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revenges from whatever sotuce derived,T,atdt:~u~8~_'!-~~effdr shall have all the broad
and effective functions cnd powers in ar~ywise entrusted by a court to a re^eivcr, and
such appointment shall be made by such court as an admitted equity and a wetter of
absolute right to said Mortgagee, and without reference to the adequacy or inadequacy
of the value of the property mortgaged or to the solvency or insolvency oP anid
Mortgagor or the defendants, and such incoase, profits, rents, issues and revenues shall
be applied by such receiver according to the lien of this mortgage and the practice of
such court.
8. If the Mortgagor defaults in any of the covenants or agreements contained
herein or in said note, then the Mortgagee may perform the same, and all such expenditures
made by the Mortgagee, including a reasonable attorney's fee, in so doing shall draw
interest at the rate of eight per centum per annum, and shall be repayable immediately
and without demand, and all such expenditures shall be secured by the lien of this mort-
gage. The Mortgagee shall be subrogated, foi• further security, to the lien of anpr 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.
oP revisions of a certain construction lose agreement which has been
executed and del w rties hereto simultaneously with the execution end
delivery hereof (the proceeds o ge indebtedness being for the purpose of
financing construction-on said mortgaged pro terms of which construction loan
agreement are by reference made a part hereof. The lien t age secures the
payment of all sums payable to Mortgagee and the performance of cov ree-
9. int. In addition to all other indet;tednesses 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 made by the Mortgagee to Mortgagor within
five years from tY~e date hereof to the same extent as iY 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 be 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 amoun+.
of twice the principal amount stated in the promissory note a substantial copy of which
is included herein, plus interest thereon and any disbursements made by Mortgagee for
the payment of taxes, levies or insurance on t?~e property encumbered by this mortgage,
with interest on such disbursements.
10. So long as the mortgagor is not in default in the performance of s~ of
its obligations hereunder the mortgagee shall upon written request of the mortgagor
release auy 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:
Lot
Release Price
Lot 10, Block 135
Lot 13, Block 43
Lot 3, Block 13?
Lot 4, Block 137
Lot 5, Block 137
X9,450.00
9,450.00
9,7~•~
9,9~•~
8,100.00
The cost or preparation and. recording of such partial release shall be paid by the
mortgagor.
The term Mortgagor shPSl.l be constrt+.ed singu].Ar or plural, masculine or
feminine, and corporate, partnership or individual, whichever the context hereof
requires or admits.
IN WITNF~S WRSREOF, the Mortgagor has executed t s instrument-under seal
the day and year first above written.
` ~DEVELOPMr'~iI' CORPORATION
Signed, sealed axed delivered in the
presence of:
SWD Form M-2906 (9-]2-60)
BY r~-i -v- -
H• A• ~.~rAsident
v
Attest: .ice
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