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apply such rents, issues and profits received by it on the indebtedness secured hereby in such order us Mortgagee deter-
mines. The right to enter and take tx,ssession of the itlorigaged Pml,erty, to manage and ot+entte the si+me, and to collect 3
the rents, issues and profits thereof, whether by n receiver or otherwise, shall l+e cumulative to any other right or remedy ~
hereunder or :+tforded by law, and may t,e exen•ised concurrently therewith or independently thereof. Mortgagee shall
t+e liable to account only for such rents, issues and profits actually received by Mortgagee.
14. If the indebtedness secured hereby is now or hereafter furiher secured by chattel mortgages, scc•urity interests, ~
financing st:tements, pledges, contracts of gu:+n+nty, :+s+ignments of le:+ses, or other securities, or if the Mortgaged Pro-
perty hereby encumbered consists of more th:+n one lmnel o[ re:+t I,roperiy, Mortgagee nu~y at its option exhaust any one 4
or more of said securities and security hereunder, or such lmrcels of the security hereunder, either concurrently or inde- ~
I,endently, and in such order as it m:+y determine.
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15- This Mortgage shall secure not only existing indebtedness, but also such future advan~rs, whether such :+dvancea
are obligatory or !o be made ut the option of Mortgagee, or otherwise, as are made within twenty (20) years from the date
hereof, to the same extent as it such future adv:+nces were made on the date of the execution of this Mortgage, t,ut such
secured indebtedness shall not exceed at any time the maximum principal amount o{ = 55~(1(1_t1c1
plus interest, and any disbursements made for the fx+ymenl of taxes, levies, or insurance, on the Mortgaged Pro{,eriy, with
interest on such disbursements. Any such future advances, whether obligatory or to be made at the ot+tion of the tNorig:+gee,
or otherwise, may be made either prior to or after the due date of the Nole or any other notes secured by this Mortgage. 1
This 111origage is given for the specific purywse• of securing any and all indebtedness by the Mortg:+gor to Mortgagee tout
in no event shall the secured indebtedness exceed at any time the maximum principal amount set forth in this tmr.+Rrq,h) in
whatever manner this indebtedness m:+y be evidenced or represented, until this Mortgage is satisfied of record. All '~o~e~-
ants and agreements contained in this 1`lorlgage shalt he aPl,licable to all further advances made by Mortgagee to
tltortgagor under this future advance clause.
16. No delay by Mortgagee iri exercising any right or remedy hereunder, or otherwise afforded by law, shall ol+erate
as a waiver thereof or preclude the exercise thereof during the continuanrn of any default hereunder. No waiver by
Alortgagee of any default shall constitute a waiver of or consent to subsequent defaults. No failure of Mortgagee to exercise
any option herein given to accelerate maturity of the debt hereby secured, no forbearance by Mortgagee before or after the
exen•ise of such option and no withdrawal or abandonment of foreclosure proceeding by biorlgaRE'e shall I,e taken or con-
strued as a waiver of its right to exercise such option or to accelerate the maturity of the debt hereby secured by reason of
auy p:+st, present or future dsifault on the part of Mortgagor, and, in like manner, the procurement of insur.+nce or the I,:+y-
ment o[ taxes or other liens or charges by Mortgagee shall not t,e taken or construed as a w:+iter of its right h? accelerate
the n,uturity of the det?t hereby secured.
17. Without affecting the liability of Mortgagor or any other 1?erson lexcept any Ix•rsan expressly released in writing)
for is+yment of any indebtedness secured hereby or for performance of any obligation contained herein, and without aflsn•t- -
ing the rights of A'lortgagee with resf,ec•t to any security not expressly releas+d in writing, Aortgagee may, at any lime and
from time to time, either t,efore or after the maturity of s:+id note, and without notice or consent:
la) Release any I,erson liable for I,:+yment of all or any part of the indebtedness or for tx•rformance of anv ohli¢ntion •
li (h) 1Nake any agreement extending the time or otherwise altering the terms of t,:ryment of aft or any I,:+rt of the
indebtedness, or modifying or w:+iting any obligation, or suhonlinating, modifying or otherwise dealing w•ilh the lien or
charge hc~~eot. ? ~ .
Ic) Exercise or retr.+in from exen•isinR or waive :+ny right A1ortgags•e may have. • -
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td) Accept addition:d sec•urih• of any kind.
le) Release or otherwise deal with any property, real or f+ersonal, securing the indebtesins•s•9, including all or any I,:+rt
f. of the Morigugc-ct Property. •
1R. Any agreement hereafter rr+:+dc by Mortgagor and 1ltortgagee Pursuant to this mortgage shall tee superior to the
rights of the holder of any intervening lien or encumbr.+nce.
19. Mortg:+gor hereby waiter all right of homestead exemption, if any, in the 1ltortgaged Prol+crty.
20. In the event of condemnation pra•eedings of the Mortgaged Property, the award or compens:tion p:+yable there-
under is hereby assigned to and shall l,e paid to Mortgagee. 141origagee shall F,e under no obligation to question the amount
of any- such award or compensation and may accept the s:+me in the amount in which the same shall t,e paid. In any such
,•ondemnation prcx•ec•dings, ;llortgagre may he represented Irv counsel sele<•ted by Mortgagee. The prcx•s•EKfs of :,ny aK•:+rd
or compensation so received sh:dl, at the option o[ Mortgagee, either I,e applied to the prepayment of the Note and at the
rate of interest provided therein, rs•gardless of the r.+te of interest payable on the award by the condemning authority, or at
the option of Mortgagee, such award shall Ire lu+id over to Mortgagor for restor.+tion of the 1liortgaged Proherty-
21. If \Iorigagee, pursuant to a construction loan agre•e•ment or loan commitment made by Mortgagee Kith !~lorigagor•
agrees to make construction loan ad~:,nc•c•s up to the princif,:d amount of the Note, then Mortgagor hereby c•uvenants that it
Kill comply with all of the terms, provisions and cotenants of s:+id construction loan agreement or loan commitment, will
diligently construct the improvements to tee built pursuant to the terms thereof, all of the terms thereof which are in-
:•oryx,rated herein by reference :+s though set forth fully herein and will t?ermit no defaults to occur thereunder and if a de-
fault shall occur thereunder, it sh:+ll constitute a default under this Mortgage and the Note.
22. At the option of hlortgagec•, Atortg:+gor sh:+11 pmtide Morigagcr with periodic certified audited statements o[ the
financial conrliliun of hortgagor.
23. Mortgagor represcnts and warrants that if a cory,or.,tion, it is duly organized and validly existing, in gocxl stand-
ing under the laws of the state of its incorpor:,tion, has stc?c•k oulst:+nding Khich has trc•en duh• :+nd validly issued, and is
qualified to do business and is in Rcx?d standing in the State of Florida, kith full pc,wer and authority to consummate the
loam contemplated hereby: and, it a partnership, it is duly G,rmcd and talidly existing, and is fully qualified to do busine~g
in the State of Florida: with full Ix,wer and authority to consummate the loan contemplated hereby.
24. In the event any one or more of the provisions contained in this Mortgage or in the Note shall !or any re:+son
Irs• held to lee im:did, illegal or unenforceable in any resl,cr•t, such invalidity, illegality or unerforc•eablity shall, at the
option of the Mortgagee-, nut :dk•?•t any other pruvisiuns of this 5tortgage, but this Mortgage shall trs construed as if such
invalid, illegal or unenforceable pnnision had neccr trcen contained herein or therein. The total interest payable pursuant
to the Nute or this Mortgage shalt not in am• one year exceed th+• highest lawful rats. of interest in the State of Florid:+.
'L5. The covenants and agreements herein contained sh:dl hind and the lx ne{its and advantages shalt inure to the
re•st?ee•tice heirs, executor, administrators, successors, and astiigns of the parties hen•to. Wherever used, the singular
numFrer shall include the plural, the plural the singular, and the u.~;e of any gender shall I,c applicable to all genders. All
covenants, agreementK and unsteriakinga shall Ire joint and 'event. In the event additional numlrerecl covenants or para-
graphs are fur convenience inserted in this Mortgage, such additional covenants shall tee read and Riven effect as (hough
tullowing this cotenant in consecutite order. -
-3- af~322 P~~.788