HomeMy WebLinkAbout1314 re~r~aues l~ca~ vbat~nsr wurc~ .8eriwd, ~ad~ sucb r~c~iwr sLall hav~e all tl~ broad
and ~!'idctt~n Rmctioos and poMSrs ia aaprvis~ eatrusted by a eourt to • raceiver, aad
suah sppoin4~snt sball b~ r?~de b~? suah court aa an ~tt~d ~quiL~? and a aatter o!
absolute right to said 1brt~pee, strd `ritbout rat+ersnoe to tbe a~dequacy or ioe~dequscy
of tbe ralue o! t,he p~o~p~rq? ~or~d or to tl~e solv~ency or insolv~ency o! ssid
Mortgp~or or t1~e detdn~daats, a~d swch lacar, prorits, rents, issuss ~nd revenuas shall
be spplied by svech reeeiver a~ccoraing to t.bs lien o! t.bis a~r~~age m~d tbe pacactice of
st~cb court. ~ .
8. Tf the Mort~agor da!'sults in a~r o! tl~e crnrenants or agreeoenta contained
herein or in said note, tlxn the Mo~tg~ee m0.Y Pertora t1~e~aama, and e11 s~ch expenditures
ma~de by ttre l~rt~psgee, inclv~ding a re$sonable attor~e~'s l~ee, in ao doiag sball draw
iatereet at the rate oi eight per aentu~ per aYm~, and ahal].be repeyable i~ediate~y
aad vitLout de~and, and all such expen~ditures abnll be secured by tbe lien of this sort-
~e . The Mort~e~gee sbsll be subrogsted, !or . itirtber security, to the lien of e~aar and .
all liens or encwobraaces paid out of tbe p~roceeds of the loau secured by this mortgage,
ev~en thougb the liea or ene~braace so paid lro~ swch poroceeds be releasecl.
9. 't'he I~Iort~agor shall dulY, P~PtlY and lul2y perloria each and every
of the terms and pro~visions of a certain construction loan agreement vhich bas been.
e~cuted and delivered by the parties hereto simul.taneoualy vi~.h tbe execution aad
delivery herao! (the proceeds of this mortgage indebteclnesa being !or the purpose of
linancing constru~ction on said m~rt~aged property), the tes~os o! which construction loan
agreemeat ar~e by reference mede e part hereof. The lien of this mortgage secures the .
pe4Y~ent of all su~s peyable to Mortgagee and tbe perforn~ce of sll cavenants snd agree-
~nts or Mort~or unaer t~ t,~~s or s~a constru~ction loan a~eement.
10. m addition to all otber indebtec~essea secun~ed by the lirst lien of ~
this mortgage, this-mortg~e~ge sbe~ll secure also and constitute a tirst liea on the
mortga~ed pro~perty ior a11 flrture advences me~de by tbe Mort~a~ee to Mortgag~r vithia
five yeare the c7ate hereo! to the same extent as i! such ititwre a~dvances ~ere made
on the dnte of tLe eucution oi this mortgage . Ana? such advances m~y be ~de at tt~e
option o~ Kortga@ee. ~ Tbe total amount of the indebtedness that mey be secured by
this mort~age ney incraase or decrease i~~ time to time, but the total unpsid balance ~
secured at a~y oa~e time by this mortgage shell not exceed a meucim~m~ principel sm~unt ~
of tvice the priacipsl emouat steted in tbe proaissory note a substantial copy of wbich :
is included herein, plus interest thereon and ar~r disbursements me~de by Mortgagee for ~
the peyment of taxes, levies or insuraace on th~e property encumbered by this mortgage, ~
, vith interest on such disbursements. ~
11. A'portion of the proceeds of tbe mortgage indebtedaess is to be dis-
bursed aad advanced on account of or pertaining to each of said parcels in accord~euace .
~rith the prwisions of said construction loan agreement. Mort~zee sball release a~r
one of the parcels cavered by this mort~ege from the lien hereof upon repayment t~ the .
Mort~agee in cssh of a sums equal to the portion of the principal of tb~ ~ortgage indebt-
edness theretofore so disbursed and advanced, as zonter.zplated by said construction loan
~ a~eement or othenrise, on accotmt of or pertaining to the parcel to be released plus,
; at tl~e option of the Mortga~ee, atqr interest then acerued and uinpe~id umder . t~ terms
~ t~ereof or_ secured h~erebq and anq? cost, fees and expenses pe~ysble to Mort~~ee by the
~
~ Mortgagor incident to tbe a~rt~age loan. Aotvithstanding atqr of tl~e abave pravisions
of this peragraph l~ortgagee sball, st its option, be entitl~ed to ref''use to release aay
~ parcel or parcels at a time vhen there e~ciats a deYault in tbe perfoY~meu4ce of tY~e agree-
~ ments o~ the.Mort~or umder th~e provisions of this m4rt~e, the n~ate secured hereby
or eaid construction loan sgreemeat. Hoirever, Mortgagee me~y, at its option,give anar
~ such release not~it.hstaading eaar auch default or vithout requiriag tbe e~bave stipulated
p~yment for release. The cost of recording all partial releases i'ro~ or satisiaction
of tbis ~ort~e shall be bor~e by Mortgagor.
. _
The ters Mortgegor s2~s11 be conatrued singular or plural, masculine or
~ feminine, aad corporate, partnership or individual, vhicl~ever the cont~ext bereof .
requires or admits.
A
~ iI 1-j _
~~IITl~SS ~F, tl~e Mortga~or has executed this ias ':~a~`,~~
tbe a~l ar ~ira~ above written. '
~lY 3?'~ N ~RU DT
' " ~ .i
• ~v ; ~ -
Signed, sealed aad ~elivered in t~e BY: .,,z;.
prese~ace of: • _ w - ,
resi~~~ ; ~
. J~c' '
AT~ST:I~ / , ~
Assistant-secrota~~r ,
SWD Fbra M-2906 (9-12-60) i
~ , aooK 185 PA~~315 ~
~
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