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;~pply aw•h mn1x, isau~~x e~nd prutib received I.y it on the indehtedneas aecured herehy in eueh onler :~a Mortgugee deter-
minrs. The ~ight lo enter a~nd t~ke {~ossiraxiun a( the Mortguged Pro~wrty, to mun:~Kc :md opernte the s~~me, und to colle.•t
Ihe rents, isauca a~d pmfils themot, whether by a n~river or otherwise, sh:~il be cumulntiv~+ to uny other ~ight or remedy
hereunder or nttordecl hy Inw, nnd muy be exen•ised concurrently therewith or independently the~eot. Mortgz~gee shull
be lit~ble to nn~ount only (or such rents. issuea and profils actuully received by Mortgugee.
14. lf the indebtcrlness aecured heret-y is now or he~evfter turther aecured by chnttel martgages, s~K•u~ity interests.
(inuncing statementa, pledgea. contracts of guaranly, a.~aignments ot leases, or other securitiea, or if the Mortguged Pro-
~ieHy hereby encumbered consisla ot more thnn one ~H~n~el o( rrt+l property, Mortgngee muy al its optiun exhnusl uny one
o~ more ot suid securitiea und security hereunder, or suc•h Fx~rcels ot the security hereunder, either conc•urrenlly or inde-
pe--de~Uy, and in such order as it muy determine_
15. 1'hia Mortguge ahall secure not only existing indebtedneas, but also sueh tulure Advaocea, whether such :~dvun~~
are obligutory o~ lo he mnde ul !he option of Mortga~gee, or olherwise, na are made within lwenty (ZU) yeure from the daric
hereo(. to the same extent as it such tuturc udvunces were made on lhe date of the execution of this MorttGnge, 1wt such
secured indebtedness aFwll not exceed at a~ny time the muximum ~~rinci~~al amount of i ~
plus interest, und uny disbursements made' tor the ~x~yment of taxes, levies, or insunmce, on the MorlgaKed P~operty, with
interest o~ such disbursements. Any sucfi fulure Advances, whether obligulory or to be made s~t the option uf Ihe Morlg:igee.
or atherwise, m:~y be mude either prior to ot atter the due dute o( the Note or nny other notrs aecured by this Tlortgs~ge.
Thia Murtguge is given tor the apecific pury~oee o( securing nny and all indehtedneas by the Mortgugor to Mortgagee (but
in no event shall the secured indebtedness exceed at uny time the muximum princi~ml amount set forih in this ~-:ir.igraph) in
whatever manner this indebtedness mt~y 1-e evidenrnd or repmsented, until this I~lorigage is st~tistied o( record. All coven-
.~nts und :~greements contnined in this I1lortgaRe shuU be :~pplicable !o :~U tuHhe~ :~dv:~n~rs made by 1ltortgt~gee to
Alortgngor under this future ndvurnti clnuse.
16. No deliiy by Mortga+gee in exercising Any righl or remedy hemunder, or otherwise :dtordcd tfy law, shull o~-cr~le
us a wai~rr thereof or preclude the exercise thereo! during the continuance ot i~ny de(aull hercunder. No waiver by
Mortgagee of any default ahull eonstilute a waiver oi or consent to sui~.~quent defaults. No failure o( Morigagec to exen•i~
uny option hemin gi~•en to accelet~te maturity of the debt hereby r~•ured, no (orbearance by Mortgagee I~etorn or a(ter thc
exercise of such option and no withdrawal or ~twndonment of foreclosure ~-rocecYling by Mortgagee shall I~e luken or con-
strued as a waiver of ila right !o e:ereiee such option o~ to accelerate lhe m:~turity of lhe debt hereby secured by reason ot
any past, present or (uture dPfault on lhe ~x~rt oi Mortq•rgor; und, in like m:~nner, the pro:•urement of insur.~nce or Ihe ~-:~y-
ment of taxes or other liens or charges by Mortg:+gee sh:~ll not t~e taken or rnnstrued as a waiver of its right tu :~crnlente
the rruiturily of ~the debt hereby sec•umd.
17. Without atfecting the linbility o( Mortgt~Ror or any olher ~~erson lexnrpt :~ny ~~erson expnssly relrasecl in writing)
for ~~ayment of any indebtedness sc~~ured hemby or tor pertorm.~nce of any ubtigation contained hemin, and w~thout a((ec•t-
ing the rights o( Mortgagee with res{~ect to ~ny sc~~urity not eYpresgly releused in writing. Mortg:igee may, at any time and
fwm time to time, either betom or atter !he maturity o( s:~id note, and K~ithout nutice or consent:
(a) Releuse any person li~ble tor ~k~yment ot all or any ~~art of the indeMednc~ or for ~~erform~n~r oI :~ny ot~ligation.
(b) Make any agreemrnt extendinq the time or otherwise :~Itering the tern}s of ~wyment of all or any ~~nrt ot !he
indebtedness, or moditying or w:iiving .~ny obliRation, or sutwrclinatinK, m«ii(ying or olherwise dealing with Ihe lien or
charge hereof. ~L '
(c) F.xercise or mfruin from exercising or waier :~ny riKht MorIR:iRc•e• may have.
(d1 Acir~jt ndditional s~vrily of any kind.
(e) I2elease or othemise deal with any pro~x~rty, mal or ~~ersonal, se~•uring the indebtednexs, ini•IudinR :+11 or:~ny ~~:irt
o( the Mortgaged Properly.
1R. Any agreement hematter made I~y 1NortgaKor :~nd 1~1orlR:~K~• Pursuant tn this mortRaRe shall F~e su~-c~rior to lhe
riRhts of the holder of any interveninR lien or encumbrnnce_ _
19. Morigagor hereby wairrs all riRht ~~f homestead exrmption, i( any, in tfi~ MortFaKcd Yro~x•rty.
20. In the e~~enl o( ~rondemnation proi•cedings ot !he Mort~aRrd Yro~~eKy, the award or ~•om~x ns:~ti~.n ~~:iyable there-
under is hernby assigned to and shall hc paid to 1~lortga~ee. 214origaRce shall he under no obligatiun to qoeslion lhe amounl
of any such award or i~om~mnsation ~nd may accept lhe same in the amount in whieh the w~me sh:ill be ~-:iid. In any such
rnndemnation prcx•eedingc, Mortqagee may t-e mprc~ented iry counsel selr~•tecf by 11Turtgagee. The pm.•eeds of any :~ward
or compensalion so recvived shall, at the option ot 111ortgagee, either I~e applied to the pre~~aymenl of the Note ~nd at the
r.ite o( interest ~-m~•ided therein, reKardlc~ o( the rate ot interest ~~y:~ble on lhe :ivvard by the condemning authority, or :~t
the oplion uf Mortgagee, such award shall 1-e ~r.~id ~iver to Murtgagor for m~ctoration o( the A4ortgaged Pro~~erty.
21. If MortgaRee, pursuant to a i•onslruction loan :~~reement o~ loan commitment made by Mortg:~gee w~ith Mortgagor.
aKrc~ to tnake conslruction lo:~n adv:~n~•es up to the prini•ipal a~mount ot the I~ote, then Mortgagor hereby ~-o~~enants that it
will comply with all oi the terms, provisions and iroeenanls o( said construc•tion la~n aKreement or lain ~•ommitment, will
diliRently construct the impro~•ements to f~ Iroilt pursuant to ihe tPrnu thereof, all o( the terms thereot w•hich are in-
coryx~rated herein by reference as though set forth (ully hemi~ and wil! ~-ermit no de(aults to ocivr therrunder and if a de-
tault shall ~cur thereunder, it shall c•onstitute a~kfault under ihis 111ortqaRe and the Note.
72_ Al lhe option of rlortRaR~r, 1~1ortKaRor ~hall provide MorlKaKee N+~th ~~eri~xlic~ ~eHilied auditrd .tatementa of lhe
fi~an~i:il eondition ot 1ltortQaqor.
23. MurtK:~Ror repreu•nts and w:~rr.~nts that i( :~ ~•or~K-r.dion, il is duly orRanized and validly existinR, in g~~d stand-
inR ander /he laws ot !hN state o( its in~•or~-nration, h:~s slork outatand~r~ whirh has I~cKn duly and ~~alidly istiutrcl,`and is
qualitied to do business and is in Rcwd standing in Ihe State of Florida, with full ~wwer and authority lo consummate the
loan conlempla-ecl h~~reby: and. it a ~~:irlnership, it iK duly tornitd and validly existing, and is tully qualified to do business
in thi~ Stale o( F'Iorid:E: wilh tul) ~-ower and authorily to rnnsummate the loan ~~ontemplated hereby.
'l4. In the event any one or mom o( the pro~isions ~•ontained in this htortqage or in the Notc shall (ur ~ny reason
IK he~ld to I~e im~alid, illegat or unenforceable in :~ny rcw~xr•t, such im~alidily, illeKality or unc~fonrablity ahall, at thc
~~~-tiun o( the ~tortKagcr, not :dte~•t any oth~r pm~•isio~is ot lhis A1ortKaKe, but this 1~lortqage sh:dl he construed :~s if sui~h
invalid, illc~gal ur unenforccable pro~~ision h:id ne~•~~r trecm ~•onl~ined herein ur themin. The total interest payable pursuant
to the Note or this MortRaK~ shall not in :my une y~:~r f~x~•~~c~cf Ih~ I~iKhcst lawful r.d~ of interc~t in the State ot Florida.
'l5. 7'he ~^ovenants and agreements here~in cont:~ineKf .h:~ll bind and the Ixrnetits :ind :~d~~antages ahall inure to the
rrs~~•ti~r heirx, exc~vtors, administr.~tors, suc~-eaw-rs, and a+tii~;ns uf Ihe parties hemlo. Whemver usecl, lhe singular
numlrer shal) include Ihe plur.il, the plural the tiin~;ul:~r, :~nd the use~ ot c~ny ~end~r ah:d) 1x appli~:ible to all genders. Al)
~ro~~en~mta, agreementa nnd und~rtakinqA shall I~e juiM and ~~•cr.il, In the e~~en! additinna) numtmred i~ovenants or ~~ra-
qraphs are tor convenience inserted in thia l~tortKaRe, su~•h aJditional ~•mt•nantR shall t~e read and gi~~en etieet aa though
following this cocenan! in consec•uti~•e ordPr.
¢ TNIS INSTRUMEHT PP.EPAP.~O ~-1
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