HomeMy WebLinkAbout1533 9. That in the ev~ent that Mortgaqor shall (1) consent
to the appointnaaent of a receiver, trust~~ ar liqui8ator of
all or a substantial part of Mortqagor's assets, or (2) be
adjudicated a bankrupt or insolvent, or file a voluntary peti-
tion in bankruptcy, or admit in writing its inability to pay
its debts as they beco:ne due, or (3) make a general assiqnment
for the benefit of creditors, or (4) file a petition or answer
seeking reorganization or arrangement with creditors, or to
take advantage of any insolvency law, or (5) file an answ~er
ac~n,i.ttinq the material alleqations of a petition filed against
the Mortgagor in any bankruptcy, reorqanization or insolvency
proceeding, or (6) take any actian for the purpose of effectinq
any of the foregoing, or (7) permit entry of any order, judgment
or decree against Mortgagor upon an applicatian of a creditor
of ~iort~a~or by a c~ur~ of competent jurisdiction approvinq
a petition seeking appointment of a rec~eiver or tru~~e ~f
all or a substantial part of the Mortgaqor's assets and such
order, judgment or decree shall continue unstayed and in effect
for a period of sixty (60) consecutive days, the Mortgagee
may declare the Note hereby secured forthwith due and payable,
whereupon the principal of arid the interest accrued on the
Note and all other swas hereby secured shall become forthwith
due and payable as if all of the said swns of money were originally
stipulated to be paid on such day; and thereupon the Mortqagee
without notice or demand may prosecute a suit at law and%or
in equity as if all monies secured hereby had matured prior
to its institution.
10. That the Mortgaqor will qive inanediate notice by
mail to the Mortgagee of ariy conveyance, transfer or change
of ownership of the premises .
11. That any conveyance or transfer shall contain an
assumption and agreement by the qrantee to pay this mortgaqe
and the promissory note or notes secured hereby, and failure
to make such provision in said conv~eyance or transfer shall,
at the option of the Mortgagee, oonstitute a default of this
mortgage, and the Mortgagee may, at its option, accelerate
the entire amount due hereunder.
12. That no waiver of any oovenants herein or of the
obligation secured hereby shall at any time thereafter be held
to be a waiver of the terms hereof or of the note secured hereby.
13. That if the Mortgagor defaults in any of the covenants
or agreements oontained herein, or in said note then the l~Iortgagee
may perform the saiae, and all expenditures (including reasonable
attorney's fees) made by the Mortgagee in so doing shall draw
interest at the highest rate permitted under the laws of the
State of Florida, and shall be repayable i.mmediately and without
demand by the Mortgagor to the M~rtgagee, and, together with
interest and costs accruing thereon, shall be secured by this
mortgage.
14. That the mailing of a written notice or demand addressed
to the owner of record of the mortgaged premises, or directed
to the said awner at the last address actually furnished to
the Mortgagee, or directed to said awner at said mortgaged
premises, and mailed in the United States mails, shall be sufficient
notice and demand in any case arising under this instrum~ent
and required by the provisions hereof or by law.
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