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as lessor in any present or future lease or rights to income •
growing out of the use and/or occupancy of the property mortgaged
hereby, whgther pursuant to lease or otherwise, shall never be
construed as in anywise altering any of the rights of Mortgagee
as determined by this instrument or impughing the priority of the
Mortgagee's lien granted hereby or by any other recorded docu-
ments, but such mention in the financing statement is declared to
be for the protection of the Mortgagee in the event any court or
judge shall at any time hold with respect to (1), (2) and (3)
that notice of Mortgagee's priority of interest to be effective
against a particular class of persons, including, but not limited r
to, the Federal Government and any subdivisions or ~ntity of the
Federal Government, must be filed in the Commercial Code Records.
15. If foreclosure proceedings of any senior or junior ~
mortgage or lien of any kind should be instituted, or if a peti- ~
tion in bankruptcy is filed by or against the Mortgagor, the
Mortgagee may, at its option, immediately or thereafter declare
this Mortgage and the indebtedness secured hereby due and payab-
le, provided said proceedings are not dismissed within thirty
(30) days after they are instituted.
15. That, in the event that at the beginning of or at ~
any time pending any suit upon this Mortgage, or to foreclose it,
or to reform it or to enforce payment of any claims hereunder, ~
said Mortgagee shall apply to the court having jurisdiction ~
thereof for the appointment of a Receiver, such court shall ;
forthwith appoint a Receiver, of said mortgaged property all and ~
singular, including all and singular the income, profits, issues, ;
and revenues from whatever source derived, each and every of ;
which, it being expressly understood, is hereby mortyaged as if ;
specifically set forth and described in the granting and habendum ~
clauses hereof, and such Receiver shall have all the broad and ;
effective functions and powers in anywise entrusted by a court to ;
a Receiver, and such appointment shall be made by such court as ;
an ad mitted equity and a matter of absolute right to said Mortga- ;
gee, and without reference to the adequacy or inadequacy of the ~
value of the property mortgaged or to the solvency or insolvency ?
of the Mortgagor, and such rents, prof its, incomes, issues and ;
revenues shall be applied by such Receiver according to the lien
or equity of said Mortgagee and the practice of such court, and
such appointment of Receiver shall be without notice to any
obligor hereunder.
I7. If all or any part (excluding sales of units in any
ordinary course of business as conte mplated by Mortgagor and
Mortgagee) of the mortgaged premises or any interest therein is
sold or transferred by Mortgagor {or any subsequent owner of the
premises) to any person, firm or corporation, not previously
approved in writing by the holder of this ~lortgage, or upon the
change of form of Mortgagor without the prior written approval of
the holder of this Mortgage, the Mortgagee or holder shall have
the right ta accelerate the maturity of this Mortgage as thouy~:
it were due and payable on the day of such transfer and to demand
payment in full of the said mortgage amount or any unpaid balance
thereof, and to exercise all the rights and remedies herein or by
law reserved to said Mortgagee the same as in any event of de-
fault hereunder, anything in the Promissory Note secured hereby
or herein to the contrary notwithstanding. Any default under any
such limitations shall be conclusively and irrebutably presumed
to jeopardize the security and collateral of Mortgagee for its
loan, as same is defined and construed under Florida appellate
' decisions as may exist from time to time (but without any expres-
s~d or implied consent or waiver that state law rather than
federal law shall be applicable in the construction and
application of the foregoing provisions).
18. Installments, payable under the terras hereof and ~
the Note sec~red hereby, not paid when due sh.all be subject to ~
"late charges" as provided in said Note, and such "late charges"
are secured by the lien hereof.
` 19. To the ext~nt of the indebtedness of the Mortgagor
' to the Mortgagee described herein or secured hereby the Mortgagee
E is hereby subrogated to the lien or liens and to the rights of
,
~ FEE. KOBLEGARD. TEEL & KENNEY. P. A.
~ POST O~FICE BOX f000 n
~ ATTO EYS AT LAW ~n ~R445 `.~,yf ~O
~ FORT PIERC[, FLORipA ~3454 Lt;JK
T[Lt~NON[ (30s) 461•~3020
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