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Home My WebLink About0157 _ . . . _ . . . . . _ _a_- upply su~h re~~s, issues and prolita received by it oa the indebeednee~s secur~! supb o~~~Mortgagee deter- mines. The right to enter and take ~ion ot the Mottga~ed Property~ to m~na~ operate e, and to collect the rents, iesuea and protita thereo(, whalher by a re~~eiver or otherwise. shall be cumulative to any other right or remedy hereunder or aftotded by law, and tnay be e:ercised rnncurre~tly therewiW o~ independently thereof. Mortgagee shail - be liabie to account only (or suc6 rents, ipuea end profi4 actually receivod by Mortgaaee. 14. It the indebtednes~ aecured hereby u now or hecea(ter further secured by chattel mortgagea, security intereets, tirwocing slatementa, pled~tes, rnntrecta ot guaranty, esaigomenta of leaseo, or other sec~tttitira, or if !!ec 1liartgaged Pm- perty hereby encumbered conaisb of more tlwn one parcel ot real property~ Mortsagee may at ita option exhawt any one or more ot said ~ecurities and security hereunder, o~ auch parcela of tlse ~ecurity hersunder, either concurrently or inde- pendently. and in auc6 order as it awy determiae. lb. Thie Mortgage ahall eecurn not only e:iatina indebtedness. but also such future advances, whether such advancea are obligatory or to be made at the option ot Mortgagee, or otherwise. as are made within twenty (20) yeais trom the date hereot. to the same e:tent as i[ such tuture advancea were made on the date ot the e:ecution oNtAthis Mortgage, but such secured indebtedness shn11 not e:ceed at any time the maximum principel amount of = plua intereat. and any diabureements made tor the payment of ta:es, leviea. or insurunce, on the Mortgaged Property, with intereat on auch d'ubursements. Any auch tuture advances, whet6er obfigatory or to be made at the optior? of the Mortgagee, or otherwise, muy be_ made either prior to or after tbe due date of the Note or any other notes aecured by this Mortgage. This Mortgage is given for the specitic pur~wae o( aecuring any and all inde¢tedneae by the Morigagor to Mortgagee (but in no event ahaU the eecured indebtednesa e:ceed at any time the maximum principal amount set torth in this paragraph) in whatever manner this indebtedr~ may be evidenced or represented, until thia Mortgage is satistied of record. All cove~- anta and agreementa contained in this Mortgage ahall be appiicable to aU turther advances made by Mortgagee to Mortgagor under thia tuture advance clauae. 16. No delay by I1Zortgagee in exercising a~y right or remedy hereunder. or otherwiae af(orded by law, shaU operate ns A waiver thereof or preciude the e:erciae thereof during the continuance ot any default heceunder. No waiver by Mortgagee of any deluult shal! conatitute a waiver ot or consent to subsequent defaults. No tailure of Mortgagee.to e:erciae any option herein given to accelerate maturity of the debt hereby secured, no torbearance by Morigagee be(ore or after the exercise of such option and no withdrawal or abandonment ot forecloaure proceeding by Mortgagee ahall be taken or con- strued as a waiver of ita right to e:ereise such option or to accelerate the maturity ot the debt hereby secured by reason of any past, preaent or tuture default on the part of~ Mottgagor; and, in like manner, the procurement of insurance or the µiy- ment o( taxea or other liens or charges by Mortgagee shall not be is~ken or construed as a waiver ot its right to accelemte the maturity of the debt hernby secured. 17. Without at[ecti~g the liability of Mortgagor or any other person (except any person eYpressly released in writing) (or payment of any indebtedness secured hereby or for performance of any obligation contai~ed herein, and without affect- ing the rights of Mortgagee with reapect to any security not exprasiy rel~ased in writinp,, Mortgagee may, ~t any time and irom time to time, either be(ore or after th~ turit~ o(.aaid note, and without notice or rnnsent_ ~ ~ ~ ~ (a) Release any pereon liable tor payment of all or any part of the indebtedness or tor pertormance of ~ny obligation. (b) Make any agreement extending the time or otherwise altering the terms of ~aayment of all or any part of the indebtednesa, or modi(ying or waiving any obligation, or sutwrdinating, modifying or otherwise dealing with the lien or charge hereof. (~l E:erciae or retrriin from exerciaiag or waive any right MortRager may have. _ (d) Accept additional se~vrity of any kind. (e) Release or otherveise deal with any property, rea) or personal, aecuring the indebtednesa, including all or any part of the Mortgaged Properiy. - , 18. Any agreement herea(ter made by Mortqaqor and Mortgagee pursuant to thia mortRage shall be su~~erior to the rights oF the holder ot any intervening lien or encumbrance_ E 19_ Mortgagor hereby waives a11 right of homestead exemption, if :~ny, in the 111orlgaged Properfy. E 20. In the event of condemnation ~>roceedings ot the Mortgaged Property, the award or ~rompensation ~~ayable there- i under is hereby assigned to and shall be paid to Mortgagee_ Mortgagee shaQ be under no obligation to question the amount ~ ot any auch award or compensation and may accept the same in the amount in which the saree ahaU be paid. In Any such ~ condemnation proceedings, Mortgagee may be represented Fry counsel selected by Morigagee. The pra•eeds ot any award ~ or compensation so teceived shall, at the option oi Mortgagee, either be applied to the prepayment of the Note and at the p rate of intereat provided iherein, regardless of the nte ot interest payable on the award by the condemning authority, or at ~ the option oE Mortgagee, such aw•ard shall be paid over to Mortgagor for reatoration o( the Mortgaged Property. ~ z # 21. It 111ortgagee, pursuant to a construction loan ~greement or loan commitment made by Moitgagee with 1Nortgagor. ~ agrees to tnake construction loan ad~•ances up to the principal amount ot the I~1ote, then Mortgagor hereby coveru~nts that it ~ will comply with al! of the terms, ~~rovisions and covenants of said construction loan agreement or loan comrrytment, will diligently construct the improvements to he built pursu~nt to the terms thereot, all ot the terms thereof which are in- corporaled hemin by reference as though aet torth fully herein and wip permit no detaalts to occur thereunder and if a de- ~ (ault s}wll occur thereunder. it shall constitute a detault under this Mortgage and the Note. ~ 22. At the option of Mortgagee, Dlortgagor shall ~~mvide MortgaRee with periodic certi(ied audited statements of the financial condition ot Mortgagor. ~ 23. Mortgagor represents and warrants that if cor~wr.~tion, it is duly organized and validly existing, in good stand- ing under the laws of the state ot its ipcorporation, has stock outstsinding which has been duly and validly issued, and is ~ yualitied to do business and is in good sfanding in the State of Florida, with fu11 power and authority to consummate the ~ la~n contemplated hereby; and; if a partnership, it is duly formed and validly exiating, and ia (ully qualified to do business ~ ~ in the State ot Florida; with tull power and authority to consummate the loan contemplated hereby. ~ ~ ~ 24. In the event any one or more o( the provisions cont~~ined in thia Mortgage or in the Note shall for any reason ! Y i?e held to F?e invalid, illegal or unenforceable in any reapect, such invalidity, illegality or unentorceablity ahall, at the ~ option of the Mortgagee, not affect any other provisions of this l1lortgage, but this Mortgage shall be construed as if such ~ invalid, illegal or unenfomeable provision had ne~-er been crontained hernin or therein. The total interest payable pursuant < to the Note or thia MortRage ahall not in any one year exceed the highest Iawful rate of intereat in the State ot Florida. ~ X ~ 25. The covenanta and agreementa herein conlained shall bind and the bene(ita and ad~~antages shall inure to the 5 respective heirs, eiecutors, administrators. successora, ~nd assigna of the ~~rtiea hereto. 11Yherever used, the singular ~ ~ number shall include the piurnl, fhe plural the sing~lar, and the use of any gender shall be applicable to all genders. All ~ ~Y,venants, agreements ~nd undertakinga ahap be joint and aeveral. 1n fhe event additional numbered covenants or para- ~ graphs are (or convenience inserted in thia Mortgage, such additional ~o~~enanta ahal) be read and given ef(ect as though tollowing this covenant in consecutive order. ~ ~ ~ -3- ~ k 3U01( J 1 157 f ~ F