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8. Until default in the performance of-the covenants
and agreements of this mortgage, the mortgagor shall be entitled
to collect the rents, issues and profits from the premises
hereinbefore described, but in case of a default in any of
the terms of this mortgage, or the filing of a complaint
to foreclose this or any other mortgage encumbering the within
described property, the Association shall immediately and
without notice be entitled to the appointment of a Receiver
of the mortgaged property, and of the rents, issues and profits
thereof, with the usual power of Receivers in such cases,
and such Receiver may be continued in possession of the said
property until the time of the sale hereof under such foreclosure '
and until the confirmation of such sale by the Court.
9. If a conveyance should be made by the mortgagor
of the premises herein described, or any part thereof, without
the written 'consent of the Association, or without assumption
in regular form of law by the grantee of the obligation to
the Association created by said promissory note and this
mortgage, then, and in that event, and at the option of the
Association, and without notice, all sums of money secured
hereby shall immediately and concurrently with such conveyance
become due and payable and in default.
10. In the event the premises hereby mortgaged, or
any part thereof, shall be condemned and taken for public
use under the power of eminent domain, the Association shall
have the right to demand that all damages awarded for the
taking of, or damages to, said premises shall be paid to
the Association, its successors or assigns, up to the amount
then unpaid on this mortgage and may be applied upon the
payment or payments last payable thereon.
11. The mortgagor binds itself not to erect or permit
to be erected any new buildings on the premises herein mortgaged
or to add or to permit to be added to any of the existing
improvements thereon, or to demolish, alter or destroy any
material part of the improvement, without the written consent
of the Association and in the event of any violation or attempt
to violate this stipulation this mortgage and all sums secured
hereby shall immediately become due and collectible at the
option of the Association.
~ 12. It is specifically agreed that time is the essence
of this contract and that no waiver of any obligation hereunder
F or of the obligation secured hereby shall at any time thereafter
be held to be a waiver of the terms hereof or of the instrument
! secured hereby.
13. If foreclosure proceedings of any second mortgage
~ or second trust deed or any junior lien of any kind should
be instituted, the Association may at its option immediately
~ or thereafter declare this mortgage and the indebtedness
~ secured hereby due and payable.
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14. To the extent of the indebtedness of the mortgagor
to the Association described herein or secured hereby the
Association is hereby subrogated to the lien or liens and
to the rights of the owners and holders thereof of each and
every mortgage, lien or other encumbrance on the land described
herein which is paid and/or satisfied, in whole or in part,
out of the proceeds of the loan described herein or secured
hereby, and the respective liens of said mortgages, liens
or other encumbrances shall be and the same and each of them
hereby is preserved and shall pass 'to and be held by the
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FEE, KOBLEGARD 8c TEEL.. P. A.
PO TOFF CE BOX 1000 ~C(U11 P~
FORT PIERCE. FLORIDA 33480
T[LErHON[i I,OS)481-3020