HomeMy WebLinkAbout0089~~aid within five (5) days next after the sama severally become due and payabte, without demaucl
~~r i~otice, or (c) in the event eaeh and every the stipulations, conditions und covenants of saicl
~~rcm~issory note and this mortgage, any or either, are not duly performed, complied with and al~ided
I~y; then, in either or any such evcnt, the said aggregate sum mentioned in said promissory note then
remaining unpaid, with interest accrued, and all moneys secured hereby, shall bccome duc a»cl
~~a~-al~le forthwith, or thereafter, at the option of said Mortgagee, as fully and completely as if al! ~~t
tl~e said sums of money were originally stipulatecl to be paid on sueh day, anything in saicl promiti-
sury note or in this mortgage to the contrary notwithstanding; and thereu~n or thereafter, at the
u~~tion of the A4ortgagee, without notice or demand, suit at law or in equity, theretofore or thereaftcr
lx~gun, may be pmsecuted as if all moneys secured hereby had matureci prior to its institution.
8. That if any suit shall be instituteci to forec•lose or re[orm this mortgage and/or to enfurrc
payment of any claims hereunder, the Mortgagee shall l~c entitled to apply at any time pending such
suit, to the Court having jurisdiction thereof, for the ap~wintment of a Receiver c~f ti~e mortgagecl
property and of all and singular the rents, income, profits, issues - and revenues thereof from whatever
source derivecl, each and every of which are expressly mortgaged by this instrument; and it is hereby
expressly covenanted and agreed that thereupon such Court shall forthwith appoint a Receiver of
said mortgaged property, and of all and singular the rents, income, profits, issues and revenues•thereof
from whatever source derived, with the usual powers and duties of reeeivers in like cases; and sucli
appointment shall be made as a matter of strict right to the 14fortgagee, and without reference to
the adequacy or inadequacy of the value of the property hereby mortgaged, or to the solvency or
insolvency of the 114ortgagors.
9. To duly perform, comply with and abide by each and every the stipulations, condidons and
covenants in said promissory note and in this mortgage set forth.
10. That in the event the premises hereby mortgageci, or any part thereof, shall be condemned
and taken for public use under the power of eminent domain, the Mortgagee, its successors and assigns,
shall have the right to demand that all damages awarded for the.taking of or damages to said premises
shall be paid ta the NiorEgagee, its successors or assigiis, up to the amount then unpaid on this mort-
gage and may be applied upon the payment or payments last payable hereon.
11. It is specifically agreed that time is of the essence of this contract and that no waiver of
any obligation hereunder or of the obligations secured hereby, shall at any time thereafter be held
to be a waiver of the terms hereof or of the instrument secureci hereby.
12. 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 declare its lien and
the note which the same secures, due and payable and start such proceedings as may be necessar~•
to protect its interest in the premises, including the appointment of a Receiver, and its lien herein
granted upon rents and profits shall be prior to the lien of any junior lienholder upon rents or profits
collected or to be collected by a Receiver appointed at fhe instance of any junior lienholder.
13. SPEC:IAL PROVISIONS: -
Holder agrees to cancel this mortgage when payment
has been made on the promissory note secured hereby which
reduces the outstanding principal balance to $15,000.00.
IT IS 11TUTUALLY COVENANTED AND AGREED by and betwee~i the 11-tortgagors and the
~Iortgagee that this mortgage is also given to secure the payment of such future advanres, ~vhPthc•r
obligatory or otherwise, as are made within twenty (20) years from the date hereof by the I~iortgagee,
to or for the benefit of the Mortgagor, provided that the totai unpaid balance so secured at any
cme time shall not at any one time exceed twice the original principal amount secured herebv, ~lus
iuterest thereon and the disbursements made for thc payment of taxes, levies or insurance on thc~
~~rc~pert~- c~vered here-~y, with interest on siich disbursements.
IT IS ~iLiTUALI.l' CO~'E~1A:~TTED :\\'D :1GRFED hy and heta•~en th~~ ~lortgagors and thc•
~tortgagee that this mortgage and the promissory note secured hereby constitute a Florida c~ntract
and shall be cY~nstrued according to the laws of that State.
1 V WITNESS WHEREOF, the Mortgagors have executed these presents uncler sc~al thc dav
ancl ~~ear first above written. ~
,
S ~
.
~~~347 PA~F 8~ ~ ~ ,
. ~
~. L-...«._.., .,... .a %~'~n.: ~~