HomeMy WebLinkAbout1941 28. It is agreed that a~y aum or suu?s vhich mey be loaned or advanced by the
mortgagee to the mortgagor at any time within twenty (20) years from the dnte of
this i~dcnture, together with interest thereon at the rate agrecd upon at thc time
of such loan or advanc~, sh.111 be equally secured with ancl hAV~ che s.~mc priority
as the original indebtedness and be subject to ull thc terms anci provisions of
this mortgage; provided ttlat the aggregnte Funount of priiicipal outstanding nt any
time shall not exceed an nmount equal to one hundred and fifty per cent (150°1'.)
of the principal emount originally secured hereby.
29. This instrument also creates a security interest in favor of mortgagee
uader the Florida Uniform Comnercial Code and shall be construed as a security
agreement under said Code, and mortgagec shall also have all rights and remedies .
of a secured party under the Florida Uniform Com~t?ercial Code, and without limita-
tion upon or in derogation of the rights and remedies created under and accorded
mortgagee by this iaortgage pursuant to the common law or any other laws of the
State of Florida or of any other jurisdiction, it being understood that the rights
and remedies of mortgagee under the Florida Uniform Co~mercial Code shall be cumu-
lative and in addition to all other rights and remedies of mortgagee arising under
the coamnon Iaw, or any other laws, of the State of Florida or of any other jurisdiction.
~ Thi$ mortgage crcates a continuing lien to secure the full and final payment of said note and the performsnce
of aU the other obligations imposcd hcreby and hercatte~ arising.
The mortgagcd premiscs bcing located in the State of rlorid~~ this mort~:~~c and the ri~hts and indebtcdncss
hereby secured sliall~ ~r•ithout regard to place oE contract or pa3•ment, be construed atid enforcecl according to the
laws of the State of Florida. ~
i NOW~ if the payments are made as providcd and all the foregoin~ covenants and a~rcemcnts are performcd
sad observed. this mortga~e shail be null and void and shall be releasccl at the cost o[ the mort~agor, a I~ich cost
the mortgagor agrces to pay; but upon any default in the p.1y mcnt of the indebtcdness hereby sccured or oE any
iastallment thercof or of interest thereon~ as they severally b~~come duc, or upon any dc[ault in thc performancc or
observance of any of the terms, covenants or a~reements oE this mortgage ~auaE~dnxk~cxgtxitx~~stQcldR~4t~~9~R
~ or of any ot the assignments of leases
imm time to time given by mortgagor to mortgagee as turther security for said loan. then in any or eithcr of said
~ events. the whole oI the indebtedness hcreby secured. at the option of the mortgagce or the legal holder of said
indebtedness. shall become immediately due and pa}•able without notice. or in the event of the passage after the
date of this mortgage of an~• la~~ of the State of Florida deducting [rom the value of land [or the purposc of taxation
any lien thereon, or changing in any tray the la~~s now in [orce for the wxation of mortgages or debts secured by
tnortgages [or State or local purposes, or the manner of the collection of any such tal:ation so as to aRect this mort-
gage ad~~ersely, the holder of this mortgage and of the debt ~~hich it secures~ shall have the right to ~ive thirty
daya' written notice to the oH ner of the granted premises requiring the ~ayment of the mortgafie debt. and it is
hereby agreed that, if such notice be given~ the said debt shall become due. payable and collectible at the expiration
oE aaid thirty days and upon the mortgage indcbtcdness becoming due and payable as heretofore provided, the
mortgagor shall re[rain from collecting and receiving all rents accruing as a(oresaid and uFon notice [rom the
mortg~dgee all tenants shall theres[ter pa~- such rents to the mortgagee, and any payment made other~cise shall not
diacharge ihe obligations of such tenant~ and the mortgagee mav immediatel~• cause this :nartgage to be foreclosed
ia the manner prescribed by law, and upon commencement of toreclosure proceedings shall be entitled to have a
~ re~tiver appointed, K hether the mortgaged premises are homestead or not and without proof of any other ground
~ for 6ia appointment than the said default, to take possession and charge of the mortga~ed premises, to rent the
~ same and receive and collect the rents~ issues and profits thereof, under direction of the court. and any amount so -
~ oollected by such receiver ~hall be applied under direction oE the court to the payment oE any judgment rendered,
~ or amounts found due upon foreclosure oE this mortgage including the cost of collection and reasonable attorney's
~ fces: and, in the event of any default or defaults in the payment of the indebtedness hereby secured, or of any in-
atallment thereof~ or of interest thereon. or in the performance or observance of any of the terms~ covenants or
agreements herein contained, the mortgagee shall have the right fortha ith after any such default to enter upon and
take possession of said mortgaged premises and to let said premises and receive the rents, issues and proC~ts thereof.
and apply the same. after payment of all necessary charges and expenses, on account of the indebtedness hereby
secured.
The proceeds of said toreclosure shall be applied. 6rst~ to the expenses incurred hereunCer. including a reason-
able attorney's fee for such services as may be rendered for the collection oE saed indebtedness and the foreclosure
of this mortgage; second, to the pa~~ment of hatever sum or sums the mortgagee may have paid or become liable
to pa}• in carrying out the options, terms and stipulations of this mortgage. together ~~ith interest thereon; third,
to the payment and satisfaction of said note; and fourth~ the surplus. if any~ shall be paid to t3~e mortgagor or
otherwise as the court may decree.
w$
~ The mortgagor hereby agrees that, in the e~ent mortgagee shalt place the note hereby secured in the hands
~ of~an attorney after default or after maturity for coliection or for foreclosure, he ~cill pay such reasonable attorney's
~ Iees as are authorized by la~~•, together with the cost of extending the abstract and aU court costs and all expenses
~ properly paid or incurred hereunder, and same are hereby secured.
~ -
The mortgagor hereby assigns, transfers and conveys unto the mortgagec. its successors and assigns~ thc rents
acecued and to accrue from all ten~nts in occupancy of the mort~aged premises, or any part thereof. including
rentals and ro}~altics under oil, gas and mineral leases, if any, during thc ti[etime of this mortgage, it being under-
atood that as long as there is no default in the perfocmance or observance of any of the eovenants or agreements
~ herein contained the mortgagor shall have the privilege of collecting and receiving ail rents accruing under the
~ leases or contracts o( tenancy for the mort a~ed premiscs or any part thercoE. All leases, royalty
agreements, etc. must be execute~ pursuant to the provisions of Paragraph ZL hereof.
The mortgagcd premi~es being located in the State of Florida, this mortgage and the r~Shts and indebtedness
hereby secured shall, ~vithout regard to the place of contract or pa~ment~ be construed and entorced accordine to
the taws oE the State of Tlorida. ;
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