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,•i as security for the Note,lu have receiver apEx~inted to enter u~n and lake Ex>ssession of the Murt~a6ed Pr~~pe:rty, cul-
lect the rents and profit; therefrum und upply lhe same as the cc~urt may direct, sueh receiver to have atllhe rights and
po~~~ers pern~itted under the laws of Ftorida. .
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In either such cuse, Alortgagee or the receiver ma~~ also take possession uf, .ind fo~ these pur}wses use, any and
ull pe.rsonal property which is a part of ihe hlortgaged PrnE~rty and use~l by hlortgagor in the rental c~r leasing thereof o~
any part thereof. The expense (inclttdinb receiver's fees, cc>unsel fees, ~osls and agent's compensation) incurred pursu-
ant tu the powers herein contained shalt be secured hereby. Mortgagee shall (after payment of all costs and cxpenses in-
curred) a~~~ly such rents, issues and profits rcceived by it on the indebtedness secured hercby in such order as Mortgagee
~ietermines. The right to enter and take Ex~ssescion of the Mortgage~ P~o~e.rty, tu ~nanage and operate the s.+me, and to
collect the rents, issues and profits thereof, whcther by x receiver ~~r olherwise, shall be cumulative to any uther right or
~ remed}' hereunder c~r affordeJ by law, and ma)~ t~; exercised cancurrentlp therewith or independently thereof. Mortga-
~ gee shall bc {iable to arcount only for such rents, issues and pru~its actually receiveii by Mortgagee.
~ 14. If the indebtedness secured hereby is now ur hereafter further secured hy rhattel murtgages, security inter-
`I ests, finaruing statements, pledges, contracts of guaranty, assignments of leases, or other securities, or if the Mott-
g~iged Pro~erty hereby encumbered ransists uf mcirc than one parcel of re~l proEx:ny, h1ortgagce may at its option er-
~ haust any one or more of said securities and security hereunder, or such parcels of the security hereunder, either concur-
~ rently or independenlly. and in such order as it may detennine.
~ I$. This Mortgage shall secure not only existing indebtedness, but .ilso such future a~lvances, whether such
~ advances are oblig.Uory ur to bc; made at the option ot~ Mt~rtgagec, or uthenvise, ~is are made within t~+~enty (20) years
From thc date hereof, to the same extent as if such future advanres were made on the date of the execution of this Mort-
; gage, but such secured indebtedness shall not exceed at any timc the maximum principal anwunt of t~ti•o tirnes the
amuunt of the Note, plus interest thereon, and any disbursements made Cor 1he payment of taxes, levies, or insurance.
on the Mottg~ged Prope.rty, with interest on such disbursements. Any such future advances, H~hether obligatory or to be
made at the option of the Mongagec, or othenvise, may be made either priar ro or after the due date of the Note or any
other notes secured by this Mortgage. This Mortgage is given far the specific purpose uf securing any and all indebted-
ness by tl3e Mongagor to Mortgagee (but in no event shaN the secured indebtedness exceed at any time the maximum
. principal amount set forth in this ptt~agraph) in whatc~~er manner this indebtedness ma}~ be evidenced or represented,
until this hlortgage is satisfied of recurd. All covenants and agreements contained in this Mortgage shall be appHcable
to all furiher advances made by Mortgagee to Mortgagor under this future advance clause.
16. No delay by Mortgagee in exercising any right or remcdy hereunder, or otherwise afforded by law, shal!
upc;rate as a waiver thereof or preelude the exercise thereo! dusing the cuntinuance uf any dcfault hereunder. No r~~ai~~er
by Mortgagee of any default shall constitute a waiver of or consent ro subseyuent d~(aults. No faiturz of Mortga~ee to
- exercise any option herein given to ~ccelerate maturity otthe debt hereby secured, nu forbearance by Mortgagee before
. or after the exercise of such option and no withdra~s~al or abancionment of foreclosure pnxeeding by h4ortgagee shall be
" taken or construed a~ a waiver of its right to exercise such opti~~n or to accelerate the maturity of the debt hereby secured
by reason of any past, present or futuce de(aull on the part of Mortgagor; and, in like manner, the procurement of in-
- surance or the payment of taxes or other tiens or charges by 1~lortgagee shall not bc ta~:en or constnic~i?s a waiver of its
right to accelerate the maturity of the debt hereby secured.
' { 7. Without affecting the liabilit~~ uf I~lortbagor or any othcr ~:rson (except any penon cxpressly released in
writing) for payment of any indebted~sess secured hereby or for performance of any obligation contained herei~, and
~vithc~ut affecting the rights of Mortgagee with respect to any' s~curity not ex~ressly reteased i?~ ~vriting, hSortgagee
: may, at an}• time and from time to time, either bc;Care or after the ma~urity of said note, and without notice or consent:
(a) Reicase any pc:rson liable (or pa}~ment of all or any part of the indebtedncss or for performance uf an}•
_ ubligation;
(b? tilake any agreement e~ten~ing the timc or othcnaisc ahcring [he tenns of payn?ent oC atl or an} past
of the indebtedness, or m~dif}~ing or waiving an,y obligatiun, on sut~or~inating, modif~~ing or otherwise dealing ~aith the
fien or charge hereof;
(c) Exercise or refrain fram exercising or «~aive any right ~'lortgagee may ha~•e;
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~ (d1 Accept additional security of any kind: and
(e) Release or othervvise deal with any property, real or personal, securing the indebtedness, including
~ allor any part of the Mortgaged Property.
I 8. Any agreement hereafter made by Mortgagor and Mortga~ee pursuant to this m~3rigage shal) t>e superior to
the rights oi~ thr, hc~lder of any intervening lien ~r encumbrance. .
19. Mortgagor hereby waives all cight of homestead exemption, if any, in the I~lortgaged Property.
20. !n the event of condemnation prcxeedings of the ,~lortgaged Property, the award or compensation payable
. thereunder is hereby assigned to and shat) be paid to I'.4ortgagee. Mortgagee shall be under no obligation to question the
amouM of any such award or compensati~n and may accept the same in the arnount in ~vhich the same shall be paid. (n ~
an}~ such condemnation proceedings, Mortgagee may be represented by counsel selected by hiortgagee. The proceeds '
j; of any award or compensation so received shall, at the option of hlortgagee, either he applied to ihe prepayment of the
Note and at the rate of interest pravided therein, regardless of the rate of interest payable on the award by the condemn-
~ ing authority, or at the option of Mortgagee, such award shal! tr~ paid o~~er to Mortgagor for restoration of the titort- '
' gaged Property. i
21 . If Mortgagee, pursuant to a construction (oao agreement or loan commitn~ent made by hlortgagee with ~
; Mortgagor, agrees to make construction loan advances up ta the principal amour~t af the Note, then Mortgagor hereb} ;
~ covenants that it wil) comply with all af the terms, provisions and covenants of said construclion loan agreement or loan !
commitment, wiil diligently construct the improvements to be built pursuant to the terms thereo(, all of the terms there- ~
of which are incorporated herein by reference as though set forth fully herein anJ ~~~ill permit no defaults to occur there- ~
' under and if a default shall occur theseunder, it sha{I constitute a default under Ihis 4lortgage and the Note. €
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~ 22. At the option of Mortgagee, Mortgagor shall provide ~lortgaoee with pe:ric~ic cettifieJ audited state-
~ ments of the operations of and the financial condition of Mortgagor. ~
~ B(IiIK Pl,GE J`t `t }
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