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.?pply such n•nts, issues and profits re.•eivcd by it on the indebtedness se+•uretl herel?y in such under as Mortgagee drter-
uunrs. 't'he right to enter and take {n?.tise•s+ion of the Murlguged Pro{x•rty, to manage and o{?er.+te the s:une, and to culle•+•t
the rents, issues and profile then•uf, whether d?y n re+•eiver or otherwise, shall t?e cumulative to any other right or renxdy
hereunder or afforded by law, and may 1?e exercised concurrently therewith or inde{+endently then•ut. Mortgagee, shall
1?e liable to ueroun/ only for such mots, issues and profits actu:dly reeeived by Mortgagee.
14. It the indebtedness srcureci hereby is now or hereafter further secured by chattel murtgugew, sevurity interests,
financing statements, pledges, contracts of guaranty, :~Re?ignments of lenses, or other securities, or if the Mortgaged Pm-
{x rty hereby eneumtx and consists of more than one {x+nrl of nal pro{?erty, Mortgagee may at its option exhaust any one
or mom of said see•urities and security hereunder, or such {x+rcels of the security hemunder, either concurrently or inde-
{?endently, and in such order:+s it m:+y determine. _
15. This Mortgage sl+:+ll secure not only existing indebtedness, but also such futum advances, whether such advances
are obligatoq• or to Ixr made ut the option of 11lortgagce, or otherwise, as am made within twenty l20) Years from the date
hereof, to the some extent :?s if such futurn udvaners wem made on the date of the execution of this Mortgage, but such
see•urcd indebtedness shall not exceed at any time the maximum principal amount of i ri/d
plus interest, and any disbursements made for the {x+yment of taxes, levies, or insurnce, on the Mortgaged Pro{?erty, with
interest on such disbursements. Any such future advances, whether obligatory or l0 1?e made at the option of the Mortgagee,
ur otherwise, may 1?e made either prior to or after the due date of the Note or any other notes secured 1?y this Mortg:+ge.
This IMortg:+ge is given for the s{?ec•i(ie' pur{?ose of sexuring any and all indebtedness by the Mortgagor to Mortgagee (but
in no event shall the see•urcd indebtedness exceed at any lime the m:+ximum prince{ml amount set forth in this {?:+r.+gr.+ph) in
whatever manner this indebtedness may be evidene•ed or represented, until this hlortguge is s:+tisfied of record. All coven,
ants and agreements contained in this Mortgage shall be applic:+ble to all further advance's made by Mortgagee to
Mortgagor under this future udvaner clause.
16. No delay by Mortgagee in exercising any right or remedy hemunder, or otherwise afforded by law, shall o{+er.+te
as a waiver thereof or preclude the exercise themof during the continuance of any default hereunder. No waiver by
Mortgagee of any default shall constitute a waiver of or consent to subsequent defaults. No failure of INorlgagee to exercise
any option herein given to aceelen+te maturity of the debt hereby secured, no torbear.+nee by Mortgagee before or after the
eYen•lge of such option and no withdn+wa) or abandonment of foreclosure proceeding by Mortgagee shall 1?e taken or e•on-
strued as a waiver of eta right to exercise such option or to accelerate the maturity of the debt hereby secured by mason of
any {+ast, present or future default on the {met of Mortgagor: and, in like manner, the procurement of insurance or the p:+y-
ment of taxes or other liens or ch:+rges by Mortgagee shall not t?e taken or construed as a waiver of its right to acceler.+te
the maturity of the debt heeyby secured.
17. Without affecting the liability of Mortgagor or any other person (except any person expressly rnleused in writing)
for {kryment of any indebtedness secured hereby or for perforn+ane•e of any obligation contained herein, and without atfte•t-
ing the rights of 141ortgagee with rrs{+eeN to any security not expressly mleased in writing, Mortgagee may, at any time and
from time to time, either t?eforn or after the maturity of s:+id note, :?nd without notice or consent:
(a) Release any {?erson liable for {u+yment of all or any part of the indebtedness or for pertormame of any obligation.
(b) ZL7ake any agreement extending the .time or otherv?•ise altering the terms of {>:+yment of all or any {?:+rt of the
indebtedness, or modifying or waiving any obligutiot+~• or sulx?rdinating, modifying or otherwise dealing with the lien or
charge hereof.. .
(c) Exen•ise or retrain from exercising or waive any right Mortgagee may have.
Id) Accept addition:+1 security of any kind.
(e) I2eleuse or otherwise deal with any pro{~erty, real or {?ersonal, securing the indebtedness, including all or any {>:+rl
of the Mortgaged Pro{?erty.
IK. Any agreement hematter made by Mortgagor and Mortgagee pursuant to this mortgage shall 1?e su{?erior to the
rights of the holder of any intervening lien or encumbrance.
19. l•lortgagor hereby Naives all right of homestead exemption, it any, in the Mortgaged Pro{?erty.
20. In the event of condemnation proceedings of the Mortgaged Property, the award or com{?ens:riion payable there-
under is hereby assigned to and shall l+e {r.+id to Mortgagee. Mortgagee shall t+e under no obligation to question the amount
j of any such award or compensation and may accept the same in the amount in which the same shall t?e {paid. In any such
condemnation proceedings, A'Iorlgagee may he represented by counsel selected by Mortgagee. The pra•ecds of any award
ur rom{?ensation so received shall, at the option of Mortgagee, either be applied to the pm{r.+yment of the Note and at the
rate of interest provided themin, regardless of the rate of intemst {?ayahle on the award by -the condemning authority, or at
the option of Mortgagee, such award shall Ix• {h+id over to Mortgagor for restoration of the Mortgaged Pro{?erty.
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{ 21. It :Mortgagee, pursuant to a construction loan agreement or loan commitment made by 1lfortgagee with Mortgagor,
~ agrees to make construction lo:?n advanees up to the prince{x+) amount of the Note, then I`lorlgugor hereby covenants that it
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~ will comply with all of the terms, provisions and covenants of said construction loan agreement or loan commitment, will
diligently construct the improvements to tee built pursuant to the terms thereof, all of the terms thereof which are in-
+•or{>.+rated herein by reference as though set forth fully hemin and will permit no defaults to occur thereunder and if a de-
fault shall uceur thereunder, it shall constitute a default under this Mortgage and the Note.
~ 22. Al the option of 141ortgagec, Mortgagor shall provide 1\lortgage~e with periodic certified audited statements of the
financial condition of Mortgagor.
23. Mortgagor represents and warrants that it a corfror.+tion- it is duly organized and validly existing, in good stand-
ing under the laws of the stale of its incor{x?r.+tion, has stock outstanding which has been duly and validly issued, and is
yualified to do business and is in good standing in the State of Florida, with full {?ower and authority to consummate the
loan contemplated hereby: and, it a partnership, it is duly formed and validly existing, and is fully qualified to do business
in the State of Florida: with full {?ower and authority to consummate the loan contemplated hereby.
R 24. In the event any one or more of the provisions contained in this Mortgage or in the Note shall for any reason
ix held to {x invalid, illegal or unenforceatr)e in any res{?e+•t• such im•alidity, illegality or unenforceablity shall, at the
option of the Mortgagee, not affect any other provisions of this Alortgage, but this Mortgage shall fie construed as it such
im~alid, illegal or unenfon•eable provision had never 1?een contained herein or therein. The total interest payable pursuant
to the Note or this 2\lortguge shall not in any one year exceed the highest lawful rnte of interest in the State of Florida.
_ 25. The +•ovenants and agreements herein +•ontainEd shall hind and the benefits and advantages shall inure to the
res{+ective heirs, executors, administrators, successors, and assigns of the parties hereto. \M1'herever used, the singular
numl?er shall include the plural, the plural the singular, and the use of any gender shall he ap{>lirable to all genders. All
=s covenants, agreements and undertakings shall i?e joint and several. In the event additional numbered covenants or para-
graphs are for convenience inserted in this Mortgage, such additional covenants shall i?e read and given effect as though
following this covenant in consecutive order.
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