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Home My WebLink About0961 principai amount o[ he Note, plus inttrest theceon, and any disbursements made [or the payment of taret, levies, or insurance, oa the Mortgaged Property, with interoit o~ -uch dub~t~tmsnti. Any tuCb [utute advances, whethec obligatoty or to be madc at the option of the Mortgagee, or otherwise, may be msde ei~,~er ptiortb~oE ifter the duwaate d the Note or any other notes secured by this Mortga~e. 71iis Mortgage is given for the specitic purpose of iecurug any and all indebtedneu by the Mortgagor to Mortgsgee (but in no event sluli the securod inde~tedness exceed at any time the muLnum principal unount set forth in this pua~raph) ia whatever manner this indebtedneu may be evidenced or tepraented, until this ldongage is satisfied o! recotd. All covenat?u and sgreements contained in th~ Mottgage shall be applicabie to all further adrances msde by Mortgaaee to Mortgagot under this futute advana dau~e. 16. No dclay by Mortgagee in exercising any right or remedy hereundet, or otherwise afforded by law, shall operate as a waiver theceof or preclude the exercise thereof duting ihe continuance of any default hereunder. No wair•er by Mortgagee of any default shaU constitute a waiver of or consent to subsoquent defaults. No failure of Mottgaaee to exercise any option herein Biven to acceler~te maturity of the debt hereby secured, no forbeuance by Mortgagee be[ore ot dter the exercise o[ such opUoa and no withdrawal oc abandonment of fotedosure proceeding by Mort- gagee shall be taken ot construed ~~'w~i~lr ot it~right to exercise such option or to rcceletate the maturity of the debt hereby securod by reason of any put, prestnt or futuce defaulf on the p~rt of INortgagor; and, in like manner, the procurement of uuurance or the payment of taxes or other liens or chatges by Mortgagee shall not be takea or coruvued as a waiver of its right to accclerate the maturity of the debt hereby secured. 17_ Without affecting the liability of Mortgagot or any other person (except any person expressly released in writing) for payment oI any indebtedMss secured henby or for performance o[ any obligation contained herein, and without atfecting the rights of Mortgagee with nspect to any security not expressly released in writing, Mottgagee may, at any time md lrom time to time, either before or after the maturity ot said note, and without notice or consent: (a) Rekase any person liabk for payment of all or any part of the indebtedness or for performance of any obligation; I (b) Make any ageement extending the time or otherwise altering the terms of payment of all or any put of the indebtedness, or modifying or waiving any obligation, OI SUbOIdi71~LLDg, modifying or othetwise deilir?g with the lien or chuge hereof; (c) Exercise or cefrain from exercising or waive any right Mortgagee may have; (d) Accept adJitional security of any kind; md (e) Release or otherwise deal with any properiy, real or pe~sonal, securing the indebtedness, inciuding all or any put of the Mortgagod Propcrty. 18. Any agrecment hereafter made by Mortgagor and Mortgagee p~rsuant to this mortgage shall be superior to the rights of the holder of any intenening lien or encumbrance. 19. Mortgsgor hereby waives all right of homestead exempiion, it any, in the Mortgaged Pcoperty. 20. in the event of condemnation proceedings of the Mo~tgaged Property, the award or compensation payabk thereunder is hereby assigned to and shall be paid to Mortgagee. Mortgagee shall be under no obiigation to question the amount of any such awud or compensation and may accept the same in the amount in which the same shall be Paid. [n any such condemnation proceediagz, Mortgagee may be represented by oounsd sekcted by Mortgagee. The proceeds of any awacd or compensation so teceived shall, at the option of Mortgaga, either be applied to Uie prepay- ment of the Note and at the rate of iniercst provided thercin, regardkss of the nte of interest payabk on the awud by the condemning authority, or at tho option of Mortgagee, such awud shall be paid over to Mortgagor for restontion of the Mortgag~d Property. 21. !f Mortgagee, pursuant to a construction loan agreemrnt or loan commitment made by Mortgagee with Mortgagor, agrces to make con- struction loan advances up to the principal amount of the Note, then Mortgagor hereby covenants that it wiU comply with ali of the terms, pro- visioas and covenants of said construction loan agreement or loan commitment, will diligently construct the improvements to be built pursuant to the terms thereof, aU of the terms thereof which are incorporated herein by nference u though set forth [ully herein and will permit no de- faulu to occur theteunder and if a default shall occur thereunder, it shall constitute a default under this Mortgage and the Note. 22. At the option of MortgaEtee, Mortgagor shall provide Mortgagee with periodir certiGod audited statements of the operations of and the i financial conditan oC Mortgagor. f ' 23. if all ot any part of the Mortgaged Propetty, or any intetest therein, is sold, convcycd, traruferred or furthet eacumbered by Mottgagor E without Mortgagee's prior written consent, excluding (i) a trmsfer of the Mortgaged Property by merger or co~olidation of Mortgagor, if Mort- ~ gagor is a corporation, with another corporation having a net wonh of not less than the net worth of Mortgagor, or tu) the graat of any kaso- hold interest in the Mortgaged Property not containing an option to purchase, which kase is made in the ordinary course of Mortgagoi s business, l then and in that event, Mortgagee may declare all sums secured by this Mortgage to be immed'utely due and paylblt. MOII$1gCt S}I]II I11~Y W7IYtd { such option to acceterate if, prior to the sale, transfer or conveyance, Mortgagee and the person or entity to whom the Mortgaged Property is to be sold or truuferred reach agreement in writing that the credit of such person or entity is satufsctory to Mortgagee and that the interest psyabk on the sums secured by this Mortgage shall be at such rate u Mortgagee shall request. !f Mortgagee has waived this optian to awelrnte as providod in this Paragraph, and if Mortgagor's successor in interest has executed a written assumption agreement, accepted in writing by Mortgagee, Mortgagee shall release Mortgagor from all obligations under this Mortgage and the Note. 24. Mortgagor represents and warrants that if a corporation, it is duiy organiud and validly existing, in good standing under the law~s of the state of its incorporation, has stock outstanding which has bcen duly and validly issued, and 'u qualiPied to do business and 'u in good standing in the State of Florida, with full pow~cr and authority to consummate the loan contemplated hereby; and, if a partnership, it is duly formed and vaiidly exisiing, and is fully qualified to do business in the State of Florida; with full power and authority to consumtnate the laan contemplated heceby. 25. [n the event any ane or more of the provisiuns conttined in chis Mottgage or in the Note shall for any reuon be held to be invalid, illegal or unenfotceable in any sespect, such invalidity, illegality or unenfotceability shxll, at the option of the Mortgagee, not affect any other pro- visions of this Mortgage, but this Mortgage shall be construed as if such invalid, illegal or uneaforceabk prurision had never been contained herein or therein. The total in~erest payable pursuant to the Note or this Mortgage shall not in any one yeaz exceed the highest law~lul rate of intecest 4 allowed by the law of the State of Florida. ~ ~ 26. The covenants and agreements herein contained shall bind and the benefits and advantages shall inure to the respective he'us, executors, ~ administrators, successors, and assigns uf the pazties hereto. Wherever used, the singular number shall include the plutal, the plural the singular, t and the use of any gendtr shall be appGcabk to aU genden. Aq covenants, agreements and undertakings shall be joint and several In the event " additional numbered covenants or paragraphs aze for convenience inserted in this Mortgage, such additional covenanta shall be read and given ~ effect u though following this covenant in consecutive order. F ~ ~ ~ $ ~ ~ a~~x~ P~cE ~~U1 - •3- - . t-~~~ ~ f,.:,: r ~ P: ~ ~ `~;--=~?~.~~,r~