HomeMy WebLinkAbout0472 i~ediately and without notice, may institute proceedings to forecloae this
sortgage acd apply for the appointaent of a Receiver, as hereinafter provided.
8. If any of the sums of money herein referred to be not prosptly and fully paid
vithin thirty (30) daye next after the same eeverally becase due and payable.
or if each and rvery the stipulations, agreements, conditions atd covenants of
said pramissory note and this deed, or either, are not dulq perforsed, complied
vith, and abided by, the aggregate aum advanced by SMA to the ?brtgagor under
the terms of the promissory note and this deed then remaining unpaid, less any
consideration received by SMA for making this loan after deducting the costs of
SMA in making this loan, shall become due and payable forthvith or thereafter
at the option of S~, as fully and cospletely 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 notvithstanding. It is the intention of SMA that
in no event should the mortgagor pay ~ore than the legal rate of intereat allov-
ed under the Laws of the State of Florida.
9. llntil the default in the performance of the covenants and agreements of this
Mortgage, the Mortgagor shall be entitled to collect the rents, issues and profits
from the pre~ises hereinbefore described, but in case of a default-in any of the
terms of this 1~lortgage or the filing of a bill to forecloee this or any other
Mortgage encumbering the within described property, SMA shall immediately, and
vithout notice and as a matter of strict right, be entitled to the appointment of
a Receiver of the mortgaged property, both real and personal, and af the rents.
issues, profits, prepaid rentals or security monies, depoeits and re~renues thereof,
from whatsoever source derived, with the ususl powers and duties of Receivers
in such cases;,and such appointment shall be made by such court as a matter of
strict right to SMA its successors, or assigns, and vithout reference to the
adequacy or inadequacy of the value of the property hereby mortgaged, or to the
solvency or insolvency of the Mortgagor, or Mortgagor's heirs, legal representat-
iv~s, successors or assigns, and th~t such rents, profits, prepaid rentals or
security monies, deposits, income and revernue shall be applied by such Receiver
to the payment of the Hortgage indebtedness, cost and charges, according to the
order of such court, and such Receiver may be continued in posseasion of the said
property until the time of the sale thereof under such Foreclosure 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 prof its of the said pr~ises ~
are hereby assigned to the holder of this Mortgage as fuzther security for the '
paymen[ of the said indebtedness.
11. The Mortgagor shall not erect or permit to be erected any new buildiags on the ?
; premises herein mortgaged or add to or permit to be added to any of the exiating
i improvaaents thereon without the ~?ritten consent of SMA, and in the event of any
~ violation or atte~opt to violate this stipulation this Mortgage and the indebted-
ness secured hereby shall immediately become due and collectable at the option of
~ SMA. To keep the above described premises in first class repair and in as good
~ candition as they aoc: are; ta pcz~euit SMA to enter upoa and vieW said preaises.
The buildings now Iocated on pre~niaes herein or vt?ich maq herEafter be located
or erected thereon shall not be relocated thereon or removed therefrom, altered
or remodeled Without the written consent of SMA or assigns; and, in case of
breach of this condition, the parties so doing or the Mortgagor shall be liable
to SI~iA or assigns for any damage or impairment of the property aecuring this
mortgage; and this mortgage and the note secured therebq shall, in its entiretq.
becane i~ediately due and payable at the option of SMA . This mortgage lien~
extends to any building nov situate or which may hereafter be aituate or located
on said premises and materials canposing said buildings, whether attached or
detached to the real estate herein; and in case of the r~oval of any buildinga
now located on said pre~ises or which may hereafter be located thereon or the
material camposing same during the term of thia mortgage to aome other pra~iaes,
the lien of-this mortgage shall reaain and be enforceable against ~aid buildings $
~ or material wherever same may be moved or relocated.
~ 12. If foreclosure proceedings of any inferior mortgage or truet deed or of any lien
~ of any kind should be instituted,g~ may, at its option, in~ediatelq or there-
~ after declare this Mortgage and the indebtedness aecured heseby due and paqable.
13. That in the event the liortgagor should assign the tents of the mortgaged premiaes
or~any part thereof without the consent of SMA , then the entire principal sus ~ecured
hereby shall, at the optlon of SMA , became i~ediately due and paqable.
14. That in the event the premises hereby mortgaged, or aay part thereof, shall be
condemned and taken for public uee under the power of esinent do~ain, SMA ehall
have the right to d~and that all damages awarded for the taking of or damages
to said premiees shall be paid to SMA, its succesaors or assigns, up to the
anount then unpaid on thia Mortgage and naq be applied upon the pay~ent or
` payments last payable thereon. .
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