HomeMy WebLinkAbout1109property of Mortgagor be sequestered, or if Mortgagor files or
consents to the filing of any petition or proceeding under the
National Bankruptcy Act or similar State or Federal Statutes,
as now or hereafter in effect, or if such petition or proceeding
is filed against Mortgagor and not dismissed within sixty (60)
days after such filing, or if Mortgagor shall admit inability
to pay debts as they become due, or if Mortgagor be a corporation,
if its directors or stockholders shall institute or consent to
any proceedings for•the dissolution or liquidation of Mortgagor
or fail to do all things necessary to maintain the existence of
Mortgagor, or if any law shall be enacted or decision rendered
by any court of last resort imposing any tax or assessment not
now in effect upon this mortgage, or the note secured hereby,
or any interest of Mortgagee in the Mortgaged Premises, or rendering
inoperative the undertakings of Mortgagor to pay all taxes arising
as a result of this transaction other than taxes on the interest
income herefrom, or which results in the deduction from values
of lands, for tax purposes, of the amount of any lien hereon,
or altering the laws for the taxing of mortgages or debts secured
thereby, then on the happening of any one or more of these events,
this conveyance shall become absolute and the whole indebtedness
secured hereby shall immediately become due and payable at the
option of Mortgagee and this mortgage may thereupon be foreclosed
for the whole of said money, interest and costs, or tortgagee
may foreclose only as to sums past due without injury to this
mortgage or the displacement or impairment of the remainder of
the lien thereof, and at such foreclosure sale the property shall
be sold subject to all remaining items of indebtedness and the
Mortgagee may again foreclose in the same manner as often as there
may be any sum past due.
9. If at any time after default by Mortgagor a receivership
may be necessary in the opinion of Mortgagee to protect the lien
hereof, or at the time of or after the institution of suit to -
collect the indebtedness hereby secured, or to foreclose this
mortgage, Mortgagee shall, as an admitted equity and as a matter
of strict right and regardless of the value of the-property, or
the solvency or insolvency of Mortgagor or any party bound for.
the payment of the indebtedness have the right to appoint, on
ex parte application and .without notice to anyone by any proper
court having jursidiction, a receiver, which receiver shall have
all of the broad and effective powers and functions in any wise
entrusted by the court to a recieve r to take charge of, manage,
preserve, maintain, care for and protect the Mortgaged Premises
and to collect rents, issues, proceeds, produce, profit, income
and revenues of the Mortgaged Premises from whatsoever source
derived; to make all necessary or needful repairs and to cultivate,
operate, dust, prune, fertilize, lime, drain, irrigate and protect
from damage by fire, the rimber, fields, pastures, orchards, citrus
groves and all other agricultural developments located on the
Mortgaged Premises and to market the products thereof and receive and
collect the proceeds thereof and such receivership shall, at the -
option of Mortgagee, continue until the full payment of all sums
hereby secured, or until title to the Mortgaged Premises shall
have passed on sale under a foreclosure of this mortgage.
10. In the event all or any portion of the property hereby
mortgaged is included in any drainage or other improvement district
formed or authorized subsequent to the date hereof, or in the event
said property, or any part thereof, is in a drainage or other
improvement district as of the date hereof, and subsequent to the date
hereof the bonded indebtedness of such district is increased or the
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