HomeMy WebLinkAbout1489~~Rx 5~. eA~F125
revenues from whatever source deriSr~dt'.~~d1~T~Rver shall have all the broad
and effective functions and powers in agYwiae entrusted by a court to a receiver, and
such appointment shah be made by such court as an admitted eg4ity and a matter of
absolute right to said Mortgagee, and witbout reference to the adequacy or inadequacy
of the value of the property mortgaged or to the solvency or insolvency of said
;iortgagor or the defendants, and such income, profits, rents, issues and revenues shall
be applied by such receiver accort-ing to the lien of this mortgage and the practice of
such court.
8. If the Mortgagor defaul',:s in g.~y of the covenants or agreements contained
herein or in said note, then the Mortgagee may perforr- the sane, and all such expenditures
made by the Mortgagee, including a reasonable attorney's Pee, in so doing shall draw
interest at the rate of eight per centum per annum, and shall be repayable i.mDeZiately
and without demand, and all such expenditures shall be secured by the lien of this mort-
gage. The Mortgagee shall be subrogated, for further security, to the lien of any and
all liens or encumbrances paid out of the proceeds of the loan secured by this mortgage,
even though the lien or encumbrance so paid from such proceeds be released.
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of the revisions of a certain construction loan agreement which has been
executed and delive rties hereto simultaneously with the execution and
delivery hereof (the proceeds o indebtedness being for the purpose of
financing construction on said mortgaged pro terse of which construction loan
agree~ent are by reference made a part hereof. The lien o t,age secures the
payment of all sums payable to Mortgagee and the performance of all co d agree-
9. ~. In addition to all other indebtednesses secured by the first lien of
this mortgage, this mortgage shall secure also and constitute a first lien on the
mortgaged property for all future advances msde by the Mortgagee to Mortgagor within
five yea~~s from the date hereof to the same P-xtent as if such future advances were made
on the date of the execution of this mortgage. Any such advances may be made at the
option of Mortgagee. The total amount of the indebtedness that may re secured by
this mortgage may increase or decrease from time to time, but the total unpaid balance
secured at any one time by this mortgage shall not exceed. a maximum principal amount
of twice the principal amount stated in the promissory note a substanti::l copy of which
is included herein, plus interest thereon and any disbursements made by Mortgagee for
the payment of taxes, levies or insurance on the property encumbered by this mortgage,
with interest on such 8isbursements.
Z0. 30 long as -the mortgagor is not in default in the performance of any of
its obligations hereunder the mortgagee shall upon written request of the mortgagor
release any or all of the following parcels of the mortgaged property upon payment to
mortgagee in cash of the principal sum set opposite the respective parcel below plus
interest to the date of such release:
Parcel
Parcel A, B1.ock 33
Parcel C, Block 33
Parcel E, Block 33
Parcel G, Block 33
Parcel J, Block 33
Release Price
$15,000.00
15,000.00
14,000.00
16,000.00
14,7co,oo
The cost of preparation and recording of such partial release shall be paid by the
mortgagor.
The term Mortgagor shall ba co:lstrued~singular er plural, masculine or
feminine, and corporate, partnership or individual, whichever the context hereof
requires or admits.
IN WI'T'NESS G~REOF, the Mortgagor has executed this instrument under seal
the day and year first above written.
G EVELOF CORPORaTI0i1
Signed, seale3 and delivered in the
presence of:
i
SFID Form M-2906 (g-12-60)
BY ~.~. W`~ v
$.. A. ,~ , : .resident
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