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Home My WebLink About2737upply aueh reats, issues und profits received hy it o~ the indebtedness secvrrd hemby in aurh onlrr us MonquRee deter- minea. The right to enter a~d take Ewsaeavion bt the MortgaRed Property, to mun~qe a~nd open~te the a~~me, und to collec•t the reots, iasues and protits thereot, whet6er by a ceceivet or otherwise, ahall t,e cumulutive /o nny other right ar remedy heteunde~ or atforded by (aw. and may be exen•iaed concurrently therewith o~ independenlly lhereot. Mortgugee aha!! be liable to Arcount only tor auch rnnta, iasuea and protits actunlly received by Morlgagee. 24. If the indebtedness sec•ured hereby ie now oc hereatter turiher secured by chattel mortgugea, ne.•urity interests, tina~cing statementa, pledges, conlracta of guarunty, assignme~ta ot leases, or other aecu~ties, oc if lhe MortgaRed Pro- peHy hereby encumbered consiets ot more than one parcel ot reul propeHy, Mortgagee muy at its option exhaust uny o~e or more ot said aecurities a~d securily hereunder, or auch parcels of the serurity hereunder, either concurrenlly or iade- ~~enaently, and in such order as it may determine. 15. Tf~is 111ortgnge ahull secure_ nat only existinR indebtednesa, but uleo such future ridvances, whether sui•h advances am obligatory or to be made al the option ot Mortgagee, or othrrwisa, as are made within tv-enty (20) yeais trom the date hereot. to the same e:tent us it auch future advancea were made on the dAte of the execution o! this Morlguge, t~ut such sei~ured indebtednesa ahall not e:ceed at any time the maximur-~ principal umount o( i plus interest, and any disburaementa made tor the payment of tn:es, levies, or inaurance, on ihe MorlgUged Properly, with interest on such disbureementa. Any such tuture udvancea, whether obligatory or to be made at the option of the Mortgagee, or otherwise, may be made either prior to or atter the due date of the Note or any other notes secured hy thie Mortgage. This Mortgage ia given [or t1~e specific pu~E~ose of securing any and atl indebtedness by the Mortgagor to Mortgagee (but in no event shal) the secured indebtedness e:ceed at any time !he maYimum principal amount set torth in this paragruph) m whatever manneE this indebtedneas may be evidenced or represented, until this Mortguge is s~tistied ot record. All coven- anta and agreementa conlained in this Mortguge shall t~e applicaMe to s~ll (urther :~dvun~~es made by Mortgagee to Mortgagor under this future advance clauae. 16. No deltiy by Mortgagee in exercising nny right or remedy hereunder, or otherwise at(orded by law, shal) operate as a wniver thereof or preclude the e:etrise lhereot during the continuanre of nny detault hernunder. No waiver by Mortgagee ot any detault shall conatitule a waiver ot or consent to su6aeque~t defaulta. No lailure of Mortgagee to ezercise any option herei~ given to nccelerate maturity of the debt herehy secured, no torbearance by MoHgagee betote or a(ter the e:ercise of such option and no withdrawal or at-andonment of foreclosure proc~eeding by Mortgagee shnl) be tsken or con- atiued as a waiver ot ita right to e:ercise such option or to acrelerate the malutity of the debt hereby secured by re.lson o( any past, present or future detault on the pa~t ot Morigngor, and, in like mnnner, the procurement of insurance or the {~ay- ment of ta:es or other lierw or charqea by Mortgagee shall not be taiken or construcY! as a waiver of iia right to ~ccelerate the maturity ot the debt hereby secured. 1?. Without aftecting the liability oi Mortgagor or a~ny othet person (except any ~~erson expressly released in writing) for payment o( any indebledness secured hereby or fur per(ornwnc~e of uny obligation rontained herein, and without s~tfect- ing the righta of Morlgagee with reapect to any security not ezpressly released in writing, Mortgagee may, at any time and irom time to time, either betore or atler the maturity of said note, :~nd wilhout notire or consent: (a) Release any person liable (or payment ot all or any ~~ari o[ the indebtedness or tor pertormance ot nny obligation_ (b) Make any agreement e:tending the time or otherwiee altering the term~ of ~-nyment ot all or any part ot the indebtedness~ or modifying or waiving any obligulion, or suiwrdinating, moditying ot othe~wise dealing with the lien or charge hereot. _ . (c) Ezerciae or refrain trom e:emising or wai~c any riqht Mortgagee may have. (d) Accept additional security ot any kind_ (e) ReleaBe or otherwise deal wilh any property, real or personal, aecuring ihe indebtedneas, including all or any paH of the Mortgaged Property. 18_ Any agreement herea(ter made by Mortgagor ~nd Mortgaaee purauant to this morlRage ahaU be auperior to the rights ot the holder ot any intervening lien or encumbrance. 19. Mortgagor hereby waives all right of homestead e:emplion, if any, in the Mortqaged ~'roperty. 20. In the event ot condemnation pra~eedings of the Mortgaged Pto~~erty, the award or compensation payable there- under is hereby assigned to and shall be paid to Mortgagee. Mortgngee shall be under no obligation to quealion the amount ot any such award or compensation and may accept the same in the amount in which the same shall be paid. In any auch condemnation procE,~edinRs, Mortgagee may be represented try counsei selected by Mortgagee. The proceeds of any award or compeneation so received shall, at the option o( Morigagee, either be applied to the prepayment of the Note and at lhe rnle of interest provided therein, regardless of the rate ot interest payable on the :~ward by the conder~lning authority, or at the option of Mortgagee, such award shall be paid over to Mnrtg:~gor for restoration of the Mortgaged Property. 21_ It Mortgagee, purauant to a construction loan agreement or loan commitment made by Mortgagee with Murigagor, agrees to make consirurtion loan advances up to the principal amount ot the Note, then Mortgagor hereby rnvenants that it will comply with ap of the terms, provisions and covenanls o( said construction loan agreement or loan commitment, will diligenNy construct lhe improvements to be built pursuant to the terms theteoF, all ot the terms thereof which are in- corporated herein by reternnce as though set torth tully hetein and will permit no defaulta to occur thereunder and if ~ de- fault shaH occur thereunder, it shall constitute a default under this Mortqage and the Note. 22_ At the oplion of MortgaRer, Mortqagor shafl pmvide Mortgagee wit~ periodic certi(ied audited slatemente ot !he linancial condition of Morigagor. 23. Mortgagor represents :~nd warrants that if a corporation, it is daly organized and validly esisting, in good atand- ing under the laws ot the state of ita inror~-or.~tion, has stock outstanding which h:~s been duly and validly issued, and ia qualified to do business and is in good atandinR in the St~te o( Florida, with tull {x~wer and authority to consummate the loan contemplated hereby: and, if a partnership, it is duly formed and validly existing, and is fully quali(ied to do Fwsinesa in the State ot Florida; with iull .pow•er and authority to mnsummate the loan contemplated herehy. 24. In the event any one or more ot the provisions crontained in thes Mortgage or in the Note ahall tor any reason be held to be invalid, illegal or unenfonrable in ~ny res~xrt, such invalidity, illegality or unenforceablity ahall, at the option of the MortRagee, not a((ert any other pmvisions of this Mortgage, but this Morigage ahall be construPd as if auch im~alid, illegal or unentorceahle provision had never heen conlained herein or therein. The total interest payable pursuant to the Note or this Mortgage ahall no! in any one ye:~r exired the hiRhest lnwful ratp of interrst in the State of Florida. 25. The covenants and agreements herein contained shail bind and the t-ene(its and advantagea shal! inure to the respertive heirs, executors, administratom, successors, and assiRns of th~• p:~rties hereto_ Wherever used, the singular number shall include the plur~l, the ~~lural the sinRular, :+nd the use of any Render shall be applicable to all genders. All covenanta, aRreements and undertakings shall be joint and sever~L In the event ;idditional numbered covennnta or para• qrapha are for convenicnce inserted in this 111ortR~Re, such additional ~o~~enante ghall be read and given etfect as though tollowing thia covenant in conseruti~•e order. -3. ~~~ 345 ~~6E 27~fi ~ ~_ W_ _,~;~~