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9. '('hc i~tortt;a~c~rs c-o~•cr~nt aiifZ a~,rc~ t!:-:t in thc cvci~t of .
bsnkruptcy, receiversiiip oi• ~ssigniiient for t?ie be~icfit of creditars in an~~ ;
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~va}' 121Yb~V1I1~~ tho financial st_~t~~lin~ of tlic \forthagars the inc.cLtcclncss ~
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e~•idenced b}~ this \~tort~a~e Dceci and the promissnry note securcd l:erei,y .
shall imi~icdiatr_l~• become duc aiid payable. ;
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10. (a) The ~9ort~a~ors expz•c~-sly a~rce lhat in the event any of the
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proceeds of the loan secured hereby sl~all be used to retire any outstanding '
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licn or licns against the propert~~ herein conveyed ~vl~ether the said lien or ~
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liens be evidenced by deed, mortgage, jud~ment, assessment or other form ~
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of lien, eitlier created by contract or by la~v, that the \~ortgagee shall be
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subro~ated to all tl~e rights, powers and privileges of the lien holder or lien .
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holders ~vhose debt is so retireci out of said proceeds, as against propert~•. !
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(b) The Mortgagors further agree that any proceeds or a~~~ards ~
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~ Naid by any public authori~y in cor.nection «•ith rhe dedications, condemr?at~o~
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i or oEher~vise of any portion of said premises si~all br. a~plied tov~ard the ;
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~ reduction of the indebtedness secured herebv. '
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~ 11, This \~ort~age Deec3 also secures an~~ rencwal or rene~vais or ;
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~ extensions or extension of ~vhole or any part of the debt hereby secured, .
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~ including any other and future indebtedness hereinafter mentioned, and al~>o ~
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~ secures any other and future indebtedness oi thc 1~-fortgagors to the ~,4ort~agcF.
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~ it beinb understood and a~re~d by and bet~~~ern the Alort~agors and ~;ort~agee
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that an~- such othcr and future indebtedness shall be and they are made a pa: t
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of the :~~r~rtgage debt secured hcreby as thou~;h thc ~~rnounts thercof ~vc: ~ :
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~ specifica?1~~ described in this i.iart~age ]7eec1 anci i:~ said }~ro:nissor~~ no'e. ,
1iv \Vlt;tii•;S; ~ti'TIE~:T:Oi,, 1}le \~Iort~;a~;or:< ha~•c hcrcunto ~et thcir '
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_ ~ai~c)s ancl scal~ tl:c da}' anc3 S~car first above ~~~riltcu. ~
- Signecl, sealed and delivered TRT'ASURE COAST OIL, INC. SF:~'~L1
in tl,c presen of• j ~ . {
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