HomeMy WebLinkAbout0930 commission of up to five percent (5~) upon the yross amounts of
rents collected, apply the residue to the payment of any sums wliich
are unpaid hereunder or under trie Promissory tvote secured hereby,
The taking of possession of the Property shall not prevent
concurrent or later proceedings for the foreclosure sale of the
Property as provided elsewhere herein.
(b) Mortgagee shall have the power, to sall the F~roperty or
any part thereof (includinc~ all chattels and personal property) in
accordance with the applicable local Rules of Procedure or of any
other applicable general or local laws or 1oca1 laws or rules of t~e
State of Florida, and in such parcels as Mortgagee may deem best, at
public auction, in such manner, at such time and place, ~.~por such
terms and conditions, and upon such public notice (not less than
applica5le law may then require) as Mortgagee may deem best for the
int~rest of all concerned and, in case of default of any purchaser,
to resell, with such postponement of sale or resale, and upon such
public notice thereof, as t4ortgagee may determine. Upon compliance
by the purchaser with the terms of sale, and upon judicial approval
if then required by law, t~fortgagee shall convey the Property (or the
part sold) in fee simple and without liability on the part of any
purchaser to see to the application of the purchase money, Frorn the
proceeds of sa1e, unless otherwise required by law, Mortgagee shall
pay (i) the expenses of sale, including an auctioneer's allowance, a
reasonable commission to Mortgagee (not exceeding two and one-half
percent [2.5~J of the sales price), the expenses, if any, of
correcting any irregularity which may appear in the title,
reasanable counsel fees, and other costs and expenses incurred by
Mortgagee in and for the administration, protection, or execution of
this trust, including the expense of obtaining possession; (ii) all
money advanced for costs and expenses or for any other purpose
permitted hereunder,r and all taxes and special assessments upon t~e
Property at the time of sale; (iii) the whole amount then remai~ing
unpaid of the principal of the Note and any other obligations of
Grantor secured hereby, whether the same shall be due or not, and
interest thereon to date of payment, it being agreeci that he
Promissory Note shall, upon foreclosure sale being made before the
maturity of the Note, be and become immediately payable at the
election of Mortgagee; and (iv) any net surplus to Grantor or otner
party legally entitled thereto upon surrender and delivery to the
purchaser of possession of the premises so sold and conveyed. The
sale of one or more parts of the Property shall not prevent a later
sale of one or more other parts of the Property.
(c) Mortgagee rnay, but shall not be obligateci to, require
the appointment of a receiver or conservator for the Property either
pending a foreclosure sale or otherwise, irrespective of whether or
not the Property is adequate security for the indebtedness secured
hereby. Grantor hereby cansents to such appointment and will, upon
Mortgagee's request, formally evidence such consent in writi~g in
any proceeding for the appointment of such a receiver.
(d) In each and every event of default, Mortgagee is
authorized and shall have the power to proceed by suit or suits at
law or in equity or by any other appropriate remedy to protect and
enforce the rights of htortgagee, whether for tt~e specific
performance of any covenants or agreement contained herein or in aid
of the execution of any power herein granted, to enforce payment of
the Promissory Nnte, to foreclose this Mortgage Deed, or ta sell the
Property uncier the power of sale granted hereunder as aforesaid.
(e) From and after the occurrence of an event of defauit,
the Mortgagee shall have the right to collect the rents, issues and
profits of the Property.
(f) In the event of such defau].t, the Mortgagee, sha11 have
the right (i} to pay any sums in any form or manner deemed expedient
by Mortgagee to protect the security of this Mortgage Deed or to ~
cure any event of default other than payment of interest or •
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