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Home My WebLink About0455 a~~~~ly su~•h rent.r-, is.u~•s und prc~tita mceivecl hy it on the indehtednesa u~•umd hemby in wuch order us Mortgagec deter minrs. 7'he right tu entrr :~nd take {x~ss~~awion ot ihe Alortgagecl Yw~~erty, to manuge :ind o~~erate the s:~m~, und to i•oUect the renta, iavuea u~d profite themof, whelher by t~ recri~•er or otherwise, ahall l~e .•umululive to a~ny other right or remc~cly hareunder or a(torded by Ixw, und tru~y be eYemised concurrently therewith or inde~~endently th~reof. A~o~lg:~gee R}111II I~e liuble to t~ccount only tor such mnts, issues und pro(its eicluuUy re~~iveci by H1ortK~~K~• 14. lf the indebtedncaa ~vrrcl hereby ia now or hereatter furlher ex~~umd hy ~•hattel morlgugex, w~•urily interests, financing alutrmenta, pl~~lgra, ~~untrncts ut guar.~nty, <w.~ignme~~ta A~ IP:ISPA, or other se~vrities, or if the tllortgaqed Pm- ~~erly hereby encumbered ~~onaials ot more lh:m une ~x~rcel ot mul pro~~erty, 111ortgagee may at ila option exhuusl any one or mom ot siiid securitiea und seturity hereunder, or such ~xircels ot the security hereunder, either con~•urmntly or inde- ~~endenUy, nnd in such order i~s it m~y determine. 15. This 11lortgage shull secure not only existing indebtedness, but nlso such tuturn advances, whether sui~h advunces are oblignlory or to be m:~de i?t the option ot Mortgt~gee, or othenvise, :~s are mude within twenty (ZO) yca~a from the d:itc hereof. to the same extent as if such future ndvancrs were mude on the derie of the execution ~ this 1NorlgaRe, hut such secured indebtecfness sh:~ll not excecd ut nny time the m.~ximum princi~~al :~moUnt ot a plus interest, and nny disbu~ments m.ide for the }wyment of laxes, levies, or insuran~r, on the Mortguged Pto~~eHy, with inten~st on suc•h disbursements, Any such future ~dvnnces, w•hether ubligatory or to t~e made at lhe option of the I~lortguKer. or otherwise, mvy be made either prior to or ufter the due date o( the I~ote or any other notes secured by this I~iortg.ige. This Mortgage is given tor the apecitic purpoee ot securinR n~y nnd :ill indebtedness by the 2NortgaRor to Mortgugee (but in no event sh:dl the secured indebtedness e:ceed ~~1 ~~ny time the maximum princi~k~l a~mount set torlh in this ~k~r.igr:~ph) in whatever manner ihis indebtedness mt~y be e~~iden~rd or represented, until this Mortgage is s:~tisfied o( rc~~ord. All co~'en- a~nts .+nd .tgreements contained in this MortguRe sh:tU t?e applii•uble to all (urther advani•es made hy MortRa~ee to Mortgi~gor under this future ndvnnce clause. 1G_ No delay by Mortgagee in exercising any right or remedy hemunder, or otherwise a(forded by law, shall oper:+te as u waiver thereof or preclude the exemise thereof during the continuunce of any default hereunder. No wai~•er hy titortgugee of i~ny de(ault sh.~U constitute t~ w•ai~~er o[ or consent to sut~sequenl detaults_ No failure of 111ortg.~gee to exemise any option hemin given to accelerate maturity o[ the debt hemby se~vred, no tori~earan~~e by MortRagee F?efore or atter the exemise o[ such optiun and no withdrawal or ~Ix~ndonment of foreelosure pr«^ee~ing by Mortgagee shall be taken or c-on- strued as a waiver oi its right to exercise such option or to accelerate the mutarity of the debt hereby securecl hy reason o(- any {~ast, present or futurn detault on the ~~.~rt ot 114ortgagor: and, in like manner, the pravrement o( insur.~nc~e or tre {kry- ment of taxes or other liens or charRes by I1torlga~Ree shall not 1~e taken or ~rnstrued •as waiver of its right to ai•~•el~r.~te the rrwturity of the debt hereby secumd. 17. Wilhout aHecting the liability ot Mortgagor or :iny other person (except :iny ~xrson expr~ssly mle.~seel in ~+•ritinQ) tor ~~ayment of any indebtedness secured hereby or for ~~erformance of any obliRation contained hernin, and without atfect- in~ the rights of Mortgagee with respect to any security not expressly released in writing, I1lortgaRee may, at any time and from time to time, either t?etore or atter the maturity of said note, and without notice or consent: (a) Release any ~~erson li.ible tor ~~ayment o( all or any part of the indebtedne.~ or for ~~erforman~r o( any obligation. , . ~ (b) A'Iake any agreement estc:nding the time or otherw•ise .iltering the ternu of ~k~yment of all or :~ny {Hirt of the indebtedness, or modi(ying or w:~i~•inR any ohligation, or sul?ordinatinR, m«litying or othervvise de.ilinR with the lien or charge herc~f. (c) Exercise or refr.iin from exenising or waive any right A1ortR:~gc~ may h:~~•e:~ (d) Accept additional security ot any kind (e) Relcuse or othenvise deal w•ith .~ny pro~~eriy, mat or ~~ersonal, sec•urinR the indebtedness, in~•IudinR all or:~ny part of the blortgaged Property_ lA. Any agrecment hereatter made by 1~lortg~~gor and T1ort~agee pursuant to this mortKaRe shall he su{~eriur to thc riRhts ot the holder of any intervening lien or encumbrance_ 4 ! 19. Mortgagor herehy wai~•es all right ot homestead exemption, if :~ny, in the tltortgaRecl Properly. i ' 20. In the event of condemnation proceedings of the MortgaRed Pmperty, the <iw•ard or com{~ens:~tion ~~ay.?ble there- ; under is hzreby assigned to and shal) t~e paid to 1liortgagee. Mortgagee shall t?e under no oMigation to question the amount of any such award or compensation and may accept the same in the amount in which the same shall t?e paid. (n any such condemnation proceedings, Mortgagee may be represented by counsel selected by 1~'Iortgagee. The proceeds of any award ~ or compc:nsation so received shall, at the option of 111ortgagee, either be applied to the prepayment of the Note and :~t the ~ rate of interest provided therein, mgardless of the nte of interest payable on the aw•ard by the condemning authorily, or at ~ the option ot Mortg~~ee, such award shal! tx~ p:~id over to Mortgagor for restoration of the Mortgaged Pro~~erty. F ~ 21_ If MortgaRee, pursu:~nt to a construction I~~n agrtrment or loan commitment m:~de by Mortgagee with Mortgagor, 6 aRrees to make construction la~n ad~~ances up to the princi~k~l amount of the 1Vote, then Mortgagor hereby co~~enants that it € w~ill comply with all of the terms, provisions and covenants ot said construction loan agreement or la~n commitment, w•ill ~ diliRently construct the improvements to be built' pursuant to the terms thereo(, all of the terms thereof which are in- ~ ~•or{?orated herein by referen~~e :~s though set forth tully hemin and will E~ermit no defaults to oc~•ur themunder and i( a de- - ~ (ault shall oc-cLr thereunder, it shall constitute a de(~ult under this Mortgage and the Note. • ~ ~ 22. AL the option of ~fortRaRee, rtortgagor sh:~ll provide 1~1ortQ:~Qee with ~~erialic certitied audited statements of the ~ financial condition of Mortgagor. ~ 23_ lblortgugor represents and warrants that i( a cor~~or?tion, it is duly orRanized and validly existinR, in good stand- ' in~ under the la~~•s of the state of its ini•oryror.ition, has st~n•k outsiandin~ ~a•hich has txrn duly .~nd ~:~lidly issued, and is > qualitiecl to do business and is in Rood st:~ndinR in the State o( Florida, with (ull ~wwer and authorily to consummate the ~ loan contemplatecf hereby: and, if a partnership, it is duly fortned .ind validly existinR, and is fully qualified to do husiness in the State of Floridsi; with tull ~~ower and authority to eonsummate the loan contemplated hereby. 24. In the e~•ent any one or more of the pro~~isions ~-ontained in this MortgaQe or in the Note sh.ill for any re.ison t~e held to txr invalid, i11eQa1 or unenforceable in any res~~ec~t, such invalidity, i11eR:ilily or unenlor~eahlity chall, at th~ ~ option of the ~1ortRagee, not atfect any other pm~•isions o( this l~tort~;age, hut this Aiort~age shall t~ constn~ed as i( su~•h im•alid, illeKal or unentorce:ilile pmvision had ne~•~r t?een c•ontained herein or therein. The total interest payable pursuant I to the Note or this illortgag~~hall not in any one year ex~•cc•ci the hiRhc•st law(ul rnte of intemst in the StatE~ nf Florida. .I ~ 'LS. The covenants and agreenents herein eontaincv! ~h.~ll bind and the benetits and advantaRes shal) inure to the i ~ re~~~ec•tive heirs, executors, administritors, sucec~sors, and assiRns of the parties hereto. V~%herever used, the sinRular ~ numi?er slwll include the plural, the plural the sin~;ul.~r, and !he use of any Kender ahall I~ applic-ahle to all Renden. All ~ ~ co~~enants, agreements f~nd ~undertakin~s shall be joint and se~•er.~l. In the e~•~nt additional numherecl rn~•en~nts or par.i- I ~ ~ ~raphs are for convenience inserted in this 111ortK~Ke, such additional c•o~enants shall be read and ~i~'en effect as though ~ following this co~•enant in consecutice order. ~ ~ ~ r -3- ' 4 5 ~ . ~~~x °a(.E 4 5 ~ ~ ~ ~ . ~ - _ ~ ~ ~ ~ ~~.~-r . ~ s~-~