HomeMy WebLinkAbout1904 of the property of Mortgaqor be sequestered, or if 2•lortgagor
shall default under that certain Security Aqreem~nt b~tween the
parties hereto of even date herewith, or if Mortgaqor files or
consents to the filing of any petition or procaeding under the
National Bankruptcy Act or similar State or Federal Statutea,
as now or hereafter in effect, or if such petition or Froceeding
is filed aqainst Mortgagor and ~ot dismissEd within sixty t60) ;
days after such filing, or if Mortgac~or shall adniit inability
to pay debts as they become due, or if Mortqaqor be a c~rporation,
if its directors or stockholders shall institute or consent to
any proceedinqs for the dissolution or liquidation of Mortqagor ~
or fail to do all thinqs necessary to maintain the existenee M
of Mortqagor, or if any law shall be enacted or decision rendered ;
by any court of last resort imposing any tax or assessment not ~
now in effect upon this mortgage, or the note secured hereby, 3
or any interest of Mortgagee in the t4ortgaged Premises, or rendering
inoperative the undertakings of tiortqagor to pay all taxes arising ~
as a result,of this transaction other than taxes on the ia,terest ~
inaome herefrom, or whieh results in the deduction from values ~
of lands, for tax purposes, of the amount of any lien hereon, ;
or altering the laws fos the taxing of mortgages or debts secured
thereby, then on the happening of any one or more of these events,
this conveyance shall become absolute and the whole indebtedness
secured hereby shall immediately become due and payable at the
option of Mortgagee and this mortgage may thereupon be foreclosed
for the whole of ~aid money, interest and costs, or Mortgagee
may foreclose only as to sur~s past due without injury to this
mortgage or the displacement or impairment of the remainder of
the lien thereof, and at such foreclosure sale the property shall ;
be aold subject to all remaining items of indebtedness and the ~
tiortgagee may again foreclose in the same manner as often as ~
there may be any sum past due.
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, 9. If at any time after default by Mortqagor a receivership ~
may be necessary in the opinion of Mortgagee to protect the lien
o hereof, or at the time of or after the institution of suit to
aollect the indebtedness hereby secured, or to foreclose this
~ mortgage, Mortgagee shall, as an admitted equity and as a matter
3~_ of strict right and regardless of the value of the property,
or the solvency or insolvency of Fiortgagor or any party bound
,x i for the payment of the indebtedness have the right to appoint,
on ex parte application and without notice to anyone by any proper
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's g court having jurisdiction, of a receiver, which receiver sliall
~~s o have all of the broad and effective powers and functions in
c- any wise entrusted by the court to a receiver to take charge
~ of, manage, preserve, maintain, care for and protect the Mortgaged
6 Premises and to collect rents, issues, proceeds, produce, profit,
income and revenues of the tdortgaged Premises from whatsoever
source derived; to make all necessary or needful repairs ~nd
to cultivate, operate, dust, prune, fertilize, lime, drain, irrigate
and protect from damage by fire, the timber, fields, pastures,
archards, citrus groves and all other agricultura•1 developments
located on the Mortgaged Premises and to market the products
thereof and receive and co2lect the proceeds thereof and such
receivership shall, at the option of Fiortgagee, continue until
the full payment of all sums hereby secured, or until title to
the tiortgaged Premises shall have passed on sale under a foreclosure
of this mortgage.
20. In the event all or any portion of the property hereby
mortgaged is included in any drainage or other imp=ovement district
formed or authorized subsequent to the date hereof, or in the .
event said property, or any part thereof, is in a drainage or
other improvement district as of the date hereof, and subsequent
to the date hereof the bonded indebtedness of such district is
increased or the district is authorized ta make additional assess-
ments for improvements in excess of fifteen percent (15$)
of the assessment in force and effect as of the date hereof, '
then in any of such events the Mortgagee may, at its option,
ANDERSON, RUSH, DEAN 6 LOWNDES AnORM ~ wN0 COVNfR?WRS At u~M ORUNDO, FLORIDA
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