HomeMy WebLinkAbout0678 the terms of this mortgage, or the filing of a"complaint
to foreclose this or any other mortgage encumbering the within
described property, the mortgagee 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 or by
operation of law.
9. 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 mortgagee shall
have the right to demand that all damages awarded for the
taking of, or damages to, said premises shall be paid to
the mortgagee, its successors or ass_igns_, up_to the amount _
then unpaid on this mortgage and may -be appfie~ upon tie
payment or payments last payable thereon.
10. It is spzcifically agreed that time is the essence
of this contract and that no waiver of-any obligation hereunder
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.
11. If foreclosure proceedings of any second mortgage
or second trust deed or any junior lien of any kind should
be instituted, the mortgagee may at its option immediately
or thereafter declare this mortgage and the indebtedness
secured hereby due and payable.
12. To the extent of the indebtedness of the mortgagor
to the mortgagee described herein or secured hereby the
mortgagee 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
mortgagee herein as security for the indebtedness to the
mortgagee herein described or hereby secured, to the same
j extent that it would have been preserved and would have been
passed to and been held by the mortgagee had it been duly
and. regularly assigned, t"ransferred, set over and delivered
unto the mortgagee by separate deed or assignment, notwithstand-
ing that the same may be satisfied and cancelled of record, }
it being the intention of the parties hereto that the same
will be satisfied and cancelled of record by the holders
thereof at or about the time of the recording of this mortgage. ~
13. To pay all and singular the costs, charges and
expenses, including lawyer's fees, incurred or paid at any
time by the mortgagee because of the failure of the mortgagor
to perform, comply with and abide by each and every the stipula-
tions, agreements, conditions and covenants of said promissory -
note and this deed, or either, and every such payment shall
bear interest from date at the rate of 11.75 per cent per
annum.
} 14. The mortgagor further covenants that the improvements ~
to be constructed and equipped with money to be advanced
on this mortgage shall be constructed in accordance with
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FEE. KOBLEGARD & TEEL. P. A. i
ATTORNEYS AT LAW
~ POET OFFICE 60X 1000 (gip ww~~~111
FORT PIERCE. FLORIDA 3X460 Ii1JtM~ 8 PAGE ~ /s,
TcLE~NON[t 13061 461-6020 Ii1JtM o iW `V
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