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Home My WebLink About2750~ ~; ., . . ~. : .i upply wch rents, isaues and pro(ib received by it on the indebtedoc~as aecured hereby in such onler es MoriRagee dete~- minea. The ~ight to ente~ and tuke ~iaasexnion o( the Morlguged Property, lo munnge nnd o~ierute the sume, and to collect the rents, isauea and protib thereo(, whether by a receive~ or otherwioe, ahuil be cumulative to any othe~ right or remedy hereuoder or attotded by law, and may be e:en~ieed concurrently the-ewith or independently thereot. Mortgegee shall be liable to nccount only tor such centa, issuea and pro(its octunUy recei~rd by Mortgogee. 14. lt the indebtednesa eecured hereby is now or he~eatler further secured by chuttel mortguges, sec•urity inlerests, tinancing slatementa, pledges. contracta ot guaranty. usxignmenta of Iruac., or other securitiea, or if the Mortgaged Pro- perty hereby encumbered consieta ot more than one parcel of rea) property~ Mortgagee muy at ita option exhuust uny one or more ot said securitiea und aecurity hemunder, or such parcels o( the aecurity hereunder, eithe~ conrurrently or inde- pe~dently, and in such order as it pn~y dere~mine f 15. Thia Mortgage slwll secure "not oniy ~~isti~g indebted~eas. but aleo such future advances, whether such ndvances are obligatory or to be made at the option ot I~lortgagee, or otherwiee. aa are made within tweoty (20) yeara ~rom the date hereof. to the same e:/ent an it such (uture ndvancee were made on the date of the execution ot this Morigaqe, Iwt such secured indebted~ees ahnll not e:ceed at nny time the muximum principal umount of t ~t plua interest, und any diaburseme~ls made for the payment ot taxes, levies, or insurunce, on lhe Mortgaged Properly, with interesl on such disbursementa. Any such (uture Advances, whether obligalory or to be made at ihe option of !he Morlgugee. o~ otherwise, msiy be made eilher prior to or after the due dale o! the Note or any olher notes secured by this Mortgage. This Mortgage is given tor the specitic purpoee ot secu~ing uny and all indebtedneas by the Morigagor to MortBagee (bul in no event slu~ll the ~ecured iadeblednesa exceed at any time the muximum principal amount set forlh in this p:iragn~ph) in whatever manner this indebtednesa may be evidenced or represented, until this Mortg:ige is salistied of rerord. Ali coven- ants and agreements contained in this Mortgage shall he applicable ta all turther advunces m~de 6y Morigs+gee to 1Nor/gaqor under this tutute t~dvance clause. 16. No delay by Mortgagee in exercising any right or remedy hereunder, or otherwise attorded by law, ahall operate us a ws~i~~er thereof or preclude the exerri.~e thrreof during lhe ronlinuance ot any detault hereunder. No waiver by Mortgagee ot any default shall conatitute a waiver ot or conaenl to subsequent defaults. No failure ot Mortgagee to exercise any option herein given to accelerate maturity of the debt hereby secured, no (orbearance by Morigagee betore or atter lhe e:emise af such option and no withdrawal or abandonment ot (oreclosure proceeding by Mortgagee shall 6e taken or con- slrued as a waiver of its right to e:etciae such option or to a~celerate the maturity of the debt hereby secured hy mason of any past, present or future default on the part of 1liortgagor; and, in like manner, the procurrment o( ~nsurance or the ~y- ment o( tases or olher liens or charges by 111ortgagee shall not he taken or construed as ~ wiii~er oi its righl to nccrlerate the maturity ot the debt hereby secured_ 17. Without a(fecting the liebility of 11~toHg~gor or any other person Iexcepl any person expressly released in writing) tor payment oi any indebtedness secured hereby or (or pertomuince of any ohligation contained hErain, and without atfect- ing the rights o( Mortgagee with reapect to nny security not e:pressly rtileased in writing, Mortgagee may, nt pny time and irom time to time, either t~etore or atter the maturity of said note, and without notice or consent: (a) Rele:ise any person liable for Ek-~yment of all or any part of the indebtedness or [or ~Mr~ormance ot any obligation. (b) Make any agreement extending the time or otherwise altering the terms of payment ot all or any part of the indebtedness, or modifying or waiving any ohligation, or sutardinating, modifying or oiherwise dealing with t ' n or charge hereof. ' (c) "Exercise or refrain (rom exercising or waive any right Mortgagcr m:iy have. (d) Accept additional security o( any kind. (e} Release or otherwise deal ~•ith any property, real or personal, securinq the indebtednesa, including all or any ~uirt of the Mortgaged Property_ 18. Any aRreement hereatter made liy rlortRagor and htortqaRee pu~suant lo this morlK•ige shall he superior to the rights ot the holder of any inten~ening lien or encumbranre. 19. Mortgagor hemby waives all right of homeste~d exemption, if any, in lhe Morlgaqeci Property. 20_ In the event of condemnation proceedings of the Mortgaged Property, the award or compensation ~~.~vable there- under is hemby assigned to and shall be paid to 1~lortgagee. Atortgagee shall be under no obligation to question the amount ot any such award or compensation and may accepl the same in the amount in which the same shall be paid_ In any such condemnation proceedings, Mortgagee may be represented Fyy counsel selected by Mortgagee. The proceeds of any award or compensation so received shall, at the option of Mortgagee, either be applied to the prepayment ot the Note and at the rate of interest pro~rided therein, regardless of the rate o( interest ~~yable on the award by the condemning authority, or at the option of Mortgagee, such award shall be ~k~id over tu 14tortgagor tor restorotion ot the biortgaged Property. 21. If Mortgagee, pursuant to a c~nstruction loan agreement or la~n commitmenl made by Mortgagee with 11'IorigaRor, aRrees to make construction la~n ad~:~nces up to the princi~~al amount of the I~ote, then Mortgagor hereby coverwnts that it will comply with all o( the terms, pro~~isions and covenants o( said construction lo:in aqreement or loan commitment, will diligently construct the improvements to t~e built pursuant to ihe terms thereof, all ot the lermg thereof which are in- cor~wrated herein by m(erence as though set (orth (ully herein and will ~~ermit no detaults lo ocrur thereunder and if a de- tault shall occur lhrreunder, it stwll constilute a de(ault under this Morfgaqe and the Note. 22. At the option oi Mortgagec, Mortg~qor sh~ll provide MortRagee with periodic ~rrti(ied audited statementa o( the financial condition of Mortgagor. 23. Mortgagor represents and warrants lhat i( .~ i•or~xiration, it is duly orRanized and v.ilidly exisling, in good,stand- ing under the laws of the state of its incoriwrnlion, has stock oulstanding which h:-s been duly and ~~alidly issued, and is yuali(ied to do business and is in good stunding in the St:de of Florida, with (ul) ~wwer and authorily to consummate the loan contemplated hereby; and, et a~rtnership, il is duly tormed and ~•alidly existing, and is fully quali(ied to do husiness in the State of Florid:i; with (ull power and authority to consumm:~te the loan contemptated hereby. 24. In the event any one or more ot the provisions crontained in this Mortgage or in lhe Note shall (or any reason t~e held to be imalid, illeqal or unenforceable in any res{x~•t, sui•h invalidity, illegality or unen(orceablity shall, at ihe option of the Mortqagee, not af(ect any other pro~•isions of this Ttortgage, but this Mortgage shall be construed as i( such im~alid, illegal or unentorceable provision had ne~•er I~n contained herein or therein. The tota) interest payable pursuant lo the Note or this ;~iort~age shall not in :my one yc•ar ex~-c~c~d the hiRhest law(ul rate of interc~t in the State ot Florida_ 25. The covenanta and agreements herein containecl shaU bind and the benPtits and advantages shall inurn to the rrs~~ective heirs, executors, administrators, successors, and assigns of the parties hernto. Wherever used, the singular num{~er shall include the plural, the plural the singular, and the use of any gender shall be applicable to all qenders. All coverwnts, agreementa and ut~dertakings shall 1-e }oint and several. In t~e e~•ent additional numbered covenants or para- qraphs are tor convenience inserted in ihia ll1ortgage, surh additional cocenants shall he read and Ri~•en effect as thuugh toUowing this co~enant in rnnsecuti~•P order_ -3- . BO~K34? PA~E2743 6 ~ , - .F~ ~ -_ ~r .µ~.. _-._, _ .. - _ _ .-. ~..~