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Home My WebLink About1380~ ~ - . ~ ~ ~ . • . i ~ . :~p~~ly .~u~•h rents, iatiu.~s und pru(its nx•eived hy it oo lhe i~debledncn~- xcti•umd hemby io auch onlr~ ua Mo~tKaK~~• detrr- minr~. The right tu cnter i~nd tuke ~x~.~ssion o( ihe Mortgugecf Pro~x~rty, to mtinage a~nd o~~erate thc s:~~ne, z~nd to ~•olle~•t fhe re~ls, iavues and pn~tita lharcw(, whethar I~v A receiver or otherM~ise, ahull Ix+ cumulntive to any othe~ right or ~m~~ciy hereunder or Attorded hy Inw, and may be exen•iaed concur~e~Uy therewith or inde{~endently Ihe~,t. Mortgt~Kee shull lie liable to acY~ount o~ly tor such renta, issuea and protits uctually rei~eived by Mortgagee. 14. If ihe indehteclnrss aerumd hereby is now or her~u[ter (urthr~ secured hy ciu~itel mortguges, scrurity interexta. (inuncing elatemeats, plecigra, contrncta of guarunty, as.gignments of Ieuses, or olher se~vrities, or if the Mortg.~ged Yro- {x~ty hereby encumbered consista of more thun one }u~n~el o( rrul prY~peHy, Mortgugee mny a~t its option exh:~ust noy one or more of said securities a~nd aecurily hereunder, or such ~x~rcels of the secu~ily hereunder, either concurrenUy or inde- ~~endently. a~d in such order as it mny dete ne~ , ~ • 15. This Morlgage ahali securn ~not onl"y existing indebtedness~ but nlso such (uture t~d~•nnces, whether surh advi~nces ace obligatory or to be made ut the o~~tion ot Morigagee, or otherwise, ns are mnde within twenty (20) yeArs from the d:~te hemo(, to the sume extent us if such tuture advances were mnde on the date of lhe execution of thia Morig»ge, I~ut such secured indebteelness shul) not exceed ut uny time the m~ximum principal amount of = 100•~~0•~0 plus interest, :ind any disl-ursementa made tor the ~~nyment of t.~xes, levies, or insurumr, on the Morlguged Properly, with interest un such disbursements. Any such future advances, whether obligutory or to be mude at the option o( the Mortg.+gee, or otherwise, may t-e ttiwde either prior to or after the due date of fhe Note or Any other notes ssecured by this Mortgage. This Mortgage is given tor fhe s~i(ic pur~wse ot securing uny and all indebledness by lhe MortRaigor to Morlgagee Ibut in no event shall the secured indebtedneas excePd at any time ihe m:~ximum princi!>al amoant set torih in this ~kiraRraph) in whatever m:~nner lhis indehtedness muy he evideni~ed or ~eprnsented, until this Mortguge is satis(ied of re~-ord. All coven- :mts and agreements contnined in this Mortgage shull t~e :~pplii•uble to tdl further advances made by Morlgagee to Alortgagor under this (uture advanrn clause. 16. No deluy by Mortgagee in exercising any right or remedy hereunder, or othervvise ut(ordid hy law, shall o~~erate us u wui~~e~ (hereof or preclude Ihe ezemise thereof during the continuz~nce ot s~ny de(nult hereunder. No wai~rr by Morlgagee of any detnult shall constitute a wai~rr of or con.aent to suheequenl defaults_ Nu lailure o( I1lortgagee to e:ercise any oplion herein gi~•en to accelerate maturity, of lhe debt hereby secured, no forbearance by Mortgagee hetorr or utter the exen•ise o[ such option and no withdrnwal or aha~ndonmenl of toreclosure proceeding by Mortgagee shuU be tuken or con- strued as a wai~•et of its right to exercise such option or to an~elert~te the maturily of the deht hereby scti•urcd by rnason of any ~wst, present or future dctault on the ~wrt of btortgagor; ~nd, in like ma~nner, the proc•ummenl of insur.~mr or the ~-:~y- ment o[ t~xes or other liens or charges by 111ortgagee shall not he t:~ken or ~Y-nstruecf as a w:~i~rr of its riRht b a~relerate the m•rturity of the debt hernby ~•ured. 17. Without Affecling the liubility of 11lortgagor or :~ny other ~~erson lexcal~t :my ~~erson expressly mleasec! in v-=ritinR- tor ~-ayment of any indebtedness secured hereby or for ~mrformance ot any obliR:~tion contained hernin, and M•ithout :dtec•t- ing lhe rights ot 1~lorigagee with res~xti•t b:~ny sc~c•urity not expressly released in wriling, I~lortgagee may, at uny time and from time to time, either I~efore or a(ter the m~turity of s:iid note, :~nd without nolice or consent: (a) Release any ~~erson liable tor ~~:~yment of all or any ~k~rt of the indebtedness or (or ~~erform:~n~~r ~~t any obliKation. (b) Make any .~greement extending lhe time or otherwise altering lhc terms of ~~:iymrnt of all or any ~u~rt ot the iodebtednef3, or moditying or w:~iving any obliRation, or suhorcfinating, m«litying or otherwisQ.d~in~,~yvit4.the Gen or rlwrge heno(_ ~ • ,' ;~r ~ _ _.~ t• 'e . (c) F.xen~ae ot retrnin from exemising or wai~~c any riRht MortR:~Rcr may havc. ._•;Y .., , Id) Accept additional security of any kind. (e) Release or other~+~ise deal with any Pml~erty, re:d or personal, securing the indebtednesa, includin~ atl or any ~-:~rl o( the Mortgaged Property. 18_ Any agreement henatter m:~de by 111orlR:~Kor and A'IortRaKcr pursuant to this mortRnQe shall F-c su~-erior to the riRhts ot the holder of any inten~ening lien or Pncumbrani-e. 19. Mortgagor hereby wai~•es u11 riRht o( homestead exemption, i( any, in thr ~lortgaRecl Yro~x~rly. 20. In the e~•enl of rondemnafion pra~eedinRs of the Mortgaged Pro~~erty, the award or com~-ens:dion ~kiV:IIIIC there- under is hereby a~igned to nnd shall he ~h~id to MortRagee. Mortg~gee sha~ll he under no obligation to question the amuunt ot any such award or com~~ensation and may accept the same in the amount in which the a~me sh:~l! be ~-aid. In any such i~ondemnation pro~~eedings, MorlRagee may F-P mpmsented Iry ~runsel selE~~~~l by hlortRugc~. The proc•eeds of any awarcl ur compensation so received shall, at the option of Mortgagcr, eilher be applied to the prepayment of the Note and at the r~te of interest pro~•ided lherein, mgardless of the r.~te of interest {ki~•able on the aw•.~rci by the condemning :~uthorih•, or at the option o! illortg:~gee, sui•h :~w:~rd shall IK• {-;~id oeer lo AiortK:~gor for mstor.~tion of the :~toriga~ed Pro~-erty. 21. If ~lortgagc~, pursuant toaconstruction lo:~n agrc~cmenl or loan commitment made by blortg:~Ree with MortgaRor aRrees to r~wke construetion (a~n advancc~s up to the princi~-:d amount of lhe Note, then bturtgagor hereby ~•o~•enants that it will ~romply wilh all of lhe terms, ~~ro~~isiuns and covenants of s:~id ~•onstruction la~n :~grnement or la~n crommitment, w•ill diligenlly construct the improvements lo t~e built pursuant to the terms thereo(, all of the terms thereof w~hich are in- i•ur~-or.itecl herein by reference as thouqh set forlh fully herein and w~ill ~~ermit no de(aulls to occur themunder :ind i( a de- fault shall occur thereunder, il shall eonstitute ai def.iult under this A1ortKage and the Note. 7l_ Al fhe option ot MortRaRer, htortRagor sh:~ll pmride AiortRaqee with ~~eriodic eert"t(ied audited slatements o( thr (inancial condifion of MortQaRor_ 23. 1~tortguQor mpresents and warranls that it a~•or~N~r.dion, it is duly organizecl and validly existinR, in gcwd stand- inq under the I:~w•s of the state of its incor~-oration, has stock outstanding which has been duly and ~•:ilidly issued, and is yualified to do business and is in K~xxl st:indinR in the State of Florida, with (ull ~-uwer and authority to consummate lhe loan contemplafcYl hereby: and, if :~ ~x~rtnership, it is duly (ornu~d and ~•aliilly existi~K, and is (ully quali(ied to do business in the State o( Florida: with (ull ~ww~er and authority to c~msummate the loan cY-ntemplated hereby. 24. In the e~~ent any one or mure o( the procisions coniainrd in this 111ortR:~Re or in the Note shall (or any re_~son I~e held to 1-e im~alid, illegal or unenfon•eable in :~ny res~x~~t, s~ch im~alidify, illeRality or unentormaMity ahall, at th~ ~~~-tion of the 1~1ortRaQee, nof :dfe~•! any other provigions of lhis AlongaRe. hut this htortgaRe shall be conalrued :~a if su~•h in~~alid, illegal or unenfon•eable pnnision h:~d ne~•e~r heen contained herein or themin. The lotal interest ~wyable pursw~nt to the Nnte or fhis MortK:~ge shall not in any one y~~:~r exce~~i the hiRhest lawful rate of interest in Ihe State of Florida. 'L5. 'fhe coven:+nts and agreements herein ront:~inr~1 shall bind and the lienefils and :idvanfaqes eh~ll inure to the res~~ti~•e heirs, executors, administrators, suc~rs.u-rs, :~nd a~siRns of the parties hemto. Where~•er used, the sinRular nomber shall include the plural, the plur.il the sin~olar, and the use o( ~ny Rcnder shall Fx applii:-~ble to all Renders. All rovenants, agreements and undertakinga shall I~e joint and sever.il. In thc e~•ent addition:~l numben~l mvenants Ur ~h9f7- graphs are tor com•enience inserted in this blortQnRe, such additional ~~m~enants shall he read.and gi~-en e(tert as though tollow~ing this covenant in consecuti~•e order. ~ ~ .x.~ ~~ ' ~~~".:~~i2-3:'~'"_->ts'z` F.r.~r.:'_ ..,......_'a -3- - ~~34~ P~~fi3~78 ~ ~_ ~ ~-r . _...~ .s.a ~..' "