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revenues !'ro~ vhatever aource derived, aud such i~eceiver ehall hsv~e sll th~ broad
aad effective !1u?ctions and po~+en in e~yvise entruated by s court to a rsceiver, nad
suech appolataent 6bs11 b~ ~ b~? such court aa an ad~itted equity and a~atter of
sbsolute right to ssid Mortga~ee, aad vithout refere~ce to the sdequscy or ioadequacy
of the value of the propert~r ~ortg~aged or to tbs aolvency or insolvency of asid -
Mortgn~or or the defendants, md such inca~e, prorita, rents, iseues and revenues ahsll
be spplied by such receiver sccorfling to t6e lien of this mrtgage and the practice of
such court. ~
8. If the Mortgagor defsults in aqy of the covenants or ngreements contained ~
herein or in said note, Lhea the Mortgagee me~y perfors tbe same, and sll such expenditures ;
made by the Mortg,egee, including a reasonable attorney'e tee, in so doin~ ahall drnv
interest at the rate of eight per centus per ann~, aad shall be repnyable i~ediate~y
and ~+ithout demand, and all auch expenditures shnll be aecured by t2~e lien of tbis s~rt-
gage . The Mortgagee stu~11 ba subrogated, - for ltirtt~er eecurity, to the lien of aa4r and
all liens or encumbrancea paid out of the proceecls of the loan secured by this mortgage,
even though the lien or enc~mbraace so paid 2~om euch proceeds be released.
9. The Mortgagor shall du~y, promaptly and fully perform each and every
of the terms and provisions oP a certain construction loan aRree~ent vhich has been
executed and delivered by the parties hereto simultai~eously vi.th the execution and
delivery hereof (the proceeds of this mortga~e indebtedness being for the purpose of
financing construct~on on said mortgaged pi~operty), the terms of which construction loaa .
a~reement are by reference made a~ pe?rt hereo~. fihe lien of this m~rt~age gecures the
pe~yment of all sumis payable to 1rlortaagee and the pert'ormnnce of a~l coveneats and agree-
ments of Mortgagor under the ter~s of said construction loan agreement.
10. In addition to nll_other indebtednesses secured by tbe first lien of
this mortga~e, this mertgage shall s~cure also and constitute a first lien on the
mortgaged p:operty for all fliture advances made by the Mortgagee to Mortgagor irithin
five years from the date hereof to the sane extent as if such future advances ~rere made
on the date of the.execution of tbis mortgage. ARy such advences me~y be mde at the
option of Mortgagee. T'he total amount of the indebtedness that mey be secured by
this mortgage may increase or decrease fraav time to time, but the total impe~id balance
securea at ar~y one time by this mortgage shall not exceed a meucim~ principal amount -
of tvice the principal am~unt ststed in the pronissory not~ a substantial copy of vhich
is included herein, plua interest thereon and aqy disburaements me~de by Mortgagee for
the pe~yment of taxes, levies or insurance on the praperty encumbered by this mortga~e,
With interest on such diabursements. -
b4-dia- -
burs advanced on account of or pertaining•to each of said parcels in accordance
' vith t11e isions of 8aid construction loan agreement. Mort~ee shall release aqy ~
i one of the pe?r covered by this m~rtgage from the lien hereof upon r~payment to the
' Mortp,agee in cash o sum equal to the portion of the principel of the m~xtgage indebt-
j edness theretoPore so di sed and advance8, as conteriplated by sai~i construction loan
a~reement or othervise, on ac t of or pertaining to tbe parcel to be released plus,
; at the option of the Mortgagee, tereat then accruad and unpe~id under the terms
hereof or secured hereby and a,a~y cost, and expeases payable to Mortgagee by the
Mortgagur incident to the nc>rtg~age loaa. Ao standing _ar~r of tbe abave provisions
of this paragraph Mortgagee shsll, at its option, entitled to reftise to release ar~y =
parcel or percels at a time vhen there exiets a defaul the performeace of the agree- ~
ments of ~he Mortgag~or uwder the pro~viaions of this mortga~e, note secured hereby l
or said construction loaa agreement. Ho~ver, Mortgagee me~y, a option,give e~r~pr `
such release notWithstanding s~? auch default or ~+ithout requiring tt~ e stipulated `
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payment fQr release. The coet of recordi~og nll partial relesse8 or sa action ;
of this aortgage shall be borae by MortgsEcor.
The ters Mortgagor sball be cor~tru~ed eingular or plural, masculine or
Peminine, end corporate, partnership or individual, vhichever the context bereof
requires or admits.
~ ~ WITRE3S ~F, the Mortgagor has executed this instr~ent under seal
~ tbe day aad y~ear first.above vritten.
~ Si~ed, sealed ea~d delivered in the ~LLM O STRU O CO ANY OF FLORIDA
~ presence of: ~ _
By - .
. . , ~
~ Its resideYtt ~ `r'~Ut~~j;~
~ ~q !
. <<~ 3
~ Attest _ ' , ~ ~ ;
: ;
~ Its Se . ~ ° ~ - . -
S41D For~ M-2906 (9-12-60) ~ ~~C,~~q~~,$e=~}'~
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