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Home My WebLink About0621 i~pply ruch n~nt8, iraurr und pr~fita ~eceived by it on the indebtednees serured hereby in such order t~s Mo~tgaRre deter- • minew. The n6ht to enter and tAke {wea~.~ioo of the MoHgaRed Pro{~er1y, to manage and operate the aume, und lo collecl tbe rents, i~sues at?d profits lhereof, whelher by a rereiver or othorwi~e, ahall be cu~nulative to any other right or remcdy heteunder or attorded by law. and may be e:erciaed roncurre~tly therewit6 or independeatly thereot. Mortgagee ahall be IiaWe to account only tor auch rents. issues and pcotita sciuxlly re~~eived by Mo~tgagee. 14. It the indebtedneas ~acured hereby is ~ow or heceatter further ~ecured by chattel morigagee, security intereats, tinancins statemenes. pledgea. contracts ot gwiranlY. asaiBnmenta ot leases. or other ~ecurities. or it the MoHgaged Pm- perty hereby encumbered conaisla ot more than one parcel of real pmpertY. Mortgagee may at ita op?ion ezhauat sny ooe or more ot said ~ecuritiea and security hereunder, or such parceb ot ihe security hereunder, either concurce~tly or inde- pendenlly, and in wcb order as it may determino. , are ob ig to be made at the option ot Mortgagee, or otherwiae. aa are made within twenty (20) yeais e date hereot. to the eame a d such future advances were made on the date of the e:ecution ot ortgage, but auch secured indebtedness shall~ ~ any time the ma:imum principal amount ~ ' plus interest. and any disbureements ma yment of tazes, levi urance, on the Mortgaged Property, with intereat on such disbureements. Any such [uture advan • ~gatory or to be made at the option ot the Mortgagee, : or otherwise. may be made either prior to or atter te o ote or any other notea secured by thia Mortgage. s This Mortgage is siven tot the specific ot eecuring any and all i~ by the Mortgagor to Mortgagee ibut in no event ahall the secu ness e:ceed at any time the me:imum prinripal t torth in this paraBr~ph) in whatever manne ' btedness may be evidenced or represented, until this Mortgage is sa ~ record- A1l coven- An~ ments contained in this Mortgage ahall be applicable to all turther advances mnde by ee to 16_ No delay by Mortgagee in e:ercising. nny right or remedy hereunder, or otherwise atforded by law, ahull operate us a waiver tbereof or preclude the exercise thereot during the rnntinuance of any default hereunder. No waiver by Morigagee ot any detault shall conatitute a waiver of or coneent to eubsequent detaulta. No iailure ot Mortgagee to e:ercise any option herein given to accelerate maturity of the debt hereby aecured. no torbearence by Mortgagee beQore or a[ter the exerciae of such option and no withdrawal or abandonment of toreclosure pmceE.ding by Mortgagee shall be taken or con- ~ strued aa a waiver ot its right to e:ercise euch option or to accelerate the maturity oi the debt hereby secured by reason of j any past, preaent or [uture detault on the part ot Mortgagor: and, in like manner, the procuren?ent o[ insumnce or the pay- ~ ment of taYes or other liens or chargea by Mortgagee shall not he taken or construed as a waiver oi its right to nccelerate ~ the maturity of the debt hereby secured. ~ 17. Without at[ecting the liability ot Morigagor or any other pers~~~.~xcept'eh~'y~l~+~n exptessly released in writing) for psiyment of any indebtednessa secured hereby or fur perforn?ance of any obligetion conlained herein, and without affect- ing the rights ot Mortgagee with respect to any aecurity not e:preasly released in writing, Mortgagee may, n/ any time and from time to time, either hefore or atter the maturity of said note, and wilhout notice or consent: (a) Release any peraon liable for payment of all or any part of the indebtedness or tor pertormance ot any obligation. (b) Make any agreement eYtending the time or othetwiee altering the terms of payment of all or any part ot t6e indebtednesa, or moditying or waiving any obligation, or subordinating, modifying or othetwise dealing with the lien or charge hereoi. (c) Exerciae or ce(rain from exercising or waive uny right Mortgagee may ha~e• (d) Accept additionai security ot any kind. ~ (e) Releaae or otherwise deal with any property, real or personal. secucing the indebtednesa, including all or any part . of the Mortgaged Property_ ~ 18. Any agreement hereafter made by Mortgagor and Morlgagee pursuant to this mortgage shall be superior to the rights of the holder o( any inten~ening lien or encumbrance. 19. Mortgagor hereby waives all right of homestead exemption, it any, in the Mortgaged Property. ~ ~ 20. In the event of condemnation proceedings of the Mortgaged Property, the award or compensation payable there- f under is hereby aeai8ned to and ahall be paid to Mortgagee. Morfgag'ee shall be under no obligation to question the amount E of any suc6 award or compensation and may accept the same in the amount in which the same shall be paid. In any such ' condemnation proceedings, Mo7tgagee may be rePresented by counsel selected by Mortgagee. The proceeds o( any ~ward ~ or compensation so received shall, at the option ot Mortgagee, either be applied to the prepayment o[ the Note and at the A rate of interest pro~dded therein, regardleas of the rate ot interest payable on the award by the condemning authority, or at ~ the option of Mortgagee, such award shall be paid over to Mortgagor for restoration of the Mortgaged Property. ~ 21_ It Mortgagee, pursuant to a construction loan agreement or loan commitment made by Mortgagee with Mortgagor, ~ agree.9 to tnake conatruction loan advances up to the principal amount o( the Note, then Mortgagor hereby covenants that it ~ ~ will comply with all ot the terms, provisiona and covenants ot said construction loan agreement or loan commitment, wi ~ diligently construct the improvemenls to be built pursuant to the terma thereo[, aU ot the ter~ns thereof which are in- ~ rorporated herein by reference as though set torth fully herein arid wiil permit no de(aults to occur thereunder and if a de- ~ fault ahall occur thereunder, it shall constitute a default under this Mortgage and the Note_ 22_ At the option o[ 11'Iortgagee, Mortgagor shaU provide Mortgagee with periodic certified audited statements of the ~ financial condition of Mortgagor. ~ ~ 23_ I1'tortgagor represents and warrants that if a corporation, it is duly organized and validly existing, in good stand- ~ ing under the laws uf the state of its incor~wration, has stock outstanding which has been duly and ~•alidly issued, and is } qualitied to do business and is in good standing in ihe Stale o( Florida, with full power and authority to consummate the ~ loan contemplated hereby: and, if a partnership, it is duly tormed and validly eaiating, and is fuily quali[ied to do business ~ in the State ot Florida; with full power and authority to consummate the loan conternplated hereby. 24. ~ In the event any one or more of the provisions contained in this Mortgage or in the Note shall for any reason ~ be held to he invalid, illegal or unenforceable in any respect, such invalidity, itlegality or unenfomeablity ahall, at the ~ option of the Morfgagee, not affect any other provisions of this Mortgage, but this Mortgage ahall be construed as if such ~ invalid, illegal or unentorc-eable pmvision had ne~•er been contained herein or themin. The total interest payable pursuant 3 to the Note or this MortRage shall not in any one year exceed the highest lawfu{ rate of interest in the State of Florida. ~ 25. The coverwnts and agreements herein cont:~ined shall bind and the benefits and advantages shall inure to the ~ respective heirs, executors, administrators, successors, and assigrss of the parties hereto. Wherever used, the singular ~ number shall include lhe plural, the plural the singular, and the use of ~ny gender shall be applicable to all genders. All ~ 3 covenants, agreemenls and undertakinga shall be joint and sevenl_ In the event additional numbe rnvenants or para- graphs are for convenience inserted in this Mortgage, such additional co~~enants shall be mad and gi~~en effect as though following this co~~enant in consecutice order. ~ ~ ~ -3- i ~ ; t' R 3U1 r ~21 ~ 6:;~:d f :~F ` ~ ~ ~ = ~ - . > _ - - - - ~ ~ ~ ~ :s~~ w~ ~ - ~ ~ ~ t , , . - _ . . _ ~ _ . ~ .a-.~.~-,,~ , : ~ _ _ _L _