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Home My WebLink About0070 ~ ~ r' • ' ~ ,~~~y~ ~ apply such sents. i~ues und pmlib received by it on the indebtedne~s secured hereby in auch order ~~s Mortgagee deler- ; ~nines. Tfie right to enie~ and take ~ion of the Mortgaged Propeely, to munage and operete ihe same, und to collect the rents. iwuea and profita lheceof. whelher by a receiver os otberwise. shall be cumulative to any other right ur remedy a~ hereunder o~ attorded by law. and may be exprcised concurre~tly therewith os independently theawt. Mortgasee sha~~ be 1'utble to account on(j? [oc sucl~ rants. i~eue~ and protits ect~ally received by Mortgagee. . 14. If the indebledness recured hereby ia now or hereafter turther secured by chattel mortgagea, security interests, tinanci~ statemenq~ pledae~. contracb ot guaranty, usaigomenb ot leases, or other securities. or it the Mortgaged Pro- e perty hereby encumbered consista ot ~nore than one paccel of reul pmpeKy. Mottgagee may at its optiun exhuust any one or more oI said aecuritiea and security hereunder. or such parcYL~ of the security bereunder. eithee concucrently or inde- pendently. and in such ordes as it may determiae. ~ ~ ~ ~ 15. Thii Mortgage ahaU secure not only e:istina indebtedneas. but aLo wch tuture advancea, whether such advancea ; are obligatory or to be cnade at the option of Morlgagee. or otherwise. ai are taade within twenty (20) years (wm the date hereof, to the aame estei~t as it such futuce advancea were made oa the date ot the execution of this Mortgage. but such ~ secured indebtednees sbal! not oxceed at any time the ma~cimum principal amount ot i N/A ~ plus interea~ and aay diabursements made tor tbe payment oI la:es, levies. or insurance, on the Mortga8ed PropertY. with } interest on such disbuneme~ta. Any such (uture advances, whether obligatory ur to be made at the option of the Mortgagee. ~ or ot6eiwise. may be made either prior to or atter t6e due date ot the Note or any other notes secused by this Mortgage, i This Mostgage u given tor the apecitic pur{wse of securing en~ and all indebtedneas by the MortgaEor to Morlgagee (but ; in no event shall the secared indebtednesa e:ceed et a~y time thc masimum principal amount set torth in this para8raph) in , whatev~er manner this indebtedneas may be evidenced or represented. until thia Mortgage ia eatiafied of record. All coven- _ ants and agoeements contained in this Mortgege ahall be applicable to all turther advancea made by Mortgagee to Mortgaao~ under t6is tuture advance clause. ~ ~ ~ 16. No delay by Mortgagee in exerciaing nny right or remedy hereunder. or othemiee a[[orded by law, shali operate as a waiver thereof or preclude the exercise thereot during the continuance of any detauk hereunder. No waiver by Modgagee ot any default shall constitute a waiver ot or consent to subseyuent defaults. No tailure ot Mortgagee to exemise j~ any option herein given to accelerate matutity ot the debt bereby,eecured. no torbearance by Mortgagee betore or atter ! he ; exercise of such option and no withdrswa! or abandonment of toreclaaure proceeding by Mortgagee ahall be taken or con- " strued as a waiver of its right to e:ercise such option or to accelerate the maturity of the debt 6eieby secured by reason ot any past, present or luture default.on the part of Mortgagor; and, in like manner, the procurement ot insurance or the {wy- ~ j ment ot tazes or other liena or chargea by Mortgagee shall not be taken or construed as a waiver oi ita right to accelerate ~ the maturity ot tbe debt bereby secured. ~ ~ 17. Without atfecting the liability of Mortgagor or any other person (except any person expressly relea.sed in writing) for payment ot aay indebtedneas secuced hereby or for pedornnance oi any obligation contained herein, and without aftect- ; ing the righta o[ Mortgagee with reapect to any eeiurity not expresaly releaaed in writing, Mortqagee may, at ~ny time and ; from time to time. either betore or after ihe maturity ot said note. and without notice or consent: . . - i (a) Releage any person liable tor payment of all or any part of the inckbtednesa or for perfornwnce ot any obligation. (b) Make any agreement extending the time or othecwise altering the terms of payment of all or any {wrt ot the indebtedneas, or moditying or waiving any obligation, or subordinating, modifying or otherwise dealing with the lien or charge hereof. ,yr~ i~- ` 7r . t.,;.3+~ (c) Esercise or retrain irom exereising or waive any riBht Mortgagee may have. (d) Accept additional security ot any kind. ~ (e) Releaee or otheiwiae deal with any.property, real or peraonal, eecuring the indebtednese, including all or any ~~art ot the Mortgaged Pmperiy. 18. Any agreement hereafter made t>y Morigagor and Mortgagee pursuant to this mortgage shall be superior to ihe righta of the I~older ot any interv~ening lien or encumbrance. - ~ 19. Morlgagor hereby waives all right of homestead exemption, if any, in the Morlgaged Properiy_ ~ _ i' I 20_ In the event ot rnndemnation proceedinga of the Mortgaged Property, the award or compensalion payable there- ~ under is hereby assigned to and ahrill be paid to Mortgagee. Mortgagee shali be under no obligation to question the amount ! ot any such awaed or compensation and may accept tHe same in the amount in which the same shall be paid. In any such condemnation ptoceedings, Mortgagee may be repreaented by counsel selectcd by Mortgagee. The proceeds of any award j or rnmpensation so received shall. at the option ot Mortgagee, either be appiied to the prepayment of the Note and at the E rate of interest provided therein, regardless ot the rale o[ interest payable on the award by the condemning authority, or at € the option of Mortgagee, such award shall be paid over to Mortgagor tos restoration of the Mortgaged Property. _ ~ 21. If Mortgagee, putauant to a conatruction loan agreement or loan commitment made by Mortgagee with Mortgagor, agrees to make co~truction loan advances up to the principal amount of the Note, then Mortgagor 6ereby covenanta that it will comply with all ot t6e terma, provisions and covenants o[ said rnnstruction loan agreement or loan commitment, will diligently construct the impmvements to be built pu~suant to the terms thereot, all of the terms thereo[ which are in- corporated herein by reference as though aet forth tully hQrein and will permit no defaulta to occur thereunder and it a de- ~ fault shall occur thereunder, it shall constitute a default under this Mortgage and the Note. - - ~ 22. At t6e option of 1liortgagee, Mortgagor shall provide Mortgagee with periodic certi(ied audited statementa ot the financial condition of Mortgagor. ; ~ 23_ Mortgagor mpresents and warrants that if a corporation,.it is duly organized and validly e:isting, in good stand- ing under the laws of the state ot ita incorporation, has stock outstanding which has been duly and validly issued, and is ~ f ~ qualified to do bt~siness and is in good standing in the State of Florida, with full power and authority to ronaummate the ; ~ losrn contempluted hereby; and, if a partnership, it is duly formed and validly e:isting, and ia tuUy qualified to do business ` ~ in tbe State of Fiorida; with (ull power and authority to consummate the loan contemplated hereby. ' ? : 4 ~ 24. In the event any one or more ot the provisions contained in thie-MortgaBe or in the Note ahall for any re~ason be held to be invalid, illegal or unen[omeable in sny respect, such invatidity, illegality or unenforceablity sha11, at the ~ ~ optian of the Mortgagee, not af(ect any other provisions ot this. Mortgage. but this Mortgage ahall be conatrued as i( such s invalid, illegal or unentorceable provision had never been contained herein or therein. The tota! intereat payable purauant ~ to the Note or thia Mortgage ahall not in~any one year exceed the higheat lawful rate of interest in tbe State of Florida. ~ 25_ The covenanta and agreements herein contained shal) bind and the' beneiits and advantagea shall inure to the respective heirs, execvtors, administratore, successora, and assigna oi the partiea hereto. Wherever uaed, the singular ~ number shall include the plural, the plural the aingular. and the use of any gender ahall be applicable to all genders. All ~ covenanta, agreements and undertekinga shaU be joint and several. In the event additiona) numbered covenants or ~sara- graphs are for convenienee inserted in this Mortgage, surh additional covenants shali be read and given ettect aa though following this covenant in consecutive order. ; ~ -3- ~ R ; ~ 9COK FACE ~ ~ ~ ~ - _ ~ - r:~~,~ ~ ~ - - - ~ _ _ m;~`~=z