HomeMy WebLinkAbout0484 ismediately and without notice, may institute proceedings to foreclose this
mortgage and apply for the appoiatsent of a Receiver. as hereinafter provided.
8. If any of the aums of money herein referred to be not prosptly and fu21y paid
vithin thirty (30) days n~xt after the aese severally becaee due and payable.
or if each and every the etipulations, agreesents, conditiona and covenants of
said promiseory note and this deed~ or either, are not dulq perfor~ed, crneplied
with, aod abided by, the aggregate sua advanced by SMA to the Mortgagor under
the terms of the promissory note and this deed then remaining unpaid, less any
consideration received by g~ for making this loan after deducting the costs of
SMA in making this loan, shall becone due and payable forthvith or thereafter
at the aption of g~, as fully and cospletely as if said aggregete sua of awney
were originally stipulated to be paid on such a day, anything in said praeissory
note or herein to the contrary notxithstattdiag. It is the intention of SMA that
in no event should the mortgagor;pay sore than the legal rate of intereat allov-
ed under the Laws of the State of Florida.
9. Until the default in the performance of the covenants and agreements of this
Hortgage, the Nortgagor shall be entitled to co?.lect the ren[s, iesuee sud profits
from the premises hereinbefore described, but fn case of a default ia any of the
terms of this Iiortgage or the filing of e bill to foreclose this or any other
Mortgage encumbering the Within described property, SMA shall i~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 personal, at?d of the rents,
issues, profits, prepaid rentals or security monies, deposits and revenues thereof.
from whatsoever source derived, vith the usual powers and duties of Rectivers
in such cases;and such appointment sha11 be ~oade by such court as a matter of
strict right to SMAits 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 Hortgagor'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 Recefver
to the paym~nt of the Mortgage indeb[edness, cost and charges. aecording to the
order of such court, and such Receiver unay be continued i~1 posaession of the esid
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 intereat, the
rents, prepaid securities and deposits, revernie 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.
il. The Mortgagor shall not erect or permit to be erected any new buildings on the
premises herein mortgaged or add to or permit to be added to any of the existing
improvenents thereon without the written consent of SMA, and in the event of any
violation or attempt to violate this stipulation thie IYl~ortgage and the indebted-
ness secured hereby shall immediately become due and collectab2e at the optton of
SMA. To keep the above described premises in first claes repair and in as good
condition as tney now are; to permit S.'+SA Lo er~ter ug~n aad vie~r said pre~ises.
The buildings naw located on premises herein or which mey hereafter he 2acaLed
or erected thereon shall not be relocated thereon or removed therefrom, altered
or remodeled vithout the written consent of SMA or assigns; and, in case of
' breach of this condition, the parties so doiag or the liertgagor shall be liab2e
~ to SMA or assigns for any damage or impairment of the propertq aecuriag thie
mortgage; and this mortgage and the note secured thereby shall, in its entirety,
! become i~ediately due and payable at the option of SMA . This mortgage lien.
i extends to any building nov situate or which may hereafter be eituate or located
i 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 build~nga
' no~ located on said premises or which may hereafter be located thereon or the
;
material composing same during the term of thls martgage to aome nther presises.
the lien of this mortgage shall remain and be enforceable agaiast rsaid buildiags
or material Wherever same may be moved or relocated.
12. If foreclosure proceedings of any inferior mortgage or trust deed or of any lien
of any kind should be instituted,gMp may, at ita option, imediately or these-
after declare this Mortgage and the indebtedneas secured hereby due and paqable.
13. That in the event the Nortgagor shou2d assfgn the rents of the mortgaged presui~es
or any part thereof vithout the conaent of SMA , rhen Lhe entire principal sus ~ecured
hereby shall, at the option of SMA , be~ane ia~ediately due and paqable.
14. Thet in the event the premises hereby mortgaged, or am part thereof, shall be
. condeo~ed and taken for public uee under the pover of minent do~ain~ SMA shall
have the right to demand that all daaages awarded for the taki:tg'of or daaages
to said preaiees shall be paid to SMA, its successors or assigns, up ta the
amount then unpaid on this Nortgage an~d say be spplied upon the paynsnt or
payments 2ast payab2e thereon.
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