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apply such nuts, issu+•s and profits received by it on the indebtedness secured hereby in such onler as Mortgagee drter-
minrs. 'I he right to enter and take f-o.~nvzion of the Mortgaged Property, to mum+ge and ol+en+le the s:+me, :+nd to collect ;_
the rants, issues and I,rofita Ihercot, whether I,y a re+•eiver or otherwise, shall t,e cumulative to any other right or remedy
hereunder or afforded by law, and may be exercised concurrently therewith or indet+endently thereof. Mortgagee shall
I,e liable to account only for such mote, issues and profile actually received by Mortgagee.
14. It the indebtedness secured hereby is now or hereafter further secured by chattel martg:+ges, sE~•urity interests,
linuncing statements, pledges, contracts of guaranty, assignments of leases, or other securities, or it the Mortgaged Pm-
perty hereby encuml,ered consists of more than one panel of re:+) property, Mortgagee may at its ol+tion exhaust any one
or more of said securities and security hereunder, or such l,arcels of the security hereunder. either concurrently or inde-
)-endently, and in such order as it nu+y determine.
15. This Mortgage shall secure not only existing indebtedness, but also such future advances, whether surh :+dv:+nces
:+re obligatory or to I,e made at that opt~oi+ of Mortgagee, or otherwise, as are made within twenty (20) years from the d:+te
hereof, to the same extent :+s it such future advances were made on the dale of the execution of this Morig:+ge, but such
secured indebtedness shall not exceed at any time the maximum principal amount o(_ ~! ~~~ • ~~ - --
plus interest, and any disbursements made for the payment of taxes, levies, or insurance, on the Mortgaged Property, with
interest on such disbursements. Any such future advances, whether obligatory or to be made al 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 Morig:+ge.
This Mortgage is given for the specific purpose of securing any and all indebtedness l,y the Mortgagor to Mortgagee lt-ut
in no event shall the eecured indebtedness exceed at :+ny time the maximum principal amount sal forth in this lu+n+graph) in
whatever manner this indebtedness may he evidemrd or represented, until this Mortgage is s:+tistied of record. All rnven-
ants and agreements contained in this Mortgage shall he applicable to all further advances made by Mortgagee to
Mortgagor under this future advance clause.
16. No delay by Mortgagee in exercising any right or remedy hereunder, or otherwise afforded by L+w, sh:+l) oper.+te
:+s a waiver thereof or preclude the exercise thereof during the continuance of any default hereunder. No waiver by
Morig:+gee of any default shall constitute a waiver of or consent to sul,seyuent defaults. No failure of Mortgagee to exercise
any option herein given to accelerate maturity of the debt hereby secured, no forbearnnce by Mortgagee before or after the
exercise of such option and no withdrawal or abandonment of foreclosure proceeding by Mortgagee shall he taken or con-
strued as a waiver of its right to a:ercise such option or to accelen+le the maturity of the debt hereby secured by mason of
any past, present or future default on the hart of Mortgagor: and, in like manner, the procurement of insurmsr or the I,ay-
ment of taxes or other liens or charges by Mortgagee shall not be taken or construed as a waiver of its right to accrlente
the rrwlurity of the det,t hereby secured.
17. Without affecting the liability of Mortgagor or :+ny other person (except any I,crson expressly released in writing)
for Ir.+yment of any indebtedness secured hereby or for I,erformam•e of any obligation contained herein, and without affect-
ing the rights of Mortg:gee with respect to any security not expressly released in writing, Morig:+gee m:+y, :+t :+ny time :end
(mm time to time, either before or after the maturity of said note, and without notice or consent: _
(a) Release any person liable for I,:+yment of all or any I,ari of the indebtedness or for performance of any obligation.
Ih) Make any agreement extending the time or otherwise altering the terms of ix+yment of all or any Ix+rt of the
indebtedness, or modifying or w:+iving any obligation, or subordinating, modifying or otherwise dealing with the lien or
cha[ge hereof.
Ic1 ~Ezercise or refrain from exercising or waive any right Mortgagee may have.
(d} Accept additionwl security of any kind.
le) Release or otherwise deal with any pro),erty, real or personal, securing the indebtedness, including all or any ),:ut
of the Mortgaged Property.
1R. Any agreement hereafter m:+dc by Mortgagor and Mortgagee pursuant to this mortgage shall be su),erior 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 Prol,eriy
20. In the event of condemnation proceedings of the Mortgaged Property, the award or rnmpens:+tion ir+yable there-
under is hereby assigned to and shall he paid to 111orig:+gee. 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 ),aid. In any such
condemnation proceedings, Mortgagee may be represented Iry counsel selected by hlorigagee. The pra•eeds of any award
or comper+sation so received shall, at the option of Mortgagee, either be applied to the prepayment of the Note and at the
r.+te of interest provided therein, regardless of the rate of interest ),ayahle on the award by the condemning authority. or at
the option of Mortgagee, such award shall I,e iwid over to Atorigagor for restoration of the 111origaged Property.
21. If Mortgagee, pursuant to a construction In:+n agreement or loan commitment made by Mortgagee with htorigagor,
agrees to make construction loan advances up to the princilx+) amount of the Note, then Mortgagor hereby covenants that it
will comply with all of the terms, provisions and covenants of s:+id rnnstruction loan agreement or la+n commitment, will
diligently construct the improvements to he built pursuant to the terms thereof, all of the terms thereof which are in-
cory,orded herein by reference as though set forth fully herein and will hermit no defaults to occur thereunder and if a de-
fault shall occur thereunder, it shall constitute a default under this Mortgage and the Note.
22. At the option of Mortgagee, Mortgagor shall provide Mortgagee with periodic certified audited statements of the
financial condition of Mortgagor.
23. Mortgagor represents and warrants that if a curpor.+tion, it is duly organized and validly existing, in good stand-
ing under the laws of the stale of its inrnrlwration, has stock outstanding v-•hich has been duly :+nd validly issued, and is
qualified to do business and is in good standing in the State of Florida, with full power and authority to consummate the
loan contemplated herel,y; and, it a I,arinership, it is duly forn+ed :+nd validly existing, and is fully qualified to do business
in the State of Florida; with full power and authority to rnnsummate the loan contemplated hereby.
24. In the event any one or morn of the provisions contained in this Mortgage or in the Note shall for any reason
tie held b he invalid, illegal or unenforceable in any res),ect, such imalidily, illegality or unenforceablity sl+all, at the
option of the Mortgagee, not a(tcr•t any other provisions of this Mortgage, but this hlorigage shall be construed as if surh
invalid, illegal or unenfonrable provision had never been rnntainc-d herein or therein. The total interest payable pursuant
to the Note or this Morig:+ge sh:dl not in :+ny one ye:+r exceed the highest lawful rate of interest in the State of Florida.
25. The covenants and agreements herein contained shall bind and the t,enetits and advantages shall inure to the
resl,ective heirs, executors, administrators, successors, and assigns of the parties hereto. Wherever used, the singular
number shall include the plural, the I,lural the singular, and the use of any gender shall t,e ap),licabie to all genders. All
covenants, agreements and undertakings shall I,e joint and several. In the event additional numbered covenants or para-
graphs are for convenience inserted in this 1lfortgage, such addition:+1 covenants shall he read and given effect as though
following this covenant in consecutive order.
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8344 P~i~?58