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HomeMy WebLinkAbout1327 ~ to deliver to the mortgagee receipts evidencing the payment of all liens for public improvements within ninety (90) days after the same shall become due and payable, and to pay or discharge within ninety (90) days after due date any and all governmental levies that may be made on the mortgaged property, on this mortyage or note, or in any other way result- ing from the mortgage indebtedness secured by this mortgage. 8. Until default in the performance of the covenants and agreements of this mortgage, the mortgagor shall be entitled to collect the rents, issues and profits from the premises hereinbefore described, but in case of a default in any of 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 ~o, said premises shall be paid to the mortgagee, its successors or assigns, up to the amount then unpaid on this mortgage and may be applied upon the ~ayment or payments last payable thereon. 10. It is specifically agreed that time is the essence of this contract and that no waiver of any obligation hereunder or of the obligati_on 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 sh~uld 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 mort- gagee 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 ~nd be held by the mortgagee herein as security for the ir.3ebtedness to the mortgagee herein described or hereby secured, to the same 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, transferred, 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 subordinated to the lien and operation of this mortgage~ or be satisfied and cancelled of record by the holders thereof at or about the time of the recording of this mortgage; -4- I I ~ . a ~_r =.,,' . . _ : . . - ~~~ - - FEE. KOBLEGARD 8c TEEL. P. A. ATTORNEYS AT LAW POST OFi1C[ BOX 1000 iORT iIEAC[. FLORIDA ~94~L TEL[~MON[: ('06) 461-3020 ~.~~K349 FNUF132~ ~