HomeMy WebLinkAbout0963 and agree that the application for appointment of
said receiver may be made by the mortgagee on an
emer4ency basis, without notice to the mortgagor and
without any obligation to post a bond. In the event
the mortgagee elects to seek appointment of a
receiver on said eu~ergency basis and a receiver in
fact is appointed, said receivership shall not lapse
automatically and shall be dissolved only upon
motion made by mortqagor to vacate or dissolve said
receivership and mortqagar does hereby consent to
said receivership remaining in force and efgect
until a motion to vac~te or dissolve is filed and
disposed of by court order pursuant to notice to allv
parties. It is stipulated and agreed that the
property being encumbered hereby is rent or
profit-producing property and is subject to rapid
deterioration, waste, and imgairment in the event of
neglect, mismanagement, poor or improper
maintenance.
5. The terms of this mortgage and note(s) secured
hereby shall be construed~under federal law and the
laws of the state of Florida and venue for any
disputes or litigation arising hereun3er shall be in
St. Lucie County, Florida unless the mortqagee
elects otherwise. The rights of the mortgagee
hereunder shall be separate, distinct, and
cumulative and none shall be given force or effect
to the exclusion of the others. No act of the
mortgagee shall be construed as an election of
remedies or an election to proceed under any one
provision herein to the exclusion of any other
provision. Al1 terms, covenants, conditions, and
obligations under this mortgage and note(s) secured
hereby shall be joint and several on the part of the 1
mortgagor.
6. Neither this mortgage nor ac~y provision hereof shall '
i be constru~d more harshly or disfavorably against
the party drafting the same or against that party
~ f or whose benefit a particular Qrovision is included
herein. In the event any one or more of the
~ ~ provisions contained in this docurnent shall, for any
t reason, be held to be invalid, illegal, or
` unenforceable in any respect, such invalidity,
~ illegality, or unenforceability shall not affect any
other provision hereof and this document shall b~
construed as if such invalid, illegal, or
unenforceable provision had never been contained
herein.
7. This mortgage is being executed to secure letter of .
credit transactions between the mortgagor and
mortgagee. The mortgagor acknowledges that the
mortgagee has executed and delivered a letter of
credit in the principal amount of Seventy Five
Thousand Dollars ($75,000.00) f or the use and
~ benefit of Belcher Oil Co~pany, a supplier of
~ petroleum products to the mortgagor. In the event
: demand or disbursements are made pursuant to or in
~ connection with said letter of credit, the mortgagor
shall have thirty (30) days from the date of said
~ disbursement in which to repay the raortgagee all
~ sum~ so disbursed together with interest due thereon
r to the mortgagee and the failure to do so shall
~ constitute a default under this mortgage and any
~ note secured hereby.
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