HomeMy WebLinkAbout2773 immediately and aithout notice, may institute proceedings to foreclose this
~sortgage anl apply for the appoint~ent of a Receiver. as hereinafter provided.
8. If any of the aums of money herein ref erred to be not prosptly and fully paid
within thirty (30) days next after the saae aeverally become due and payable,
or if each and every the stipulatione, agreemente, conditions and covenants of
said promissory note and this deed, or either, are not duly perforsed, complied
with, and abided by, the aggregate suu advanced by SMA to the Mortgagor under
the tern~s of the promissory note and thie deed then remaining unpaid, ~ese any
consideration received by S~ for making this loan after deducting the costs of
SMA in making this loan, shall become due and payable forthwith or thereafter
at the option of giyp~, as fully and completely as if said aggregate sum of money
were originally stipulated to be paid on such a day, anything in said promfssory
note or herein to the contrary notwithstanding. It is the intention of SMA that
in no event should the mortgagor pay more than the legal rate of intereat allow-
ed under the Laws of the State of Florida.
9. Until the default in the performance of the covenants and agreements of this
Mortgage, the Mortgagor shall be entitled to collect the rents, issues ahd profits
from the premises hereinbefore described, but in case of a default in any of the
terms of this Mertgage or the filing of a bill to foreclose this or any other
Mortgage encumbering the ~rithin described property, SMA shall immediately, and
vithout natice a~ as a matter of strict right; be entitled to the appointment of
a Receiver of the mortgaged property, both real and peraona2, and of the rents,
issues, profits, prepaid renCals or security monies, depo8lts and revenues thereof,
from whatsoever source derived, with the usual powers and dutiea of Receivers
in such cases;and such appointment shall be made by such caurt as a matter of
strict right to SMAits successors, or assigns, and arithout referenee to the -
adequacy or inadequacy of the_value of the property hereby mortgaged, or to the
solvencq 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 revernue shall be applied by such Receiver
to the paym~nt of the Mortgage indebtedneas, cost at~d 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 Forec2osure 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, revern~e and profits of the said premisea
are hereby assigned to the holder of this l~iortgage as further security for the
payment of the said indebtedness.
lI. 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 exiating
improvements thereon withovt the written consent of SMA, and in the event of any
violation or attesopt to violate this stipulation thie ?brtgage and the indebted-
ness secured hereby shall inanediately become due and collectable at the option of
SMA. To keep the above described prenises in first class repair and in as good
condition as they now are; to pern?it SMA to enter upon and viev said premises.
The buildings now Iocated on preiaises herein or vhich may hereafter be located
or erected thereon shall not be relocated thereon or r~oved therefram, altered
or re~nodeled vithout the written consent of SMA or assigns; and. in case of
breach of this condition, the parties so doing or the Murtgagor shall be liable
to St4P? or assigns for any damage or impairment of the propertq aecuring this
mortgage; and this mortgage and the note secured thereby ehall, in its entirety,
became i~?ediately due and payable at the option of SMA . Zttis mortgage lien.
extends to any bui2ding now situate or vhich may hereafter be aituate or located
on said premises and materials camposing aaid buildinge. vhether attachad or
detached to the real estate herein; and in caee of the re~oval of any buildings
now located on said pre~?ises or which maq hereafter be located thereon or the
material composing same during the tes^a of thia mortgage to some ~ther prmiaes,
the lien of this mortgage shall reosin and be enforceab2e against said buildings
or material wherever same may be moved or re2ocated.
22. If foreclosure proceedings of any inferior morigage or trust deed or of any lien
of any kind should be instituted,S~p may, at its option, immediately or there-
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 moYtgaged pre~ises
or any part thereof without the consent of SMA , then the entire principal aum secured
hereby shall, at the option of SMA , becoaie imsediately due aad paqable.
14. That in the event the premises hereby martgaged, or any part thereof. ahall be
condemned and taken for public use under the paver of eainent dasain~ SMA shall
have the right ta d enand that all damagea avarded for the taking of or damages
to said pr miaes shall be paid to SMA, its successors or aeaigns, up to the
amount then unpaid on this Mortgage and say be applied upon the pay~ent or
payments last paysble thereon.
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