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:?pply such mots, issuc•a and pmfita tee•eivc•d by it nn the indebtedness sec•un•d hereby in auc•h onter ua Mortgug~r. deter-
n+incs. The right lu enter and lake hoascaaion of the Mortgaged t'ro1K•riy, to mun:+ge and ol+en+te the acme, and to cullec•t
the rents, isvuca and pmfita thereof, whether by a receiver or otherwise, shall 1?e cumulative to any other right or remedy
hemunder or afforded by law, and may t,e exen:iaed concurrently therewith or indel,endently lhernof. Mortgagee shall
I,e liable to account only for such mots, issues and profile actually rec•eivecl by Mortgagee.
14. It the indebtcrlnesa sec•und hemby is now or henufter Further secured by chattel mortgages, security interests,
financing at:+tementa, l+leclges, contrncta of guar:+nty, uavignments of leuaea, or other sec•uritics, or if the Mortgaged Pro-
t?cvty hereby encumt,ered c•onaiata of more than one tu+nrl of re:+1 propeHy, Mortgagee may at its option exhaust any one
or nwre of st+id securities and security hereunder, or such Iwnrls of the security hereunder, either +•onc•urrently or inde-
tx•ndenlly, and in such order :+s it may determine.
15. This Mortgage shall secure not only existing indebtedness, but also such future ndvancea, whether sash advances
am obligatory or to he made at the option of Iortgagee, or otherwise, :+a are made within twenty (20) years from the date
henof, to the same extent :+s i( such futuin advances wen: made on the date of the execution of thin Mortgage, t?ul such
sc•c•unrl indebtedness shall not exceed at any time the maximum principal amount of i nos
plus inten•st, and any disbursements nu+de for the f,aymcnt of taxes, levies, or insur.+n+•e, on the Mortgagc•+i Yrotx rty, with
interest on such disbursements. Any such future udvanc•ea, whether obligatory or to he mode ut the option of the Mortgagee.
or otherwise, may 1?e mode either prior to or after the due dote of the Note or any other notes secured by this Mortgage.
't'h(s lllortgage is given for the st,cr•itie• purpose of securing any and all indebtedness by the Mortgagor to Mortgagee (but
in no e~rnt shall the secured indebtedness exceed nt any time the m:+ximum principal amount set forth in this par.+groph) in
whatever m:u+ner this indebtedness nu?y t?e evidenc•cd or repmse•nted, until this Mortgage is satisfied of record. All rnven-
anta :+nd agn•cmenls con4+ined in this Mortgage shall t,c• applic•ubte• to all further advanc•cs made by Mortgagee to
Mortgagor under this !alum advnnc•e clause.
16. No delay by titortgagee in exercising any right or remedy hereunder, or otherwise afforded by law, shall ol,erale
:,s a waiver thereof or preclude the exercise thereat during the continuance of any default hereunder. No waiver by
Mortgagee of any default shall constitute a waiver of or consent to sul,sequenl defaults. No failure of Mortgagee to exercise
any option herein given to accelerate maturity of the debt hereby secured, no fort?earanc•e by Mortgagee t?efore or after the
cxen•ise of such option and no withdrnwa) or al?:+ndunmen[ of foreclosure proceeding by Mortgagee shall be taken or +•on•
strued :rv a waiver of its right to exercise such option or to accelerate the maturity of the debt hereby secured by re:+son of
:?ny Ixtsl, present or futurn default on the {,art of Mortgagor: and, in like manner, the procurement of insurance or the p:+y-
ment of taxes or other liens or charges by Mortgagee shall not Ix• taken or rnnstrued as a waiver of its right to accelerate
the maturity of the debt hereby sec•umd.
17. .Without affecting the liability of Mortgagor of any other j~erson (except any person expresvly released in writing)
G,r p:+yment of any indebtedness secured hereby or fur performance of any obligation contained herein, and without affect-
ing the rights of Mortgagee with respect to any sc•c•urlly not expmssly released in writing, Mortgagee may, at any time and
from time to time, either t?efore or after the maturity of said note, :+nd without notice or consent;
(a) Release any person liable for h:+yment of all or any hart of the indebtedness or for {,erformance of any obligation.
(b) Make any agreement extending the time or otherwise altering the terms of h:+yment of all or any {,:+rt of the
indebtedness, or modifying or waiving any obligation, or subordinating, modifying or otherwise dealing with the lien or
charge hereof.
(c) Exercise or re(r.+in from exercising or waive any right Mortgagee may have.
ld) Acc•epi additional sec•»rity of any kind.
(e) Release or otherwise deal with any pml,erty, real or Irersonal, securing the indebtedness, including all or any l,:+rt
of the Mortgaged Property.
18. Any agreement hereafter made by Mortgagor and Mortgagee pursuant to this mortgage shall F?e superior to the
rights of the holder of any intervening lien or encumbrance.
19. Mortgagor hereby waives all right of homestead exemption, if any, in the Mortgaged Property.
20. In the event of condemnation pr«•eedings of the Mortgaged Prolerty, the award or compensation t?ayahle there-
under is hereby assigned to and shall be paid to Mortgagee. Mortgagee shall I,e under no obligation to question the amount
n( any such award or compensation and may accept the same in the amount in which the same shall t,e paid. In any such
condemnation proceedings, Mortgagee may .l,e represented try counsel 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
r:+te of inlere~t provided therein, n•gardless of the rate of interest payable on the award by the condemning authority, or at
the option of Mortgagee, such award shalt t?e paid over to Mortgagor for restoration of the Mortgaged Property.
21. It t1'Iortgagee, pursuant to a construction loan agreement or loan commitment made by Mortgagee with Mortgagor,
agrees to make construction loan advances up to the principal amount of the Note, then Mortgagor hereby covenants that it
w•iil comply with aft of the terms, provisions :+nd covenants of said construction loan agreement or loan commitment, will
diligently construct the iml+rovements to be built pursuant to the terms thereof, all of the terms thereof which am in-
corporated herein by inference as though set forth fully heroin and will permit no defaults to occur thereunder and if a de-
fault shall occur thereunder, it shaft constitute a default under this Mortgage and the Note.
22. At the option of Mortgagee, Mortgagor shat{ provide Mortgagee with periodic certified audited statements of the
financial condition of Mortgagor.
23. Mortgagor represents and warrants that if a corporation, it is duly organized and validly existing. in good stand- t
ing under the taws of the st:+te of its inerorpor.+tion, h:+s stock outstanding which has been duly and validly issued, and is
qualified to do business and is in good standing in the Slate of Florida, with full power and authority to consummate the
loan contemplated herel?y; 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 power and authority to consummate the loan contemplated hereby.
24. In the event any one or more of the Irrovisions contained in this Mortgage or in the Note shall for any reason
tee held to be invalid: ittegal or unenforceable in any resl,ec•t, such invalidity, illegality or unentorceablity shall, at the
option of the Mortgagee, not affect any other provisions of this Mortgage, but this Mortgage shall I?e construed as if such
invalid, illegal or unenforceable provision had never been contained herein or therein. The total interest payable pursuant
to the Note or this Mortgage shall not in any one year exceed the highest lawful rate of interrst_in the State of Florida.
25. The c•ovenanta and agreements herein c•ont:+ined sh:+Il bind and the t,enetits and advantages shall inure to the
reslxc•tive heirs, executors, administrators, succ•essc?rs, and assigns of the p:+rties hereto. Wherever used, the singular
number shall include the plural, the plural the singular, and the use of any gender shall 1?e applicable to all genders. All
covenants, agreements and undertakings shall 1?e joint and sc•verd. In the went additional numbered covenants or para-
graphs are for convenience inserted in this Mortgage, such additional covenants shat (,e read and given effect as though
following this crnenant in consecutive order.
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sum chill PAGE 417
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