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a{,ply such rents, incurs and profits received by it on the indebtedness secured hereby in such order :+s Mortgagee deter-
mines. 'fhe right to enter and take {w.cce:~ion of the Mortgaged Pro{rerty, to manage-and o{senate the s:+me, and to c•ollec•t
the rents, issues and profits thereof, N•hether t?y a rcr•eiver or otherwise, shall be cumulative to any other right or mmedy
hereunder or afforded by law, and may he ezen•ised concurrently therewith or independently thereof. Mortgagee shall
be liable to account only for such rents, issues and profrta actually received by Mortgagee.
14. It the indebtedness' secured hereby is now or herea[ter further secured by rlu+ttel mortgages, security interests, ~
(inanc•ing statements, pledges, contracts of guaranty, assignments of leases, or other securities, or if the Mortgaged Pro-
perty hereby encumbered consists of more than one {x+n•el of nx+l property, Mortgagee may at its option exhaust any one
or more of said securities and security hereunder, or such parcels of the Ilec•urity hereunder, either concurrently or inde• Z
{rendently, and in such order as it may determine.
15. This Mortgage shall secure not only existing indebtedness. but also Such future advances, whether such sldvances
are obligatory or to be made at the option of Mortgagee, or otherwise, as are made within twenty (20) years from the date
hereof. to the same extent us i( such future adv:lnces were made on the date of the execution of this Mortgage, Ilut such ~
secured indebtedness shall not exceed at any time the maximum principal amount of E (lA(1 nn
{Ilan interest, and :Iny disbursements made (or the payment of t:lxes, levies, or ir?surlne•e, on the Mortgaged Property, with
interest on such disbursements. Any such future advan<•es, whether obligatory or to be made at the option of the Mortg:+gee,
or otherwise, may be made either prior to or after the due date of the Note or any other notes secured Ily this Mortgage.
This Mortgage is given for the s{sec•itic pur{lose of securing any and all indeMedness by the 11lortgagor to Mortgagee (but
in no event shall the secured indebtedness exceed at any time the maximum principal amount set forth in this {xlrlgr.+vh) in
whatever manner this indebtedness may be evidenced or represented, until this Mortgage is satisfied of record. All coven-
ants and agreements contained in this Mortgage shall he applicable to all further udvunms made by Mortgagee to
Mortgagor under this future advance clause.
16. No delay by Mortgagee in exercising any right or remedy hereunder, or otherwise :+(forded by law, shall overate
as a waiver thereof or preclude the exen•ise thereof during the continuance of any default hereunder. No waiver by
Mortgagee 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 hemby see•ured, no (orbear.+ne-e by Mortgagee tletorn or after the•
exen•ise of such option and no withdrawal or alwndonment of tomc•losurn proceeding by Mortgagee shall be taken or c•on•
strued as a waiver of its right to exercise such option or to accelerte the maturity of the debt hereby sel-ured by reason of
any bast, present or future default on the {wrt o[ Mortgagor, and, in like manner, the procurement of insurance or the {x+y-
ment of taxes or other liens or charges by Mortgagee shall not he taken or contanned as a w:+irer of its right to :u•celer.+te
the nwturity of the debt hemby secured.
17. Without atferting the liability of Mortgagor or any other {lerson )except any {lerson expressly rnleased in writing)
for {wyment of any indebtedness secured hereby or for {lertormance of any obligation contained herein, and without at(e+•t-
ing the rights of 117ortgagee with res{sec•t to any security not expressly rele:+sed in writing, 111orlgagee may, at any time and
from time to time, either llefore or after the maturity of s:+id note, and without notice or consent:
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Ib) Make any agreement extending the time or otherwise altering the terms of {I:+yment of all or any {s:+rt of the
indebtedness, or modifying or w:+iving :+ny obligation, or subordinating, modifying or. otherwise dealing with the lien or
ch:+rge hereof. - • '
r ' ?Its rat : ~ ,
It•1 Exen•ise or refrain from exercising or waive any right Mortgagee may have-
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{d1 Accept additions{ security of any kind.
ter Release or otherwise deal with any pro{lerty, mat or {lersonal, securing the indebtedness, including all or any v:+rt
of the Mortgaged Property.
1K. Any agreement hereafter made by :Mortgagor and iltortgagee pursuant to this mortgage shall Ile superior to the
I rights of the holder o[ any intervening lien or encumbrance-
` 19. Mortgagor hemby waives all right of homestead exemption, if any, in the Mortgaged Property.
{ 20. In the event of condemnation pra•eedings of the 14iortgaged Pro{lerty, the award or c•om{lensation {ulyable there-
under is hemby assigned to and shall be {I:lid to Mortgagee. Iltortgagee shall be under no obligation to question the amount ,
of any such award or com{/ensation and may ac•c•ept the same in the amount in which the same shall be paid. In any such
I•or+demnalion pnx•eedings, Mortgagee may he n•prrsented Ily counsel selected 1?y Mortgagee. The proceeds of any award
' or com{lens•Ition scs received shall, at the option of Mortgagee, either he applied to the prepayment of the Note and at the
` rate of interest provided therein, rrgardlrss of the rate of interest {I:+yable on the award by the condemning authority, nr at
r the option of Mortgagee, such award shaft ix• {I:+id over to Mortgagor for restoration of the Mortgaged Pro{lerty.
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21. It iltortgagee, pursuant to a construction loan agn•e•ment or loan commitment made by MOrtgagee N'Ith iMOrtgagor,
agrees to m:+ke construction loan :+dvances up to the princi{?:+1 amount of the Note, then Mortgagor hereby covenants that it
will comply with all of the terms, provisions and covenants of s:+id construction loan agreement or loan commitment, will
1 diligently construct the improvements to tle •built pursuant to the terms thereof, all of the terms thereof which are in-
con{wr.+ted hen•in by mtemnce as though set forth fully herein and will {sermit no defaults to occur thereunder and it a de•
fault shall cx•cur thereunder, it shall constitute default under this 1\/ortgage and the ivote.
22. At the option of ltlortgageK•, 1\1ortgagor shalt provide Mortgagee with periodic certified audited statements of the
financial condition of Mortgagor.
23. MortK:+f:a/r repn•sents and w:+rrnMs that it a con{wrltion. it is duly organized and validly existing, in good stand-
ing under the IaN~s of the state of its incor{xlr.+tion, has stlx•k outstanding which h:+s peen duly and validly issued, :+nd is
s yualitied to do business and is in gl/cscl standing in the titate• of Florida. with full {lower and authority to consummate the
s loan contemplated hen•by: and, if {>:Irtnership, it is duly tornled and eahdly existing, and is fully qualified to do business
in the State of Floridi+; with. tUII {N?wl'f and authority to c/msummatr tfie Iran contemplated hemby.
'24. In the event any one or more of the pnl~isions contained in this Mortgage or in the Note shall for any reason
Ile• held to Ile imalid. illegal or unenforceable in any re.{xc•t. such invalidity. illegality or unentorceablity shall, at the
option of the 1ortgagee, not alte•c•t any other pnovisions of this Aiortgage, but this Mortgage shall be construed as if such
invalid, illegal or unenton•eablc• provision had never Veen contained herein or therein. The total interest {Iayable pursuant
to the ;dote or this 5lortgage shall not in any one year exceed the highest lawful rate of interest in the State of Florida,
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r. The covenants and agreements herein containe•et shall bind and the Ilenetits and advantages shall inure to the
~ rrs{xK•tivr heirs, exec•ulors, administrators, succeswn, and :lscigns of the parties hereto. Whemver used, the singular
numfler shall include• the plural, the plural the singular, :Ind the use of any tender sh:+Il be applicable to :dl genders. A{I
coven:lmts, agreements and undertakings shall Ile joint and severll. In the event additional numbered rnvenants or {xlra-
graphs are for c•oncenience inserted in this Atorigage, such additional ce>,•enants shall Ile read and given effect as though
~ following this covenant in consecutive order.
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