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Home My WebLink About0954 _ _ _ . _ J _ ~ . _ c ~ . upply auch rents, iaxu~~ and protib received by it un tha indebtedne~s ~ecured hereby in such orde~ aa Mortgagee deter- minea. The right to enter and tnke poaseasion ot the Mortgaged Property, to manage and operate the same, and to collect the renta, isaues and profita thereot, whelher by a receiver or othetwise, ~hall b~+ cumula?iva to any other rig6t or remedy hereunder or attorded by law, and may be exercised concurrently therewi/h or independently thereof. Mortgagee shall be liable to account only for auch ren/a, iseues and pr6(ib actually received by Mortgagee. 14. II the indebtedness secure~ hereby ia now or hereafter further secuted by chattel mortgages, secu~ity intereats, financing etatementa, piedgea, rnntracta of guarenty, asaignmenta of leasea, or other securities, or it tk~e Mortgaged Pro- perty hereby encumbered consisb ot more than one parce! ot real pmperty~ MoHgagee may at ita option eYhaust any one or more ot said securities an~ security hereunder, or auch parcels o[ the ~ecurity hereunder, eit6er concurrently or inde- pendenlly, ~nd in such arder as it may determine. lb. Thu Mortgage shall secure not only e:isting indebtedner, but also such future advancea. whether such advaacea are obligatory or to be made at the option ot Mortgagee, or othetwiee. as are made within twenty (~0) yean trom the date hereof, to the oame e:lent aa if auch future advances were a,ade on the date o[ the execution of this Modgage, but such secured indebtedn~s ahall not e:ceed at any time the maximum principal amount of i n~a plua interest, and any diabursementa made For the payment of taxea, levies, or inaurance, on the Morigaged Property, with interest on auc6 diabursements. Any auc6 [uture advances, whether obiigatory ot to be made at the option o[ the Mortgagee, or otherwise, may be made either prior to or atter the due date of the Note or any otber notes secured by this Mortgage. This Mortgage ia given tor the specific pur~wee of securing any and all ir~debtednea by the Mortgagor to Mortgagee (but in no event shali the eecured indebtedness e:ceed at any time the ma:imum principal amount set forth in this paragraph) in whatever manner this indebtedness may be evidenced or repreaented, until thie Mortgage ia aatistied of record. All coven- ants and agreemente contained in this Mortgage shall be applicable to all turiher advances made by Mortgagee to MorigaRor under this future advance clauie. 16. No delay by Mortgagee in exemising any right or remedy t~ereunder, or otherwise attorded by law, s6a11 operate as a waiver thereoi or preclude the exemise thereof during the continuance ot any deiault 6ereunder. No waiver by Mortgagee of any detault ahall conatitute a wuiver ot or consent to subeequent de(aults. No taiture ot Mortgagee to e:ercise any option 6erein given to accelerate maturity of the debt hereby aecured, no torbearance by Mortgagee before or after the exemiae of auc6 option snd no withdrawal or abandonment of foreclosure proceeding by Mortgagee ahall be taken or con- strued as a waiver of ita right to eaercise such option or to accelerate the maturity of the debt hereby secured by reason ot any past, present or tuture detault on the part of Mortgagor; and, in like manner, the procurement of inaurance or the pay- ment of taYe,~ or other liens or charges by Mortgagee shall not be taken or conxtrued aa a waiver ot ita right to accelerate the maturity of the debt hereby secared. 17. Without attecting the Iiabiiity of Mortgagor or any other person (e:cept any person expressly released in writing) for }~ayment ot any indebtednesa secund hereby or for perfortnance o[ any obligation contained herein, and without at(ect- ing the righta ot Mortgagee with reapect to any security not expressly rPleased in writing, bfortgagee may, at any time and from lime to tim~, either before ot atter the maturity of eaid note, and wit6out notice or consent: (a) Release any peraon liable tor payment ot all or any part of the indebtednexs or for performance o[ any obligation. (b) Make any aqreement ezle~h t~n~ ~ Lufe or otherwise altering the terms of payment ot all or any part of the indebtedness, or modi(ying or waivinq any obligation, or aubordinating, modifying ar otherwise dealing with the lien or charge hereof. ~ (c) E:emiae or refrain trom exercising or waive any right MortRngee may havP. i (d) Accept additional aecurity of any kind. (e) Release or otherwise deal with any property, real or pereonai, securing the indebtedness, including all or nny part , ot the Mortgaged Property. lA. Any agteement hereafter made by Mortgagor and MorlqaRee purauant to this mortRage shall be superior to the rights ot the holder of any intervening lien or encumbrance. k 19. 1lortgagor hereby waives all right ot homeatead e:emption, if any, in the Mortgaged PropeHy. i i ~ 20. 1n the event of condemnation pra•eedings of the Mortgaged Property, the award or compensation payable there- { under is hereby assigned to and shall be µ~id to MoHgagee. 114origagee shall be under no obligation to question the amount I ot any such award or compensation and may accept the same in the amount in which the eaMe ahall be paid. In any such condemnation proceedinga, Mortgagee may he represented hy counael selected by Mortgagee. The pra~eeds of any award or c•ompensation so received ahall, at the option o( Mortgagee, either be applied to the prepayment ot the Note and at the rate of interest provided therein, mgardleas of the rate of interest paynble on the award by the condemning authority, or at the option of Mortgagee, such award ehall be paid over to Mortqagor for restoration of the Mortgaged Property_ 'll. I( 1~lortgagee, pursuant to a c•onstruction loan agreement or loan commitment made by Mortgagee with blartgagor, aRre~a to mnke construction loan advances up to the prinripal amount ot the Note, then Mortgagor hereby covenants that it will comply with all ot the terms, pro~•isions and covenants ot said construction laan agreement or loan commitment, will diliRently construct the improvementa to be built ~~urauant to the terma thereof, all of the terma thereof whici~ are in- cor~~orated herein by reterence as though set forth (ull~~ herein and will permit no defaulta to occur themunder and if a de- fault shall occur thereunder, it shap constitute a default under thia Mortgage and the Note. 22. At the option ot MortRa~er, 111ortg.~gor shnll provide 114ortgagee with periodic certitied audited statementa ot the financial condition of 1liort~~gor. 23. 1~lortg~Ror reF~resents :ind K'7fi~6~3 that i( cor~wr.?tion, it ia duly orRanized and validly existing, in good A~dhd- in~ ~nder the I~ws of the state o( its incorF~oration, has stock outstanding which has been doly and ~~:,lidly issued, and is qualified to do husiness :~nd is in Rood st:~nding in the St:~te of Florida, with full {~ower and authority to consummate lhe loan contemplated hereby: and, if a partnership, it is duly formed :~nd ~~alidly existinq, ~nd is fally qualified to do business in the State ot Florid:i: with (ull E~ow•et and authority to ~•onsummate the loan contemplated hereby. 24. In the event any one or more of the provisions contained in this 111ortgage or in the Note ahall tor any reason ~ I~e held to be invalid, illegal or unenforceable in any res~~ec•t, such im~alidity, illegality or unentorceahlity ahall, at the option of the Mortgagee, not a(fect any other pro~~isions o( this blortqage, but thia Mortgage shall be conxtrue~i as if such im•alid, illegal or unenfon•e:~ble ~?ro~•ixion had ne~~er been contained herein or therein. The total intereat payable puisuant to the Note or this MorlRaRe ahall not in any one year exceed the highest law(ul rate of intemst in the State of Florida. 25. The covenants and agreementa herein cont:~ined shall bind and the bene(its and advantages shall inure to the res~~ecti~•e heirs, executors, administratora, succeasors, and .issigns of the parties hemto. Whetever used, the sinqular numl~er shal! include the plural, the plural the singular, and the use o( any gender shall be applicab{e to all genders. All c-ovenantx, agreements ~ind undertakin~a shall be joint :ind several. In the e~•ent additional numbered covenanta or para- qraphs are for convenience inserted in thia hfortRaRe, such additionai curenanta shalt be read and given ettect as though following this covenant in consecutive order. -3- BOOK~4 PAGE ~4