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Home My WebLink About0950 ~ - ~ f ` ! apply auch renta, isaurc ~nd protib received by it on the i~debtedne~s aecured hereby in wch order as Mort~agee deter- mines. The right to enter and take poaeesaion ot the Mortgaaed Property, to manage and operate the aame, und to collect the rente, iaaues and profita thereof, whether by a reoeiver or olherwiae, shali be cumulative to any athet right or ramedy hereu~der or alforded by law, and may be exercised concurrently therewith or independently thenwf. Mottgagee shall be liable to accwunt only for auch renb, issue~ and protib actually received by Mortgasee. 14. It the indebtedness secured hereby is now or hereafter further ~ecured by chettel mortgages, security intereata, financing atatemente, pledgea, cotttracts ot guarenty, assignments at leases, or otl~er iecurities, or it the Mortgaged Pm- perty hereby encumbered conaiets of more than one pamel ot real property, Mortgagee may at ita option ezhaust any one ar more of eaid securitiea and sECUrity hereunder, or such parceb of the security hereunder, either concurtenUy or inde- pendently, and in euch order as it may determine. 15. This Mortgage shall secure not only e:isting indebtednese, but also such tuture advancea, whether iuch edvancea are obligatory or to be made at the option ot Mortgagee, or otherwise, as are made within twenty (ZO) yeaits trom the date hereof, to the same e:tent as it euch tuture advances were made on the date of tha execution of this ortgage, but such eecured indebtedneas ahall not e:ceed at any time the ma:imum principal amount o[ i plue interest, and any disbureementa made tor the peyment of ta:ea, levies, or insurence, on the Mortgaged Property, with intereat on such diabursementa. Any auch future advances, whethes obligatory or to be made at the option o[ the Mortgagee, or otherwise~ may be mede either prior to or a(ter the due date ot the Note or any ot6er notes secured by thii Mortgage. This Mortgage is given [or the specitic purpoae ot securing any and all indeMedness by the Mortgagor to Mortgagee (but ~ in no event stu~ll the secured indebtednese exceed at any time the ma:imum principal amount set (orth in this paragraph) in whatever manner this indebtedneas may be evidenced or reprESented, until thia Mortgage ia aatistied ot record. All rnven- ants and agreemente contained in t6is Mortgage ahall be appticable to all (urther advancea made by Mortgagee Lo Mortgagor under thia tuture advance clauee. 16. No detay by Mo~tgagee in e:erciaing any right or remedy hereunder, or otherwise atforded by law, ahal! operate as a waiver thereof or preclude the e:ercise thereof during the rnntinuance of any defauit hereunder. No waiver by Mortgagee oI any default shall constitute a waiver of or consent to subeequent defaults. No tailure o[ Mortgagee tQ e:ercise any opiion herein given to accelerate maturity of the debt hereby eecured, no forbearance by Mortgagee betore or alter the e:erciae of such option and no withdrawal or abandonment of torecloaure proceeding by Mortgagee ehali be taken or con- atrued as a waiver ot its ri~ht to ezercise such option or to accelerate the maturity of ihe debi hereby aecured by reason of any past, present or tuture detault on the part of Mortgagor: and, in like manner, the pra~urement of insurar.ce or the pay- ment of taxes or other Iiene or chargea by Mortgagee shall r~ot be taken or construed as a waiver of its right to accelerate the maturity of the debt hereby secured. 17. Without aftecting the liability ot Mortgagor or any other pecaon (except any person exprcasly released in writing) for payment ot any indebtedness secured hereby or (or performznce o( any obligation contained herein, and without at(ect- ing the rights of Mortgagee with respect to any eecurity not ezpresaly released in writing, Mortgagee may, at any time and fmm time to time, either be(ore or a(ter the maturity of aaid note, And without notire or coneent: (a) Release any peraon liable for payment of aU or any part o( tfie indebtedness or tor pertormance of any obligation. , , _ ir"'! (b) Make any sgreement e2feb~ii~i~g~t~e' pme or otherwise altering the terms of payment of all or any part of the indebtednesa, or modifying or waiving any obligation, or subordinating, modi(ying or otherwiee dealing with the lien or charge hereof. (c) Exerciee or refrain trom eYemiaing or waiw: any right I?fortgagee may have_ (d) Accept additional security of any kind. (e) Rele-aae or otherwiae deal with any property, real or personal, securing the indebtednees, including all or any part of the Mortgaged Property. 18. Any agreement herea(ter made by Mortgagor and MortgaAee pursuant to this mor/gage shall Fre superior to the righta of the holder of any intervening lien or encumbrance. ! 19. Mottgagor hereby waives all right o( homestead exemption, i( any, in the Mortgaged Properiy. ~ 20. In the event of condemnation ra•eedin s of the Mort a ed Pro rt the award or com ~ P B g g pe y, pensation payable there- ~ under is hereby aasigned to and shall be paid to Mortgagee. Mortgagee shali he under no obligation to question the amount of any such award or compensation and may accept the same in the amount in which the same ahall be paid. In any such rondemnation proceedings, Mortgagee may be represented try c^ounsel selected by Mortgagee. The prareds ot any award j or compensation so received shall. at the option ot Mortgagee, either be applied to the prepayment ot the Note and at the rate of intereat provided therein, regardless of the rate ot interest payable on the award by the condemning authQrity, or at the option of Mortgagee, such award shall t?e paid over to I4fortgagor for restoration of the l~tortgaged Pcoperty. 21. If Mortgagee, purauant to a construction loan agreement or loan commitment m:~de by Mortgagee with Mortgagor, agrees to m:~ke constru<•tion loan advancea up to the principal amount o( the Note, then Mortgagor hereby covenants that it will c•omply with aU ot the terms, provisions and covenants of said consiruction loan agreement or loan commitment, vvill diligently conslruct the improvementa to be built pursuant to the terms thereot, all of the terms thereof which are in- corporated herein by rnference as though set torth fuUy herein and will permit no defaults to occur thereunder and i( a de- ~ tauit shall occur thereunder, it shall constitute a default under thia ~tortgage and the Note. 22. At the option o( 111ortgaRee, btortgagor sh~ll provide Mortgagee with periodic certi(ied audited statementa ot the financial condition oi Mort{~agor. 23. 11'Iortgaqor represents :~nd warronts that if a cor}>oration, it is duly orqanized and validly existing, in good atand- ing under the laws o( the state ot its incor{~oration, has stock outstanding which has been duly and ~•alidly issued, and is qualified to do business and is in good standing in the State of Florida, with full power nnd authority to c•onsummate the ioan contemplated hereby; and, if a E~artnership, it is duly tormed and validly existing, and is fully qualified to do business in the State o( Florida: with tul) ~~ower and authority to consumm~te the loan contemplated herehy. `l4. In the erent any one or more o( the provisions contained in this 111ortgage or in the Note shalt [or any reason be held to be inv~lid, illegal or unenforceable in any respec•t, such im•alidity, illegality or unenforceablity ahall, at the opiion of the Ainrtg:~Qee, not affe~•t any other provisions ot this Aiortgage, but this biortgage ahall be construed as it such im•alid, illegal or unenfon•eable provision had ne~er been c~ontained herein or therein. The total interest payaMe pursuant to the Note or this MortRage shall not in any one yeur exceed the highest lawful rate of interest in the State ot Florida. 25. The covenanta and aqreementa herein rontaineci ~hall bind and the benefits and advantages sha11 inure to the respecti~•e heirs, executor~s, administrators, succ•easors, and assigns ot the parties hereto. Where~•er used, the singular numher shall include the plural, the plural the aingular, and the use ot any gender shall be applicable to all genders. All covenants, agreements and undertakinga shall F?e joint and several. In the e~•ent additional numbered covenanta or para- grapha are (or canvenience inserted in thia Mortgage, such additional co~•enants aFwll be rea~ and gi~•en effect aa though following this coven,~nt in consecuti~~e order. ~ -3- ; ~ a~ 364 P,~E 9~ ; . ~ ~ a