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apply such rev+ts, issues :uul profits nveived 1?y it on the indebtedness see•urecl hereby ins }•h Dater 1\'Iortgage•e• der+•r
tuiues. The right to enter and take (?rrcSe•ssion of the Mortgaged Prolx•riy, to manage and ol?en?te the s:une, :+nd to coller•t
the rents, issues and profits thenuf, whether by a ree•eiver or otherwise, shall Ire cumuh?tive to any other right or renu•rfy
threunder or afforded by law, and me?y l+e exen•ised concurrently therewith or indelxndenlly thereof. Mortgagee shall
I?e liable to account only (or such rents, issues and profits actually recrived by Mortgagee.
14. If the indebtedness sec•und hereby is now or hereafter further secured by chattel mortgages, ue•urity interests,
financing statements, plcdge•s, c•ontr.?c•ts of guun?nty, ustiignments of leases, or other sec•uritics, or if the Mortgaged Pro-
prrty herby enc•umtxmd consists of morn than one 1?:?n•el of n•:+1 prot?eriy, 1liortgagee may at its option exhaust any one,
or more of said securities and security hereunder, or such fu?rcels of the security hereunder, either eoncurrnntly or inde-
ixndently, and in such order as it may determine.
15. This Mortgage shall se*e;ure Qt oily~-texisting indebtedness, but also such future advances, whether such advances
am obligatory or to 1?e made at t6d bp~oe~ of Mortgagee, or otherwise, as are made within twenty (20) years from the date
hereof, to the s:?me extent aS it such future advamrs were made on the date of the execution ont~?is Mortgage, but such
secured indebtedness shall not exceed at any time the maximum princil?:+1 amount of S , d
plus intemst, and any disbursements made for the Ix?yment of taxes, levies, or insurmcr, on the Mortgagccl Prol?crty, with
intemst on such disbursements. Any such future advances, whether obligatory or to be made ut the option of the 111ortgagec•,
ur otherwise, may be made either prior to or after the due dote of the Note or any other notes secured 1?y this Mortgage.
'T'his 111ortguge is given for the specific purlrose of sc•c•uring any and all indeMedness by the I11ortgaRor to Mortgagee (but
in no event shall the se•c•ured indebtedness exceed at any time the maximum princilr.?1 amount set forth in this I+:+r.?Rraph) in
whatever m:mner this indebtedness may 1?e evidenerd or represented, until this Mortgage is s:+tisticd of record. All coven-
ants and agreements contained in this Mortgage shall tre :y?plicable to all further advances made by tllorigagee to
Mortgagor under this future advaner clause.
16. No delay by Mortgagee in exercising any right or remedy hereunder, or otherwise afforded by law, shall ol?er.?te
as a waiver thereof or preclude the exercise thereof during the continuance of any default hereunder. No waiver by
1.lortgagee of any default shall constitute a waiver of or consent to sut?sequent defaults. No failure of Mortgagee to exercise
any option herein given to accelerate maturity of the debt hereby secured, no tort?ear.?mr by Mortgagee tretore or after the
exercise of such option and no withdr.?wal or alwndonment of foreclosure procrecling by Mortgagee shall I+e taken cir con-
strued as a waiver of its right to exercise such option or to acc•eler.?te the maturity of the debt hereby sc•c•urcd by reason of
any past, present or future default on the Ir.+ri of Mortgagor, and, in like manner, the proe•urement of insurmce or the p:+y-
ment of taxes or other liens or charges t?y Mortgagee shall not Ire taken or ronstnred as a waiver of its right to ac•e•eler.+tc
the maturity of the debt hereby see•und.
17. Without affecting the liability of 1~1ortgagor or any other Ix•rson lezcept any Ixrson expressly rr•le:?sed in writingf
for payment of any indebtedness sec•urerl hereby or for Irertormance of am• oblig:ion contained herein, and without a(fc•e•t-
?ng the rights of A1orig:+gee Kith n•sl?ee•t to any security not expressly relr.+see1 in writing, Mortgagee may, al :u?y time .+nd
front time to time, either tx•fore or after the maturity of s:+id note, and without notice or c•onsent_
la) Nelease any 1?erson liable for payment of all or any I>:+ri of the indeMednc•sti or for Ix•rformance o! any obGgation-
Ib) Make any agreement extending the time or otherwise altering the terms of payment of all or any p:+rt of the •
indebtedness, or modifying or Kaiving any obligation, or sutronlinatinR, mrxlitying or otherwise dealing Kith the lien or -
charge hereof.
Ic1 Exen•ise or refr.?in from exercising or w•;+ive any right Mortgagee, may have.
(d) Accept additional security of any kind
(e) Release or otherwise deal Kith any pmtx•rty, real or I+ersonal, securing the indebtedness, including all or am• part
of the Mortgaged Prol+erty.
1K. Any agreement hereafter made by Mortgagor and Mortgagee pursuant to this mortgage shall Ire sutrc•rior to the
rights of the holder of any inten•eninR lien or encumbr.?nce.
19. Mortgagor hereby waives all right of homestead exemptwn, if :my, in the, Mortgaged Prolx•rty.
In the event of condemnation pror•eedings of the Mortgaged Yrot?erty the award or comlmns:+tion payable there-
! under is hereby aligned to and sh:dl tee 1?:+id to Mortgagee. Mortgagee shall Ire under no obligation to question the amount
.r( any such award or coml?ens:?tion and may accept the s:?me in the amount in which the same shall be lu?id. In any such
~ condemnation proe•eedings, ;?tortgaRee may be repreu•ntcd by counsel se•le•c•ted by Mortgagee. The prrx•eeds of any award
or comtx•ns:?tion so received shalh at the` option of Alortgagte, either be applied to the prepayment of the Note and at the
t rate of interest prodded therein, n•gardless of the r.+te of interest payable on the :+ward by the condemning authority, or :+t
? the option of \lortgagee, such award .hall Ix• Iraid Deer to '.1ortgagor Grr restoration of the Mortgaged Yrolx•rty.
f
?I. If \IortgaRee, pursuant to a construction loan agreement or loan commitment made by :1lortgaRee with Mortgagor.
agrees to make construction loan adv:ux•es up to the principal amount of the Note, then Mortgagor hereby covenants that it
Kill comply with all of the terms, provisions :+nd cuce•nants of s:+id construction loan agreement or loan commitment, Kiil
diligently construct the, improvements to tx huih pursuant to the, terms there•o(, all of the terms thereof which are in-
cortrrrrated herein by reference as though se•t forth full, he•min and will tx•rmit no deL•wits to rx•cur thereunder and it a de-
fault sh:+l! rrc•cur thereunder, it shall constitute a default under this ;~lortg:+Rc and the Note.
'_>Z. At the option of Mortgagee, Mortgagor shall provide Morig:+gee Kith treriodic certified audited statements of the
financial rnndition of Mortgagor.
23. Mortgagor reprc~u•nts and warr.ents that if corpor.+tion, it is duly organized and validly existing, in g«,d stand-
ing under the laws of the state, of its incortrerr.+hon, has stcx•k uutstandinR Khich has txen duly and validly +stiued, and is
qualified to do business :+nd is in grrrrrl shu+ding in the St:+te of Florida, with full Ixrw•er and authority to consummate the,
- Iran contemplated hereby: and, it a partnership, it is dul• forme•rf :?nd validly existing, and is fully qualified to do business
in the State of Florida; w'Ith fUII tNIKY•r and authority to consummate, the Iran cuntempl:ded hereby.
24. In the event anv one or more of the prmisions contained in this 1lortgage or in the Note shall for any reason
Irr• held to Ire, invalid. illegal or unenfonrable in any n•spect, such invalidih-, illegality or unenforceablity shall, at the
option of the Mortg:+gce, not alfect am• other pm~:sions of this Mortgage,. but this Mortgage shall fee construed as if such
~ imalid, illegal or unentorceahle pmcision had never I:een contained hen•in or therein. "The total interest payable purse:+nt
to the Note or this MortKage shall not in am• one ~'~•:+r exceed the, highest L•iwful rate of inten•st in the State of I•'lorida.
Z:i. "1•he• cocen:+nts and agreements hen•in cont:uned shall hind and the Ix•ne•lits and advantages shall inure to thc•
n•.pect~~e• heirs. executors. adninislr.+tors. succesor~, and aligns of the parties hen•to. Wherever user(, the vingular
numire•r sh:?II include fhe plural, the plur.+l the singular. and the use, of any gender shall t,e• applicable to all genders. All
covenants, agreements and undertakings shall Ire joint :?nd scver:+l In the event addition:r) numtx•nd cmenants or para-
gr:ephs are far convenience inserted in this Mortgage. such additional covenants sh:+Il Ire, read and Riven effect as though
IollowinR this covenant in consecutive order-
-3- 319 PS~E X196