HomeMy WebLinkAbout2635 re~re~ues tro~ vtsat~~rsr sowrc~ 8erired, ~od such rec~i~r st~a)l saw all t!r dro~
aod •ft~ectiw lLactioos ~nd po~w~srs in ~riM ~atr~sLsd D~ a oonrt to a s~oei~er. ~d
such sppoint~eAL sl~all b~ ~ b~ sucb ~ourt as ~~iLOb sqnit,~ ~ed a~aL~r o!
absolut~ righL. to said Mortg,~~, aad vitbout r~i~ereoo~ Lo Lb~ ~q~acr ae tar~
of Lt~e value of tt~e pa~cyp~rt~ ~rt~sd or ~o Lb~ aol~reoc~ or ierol~eac,~ o! saia
Mort~agor or the def~eudants, ~ad avah iocar, p~+orits, rent.s, issves ~d r~rsoue~ st~all
be spplied by such recel~r+er accoraiog Lo tb~ lien o!' thia a~rtgAge s~nd Lbe pe+rcLic~ o!
such cowrt. ~
8. If t.he MorL~sgor ~eitiiilLs in ar~ o! LDe cwrensnts or a~+dwents aootaiaRd
herein or in said note, tttien the MorLEpsgae as~Y Pertbis t.be sa~e, and all such e:pedditva~es ~
made by tbe Nortgegee, including a reasanable aLtoroe~'s flee, in so ~in~ sLall mrav ~
interest at the rate o! eight per centu~ per a~iar, ~aid s2ya11 be reps~sble isedi~a~el.~
ancl ~rithout deme~nd, aad all such exper~ditures s~a].1 be sacu~ed .by tt~e lien o! t.tiis ~ort-
gage . The Mortgagee shall be aubrogated, !or irirth~r securiqr, to ttre lien of au~/ a~
all liens or encumbrancea paid out of ttk paroceeds ot tbe Loaa secwrea b~ this a4rtg,sge,
even though ttx lien or encu~brance so paid 2~c~ sti+ch paroceeds be releasea.
9. The Mort~agor shall du~Y, P~t?~.Y ~~~Y Ix~~ ea~eh aad e+r~er~
of the terms and pron?iaiona oP a certein construction loea agreeaent Mhic~ has been
executed an8 delivered by the-parties hereto siaulta~eousl~ vitt? tbe e~oecuLian aad
delivery hereof (the proceeds of tbis a~rt~e~e indebt~ednesa be3ng ~io~c the punrpo~e o~
financing construction on said s~rt~aged pa~operta?), tt~e teras o! vhicb coostzvcLia~a loan
a~reement ar~ by reference made a part hereof. ~re lien of this a~rtp,,age secwres tbe
pe~yment of all s~s pe~ysble to I+lortgag~ee ana tl~e perto~c~enee oi all carenants aad agr~e-
ments of Mortgagor vinder the teras o! said co~stnbction l,osn agree~ent. ~
10. ~n addition to all other inc~ebtcdn~sses secu~ed by t1Y firsL lien at
this mortgage, this anrtg~ge shall secwc~e also aad coastitute. a SYrst lien on ttie
mortgaged property for all tl~ture advances aede by the lbrtp,~gee ~o llo~rt~or vithin
five years 2'ro~ the date hereo! to the sa~e extent as i! sucb iriture a~draaoes ~ere asae
on the date of tbe euecution of this a4rtgage. Aiqr such edraac~s ae~ be asd~ at t.~e F
option of Mortgagee• The total a~ou~t of the indebtedness tbat ae~ be aecu~ed b'
this m~rtgag+e me~y increase or decrease fra~ tiae to t3ae, but the total umpaid bslnaoe
secured at any on~e time by this aortgage sUall not ezceed a aaziais P~'iaciPal a~am~
of t~rice the parincip~l aaount~stated in the pso~issory note a substnntial oop~ of v~ich
is included herein, plus interest thereon aad s~ disburse~eats ae~3e b~Iliort$A~ee ib~'
the payment . of taxes, levies or iasurance oa t2re property ~nci~bertd b~ this aart{~~ge,
vith interest on such disbuorsemeats.
11. A portioa of tbe proceeds of tbe aortgs~e indeb~edness is Lo b~ dis-
bursed and advanced on accouat of or pertaining to each of said parcels 3n a~coardsnoe
vith the provisions of said constructian loan agneaent. I~[oar't~.,sRee sbsl.l rel+ease aip
one of the parcels crn?ered by this mortg,age 25c~ t~e liea bereof upon repe~,naeat to t~ T
Mort~;aRee in cash of a s~ equal to the portia? of tlye pri~ipel o! ttre aart~zpge inaebt- {
~ edness theretofore so disbursed and advanced, ss oontet~glated by said coast~cticn l,osn
j a~reement or othervise, oa accou~t of or pertaining to fi.be pe~rcel to be rel+eas~d P1uss
~ at tbe option of the Mortgagee, aiq? interest then accrued aad uapaid ~er t~e te~s
f 1~ereof or secu~ed heretiy and ea~ cost, lbes aad ezpenses pa'abl~e to lbrt{e8ee b7 tbe
i Mortgagor incident to tt~e 'ortgage losn. l.fotvithstandin6 s~qr o~ tbe abo~e
of this paragraph I~ortgsgre s2~a1.1, st its op~ioa, be ~ntitled to ret'tise ~o reLesse a~
parcel or parcels at a time vl~en tbere ezists s dei~ult in tbe pertbac~aaoe of tbe ag~ee-
ments of ~t~e MortgaEor vmder tbe prrn?isioLS of this a~rtg~a~ac, tb~ m~e securrl bereb7
or said construction loan agreement. Bo~rver, Mortga~ee ne~y, at its optian,gi~e a~
such release notvit.hstanding a~? such deib~ul.t or vithout requiring tbe abv~e stipu~l8~ed
~ pa~yment for release . The ceet of recording all pe~t3al relieases !'ra~ a~' satisl~ctian
of.this a~rtg~ge shall be borne by Mort~~or.
The ters Mortgagor shall be co~strrd singular or plnral, aesculine oar
feminine, and corporate, partnership ar individual, vhic~ner tLe eonbezt bereo!
requires or admits. .
~ D~ WITAffiS ~F, tbe l~fortg,ag~or has e~ecuted this ins t m3er seal
~ the dey and year first sbove vritten.
~ x .
Signed, sealed and delivered in tbe . h
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presence of: ; . SY•
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~ f ~ ° : ~ • -
r .
- A'1TEST : - '
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, :
•
si~m For. M-2906 (9-12-60)
' ~ ' b40~ ~OU P~Cf ~6~A
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