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HomeMy WebLinkAbout108914. That in tM event that Mortgagor shot) (1) consent to tM appointment of o receiver, trustee or liquidator d all w o substantial port d Mort 's assets. or (2) be adludicoted o bonkrupf or insolvent, w file o wluntory petiaon in bankruptcy. or admit in writin~ its inab to pay fts debts os they become due, or (3) make o genera) assignment for tM benelit d «editws. or (1) file o petit on or answer seeking reorgonisotion or arrangement with creditors, w to take advantage d an insolvency low, w (S) file an answer admitting tM material allegations d o petition filed against tM Mortgagor in any bankruptcy, re• organisation w insolvency proceeding, a (6) action shall be token by tM Mortgagor for tM rpose d effecti any of the foregoing, or 17 any order, lodgment or decree shall be entered upon on opplkation of o cr itor or Mortgagor by o court d competent (urisdiction opprovi o petition seeking appointment d o receiver or trustee d all or o substantial port of tM Mort• ggaogga-ri assets and such order~ment or decree shall continw unstoyed ond_in effect for any period d thirty (30) consecutive doysor, tM Mortgagee may declar tFie note hereby secured forthwith dw and payable. whsrwpon tM principal d and tM interest accrued on tM note and all otMr sums hereby secured shall become forthwith dw and payable os if oli of tM said sums d money were originally stipulated to be paid on such day and thereupon tM Mortgagor without notice or demand may prosecute a suit of law and/or in equity os if all monies secured hereby had matured prior to ifs institution. 15. That any sum or sums which may be kwned or advanced by tM Mortgagee to tM Mortgagor of any time within twenttyy (20) years from tM date of this indenture, togetMr with interest thereon at tM rate agreed upon of tM time of such loon or od• vance, shall be equally secured with and how tM some priority as tM original indebtedness and be subject to all tM terms and provisions of this martgog~• provided, that tM aggregate amount of principal outstanding at any time sho~l not exceed on amount equal to one hundred and fifty per cent (15076) of the principal amount originally secured hereby. 16. That, if required by Mortgagee, tM said Mortgagor will pay unto tM Mortgages, on the first day of each and awry consecutiw month, o sum equal to one twelfth of tM onnuol amount necessary to pay all taxes and assessments against the sold mortgaged premises, said monthly sum to be estimated solely by Mortgagee and calculated to be on amount not less than the amount of foxes assessed against sold mortgaged premises for the previous year, and if further required by Mortgagee to opy all insurance premiums in manner and form os provided herein for the payment d taxes and assessments. 17. To further secure payment d the indebtedness of tM Mortgagor to tM Mortgagee, tM _Mortgogor does hereby sell, assign, transfer and set over unto tM Mort all of the rents, issues and profits of the mart~~ premises, and this ossign• ment shall become operative upon any default ing made by tM Mortgagor under the terms of 1 iFi s mortgage w tM note secured hereby. and shall remain in full force and effect so long os on default continues to exist in the making of any of the payments or tM performance of any of tM covenants d this mortgage of tM note secured hereby, and tM Mortgagee shall hove the right to enter upon tM premises and collets same directly from persons in possession. 18. That if this mortgage is in connection with construction loon financing, then this mortgage is subject to tM Construc- tion loan Agregiment of even date Mrewith, between tM Mortgagor and tM Mortgagee, an executed c of which is in tM possession of tM Mortgagee and is incorporated Mrein by reference and mode a part Mreof; any default Mortgagor under said agreement shall be considered on event d default under this mortgage. 19. That the Mortgagor will on tM request of tM Mortgagee furnish o written statement of !M amount owing on the obligation which this mortgage secures and therein stole whether or not Mortgagor cbims any defenses or offsets thereto. 20. That Mortgagor will not Permit any other liens to be filed against the said premised and if any such liens are filed, whether paramount or subordinate to this mortgage, Mortgagor will hove or cause to be hod said liens discharged immediately. 21. Mortgagee shall hove tM r'~ght to charge Mortgagors account with Mortgagee for tM interest and principal payable os provided in tM promissory note os such becomes due in accordance therewith. 22. ff tM Mortgagee requests, Mortgagor Mreby covenants and agrees that Mortgagor will furnish tM Mortgagee annually from tM dote of this mortgage instrument, unless some other dote is agreed to between tM parties in writing, o certified audited financial statement of tM Mortgagor and onnuol complete operating statements of Mortgagor. M tM Mortgagors fiscal or calendar year shall not coincide with tM dote herein sppeeccified, then the dote which tM Mortgages shall specify shall bs con- trolling. Mortgagor shall supply Mortgagee with such other financial statements as Mortgagee may from time to time request. 23. It is agreed that nothing herein contained nor any tronsoction related thereto shall be construed w so operate as to require iM Mortgagor to pay interest at a rote greater thou it is now lawfu{ in such toss to contrast for, or to make arty pay- ment or to do any od contrary to low; that if any clauses or provisions herein contained operate or would prospectively operate to involidote this Mortgage w said Note in whole or in part, then, such clauses and provisions only shall be Mfd for nought, as though not herein contained, and tM remainder of this Mortgage shall remain operative and in full force and effect. 24. In tM event tM premises hereby mortgaged, or any port thereof, shall be condemned and taken for public use .under the power of eminent domain, Mortgagee shall hove the right to require that all damages awarded for tM taking d or damage to sold premises shall be paid to tM Mortgagee, not to exceed tM then unpaid balance d this Mortgage and Note secured thereby and at tM option of tM Mortgagee, may bs applied upon the payment or payments lost payable hereon. In tM event it becomes necessary for tM Mortgagee to employ counsel to protect its interest of any condemrwtion proceedings, tM Mortgagor shall reimburse tM Mortgagee for all reasonable attorneys' fees thus incurred, and all such sums shall be deemed secured by the lien d this Mortgage. 25. This mortgage shell be construed os o security agreement under the Florida Uniform Commercial Cods. X344 -,~1089 MORTGAGE -AGE 7 Or S ;F..;;f"