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Home My WebLink About0766 i t . ~r , .r' ~.J . , ~ a{q~ly su~•h n~ntx. ?s,u~•~ an~! pro(ita n~•ri~~Y1 by it on Ihe indebtedni~u+ M.~•urrd herel?y in Kuch ordNr :~s Mort~;aK~~e• deler- u~in.~a. '1'he right lu i•nler i~nd t:ikN ~x~tise:~iun o( the MortRuK~~i Yro~,rrty. !o munugr und u~x~n~te Ihe a<une. +~nd to coiir~~l the nnty, isguee +~nd protits th~n~t, whethrr by t~ rc~•eive~ or otherwisa, eihall I~e cumulntive to any other right or rem~~cly herruode~ or idtordecf by law, and mf?y I~e eYen•iried concurrently therewith or i~deprndenUy thenr~f. Mortgugee shall I~e liuhle to ucrount only tor xuch rents, iavuea und ~>rofits uctually received by I~lortgugee. 14. 1f the indebtedness sec•ured herrby ie now o~ hereafler turther secured by chauel mo;tgs~gex, sc~vrity intereats, (inancing atulrmentx, pledgea, contructs of guarunty, ur~xiRnmNnta af leusiee, or other securiliea, or i( the 1~lortgi~ged Pro- ~ ~~erty he~by encumbend ~v~naista of more than one {u~n~el of n:~t pn~~~erty, Morlgagee mny ut its option exhaust any one or more o( ewid securitiea und scY•urity hemundrr, or aueh pnrcels o( the security hereunder, either conrurrenlly or inde- ~xndenUy, and in such order ns it muy determine. 15. This Morigage atu~l) se~•urn not only exiating indebtedness, but also ~urh tuturn F~d~~Unces, whether serh aJvancex are obligiilory or to t~e made ut lhe option of MoriRagee, o~ otherwise, sia r~re m~de within twenty (20) yef~rs Irom the datc hereot, to the s~me extenl us if such future ~idv:~nces were miide on the dnte o( the e:ecution ot this Mor1(Cs~Re, but such ss~c•ured indebt~neas ahall not ex~red at uny time the mnximum principal umount of i NA plus interest, and ~ny diahursementa made tor the ~~:~yment o( taxea, levies, or insurum•e, on the MonRaxed Pro~~eNy, with interest on such dislwrsements. Any such (uture adv~ncrs, whether obligatory or lo F~e made at Ihe option of the hlortgaRee, or otherwise, may be mude either priur tp or alter the due dute ot the Note or any olher notes secumd by this htortgage. This Mortguge is gi~•e~ tor the apecitic pur~~e of acti•uring nny and all indebtrdness by the A4ortgaRor to MortR:iRee (hut in no event sh.~ll the secured indebtrdness ex~Y~ed ~t any time the maximum princi~wl amount set torlh in ihis ~u~r~Rr.~ph) in N•hatever manner this indehtedness may 1?e evidenced or repn~r~ted, until thiR Mortqage is ~:~tis(ied ot record. All co.•en• :~nls und agreemenls contnined in this 11lortguRe shall he appli~:~hlr to s~U further advan~~s made hy Mortg:~Ree lo Mortg.igor under this future ad~•an~r clause. lti_ No delay 1?y Aiortgugee in exercising any right or remedy hereunder, or otherwise ~ftorded by law, shall o~~erate as a waiver thereot or preclude the eYemise themuf during the continunnce o( any detault hemunder. No waiver by Mortgagc~ of an}~ default sh~ll constitute a wai~~er of or consent to sut?seyuent de(uul~w. No tailure o( Mortgagee fo ex~r~•ise any option herein gi~~en to uccelerute maturity ot lhe debt hereby sec•urrd, no torbearance by Mortgagee 1?efore or a(ter thc• exen•i~e of such option ~nd no w•ithdrawal or atH~ndonment of (orec•losure ~ir«-eeding by Mortgs~gee shall be taken or con- struEd as a wi~iver of its riRht to exercise such option or to aeceler.~te the maturity of the debt hereby sec•ured by mason o( uny ~u~st, pretient or tuture default on the ~u~rt o( Alortg.iKor, .ind, in like m.~nner, Ihe procurnment of insuran~•c or the ~?:iy- ment of laxes or other liens o~ charges by A1urtRaR~r shall not t~ taken or ~•on~truecl :~s a wai~~er ot its riRht to a~•.rler.~tc the muturitv o( the debt herel?v securecl. l7. Without at(ecting the liahility of 141ortga~or ar any other ~x~rs~m texcYpt any ~xrson expressly n•le:~sE~c1 in writinRl for ~k~yment of any indebtedness str-ureci hereby or tor ~~er(orm:~n~~e of any o1diQ:Uion contained herein, and w•ithout aflei•t- inR the rights ot 111origaRee with n•s~~•t to any sc~~urity not expressly released in writing, A1ortRaRee may. at :~ny timr and imm time to time, either Irefore or atter the maturity ot s:~id note, and without noliir or consent: Iai Release any ~xrson liable for ~x~yment o( all or t~ny part of the indebtednes4 or for ~~er(ormf~n~r o( any ohliKation. (b) 111:ike any agrcrment extending the time or othern-ise altering the terms of ~~yment ot all or any part o( the indehtedness, or modi(ying or ~:~i~•inR any obli~ation, or suix~rdinatinR, moclifyinR or otherw•ise dealinR w•ilh the lien or ~-harge hereof. Ic) Exemise or re(r.~in from exercisinR or waive ~nv riQht Mort~:~Rer may have. ! Id1 Accept addition.il +c~•urit~• ot ~ny kind. I (e) Release ur other~•iu deal with any pro~~erty, real or ~~ersonal, secvrinR the indebtednecs, includinK :ill or any ~~:+rt ~ of the Alortgaged Property. ~ 1tS. Any aqreement hereafter made tiy MorlRa~or and l~lortRaRee pursuant to this mortQaQe shall fM su~~rior to the f riKht, of the holder of any inten~eninR lien or encumbrance. E } 19. 1~1ortRaRor hereby wai~'es :+11 riQht of homeste:id exemption, i( :iny, in the 111ort~aRcd Yro~~erty. t ~ 2Q. In the e~•ent ot condemn.~tion pra•E~edings o( the MortgaRed Pro~x~rty, the award or com~~ens~tion ~k~yable there- ~ under is hemby xssigoed to and shall I~e Ekiid b A7ortRaQee. 1~4ortgagee shall be under no obligation to question the amount ~ o( any such award or com~~ensation and m:~y r~ccep! lhe s:ime in the amount in vrhich the same shall be paid. In any such condemnation pr~•eedings, MortR~gee may be reFiresentiYl liy counsel selec•ted hy Mortg.igee. The pro~~eecfs ot any :iw:~rd ~ or ~•om{~ensation so recei~•ed shull, at the option ot Mortgagee, either be applied to the prepayment of the Note and at the raie of intemst pm~~ided therein, re~ardless of the r.~te o( interest payahie on the a~+•ard by the condemning authority, or at ~ the o~ition of ~1ortR.~~ee, such a«~:~rd shall I,e p:~id o~•er to Alortgagor (or restoration of the 1liortR:~ged Pro~~erfy. ~ 2L If A1oriKaRee. pursuant to a i•onstructiore luan aKrrement or lo:in commitment made by A1ortKagee with :~lortKaRor, ~ aRrees to rruike construction la~n adcane•i~ up to the prin~•iµd ~imount of the Notr, then ~1lortgagor hereby co~~enants that it ~ will comply with all of the terms, ~~ro~isiuns ~nd co~•enants ot s:iid construction loan aQreement or lo.+n ~ommitment, will diliRenNy construcl the impro~•~ments to he built pursuant to the terms thereof, all of the terms thereof w~hich art: in- ~ ~~or~mr.~t~•d hc•rein by re(erence a, thouRh ~t (orth fully hemin and will ~?crmit no defaults to oc~•ur themunder :~nd if a d~- fault sh:ill ~c•cur themundrr, it sh:~ll ~•onstitute a default under this !11ortRaQP and the Note. ~ ~ 22. At the option o( A'IortKaRe~, \1orlKaRor sh:~ll pro~ide MurtK:~Qee with {~eriodic ~•ertified audited st.+tements o( thN ~ (inan~ial condition of :ltortRagor. ~ 23. ~tortKa~;or r~prc~u~nts and warrants that i( i~or~H~rati~~n. it is duly orKanized and v:~lidly existinK. ~n Rixid st:+nd- ~ inK under the la~s o( the statt~ of its incor~N~r.iti~~n, has st~H•k outstanding wh~ch has Freen duly and ~alidly i~u~~d, :+nd is ~ qualified to do bu.ine~s :md is in K~Hx1 standinK in th~ State u( Florida, with tull ~x~wer and authority to i•onsummate the loan ~•ontemplatcKi herehy: :~nd, if a ~k~rtnership, it is duly formE~ :~nd ~•alidly PxistinR, and is fully qunlified to do bucinc~s - in the Rtate o( Florida: K~ith tull ~x,wrr and authority to ~-onsummatF the lo.in contemplated hereby. _ 'l4. In the e~t~rit any one or mure ot the pro~~i~ions ~•untained in this Alortgage or in Ihe Note shall tor any rc•:~w~n fN~ hE•Id to I,c• im:~lid, ille~;.~l or unan(orc~•ahle in ar.y res~~•t, su~•h in~•alidity, ilte~ality or onenfon•eablity shall, at the ~~pti~~n nf the AtortR:~~ee, n~~t atf~~•t :my other pm~~isions o( this hlortRaKe, hut this i4tortRage sh:~U be construv~ as if su~~h - im:+lid, ille};:d or une~nfon•t:~hle pro~ision h:id nt~~~~r 1?eim i•ontainc~d her~in or therein. The total interest payable pursuant ~ to the Note or this ~1ortR:~K~ whall not in any one year i~x~~~~c~i the hiQhest law(ul r.~te of interest in the St~+te of Fl~~~ida. ~ z , 25. 'I'he c•ovenants and agrermentti herein containtYl .h:~ll hind and the I~ene(i!s and adcantaKes shali inure to the mv~x~c~ti~-~~ heirs, execulors, admini.tr.~tors, tiUC~Y~ssors, and a~~iRns ot the p:~rtiex hemto. «'herever userl, the sinRular riuml~er sh.ill in~~lude the plural, the plural the winKular. and th~ usF o( ~ny kender shall bc• appli~:3b1e to ~II Qendettc. All ~ ~•u~~en.~nt:~, agrf~ements :~nd undertakinRa shall I~e joint and ~~~~er.il. ln th~ e~ent addition.+l numlx•recl cm~en:~nts or para- ~ ~raphs are (nr convenien~•e in~rteci in this Mnr1KaKP. su~•h additional ~•o~enants ~hall he read and Qi~•en effert as fhouRh ~ (ollowinR this co~~enant in consecuti~-e nrder. ~ ~ ~ -3- U ~ ~ ~ socK ~4 ~acE ~ ~ - -