HomeMy WebLinkAbout1794 i
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to the restoration~or repair of the property damaged. In ~
the event of foreclosure of this Mortgage or other transfer
of title to the Mortgaged Property in-extinquishment of the
indebtedness secured hereby, all right, title and interest
of Mortgagor in and to any insurance policies then in force
shall pass_to the purchaser-or grantee.
The term "other hazards" shall include but shall
not be limited to extended coverage, vandalism, malicious
mischief and flood (if the Mortgaged Property is located in
an area eligible for flood insurance with the Federal Dis- _
aster Protection Act of 1973). -
l~. In the event the Mortgaged Property or rights of
any part thereof is taken under power of eminent domain,
the Mortgagor shall pay and reimburse Mortgagee for all
costs, charges and expenses, including reasonably attorneys'
fees and attorneys' fees on appeal, incurred by Mortgagee -
in connection with such eminent domain proceedings, and all
such costs, charges, expenses and attorneys' fees shall be
secured by the lien of this Mortgage. Mortgagee shall be
entitled to receive and recover the entire award made in
any such eminent domain proceedings to the extent that the
same does not exceed the amount necessary to pay in full all
sums secured by the lien of this Mortgage.
~ 15: That (i) in the event of any breach of this Mort-
gage or default on the part of Mortgagor, or (ii) in the
event the Promissory Note or notes or any other sum of mon-
ey herein referred• to be not promptly and fully paid when ~
due (upon maturity, by acceleration or otherwise), or (iii)
in the event the stipulations, agreements, conditions and
covenants of the Promissory Note or notes and this Mortgage
are not duly and promptly performed by Mortgagor, then and
in that event, at the option of Mortgagee, the entire prin-
cipal balance of the Promissory Note or notes shall immedi-
ately become due, and proceedings may be instituted to fore-
close this Mortgage and have the Mortgaged Property sold to
satisfy or apply on the indebtedness hereby secured.
16.~ Mortgagee may, at any time while a suit is pend-
ing to foreclose or to reform this Mortgage, or to enforce
~ any claims arising hereunder, apply to a court having jur-
~ indiction thereof for the appointment of-a receiver, and
~ such court shall forthwith appoint a receiver of the prem-
ises and all other property covered hereby, including all ~
~ and singular the income, profits, rents, issues and reve-
nt}es from whatever source derived, and such receiver shall
have all the broad and effective functions and powers in
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Bo°K 342 PdGE 1793 ~
MLRSwOre, SAWr[w, JOMNSTON, OUNw001f i GOIC.ld00 fOtlTNEAST ?IRST NATIONAL DANK oY11.01NG, MIAMI, /1OR10A 7~1~1