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HomeMy WebLinkAbout0764 f revenues lroa vhatever source derived, and such receiver ehall have all the broad and ePfective il~nctions and poa~ers in ar~yvise entrusted by s court to a receiver, and such appointment ahall be me~de by auch court ea an edmitted equity an~d a s~tter of dbsolute right to ae~id Mortgagee, end vithout reference to the adequacy or inadequacy ot' the value of the property mortgaged or to the solvency or ineolvency o! said Mortgagor or the defendants, ead such inco~e, profits, rente, iasu~es and revenues shall be applied by such receiver according to the lien of this mprtgage and the practice of such court. 8. If the Mortgsgor defsults ia aqy oY the covenants or agreements contained herein or in said note, then tbe Mortgagee me~y per~orm the sa,me, s.nd all such expe:lditures me~de by the Mortgagee, including a reasonable attorney's fee, in so doing shall drav interest at the rate of eight per cent~ per annwn, and shall be reps4Yable i.mnediately and vithout demand, and ell such expenditurea ahall be secured by the lien of this m~rt- gage. The Mortgagee shall be subrogated, for fVucther security, to the lien of arqr and : all liens or encumbrancea paid out of the proceeds of the loan secured by this mortgage, ~ even though the lien or encumbrance so pe~id fmm such proceeds be released. 9. T'!~e Mortgagor sha11 duly, promptly and itiilly perform each and every } of the terms a~ed provisions of a certain construction los.n agreement vhich has been ~ executed and delivered by the pe~rties hereto s3multaneously vitb the execution and delivery hereof (the proceeds of this mortgage indebtedness being for the purpose of Pinancing construction on said mort~aged property), the terms of Which construction loan agreement are by reference made a part hereof. The lien of this mortgage secures the ~ pe~yment of all sums pe~yable to Mortgagee and the performance of all covenants and agree- ments of Mortgagor under the terms of said construction loea agreem~ent. 10. Ea addition to all other indebtednesses secured by the first lien of this mortgag~e, this mort~age shall secLn~e also and constitute a first lien on the m~rtgaged property for al1 tliture advances me~de by the Mortgagee to Mortgagor vithin five years fYom the date hereoP to the same exten~ as if such future advances Were me~de on the date of the execution of this m4rtgage. A~y such advances mey be made at the option of l~ortgsgee. The total amount of the_indebtedaess that may be secured by this mort~age may increase or decrease framn time to time, but the total unpsid balance secured at ar~y one time by this mortgage shall not exceed a maxim~ principal amount of tWice the principe~l amount stated in the promissory note a substantial copy of which is included herein, plus interest thereon and aqy disbursements made by Mor~gag~ee for the payment of taxes, levies or insurance on the property encumbered by this m~rtgage, eith intere~st on such disbursements. ~j - 11. A portion of the proceeds of the mortgage indebted.ness is to be dis- ~ bursed and advaaced on account of or pertaining to each of said parcels in accordance vith the provisions of said construction loa.n agreement. Mort~ee shall release any one of the parcels covered by this m4rtgage Yrom the lien hereof upon repayment to the E Mort~agee in cash.of a s~ equal ta the portion of the principel of tY1e mortgage indebt- ~ edness theretofore so disbursed aad advanced, as conter.iplated by said construction loan r agreement or otherwise, on accotmt of or pertaining to the parcel to be released plus, ~ at th~e option of the Mortgagee, a~? interest then accru,ed a~d ungaid under the terms hereof or secured hereby and an4r cost, fees and expenses payable to Mort~gee by the ~ Mortgagor incident to t~e m~rtg~age loan. Aotr~ithstanding a~}r of the abave provisions of this paragraph Mortgagee shall, at its option, be entitled to refLse to release aRy ~ parcel or parcels at a time ~rhen there exists a default ia the performance of the agree- ments oP ~he Mortgagor under the provisions of this mortgage, the note secured hereby or said construction loan agreement. However, Mortf;agee may, at its option,give a~r such release notvithstanding an~y such default or srithout reqviring the above stipulated paymeat for release. The cost of recording all partial releases from or satisfaction - of this mortgage ehall be borne by Mortgagor. The term Mortgagor shall be constr~ed singular or plural, masculine or ~ feminine, and corporate, partnership or individual, Whichever the context hereof requfres or admits. ~ ~ IN WITI~SS N~OF, the l~ortgagor has executed this inst t under seal ~ ~ tbe day and y~ear first above ~+ritten. ~ HAL ONS RU N OMPANY OF FLORID~A Signed, sealed and delivered in the ~ presence of : , BY : ~'~l ti. ~ .4..`~~ ~e, en . • . ~ - f • , / Q ATTrST : . . ~ ~ ~Cx'@ Ar'y ~ ~ : p' - r . ~ ~ . j•,••~~• •~~~~•~~~C' ~ SWD Form M-2906 ( 9-12 -60 ) ' 1 t ^ ~ ~ • ~ ~ b~K 1~ PAGE 7 , ~ - 4 - ~ -~z~~ ~ ; , y - , 5-~.~, . "