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Home My WebLink About0996 ~ i ` • . . ~ 1 } { ~~L~ ~ - -1{' 1 ai~~~~ly xu~•h nnts, i~.hues iind prolita recei~•ed hy it on tho indet~iednesa Recured hereby in auch on1~r us I~tortgi~R~ deter• nii~iea. The right to enter nnd tnke ~~osnessiun of ihe 111orlgnged 1'ro~~erty, to m~nage nn~i o~>ere~te the anmc, and to cullert the n~nte, iasues und pmfite thereot, whether hy recei~~er or atherwise, shuil Iw cumulotive to i~ny other right or rem~~dy j hereunder ~r iiifordc~) hy Inw, and mny I~c exen~ised cv~ncurrently thetewith or ind0{>endentiv ttierrot. I~iortgagee ahnl( t?e li~~hle lo nccount only tor bueh mnts, issues nnd ~~rofits uctunlly ~eceivecl by Atortguger.. 14. It the indehtedneas secumd hemby ie now ur hereAfter fiirther secured hy chnttel mortgngea, sccurity intereats. finnncing ein!ementa, pledges, contr~Ms ot guarunty, uavignmenta of leases, or other securities, or if the Mortg~ged P~o- ~~erty herehy ~ncumbemcl conaiats o( more thz~n one pnrcel ot real pra~wriy~ Mortgngee mny ~i its o~~tivn exhUUat any one ~~J or more ot ~sid securitiea e~ncl sr~•urily h~reunder, or euch pi~rcels ot the security hsreunder, either concurrantly or inde- ~ ~>endenUy, and in auch order ns it mny dete~mine. _ 15. This I~lortst~ge shali secure not only existing indebtednese, but nlso auch futu~e udvnnces, whether such udv:?ncea ure obligeitory or ta i~e mnde t~j~t~pNii ry ~`yMortR~~R~, or otherwise, as nre mnde within twenty (20) yenrs trdm the date hereof, to the same extent na if s~cai 1't~t~e~ I~dvancPS were made on the dttte o( ihe execution of thia Mortgnge, tiul such . secured indebteclness ahtitl not exceed ~t nny time the mnYimurr~ princip~l nmount ot S ~~lus intsrext. and any diebursementa mnde (or the ~x~yrr~ent o( tt~xes, levies, or insurnnce, on the 1liortgaqed Proj~eNy, with interest on such disbursementa. Any auch future Advances, wheiher oi~ligatory or to be made nt the option of the Mortgiigee. or otherwise, mny t~e mnde either prior ta or nfter the due dnte ot the Note or any other notea secumd i~y thia Mortgnge. This i4lortgsRe ia given tor the epecitic pur~~ose of securing nny nnd ull indehtedneas hy the blortgaKor to rtu~igr~gee (hut in no event ahult the secured indehtedness exceed at :~ny time the mnximum princip~l Amount sc~t forth in this parngrnph) in y~ H~hntever mnnner this indabtedness mny be evidenced or rejnesented, until thia Mortgage is satisfied of record. All coven- ants t~nd agreements :.~ontuined in this hlortguge ahfil! I~e t~pplirable to nU turiher ndvs~ncea mnde by I~iortR~gee to ` ~iortgf~gor under this future ~dvnnce clnuse. 16. No delny hy I~tortgagee in exercising any right or rnmeciy hereunder, or otherwise u(torded by lnw, sh:ill o~~er~te .~s n wa~i~•er thereof or preclude ihe exercise thereot during the continuance ot any defnult hereunder. No wniver hy hiortgi~gee of nny defe~ult shall constitute a~ wni~~er of or cansent to subsequent defaults. No fr~ilure of Mortgagee to exercise t nny optian herein gi~•en to nccelertite m:~turity of the debt hereby aecured, no torbearnnce by I4lortg.~gee before or ~(ter t'ie exerriae ot such option and no withdrnwal or atu~ndonmenl of foreclosure proceeding by 11lorig~gee shall he taken or con- strued as a w~i~~er of its right to exercise auch aption or to flccelen~te the maturity of lhe deht hereby secureci by renson of t~ny pust, {eresent or future defnult on the part of rlortgngor; nnd, in like mnnner, the procurement o[ insur.~nre or the pay- ~ ment of tnxes or other liens or churges by I~tortg:+gee sh11) noi tie t.iken or construed ns n wni~~er of its right to ac~celer:ite ~ the maturity ot the debt hereby secured. 17. Without atfecting the linbility ot 111ortgagor or any other I>erson (except ~ny ~~erson expressly releASecl in writing) for payment of any indebtedness secured hereby or for performtince of any obligation contained herein, nnd without nitect- ~ ing the rights o! A'Iortg~gee ~+~ith re~~~ecl lo any securily not expressly released in wrifing, rlortgnRee mny, ~t +~ny time nnd ~ from time to time, either i,efare or nfter the m~turity of snid note, nnd withoul notice or consent: (a) Release nn~ person liable tor payment of ~il or nny part o[ the indehtedness or [or ~~erformance af ainy obligFition. (b) hlake any :igmement extending the kime or otherwise nltering the terms of p~yment of all or nny parl o( the ~ indebtecLkss, or modifying or wai~•ing any oblig~tion, or subonlinating, modifying or othenvise deuling with the lien or charge nereoL . ~ (c) Exercise or refrain irom exemisinq or w.~i~~e nny right MortRagee mny hn~~e. (d) Accept additional serurity of any kind. ~ ~ # (e) Release or othen-ise deal with any pro~mriy, real o: personal, securing the indebtedness, inrtuding all ~r ~ny part f of the Mortgaged Pro{~ert~•. ~ i 18. Any agreement here.~tter made by 1~ortgagor ~nd Morig~gce pursuant to this mortgage shall he au~~erior to the ~ rights of the holder of any inten•ening lien or encumbrance. ' t 19_ Mortgagor hereby wt~i~•c~s all right of homestead exemption, if r~r~y, in the biortgngecl Yrot~erly_ ~ 20. In the e~•ent of condemnation proceedings of the 11~fortgaged ProjNerty, the award or com~~ensation payable there- under is hereby assigned to nnd shall he paid to b4ortgagee. biorigagee shall he under no obligation to question the amount ~ of any such arvard or com~~ensr~tion and mny accept the same in the nmount in which the same ahal! be paid. In any such condemnation proceedings, biortgngee may be represented hy counsel selecked by riortgagee. The proreeds oi any award or compensation so recei~•ed shall, nt the option of hiortgagee, either t~e npplied to the prepayment ot the Note and at the ~ ~ ratc of intcrest provided therein, regardless o( the rite of interest pay.~hle on the aw•nrd by the condemning authority, or at the option of 111ortgagee, such award shall fm p.iid over !o t~iorigagor tor restoration of ihe 11'fortgnged Property. i 21. It ~liortg.igee, pursuant to a constraction loan agreerc~nt or loan commitment mnde by ~1lortg~gee with t~tortgagor, ~ agrees to m~ke construction loan ad~•t~nces up to the pri~cipal nmount of the I~ote, then b4ortgagor hereby co~~enants that it a w•ill comply with all ot the terms, provisions and co~•enants of said construction toan agreement or loan commitment, will diligently construct the im{~rovements to he t~uilt ~~ursuant to the terms thereof, all of the terms thereot which are ie~- ~ cor~>oratec! herein by mference :is though set [orth (ully herein and w•ill {~ermit no defaults to occur thereunder and if a de- ' f fault sh~ll accur thereunder, it shall constitute a default under this Aiortgaqe and the Note. s ~ 22_ At the option of h~ortgagee, b'Iortgagor shnll provide I1lortgagee wilh periodic certi(ied nudited stf~tements of the financial condition of btortgagor. 23. 1liortg~gor re~~resents anci warrants that if .i cor{>orntion, it is duly organized and vnlidly existing, in good stand- ing un~er the laws of the state of its incor~~oration, i~as stock outst~nding which has bee~~ duly and ~~alidly issued, and is yu~lified to do husiness ~nd is in good st~inding in the State of Florida, with full power and uuthority to consummate the loan contemplated hemby; and, if a partncrship, it is duly formed and vnlidly existing, and is tully qualitied to do husiness " in the Gtate of Florida: with full ~~oK'er and ~uthority to consvmmate the loan contemplated herehy. ` 24_ In the event any one or more oLthe provisions coniained in this A~ortgage or in ihe Note shall for any reason 1>e held to be invalid, illegal or unenforceal~le in any res~~ect, such invalidity, illegplity or unenforceablity shall, ~t the ( option of the Mortgagee, not .~ifect nny other provisions of this rfortgage, but this hiortgage shall be construed as if such inwilid, illegal or unen(orceahle provision had ne~~er been contained herein or therein. The total int~rest payahle p~rsuanc ~ ~ to the Note or this 1~lortgage ahall not in any one year exceed the highest Ir.wful rnte oi interest in the State of Florid~~. - f 7S. The co~•enants and agreements herein cont:~ined shall hind nnd ihe benefits and atlvantages ahall inure to the res~~ecti~~e heirs, executors, r+~mi,-~iss~aEa:s, successors, and assigns of the parties hereto. Wherever used, the singular number sh~il include the plur~l, the plural the singular, and the us~ of any gender shall be app3icable to all genders. AIl covenants, ~R*re~ent5 and undertakings shall !~e joint ~nd several. In the event additional numbered covenants or parr~- grapha ~re for com•enience insei;ed in thix Tfortqage, such addition~l co~enar.ts shall he read and qi~•en etfect na though iollowing this co~~enant in consecutice order. ' - i . . -3- - B(~ •J~.7~ PdGE i~~iJ