HomeMy WebLinkAbout1519 i~egdiately a~d without notice, may institute proceedings to foreclose this
sortgage aad apply for the appoint~ent of a Receiver. as hereinaftes provided.
8. If any of the suos of money herein ref erred to De not prosptly end fully paid
within thirty (30) days next after the same severally become due and payable.
or if each and every the stipulationa, agree~enta, conditions and covenants of
said prodissory note and this deed, or either, are not duly perfo~ed, crneplied
with, acd abided by, the aggregate su~ advanced by SMA to the Mortgagor und,er
the terme of the promissory note and this deed then remaining unpaid, less any
consideration received by gMA for making this loan after deducting the costs of
SMA in making this locn, shall become due and~payable forthwith or thereafter
at the option of g~yp, as fully and coapletely as if said aggregate sum of money
were originally stipulated to be paid on such a day, anything in said promissory
note or herein to the contrary notaithstanding. It is the intention of SMA that
in no,event.should the mortgagor pay more than the legal rate of intereat allo~r-
ed under the Laws of the State of Florida.
9. llntil the default in the performance of the covenants and agreesnents of this
24ortgage, the Mortgagor shall be entitled to collect the rents, issues and profits
from the presnises hereinbefore described, but in case of a default in any of the
[erms of this Iiortgage or the filing of a bill to forecloae this or any other
liorxgage enc,umbering the within described property. SMA shall im~ediately. and
without notice and as a matter of strict right, be entitled to the appointment of
• a Receiver of the-mortgaged property, both real and pereonal, and of the rents,
issues, profits, prepaid rentals or security monies, depoeits and revenueB thereof,
from whatsoever source derived, with the usual poWers and duties of R~eivers
in such cases;,and such appointment shall be made by such court as a natter of
strict right to SMAits successors, or assigns, and vithout referenee to the
adequacy or inadequacy of the value of the property hereby mortgaged, or to the
solvency or insolvency of the Mortgagor, or Nortgagor's heirs, legal representat-
ives, successors or assigns, and that such rents, profits, prepaid rentals or
-security monies, deposits, incane and revernie shall be applied by such Receiver
to the payment of [he Mortgage indebtedness, cost and charges, according to the
order of such court, and such~Receiver may be continued in posseesion of the said
property until the time of the sale thereof under such Foreclasure and until the
confirmation of such sale by the court.
10. That in the event of any default in paying the said principal or interest, the
rents, prepaid securities and deposits, revenue and profits of the said premises
are hereby assigned to the holder of this Mortgage as further security for the,
payment of the said indebtedness.
' 11. The Mor[gagor shall not erect or permit to be erected any new buildings on the
i premises herein mortgaged or add to or permit to be added to any of the existing
~ improvements thereon without the vritten consent of SMA, and in the event of any
j violation or attempt to violate this stipulation this Mortgage and the indebted-
~ ness secured hereby shall immediately become due and collectable at the option of
` SMA. T~ keep the above described pre~ises in first class repair and in as good
condition as they now are; to permit SMA to enter upon and view said premisea.
The buildings riow located on pre~aises hereiq or which may hereafter be located
or erected thereon shall not be relocated thereon or removed therefrom, altered
or r anodeled without the written consent of SMA or assigns; and, in case of -
breactr of this condition, the parties so doing or the t~lortgagor shall be liable
to Si~lA or assigns for any damage or impairment of the property securing this
mortgage; and this mortgage and the note secured therebq shall, in its entirety,
becane i~ediately due and payable at the optian of SMA . This mortgage lien~
extends to any building now.situate or Which may hereafter be situate or located
on said premises and ma[erials caaposing said buildings, vhether attached or
detached to the real estate herein; and in case of the rmoval of aay buildings
na+ located on said premises or which may hereafter be located thereon or the
material camposing same during the term of this mortgage to aome ~ther presises,
the lien of this mortgage shall reaain and be enforceable against eaid buildings
~ or material vherever same may be moved or relocated.
12. If foreclosure proceedings of any inferior mortgage or trust deed or of anq lien
~ of any kind should be instituted,g~p may, at its option, i~ediately or therr
after declare this Mortgage and the indebtedness secured hereby due and paqable.
13. That in the event the Mortgagor should assign the rents of the mortgaged prmi~es
~ or any part thereof without the consent of SMA , then the entire principal sus secured
~ hereby shall, at the option of SMA , become im~ediatplq due and paqable. ~
14. That in the event the premises hereby mortgaged, or am? part thereof. ahall be
condems~ed and taken for public use under the pover of eminent dostin, SMA shall
have the right to denand that all damsges awarded for the taking of or daaages
~ to said presiees shall be paid to SMA, its successors or assigns, up to the
amount then unpaid on this Mortgage and aay be applied upon the pays~nt or
~ payments last payable thereon.
~ ~ 3 aoo~c~~ Pac~~~i9
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