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Home My WebLink About2466f . •. - :+I,ply such rents, issu+•s and profits re+rived by it on the indebtedness se+•ured hereby in such onler us MortgaR~'e dcter- minrs. The right to enter and take tw.w++~viun of the htortguged Prol-crly, to manage and ol,ep+te the s:une, and to coller•t the rents, issues and profits thereof, whether by a receiver or otherwise, shall be cumulative to any other right or remedy hereunder or afforded by law, and may I,e exemiard concurrently therewith or indel,rndently thereof. Mortgagee shall t-e liable to ac.•ount only for such rents, issues and prolils actually received by Mortgagee. 14. If the indebtedness se+•und hereby is now or hereafter further secured by chattel mortgages, se+•urity interests, financing statements, pledges, contracts of guan+nty, assignments of leases, or other ae+•uriliea, or it the Mortgaged Pro- perty hereby encumbered cor-sisla of more tl+:+n uric Ix+ne! of real properly, Mortgagee may at its option exhaust any one or more of said securities and security hereunder, or such Imrcels of the se+•urity hereunder, either +•oncurrenlly or inde- pendently, rind in such order r+s it may dgtt:rmine. 15. This 1Nortg:+ge shall serum not only existing indebtedness, but also such future :+dvances, whether su+•h :+dvr+nc•es are obligatory or to I,e made al the option of Mortgagee, or otherwise, as are made within twenty (20) years from the date hereof, to the same extent as if such future advun+y~ weer made on the date of the execution of this Mortgage, I-t+t such secured indebtedness shall not exceed at any time the nu+ximum principal amount of S N/A t-lus inten•st, and :+ny disbursements made for the payment of t:+xes, levies, or insurnce, on the Mortgaged Property, with interest on surh disbursements. Any such future advances, whether obligatory or to 1-e made at the option of the Mortgagee, r-r otherwise, may be m:+de either prior to or after the due d:+te of the Note or any other notes secured t-y this Mortgage. This Mortgage is given for the specific purpose of securing any and all indebtedness by the Mortgagor to Mortgagee Ibut in no event shall the sec•und indebtedness exceed at any time the maximum principal amount set forth in this I,:+r.+gr.,ph) in N•hrNever manner this indebtedness may he evidenced or represent+d, until this Mortgage is s:+tisfied of nY•ord. All coven- ants and agreements contained in this Mortgage shall t-e applicable to all further advam•+•s made by Mortgagee to Mortgagor under this future advamr clause. 16. No delay by Mortgagee in exercising any right or remedy hereunder, or otherwise afforded by law, shall operate :-s a wai~rr thereof or preclude the exen•ise thereof during lhr continuance oI any default hereunder. No waiver by Aortgagee of any default shall constitute a waiver of or consent to sul-sequent defaults. No failure of Mortgagee to exercise any option herein given to accelerate maturity of the debt hereby secured, no forbear.+nr•e by Mortgagee t-efore or after the exercise of such option and no withdrawal or at-:rndonment of foreclosure procrcding by Mortgagee shall 1-e taken or rnn• arced as a waiver of its right to exercise such option or to accelerate the maturity of the debt hereby se+•ured by reason of any past, pn•sent or future default on the !,art of Mortgagor, and, in like manner, the pr«•urement of insurance or-the p:+y- ment of taxes or other liens or charges by Mortgagee shall not 1-e taken ur rnnstrued as a waiver of its right to accelernte the n-,aturity of the debt hereby secured. 1T. Without affecting the liability of Mortgagor or any other l,erson (except any l,erson expressly released in v+•riting) for I,:rymenl of any indebtedness secured hereby or f+:r l,er(onmance of any obligation contained herein, and without :dler•t• frig the rights of Mortgagee with respect to any se+•urity not expreuly released in writing, 2Llortgagee may, at any time and fmm lime to lime, either before or after the maturity of said note, and without notice or consent: (a) Release any 1-ersun liable for p:+yment of all or any fk~rl of the indebtedness or for t-erforman+r of any obligation. (b) I-lake any agreement extending the time or othorvvise :dlering the terms of --:+yment of all or any part of the indebtedness, or modifying or waiving any obligation, or sulx,rrlinating• m«lifying or otherwise dealing with the lien or charge hereof. (c) Exercise ur refnsin from exercising or waive any right Mortgagea• may have. (d- Ac.•ept additional security of any kind. (e) Release or otherwise deal with any properly, mat or perronal, securing the indebtedness, in+•luding all or any part of the Mortgaged Property. 18. Any agreement hereafter made by Mortgagor and Dlortgag+•e pursuant to this mortgage shall tx• sut-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 111ortg:rgerl Property. 20. In the event of condemnation pr«•cedings of the Mortgaged Property, the :+ward or +rompens:+tion payable there- under is hereby assigned to and shall he paid to Iliortgagee. Mortgagee shall he under no obligation to question the amount ref any such award or compensation and m:+y accept the s,me in the amount in which the same shall he I-:+id. In any such ~•ondemnation proceedings, 4lortgagee may be represented t-y counsel selected by Mortgagee. The pr«•eeds of any award or +•ompensalion so received shall, at the option of 1~lortgagee, either be applied to the prepayment of the Note and at the rate of interest provided !herein, regardless of the r.+te of interest payable on the award by the condemning authority, or at the option of Mortgagee, such award shall 1-e paid over to Mortgagor for restoration of the Mortgaged Property. 21. If Mortgagee, pursuant to a construction lu:+n agreement or loan commitment made by Mortgagee with Mortgagor, :,green to make construction loan advances up to the princit-:+1 amount of the Note, then Mortgagor hereby covenants that it will comply with all of the terms, provisions and rnvenanls of said construction loan agreement or loan commitment, will diligently construct the improvements to be built pursuant to the terms thereof, all of the terms thereof which are in- ~•orfx,rated herein by reference :,s though set forth fully herein and will 1-ermit no defaults to omur thereunder and if a de- f:+ull 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 n( the financial rnndition of Mortgagor. 23. Mortgagor represents and warrants that if a rnrpor.+tion, it is duly organized and validly existing, in good stand- ing under the laws of the State u[ its incorporation, has st«•k outstanding which has been duly and validly issued, and is qualified to do business and is in good st:+nding in the State of Florida, with full power and authority to consummate the loan contemplated hereby; and, if :+ 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 rnntemplated hereby. 24. In the event any one or more of the provisions contained in this Mortgage or in the Note shall for any reason 1-e held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceaMity shall, at the option of the Mortgagee, not atfer•t any other provisions of this Mortgage, but this Mortgage shall be construed as if such invalid, illegal or unenforceable provision had never 1-een contained herein or therein. The total interest payable pursuant to the Note or this Mortgage shall not in any one year exr•ecd the highest lawful r.+te of interest in the State of Florida. 25. The covenants and agreements herein +•ont:+ined shall bind and the benefits and advantages shall inure to the respective heirs. exe+•utors, administrators, sucr•rssors, and as.4igns of the parties hereto. Wherever used, the singular number shall include the !,!oral, the plural the singular, and the use nl any gender shall be :+pplic:+ble to all genders. All covenants, agreements and undertakings shall be joint and several. In-the event additional numbered covenants or para- graphs are for convenience inserted in this Mortgage, surh additional covenants shall t-e read and given effect as though following this covenant in consecutive order. -3- ea~x 344 P~~E 2465