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HomeMy WebLinkAbout0012 payment of such tax by Mortgagor would result in the vio- lation of the usury laws of the state in which the Premises are located; or (j) if default shall be made by Mortgagor under the Building and Construction Loan AgreemenC entered into between Mortgagor and Mortgagee; or _ (k) if the representations of Guarantor, if any, oE - the Note secured hereby are untrue; then, and in either or in any of such events, without notice or demand, the said aggregate sum mentioned in the Note secured hereby, less previous payments, if any, and any and all stans mentioned herein or secured hereby shall becane due end payable forthwith or thereafter at the continuing option of Mortgagee as fully and caapletely as if said aggregate suns were originally sCipulated to be paid at such time, anything in the said Note or herein to the contrary notwithstanding, and Mortgagee shall be entitled thereupon or thereafter without notice or demand to institute suit to enforce the rights of Mortgagee here- under or under the Note secured hereby or any other security instru- ' ments executed and delivered by Mortgagor to Mortgagee. In the event'of any default or breach on the part of Mortgagor hereunder or under the Note secured hereby, or any security instrument, Mortgagee shall have the continuing option to enforce payment of a_I1 sums secured hereby by action at law or by suit in equity to foreclose this Mortgage, either or both, concurrently or otherwise, and one action or suit ahall not abate or be a bar to or a waiver of Mort- gagee's rights to institute or maintain the other, provided Mortgagee shall have only one payment in satisfaction of the indebtedness secured hereby. Section 2.02. (a) It is further covenanted and agreed by said perties that in the event of a suit being instituted to fore- c1oBe this Mortgage, Mortgagee shall be entitled ta apply at any time pending such foreclosure suit to the court having jurisdiction thereof for the appointment of a receiver of aI1 and singular the mortgaged property, and of all rents, incomes, profits, issues and revenues thereof, fram whatsoever source derived; end thereupon it I is hereby expressly covenanted and agreed that the court sha12 forth- with appoint such receiver with the usual powers and duties of re- ceivers in like cases; and said appointment shall be made by the court as a matter of strict right to Mortgagee, and without reference ; to the adequacy or inadequacy of the value of the property hereby ~ mortgaged, or to the solvency of Mortgagor or any other party defen- ~ dant to such suit. Mortgagor hereby specifically waives the right to ; object to the appointment of a receiver as aforesaid and hereby t expreasly consents that such appointment shall be made as an admitted f ~ equity and as a matter of absolute right to Mortgagee. s ; (b) To the extent that it may lawfully do so, Mortgagor ~ will not at any time insist upon, or plead, or in any manner whatever ~ claim'or take any benefit or advantage of any stay or extension or ; moratoriua la~, or any exemption fran execution or sale o£ the mort- gaged property or any part thereof, wherever enacted, now or at any - t~ne hereafter in force, which mey affect the covenants and terms of ; performance of this Mortgage, nor claim, take or insist upon any ~ benefit or advantege of any law now or herea£ter in force providing ~ - -12- p ~ 900K ~1~ L~t;} i~ ~~5 irC~ ~ ~ ; WIlL1AM5. SALOMON, KANNER 6 DAMIAN, ATTORNEYS AT LAW, ouPOtMT BUILDING, MIAMI, FLORIOA i i ~ . _ , . . , - _ y ~ ~ .