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Home My WebLink About0316 a i * i' ~ ~ • . ~ upply surh rents, iseuee aad profil~ ieceived by il on !he indebtednes secured hereby in such onler :u Mottgagee deter minea. 1'he right to ente~ and tnke poas~asion of lhe MuHg+~ed Properly, to manuge and operate the same, ~nd to rollec•1 ~ the renta, isauea and pmtits thereot. whether by a receiver or otherwiao, ahall be cumulative to any other ~ight or remedy j hereundes or nt(orded by law, and may ba eserrised concurrently therewith ar independently the?eot, Mortgagee shall } be liable to accouM only (or such renta, iasues end protits actuully received by Mortgusee. ~ 14. lf the indebtedneas secured hereby ia now or hereatter turther secund 6y chattel mortgugea, secu~ity intereats, finuncin6 atateme~b, pledees,, contracb ot guaranty, ~ssig~uaents of leasea, or other secvrities, or it the Mortgaged Pm- ~~erty hereby encumbered consists ot more thxn one pan~el ot real pmperty, Mortgagee may at ita optio~ e:haust any one or more ot said securities and security hereunder, or such pereels ot the aecurity hereunder, either concurrently or inde- pendently. and in such order as it may determine. Ib. 1'6it Moctgage ahall oecuro not only e:isting indebtedness, but al~o such (uture edvances, whether such udvances ~ are obligatory or to be made at the oplion ot Mortgugee, or otherwise, as are made within tweoly (20) yea~ from the date ` hereot. tn the eame e:tent as if such future advances were mnde on tl~e date ot the e:ecution of this MortgaKe, hut euch eecured indebtedness shall not exreed at any time the maximum princi~ial amount of = n~a ~ plus i~tereat, and any disbursemenla cnnde tor the payment o[ ta:ea, levies, or inaurance, on the Mortgaged Property, with inteeeat on auch diabutseme~ts. Any such future advancea. w6ether obligatory or to be made at the option of the Mortgagee, or otherwise. may be made either prior to ot a(ter the due date o( the Note or any other notes eecured by this Mortgage. This Mottgage is given tor the specitic purpoae of aecuring any and all indebtedneas by the Morlga~or to Mortgagee (but in no event ahall the eecured indebtedness e:ceed at any time /he maximum principal nmount set torth in thia parngraph) in whatever munne~ thia indebtednees awy be evidenced or represented, until thia Mortgage ia satistied ot record. AQ coven- ; nnta and agreementa contained in this Iliortgage ahall be applicahle to aA turthe~ advances made by Morigagee to Moctgagor under this tuture advance clauae. ~ ~ 16. No delay by Mortgagee in exerciaing any right or remedy hereunder, or otherwk: aftorded by law. shall operate ~ a~.s a waiver thereot or preclude the exerciae thereof during the continuance ot any defeull hereunder. No waiver by Mortgagee of any default shaU conatitute a waiver of or rnnsent to subsequent detaults_ No tailure ot I~iortgagee to exercise ~ any option herein gi~•en to accelerate matusity ot ihe debt hereby serured, no torbearance by Mortgagee before or atter the exerciee of such option and no withdrawal or ab~ndonment of forecloeure proceeding by Mortgagee shall be taken or con- • i strued as a weiver of ita risht to e:ercise such option or to accelerate the maturity ot the debt hereby aecured by reason of ~ ~ny ~st, present or futum default on the part oi Mortgagor: and, in tike manner, the procuremept ot insurance or the {x~y- ~ ment of taxes or other liena or ehargea by Mortgugee shnll rwt be taken or construed aa a wniver o( its right to aceelernte the maturity ot the debt hercby aecured. ~ 17. Witl~out affeMing the liability of Mortgagor or any~other pe~son (e:cepf any peraon exptessly released in writing) , for payment of any indebtedness secured hereby or (or pertormance of any obligation contained herein, and without a(tect- ing the righta ot Mortgagee with respect to any serurity not e:ptrsaly released in writing, Mortgagee rrk~y, at t~ny time and 3 trom time to time, eilher he(ore ot after the maturity of said note, and without notice or consenf: • ~ (a) Release any iieraon liable tor payment of all or any part of the indebtedness or for pertormance oi any obligation. E ; (b) Make any agreement e:tending the time or otherwise altering the terms of payment of all or any part ot the ~ indebtedness, ar moditying or wuiving any obligation, or subordinating, modifying or otherwise dealing with the lien or charge heieot. ~ ` I (c) EYerciae or retrain (rom exercising or waive any right MortgaRee may have. ; I (d) Accept additional security ot any kind. ~ ~ - ~ (e) Release or othenvise deal with any properly, real ur personal, securing the indebtedness, indudinq all or any (~art ~ ot che Mortgaged Property. ~ -=r ~ 18. Any agreement hereatter made"by Mortkaaor and Mortgagee pursuant to thia mortKaRe shall_ be superior to the rights of the holder of any intervening lien or encumbrance. 19. Mortgagor hereby waives all right ot homestead exemption. if :iny, in the 1liortgagect Property. . ~ 20. In the event of condemnation pr«eedings ot the Mortgaged Property, the award or compensation payable there- f , uesiion the amount ~o obli ation to o nd shal! be id to Morl a ee. Mori a ee shall be under ~ g q u n d e r ~ s h e re b y a s s i g n e d t a ~ a B$ B 8 ~ of any such award or rnmpensation and may accept the same in the amount in which the aame s}wll be paid. In any such ~ condemnation proceedings, Mortgagee may be represented 6ry counsel selected by Mortgagee. The proceeds of any award ~ II 'v tt~e o tion o[ Mort ee either be a lied to the rgpayment ot the Note and at lhe ~ or compenaation so recei ed shall, ut p Ba8 . PP P e rate oE interest provided therein, regardless ot the rate of interest payable on the awatd by the condemning authorily, or at ~ ~ t6e option of Morigagee, such award shall be paid o~•er to Mortgagor (or restoration ot the Mortgaged Property. } j i i 21_ It Mortgagee, pursuant to a construction loan agreement or loan commitment made by Mortgagee with Mortgagor, . ; E agreea to make construction loan advancee up to the principal amount o(.the Note, then Mortgagor hereby covenants that it ~ will comply with all of t6e terms, provisions and co~~enanls ot said construction loan agreement or loan commitment, wili diligently construM the improvements to 6e built pursuant to the terma thereof, all of the terms thereof which are in- ( corporated herein by mterence as though set (orth fully herein and will permit no defaults to occur thereunder and if a de- ~ fault ahall occur thereunder, it shall constitute n detault under this Mortgage and the Note. 4 22. At the- option ot Morlgagee, Mortgagor shnll provide Mortgagee with periodic certified ~udited statementa ot the ~ ~ financial condition of Mortgagor_ ~ a 23. Mortgagor mpresents and warrants that if a con~oration, it is duly organized and validly existing, in good stand- i ing under the laws of the state of its incor~wratian, has atock outstanding which has been duly and vnlidly issued, and is ~ ~ qualified to do business and is in good standing in fhe State o( Florida, with full power and authority to consummate the : loan conlemplated hereby; and, i( a partnership, it is duly tormed and validly existing, and is fully qualiiied to do business ~ ? in the State ot Flori~: with tuU power and authority to consummate the loan contemplafed hereby. - ~ " 24. In the event uny one or more o( the pro~~isions contained in this Mortgage or in the Note ahall for any reason ` s be held to be invalid, illegal or unenforceable in any respect, such invalidity, iUegality or unenforceablity shall, at the ; ~ option of the Mortgagee, not a(fect any other provisions o( this Mortgage, but this biortgage shail be construed as if such } invalid, illegal or unenfon~eable ~~rovision had never been contained herein or therein. T6e lotal intere,st payable pursuant ~ to the Note or thia Diortgage ahall not in any one year exceed the hiqhest lavvtul rate of interest in the State o( Florida. { 25. The co~~enants s~nd agreementa herein contained shall bind and the benefita and advantagea shall inure to the ~ ~ respecti~~e heirs, e:ecutore, administrators, successors, and assigns of the pc~rties hereto. Wherever uaed, the singular ~ number shaU include the plural, ihe plural the singular, nnd the use of any gender_ahall be applicable to all genders. All ~ cuvenanta, agreements and undertakinga ahall be joint and several. In the e~•ent additional numbered covenanta or para- ~ graphs are tor convenience inserted in this Mortgnge, such additional covenanta ahaU be read and given effeet as though ~ following thia covenant in consecutive order. 4 t i ~ BooK ~3(~2 ?A~E 3~.6 ~ ~ ~ ~ _ . `r;~ ~ F ffi ~?.-_~~-...s..^.`',' _ .s`~k?,~~' ~ . _