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apply such rents, issues atnd i'?s rec~~yy''1~on the indebtedness secured hereby in such order as Mortgagee deter-
mines. The right to enterNtr~ ICe possessTo~bt~lhe Mortgaged Property, to manuge and operate the same, and to collect
the rents. issues and profits thereof, whether by a receiver os otherwise, shall be cumulative to any other right or•remedy
hereunder or afforded by law, and may be exenised concurrently therewith or independently thereof. Mortgagee shall
be liable to account only for such rents, issues and profits actually received by Mortgagee.
14. It the indebtedness secured hereby is now or hereafter further secured by chattel mortgages, security interests,
financing statements, pledges, contracts of guaranty, assignrrentA of leases, or other securities, or it the Mortgaged Pro-
perty hereby encumbered consists of more than one petrel of real property, Mortgagee may at its option exhaust any one
or more of said securities :+nd security hereunder, or such parcels of the security hereunder, either concurrently or inde-
I+endently, and in such order as it may determine.
15. This Mortgage shall secure not only existing indebtedness. but also such [uture advances, whether such advances
are obligatory or to be made at the option of 1ortgagee, or otherwise, as are made within twenty (20) years from the date
hereof. to the same extent aa. it such future advances were made on the date of the executio ~ t this Mortgage, but such
secured indebtedness shall not exceed at any lime the maximum principal amount o[ = ri a
plus interest, and any disbursements made for the payment of t<•txes, levies, or insurance, on the Mortgaged Property, with
interest on such disbursements. Any such future advances, whether obligatory or to be made at the option of the Mortgagee,
or otherwise, may be made either prior to or after the due date of the Note or any other notes secured by this Mortgage.
This Mortgage is given for the specific put•{wse of securing any and all indebtedness by the Mortgagor to Mortgagee (but
in no event shall the secured indebtedness exceed at any time the maximum principal amount set forth in this paragraph) in
whatever manner this indebtedness may be evidenced or represented, until this Mortgage is satisfied of record. All coven-
:+nls and agreements contained in this Mortgage shall be applicable to all (urther advances made by I?lortgagee to
I~tortgagor under this future advance clause.
16. No delay by Mortgagee in exercising any right or remedy hereunder, or otherwise afforded by law, shelf operate
as a waiver thereo[ or preclude the exercise 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 hereby secured, no forbearance by Mortgagee before or after the
exercise of such option and no withdrawal or abandonment of foreclosure proceeding by Mortgagee shall be 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
any lx+st, present or future default on the part of Mortgagor: and, in like manner, the procurement of insurance or the 1>s,y-
ment of fazes or other liens or charges by Mortgagee shall not he taken or construed as a waiver of its right to accelerate
the maturity of the debt hereby secured.
17. Without affecting the liability of Mortgagor or any other person (except any person expressly released in writing)
for payment of any indebtedness secured hereby or for performance of any obligation contained herein, and without affect-
ing the rights of Mortgagee with respect to any security not expressly released in writing, Mortgagee may, at any time and
from time to time, either before or after the maturity of said note, and without notice or consent:
(a) Release any person liable for payment of all or any hart of the indebtedness or for performance of any obligation.
(b) Make any agreement extending the time or otherwise altering the terms _of Ir.+yment of all or any part of the
indebtedness, or modifying or waiving any otrlig:+tion, or subordinating, modifying or otherwise dealing with the lien or
charge hereof.
A.
(c) Exen•ise or retrain from exercising or waive any right Mortgagee may have.
Id) Accept additional security of any kind.
(e) Release or otherwise deal with any property, real or lrersonal, securing the indebtedness, including all or any Ir.+rt
of the Mortgaged Property.
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~ 18. Any agreement hereafter made by Mortgagor and Mortgagee pursuant to this mortgage shall be superior to the
f rights of the holder of any inlenening lien or encumbrance-
19. Mortgagor hereby waives all right of homestead exemption, if any, in the Mortgaged Property.
20. In the event of condemnation proceedings of the Mortgaged Property, the award or compensation Irayable there-
under is hereby assigned to and shall be paid t^ Mortgagee. Mortgagee shall be under no obligation to question the amount
of any such award or compensation and may accept the same in the amount in which the same shall be paid. In any such
condemnation proceedings, Mortgagee may be represented by counsef selected by Mortgagee. The proceeds of any award
or compensation so received shall, at the option of Mortgagee, either be applied to the prepayment of the Note and at the
rate of interest provided therein, regardless of the r+te ~f interest payable on the award by the condemning authority, or at
the option of Mortgagee, such award shall be paid over to Mortgagor for restoration of the Mortgaged Property.
21. If Aortgagee, pursuant to a construction lean agreement or loan commitment tn58e by Mortgagee with Mortgagor,
agrees to make construction lo:+n advances up to the principal 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,oommitment, will
diligently construct the improvements to 1?e built pursuant to the terms thereof, all of the terms thereof which are in-
cor{ror.+ted herein by reference as though set forth fully herein and will permit no defaults io occur thereunder and it a de-
f:+ult sh:+ll occur thereunder, it shall constitute a default under this Mortgage and the Note+
22. At the option of 11'Iortgagec, Mortgagor shall provide Mortgagee with periodic certified audited statements of the
financial condition of Mortgagor. ~ _ - ~ ' +
23. Mortgagor represents and warrants that if a cortroration, it is duly organized and validly existing, in good stand-
ing under the laws of the state of its incortwration, has stock outstanding which has been duly and validly issued, and is
qualified to do business and is in grxxl standing in the State of Florida, with full power and authority to consummate the
loan contemplated hereby; and, if a partnership, it is duly formed and validly existing, and is fully qualified to do business
in the State of Florida: with full {rower and :+uthority to cronsummate the loan contemplated hereby.
24. In the event any one or more of the provisions contained in this Mortgage or in the Note shall for any reason
Ire held to fee invalid, illegal or unenforceable in any resfrect, such invalidity, illegality or unenfotceablity shall, at the
option of the Mortgagee, not affect any other provisions of this Mortgage, trot this f`Iortgage shall he construed as if such
im•alid, illegal or unenforceable provision had never treen contained herein or therein. The total interest payable pursuant
to the Note or lhiii Mortgage shall not in any one year exceed the highest lawful rate of interest in the State of Florida.
25. The covenants and agreements herein contained shall bind and the benefits and advantages shall inure to the
restx~c•tive heirs, executors, administrators, successors, and assigns of the parties hereto. Wherever used, the singular
numtrer shall include the plural, the plural the singular, and the use of any gender shall be applicable to all genders. All
covenants, agreements and undertakings shall tee joint and several In the event additional numbered covenants or para-
graphs are (or convenience inserted in this Mortgage, such additional covenants shall be read and given effect as though
following this covenant in consecutive order.
eouK~ PAGE~~ -3 ~R 326 PAGE 355
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