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a{+ply such rants, is.+ufx and profits nK•eived by it un the• indebt+vfrn•ss e:cK•unci hrn:by in su+•h oni+•r :+s Murt{;ut;.•e• +h•t:•r
uunas. Ti+e right to enter uod take tK~.tif•sxiun oI the Mortgaged Pmlxrrly, t m:u+age :+nd ofx•::+tt
thc• s:unf•, and to ~ ullf•.•t
the rents, itzvu~~s and profits then•of, whether by a n•c•eiver or otherwise, shall I+e cumulative to any other right or n•mcviy
hereunder or afforded by law, and may he exen•iaed concurrently therewith or indetxndently thrnvd. MortgagfM shall
1?~ liable to account only (or such ants, +ssues and profits uetuully received by Mortgagee.
14. It the indebtedness sfx•und herel?y is now or hereafter further secured by rhattel n+ortgagcw, w•c•urity interests,
linancing statements, pledges, contracts of guan+nty, assignments of leases, or other securities, or it the 11lortgagrd Pn,-
f,erty hereby encuml+c•nd c•onsisls of more than one parcel of nut property, Mortgagee may ut its option exhaust any onc•
ur more of said sec•uritirs and security hereunder, or such Iu~nels of the sec•ui•ity hereunder, ^~her concurmntly or indr-
l,endently, and in such order as it may determine.
15. This Mortgage shall secure not only existing indebtedness, but also such future advum•es, whether such advances
are obligatory or to he mode ut the option of Mortgagee, or othemise, as are made within lw•enty 120) yeura tram the date
hereof, to the some extent as if such future udvanc•es were made on the date of the execution oNflji~s Mortgage, but such
securc•d indebtedness shall nut exceed at :+ny lime the maximum principal amount of S /
plus interest, and any disbursements made for the I,ayment of taxes, levies, or insur.+nce, on the Mortgaged Property, with
interest on such disbursements. Any such future adcaners, whether obligatory or to I+e made at the option of the Mortgagee.
or otherwise, may t+c m:+de either prior to or after the due date of the Note or any other notes secured 1?y this Mortg:+ge.
This Tfortgagr is given for the sl,ec•itic pugwse of sec;urjpg any and all indebtedness by the Mortgagor to Mortgagee lout
in no event shall the secures' indebtedness exceed at any time the maximum princitk-+1 amount set forth in this tx+r.+graph) in
whatever manner this indebtedness may be evidene•ed or repro-sentcd, until this Mortgage is s:+tistied of rtY•ord. All coven- t
ante and agreements contained in this Mortgage shall t,e npplic•ahle to all further udvuncc•s made by htortgugee to
Mortgagor under this future advam•e clause.
l6. No delay by 111orlgagee in exercising any right or remedy hereunder, or otherwise afforded by law, shall ol,erate
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 sutsequent defaults. No failure of Mortgagee to exercise•
any option herein given to accelenrte maturity of the debt hereby secured, no fort,ear.+nc•e by Mortgagee tx•fore or utter the
exen•ise of such option and no withdrawal or ab:+ndonment of foreclosure proceeding by Mortgagee shall t,e ls+ken or con-
strued as a waiver of its right to exercise such option or to acceler.+te the me+turity of the debt hereby scr•ured by reason of
any lust, present or future default on the fmrt of Mortgagor, and, in like manner, the prw•urement of insur.+m•c• or the l,:,y-
ment of taxes or other liens or chargf by Mortgagee shall not I+e taken or con~ln+fd as a waiver of its righi to accelerate
the n,:+turity of the• debt hereby sf•c•urcd.
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1T. Without affecting the liability of Mortgagor or any other i,erson If•xcept any lxrson expn•ssly rele:~ccd in writing)
for (uyment of any indebtedness sec•urf~cl hereby or for l,ertornu+m•e of any obligation contained herein, and without atfc•c•t-
ing the rights o[ Mortgagee- with reslx•c•t to any scc•urity not expressly released in writing, ?\tortg:+gfe miry. at any timf• :+nd
fmm time to time, either 1?efore or after the maturity of said note, and without notice or consent:
(a) Kelease any l,erson liable for luyment of all or any l,ari of the indebtedness or for l,ertormance of any obligation.
Ih) Make any agrfernent extending the time or otherwise altering the terms of payment of all or any (r,+rt of the
indebtedness, or modifying or waiving any obligation, or sul+otciinating, modifying or otherwise dealing with the l+en or
charge hereof.
(c) Exen•ise or retr.+in fmm exen•jsing or waive any right Mortgagee may have.
(d1 Accept additional security of any kind.
(e1 release or otherwise deal with any prol,erty, real or l,ersonal, securing the indebtedness, including all or any p:+rt
of the Mortgaged Prol,erty.
1R. Any agreement hereafter made by Mortgagor and Mortgagee pursuant to this mortgage shall I+f• sufx•rior to the
rights of the holder of :+ny inter•ening lien or ene•umbr.+nce.
~I 19. Mortgagor hereby waives all right of homestead exemption, if any, in the Mortgaged Prolx•rty.
I 20. In the event of condemnation prex•e•edings of the Mortgaged Pmlxrty, the award or c•oml,ens:+tion payable there-
under is hereby assigned to and shall t+e paid to Mortgagee. Mortgagee sh-+11 be under no obligation to question the amount
of any such award or comhens:+tion and may accept the s:+me in the amount in which the same shall I,e laid. In any such
condemnation pra•eeclings, ;Mortgagee may I,e represented fry counsel selectee! by ;Mortgagee. The proe•eeels of any a~card
ur comlx•nsalion so received shall. at the option of Mortgagee, either be applied to the prelnzyment of the Note and at the
r,+te of interest provided therein, regantless of the rate of interest l,:+yable on the award by the condemning authority, or at
the option of Mortgagee, such award shall l+c• paid over to ?Mortgagor for restoration of the Mortgaged Prol,erty.
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21. If Mortgagee, pursuant to a construction loan agreement or lean comnutmen! made by Mortgagfe with :Mortgagor.
agree~ao'+muke construction la+n advances up to the principal amount of the Note, then Mortgagor hereby covenants that it
i wdl comply with a~i of the terms, provisions and covenants of said construction loan agreement or loan commitment, will
diligently construct the improvements to t,e built pursuant to the terms thereof, all of the terms themof which are in-
I coryx,r+ted herein by reference as though set forth fully herein and will hermit no defaults to occur thereunder and if a de-
~ fault shall ex•cur thereunder, it sh:dl constitute a default under this ltortgagc and the Note. •
22. Al the option of ~lortgagfe, Mortgagor sh:+ll provide Mortgagee with {,erioclic certitie•cl audited statements of the
financial condition of Mortgagor.
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23. Mortgagor repm+ents and warr.+nts that if a corlx+r.+tion, it is duly organized and validly existing. in good stand-
t ing under the laws of the state of its incorlx,ration, has stuck outstanding which has bef•n duly and v:+lidly issued. and is
qualified to do business and is in gexxi st:+nding in the State of Florida, with full Mower and authority to consumrr+:+te the
loan contemplated hereby: and, if ls+rtnership, it is duly formed and validly existing, and is fully qualified to do businc>ss
in the State of Florid:): with full f+ower ahd authority to consummate the loan contemplated hereby.
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`l4. In the event any one or more of the provisions coniainf•d in this 1MortgaRe or in the Note shall for any reason
f:f• held to tx• invalid, illegal or unen(on•eable in any n•al?ect. such invalidity. illegality or unenfore•eablity shall, :d the
option of the ~fortgagce, not afke•t any other provisions of this iMortgage, but this Mortgage shall I?e contan+ed as i( such
f im:did, illegal or wu•nfonr:+hle provision had never been contained herein or therein. The total interest payable pursuant
to the Note or this Mortgage shall not in any one year exceed the highest lawful rde of interest in the State of Florida_
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'l5. The covenants and agreements herein containers shall hind and the t,enefits and adv:+ntage•S shall inure. to the
n•axc•tive heirs, executors, administrators, successors, and assigns of the parties hf mto. Wherever used, the singular
3 number shalt include the plural, the plur.+l the singular. and the use of any gender shall he applicable to all genders. All
y covenants, agreements and undertakings shall t,e joint :+nd sever.+I. In the went additional numbered covenants or lur.+-
graphs are for convenience inserted in this Mortgage. such additional covenants shall Ix• read and given effect as though
(olMw•ing this cacenant in consecutive order.
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a~~RK 301 f ~~2373
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