ta, iisues and protifa actually received by Mortsasee• i 14. If the indebtedr?ea~ tecured hereby ia now or hereatter turther ae~-i:r3 by chattel m~rtgage~, re~vrity intereab. tinancint statementa, pled~es, contracb o[ guaranty. ussignmenb ot leusea. or othsr ~ecuritie~. or it the Mortaased Pro- perty here6y encumbered coruiab ot more than one {wrcel ot reAl properly. Mortgagee may at ib oplion e:hawt any one or mor8 ot aaid securilie~ a~d ~ecurity hereunder, or surh parcels of ihs ~ecurity hereunder, either concurrently or inde- pendently. and io sucb order as it may deteranine. . 16. Thi~ Mortaage shall ~ecurs not only existing indebtedneM, but also such tuture adve~. •vhether such advance~ ere obligetory or to be,made et the option ot Mortaegee~ or otherwise. a~ are made within twenty (20) yean (mm the date 6ereof. to the same e:tent as if iuch (utu~e advances were made on the date ot the e:ecution~~lthis Mortgage. but wch secured indebtedne~s shali not e:ceed at any tians tbe ma:imum principel amount ot = plua interest. and any disbursemenb made for the psyment of te:es, levie~. or inwrance. on the Mortgaged Pmperty. with intereat on suc6 diiMinements. Any wc6 tuture advance~, whether obligatory or to be made at the option o[ tbe Mortaagee, or otberv?iae. roay be roede either priar to or stter tbe due dete ot the Note or any otber notes ~ecural by this Mortgaae. This Mortgage is aiven for t6e specitic purpwe o[ securina any a~d all indebtednen by the Morlgagor to Morigagee (bul in no event slwll the secured indebtednew e:ceed at ar~y time the ma:imum principal amount set tocth in this peragraph) in whatever manner this indebtedne~s tnay be evidenced or repreeented, until this Mortgage is sntistied ot record. All coven- ~ ants and agreementa contained ia this ~}a~~ei ~ be appliceble lo ell futther advancea made by Mortgngee to Mortgagor under thi~ future advanoe clau~e. 16. No delay by Mortga~ee in exercising any right or remedy hereunder, or othervrire a(forded by law. shall operate as a waiver thereot or preelude the e:ercise lhereof during the continuance ot aay default 6ereunder. No waiver by Morlgagee ot any detault sbalt conatitute e waiver ot or consent to subsequent detaulb. No tailure ot Mortgagee to exereise any option herein given M accelerate maturity ot the debt hereby ~ecured, no torbearance by Mortgagee befor~e oi atter the exercise of such option and no withdrawal or abandonment of forecloaure proeeeding 1~y Mortaagee sha{i be taken or con- atrued as a waiver ot i4 right to e:erci~e such option or to acxelerate the maturily of the debt hereby secvred by reason ot any past, pr~ent or future default on ibe part of Mortgugor; and, in like manner, tbe procurement ot insurance or the ~~ay- ment ot taxes or other liens or charges by Mortgagee shall not he taken or conatrued ua a waiver of ita right to ncrelerate che macurity of the debe hereby eecured. 1?. Without aifecting the liability of Mortgagor or any other person (except any pereon e:pressly released in writing) (or payment of any indebtedn~s secured hereby or for performance of any obligxtion contained 6erein, and without attect- ing the righta of Mortgagee with reapect to any eecurity not e:presely released in writing, Mortgagee may, at any time and from time to time, either betore or atter the ~naturity ot.said note, and without notice or consent: _ (a) Release any person liable for payment ot all or any part of the indebtednesa or tor performance of any obligation. . (b) Make any agreemeni extending't6e time or otberwise altering the t¢rma oi peyment ot all or any part of the • indebtedneas, or-moditying or waivinq any obligation, or autiordinating, modifying or otherwise dealing with the lien or char~e hereoL . . ~ .(c) F.:erciee or re(rain trom exercising or waive any righl Mortgagee mxy hnve. (d) Accept addition~l serurity of any kind. (e) Reles~ee or otherwise deal with nny property, ma) or personal, eecuring the indebtedneas. including all or Hny ps~rt ~ of the Mortgaged Property. ~ 18. Any agreement hereafler m~de by Mortgagor and Mortgagee purauant to this mortgage ahail be superior to the rights ot the holder ot eny intervening lien or encumbrance. ~ 19. Mortgagor hereby waives nU right ot homestead e:emption, it any, in the Mortgaged Property_ 20. In t6e event of condemnation proceedings ot the Morigaged Property. the award or compensation payable there- ~ ; under is hereby assigned to and ahall be paid to Mortgagee. Morigagee s6a11 be under no obligation to question the amount ~ ot any such award or compensation and may accept the same in the amount in which the same ahall be paid. In any euch ~ condemnation proceedings, Mortgugee may he represented by counsel selected by Mortgagee. The proceeda of any award ~ ~ or compensation eo rereived ahatl, et the option ot Mortgagec, either be applied to the prepeyment of the Note and at t6e t k tate of intet~es! provided therein. regardleas ot the rate of interest payable on the award by the condemning authority, or at ~ ~ the option of Morigagee, such award a6all be paid over to Mortgagor tor reHtoration of the Mortgaged Property. ~ 21. If Mortgagee, pureuant to a construction loan agreement or loan commitment made by Mortgagee with Mortgagor. ~ ~ ~ agrcea to make construMion loan advancea up to the principal amount ot the Note, then Mortgagor hereby covenants that it will comply with all of the terma, provisions and covenants ot said conslruction loan agreement or loan commitment, will diligently construct the improvemenb to be built pursuant to the terms t6ereoi, all oE the terms tt~ereot which are in- . corporated herein by reference aa though eet (orth fully herein and will permit no de~aults to occur therEUnder and if a de- ~ fault shalt occur thereunder, it ehall rnnstitute a default under thia Mortgage and the Note_ 22_ At the option o( Mortgagee, Mortgagor ahal) prnvide Mortgagee with periodic cetti(ied audited etatements of the ~ (inancisl condition of Mortgagor. ~ ~ 23. Mortg~gor representa and warranta that i( a corporation, it ia duly organized and -validly existing, in good stand- ~ ing under the laws ot the state ot its incorporation, haa atock outatanding which haa been duly and validly issued, and ia ~ qualified to do buainess and is in good etanding in the State o( Florida, with full power and aultwrity to consummate the ~ loan contemplated hereby; and, it a pa~rtnerahip, it is duly formed and validly exiating~ and is tully qualitied to do business ;n the 3tate ot F?orida: with full power and suthority to consummate the loan contemplated hereby. ~ . . £ 24. In the event any one or more ot t6e provisioro contained in thie Mortgage or in the Note shall tor any reason ' be held to be invalid, illegal or unenfotceable in any reapect, suc6 invalidity, illegality or unentorceablity ahall, at the ~ option of ihe Mortgagee, not atfect any other proviaions ot thia Mortgage. but this Mortgage shall be conatrued as it such invnlid, illegal or unenforceable proviaion had never been conteined herein ot therein. Tbe total intereat payable pu~suant ~ to the Note or thia Mortgi~ge shall not in any one year exceed the highest lawf~tl rnte of interest in tbe State of Florida. ~ ?5. The covenanla and agreements herein rnntained ahall bind and the benefits and ndvantages ahall inure to tbe ~ E reapective heirs, e:ecuton, administrators, auccesaors, s~nd aesigns of t}~e parties hereto. Wberever used, the aingular j ~ number shall include the plurol, the plural the aingular, and the use ot any gender a6a11 be applicable to all genders. All ~ ~ covenants, agreementa and undertakinga shall be joint. and aeveral. In ihe event additional numbered covenanta or para- ~ ~ graphs are for convenience ineerted in thia Mortgage, such additional covenants shal) be read and given effect as though ~ tollowing t6is covenant in conaecutive order. ~ 5 ~ ~ -3- . ( i ~ ~c ~ ~~9 ~xr~ # g ~ ~'~a- tii_~..~_.. ._...r......,_ . - ! ~~T. .n.-. ~