HomeMy WebLinkAbout0730 ADDEhDUtd TO MORTGAGE
I. In case of a defsult in any of the tern~s of this Mortgage
, and the filing of any suit on this Mortgage, or a bill to foreclose
this Mortgage, or to enforce payments of any claims hereu~ier +~an oF
the Mortgagees , their heirs , successors or assigns , shall~~~~`~o d
the Court having ~urisdiction of that suit for the appointment of
a receiver, that the Court may and should forthwith appoint a
receiver of that mortgaged property, all and singular, including ~~~t ~•'e-
all and singular the rents, income, profits, issues and revenues
from whatever source derived, each and every of which, it is
expressly understood, is hereby~mortgaged as if specifically set
forth ana described in the granting and habendum clauses hereof.
That the receiver should have all the broad and effective functions
empowered by a Court that it may entrust to a receiver. That
appointment.may and should be ~+ade by the Court as an admitted
equity and as a R~tter of absolute right of the Mortgagees, their
heirs, successors, and assigns, without reference to the adequacy
or inadequacy of the value of the property mortgaged, or to the
solvency or insolvency of the Mortgagors, their successors or •
assigns, or of the defendants of that suit. Those rents, profits,
income, issues and revenue should be applied by that receiver
according to the lien or equit~y of the Mortgagees, their heirs,
successors, or assigns, and the usual practices of that Court.
2. All proceeds of any conde~nation settlement or award
shall be applied to reduce the mortgage debt an~ that the mortgagor
shall have the sole right to defend said action and to prosecute
any claims for damages as a result of said taking.
3. That without payment of any releases consideration to
the mortgagee, the mortgagee will, as mortgagee, at the request
of the mortgagor, ~oinin the execution, filing and/or submission
of any plats of subdivision or boundary plats, and execute any
neces-sary mortgagee's consents in connection with the filing of
the same and to perform all such acts necessary to effectuate
the reasonable development of'the LANDS as ae required or may be
required incident to any applications for zoning, rezoning or
; variances, approval of development plans, and/or compliance with
! the requirements of any governmental authority and/or ~oin in
E the filing of any Declaration of Condominium.
` 4. That no action or proceeding may be commenced or instituted ;
~ upon the PMM or the note secured thereby for any default in the >
~ t of interest and/or principal until the expiration of '
(aQ) days from date of notification cf the Mortgagor of ~
~ , ~ said default. Concerning any default in the perfor~ance of any }
~ other of the terms and conditions of the PMM, no action or proceed-
~ ing may be commenced or instituted upon the mortgage note(s) or
~ this mortgage until the expiration of thirty (30) days from the =
notification of said default to Mortgagor. All such defaults shall ~
~ be deemed waived if the same are cured within fifteen (15: days
~ from the receipt of notification if said default is in the payment
~ of principal and/or interest; if the default concerns any other
~ terms of the PMM other than the payment of required funds when due,-
~ and if within thirty (30} days after receipt of notification of
w said default the Mortgagor begins, by diligent action, to cure
~ said default.
rµ (1) 1'otification of default shall ~
- be dee~~ed accomplished upon receipt by the Nortgagor of said
~ notification by certified mail, return receipt requested. r
~ (2) ?:otification of default shall
a
be deemed accomplished upon depositing written notice thereof in
~ the United States Mails, postage prepaid, certified mail, re*urn
1~ receipt requested, and addressed to the Nortgagor at the place
~ otherwise provided for in this instrument.
3~' a2~ ~ 93~
~ ~ u~ ~RDED -
~ FIlEO ~ -
ST_lL'C;a :.n11NTY FIA.
R(GE^ '~~ie~AS
~ Ctc~( .'.;ii COURT . ~ '
~ pF~f:c,: -~.:tf,c!1
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Ocz ~ I 49 PN'73 eooK219 ~ar~ ~30
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