HomeMy WebLinkAbout0913 revenues fro~ vt~atev~er source 8erired, and such receiver shall Lav~e all the bro~d
and efi~ectiv~e llmctiona and pow~en in aqyviee entrusted by s coutt to a receirer, aod
such appolStaent a~all be ia~de by such court as an adaitLsd equity snd a~atter of
absolute right to said Mort~a~ea, snd vitbout retereoce to the sdequac~r o~ in~equdcr
of the value of tbe p~opert~r ~art~ea or to the solv~ency or insolreacy of said ~
lrtortg~~or or tbe defen~dants, aad auch i~a~e, prorits, rents, isaves sad re~renuea ahall
_ be spplfed by auch receiv~er nccording to the liea of thia ~rtgpge nod tbe p~cactice o!
such court.
8. If Lhe I~ortgrngor defsults in eu~r ot the cavenants or agree~enta contai~ed
henia or in said note, tben tbe Mortgagea ae~y pertor~ the saue, and sll such enpenditures
a~de by the Mortgagee, inclwding a reasonable sttorney'e let, in ao doing shall draw
interest at the rate of eight per cent~ pcr amnua, and s2~a11 be repeyable ia~ediately
and vithout demRnd, and all such expenditures ahall be secured by the lien of tbis ~rt-
gage . The Plortgagee sh$11 be subrogated, !or l1~s-th~er security, to tbe lien of a~r a~l
al1 liens or encwsbrancea paid out of the proceeds of the loan securea by this aort~age,
even though tlx lien or encu,brance so paid ~~om such poroceecls be releasea.
9. Tt~e Mortgagor shall du~Y, P~PtlY ~~~,Y P~rtora each and e~very
of the terms and prvvisions of a certain comatruction 2oan agree~ent which has been
executed aa8 delivered by the parties hereto sinultaneously vith tbe execution end
delivery hereof (the proceeds of this aortgs~ee indebtedaess being !or the purpo~e of
financing construction on said mortga~ed property), the ter~s o! whicb construction loan ~
agreement are by reference made a part hereof. 7'he lien of this sc~rtP,s~ge secures the
pe~yment of all st~s pe~yable to MortRagee and tbe performe~aoe of all covenants snd agree-
ments of Mortgagor um~der the ter~s o! said construction l,oan a~eement.
10. In addition to all otber indebtednesses secured by the first lien of
this mortgage, this mortg~ge shell secure also and constitute a first lien on the
mortgaged property for all fl~ture advances mde by tbe MortRagee to Mortgagor vithin
five years flro~ the date hereoP to the saae exteat as if swch llrture e,dvaaces were me,de
on the date of the execution of this mortgage. A~y swch advances my be aeRl~e at the
option of I~lortgagee . The total am~unt of t.h~e indebtedness that mqy be secwred by
this mortgage may increase or decrease Pro~ time to time,'but the total unpaid balance
secured at aRy one time by this mortgage shall not exceed a meucin~a pri~ipal aa4unt
of tvice the principal amount stated in the promissory note a substantial copy of vbich
is included herein, plus interest thereon and a~r disbursements me~de by Mort~gee !or
the.pe~ya~ent of taxes, levies or insurance on the property encunbered by this nortRage,
With interest on such disbursem~ents.
11. A portion of the proceeds of the mortga.~e indebtedness.is to be dis-
bursed and advanced on account of or pertaining to each of said parcels in accorciance
~ vith the provisions o~ said constructio~ loan agreement. Mort~zee shall release aay
~ one of the parcels covered by this mortgage ~om tl~e lien hereof up~n repayment to the
E Mortp,agee in cash of a swq.equal to tbe portion of the principal of the mortgage indebt-
~ edness theretoPore so disbursed and advanced, as conter.iplated by said construction l~aan
~ a~ment or othervise, on accoua~t of or pertaining to the psrcel to be released plus,
€ at tY,e option of the Mortgsgee, ar~r interest then accrued and unp~id und~er t~ ter~s
~ hereof or secured hereby and e~npl cost, fees and expenaes payable to Mort~ee by the
~ Mortgagor incident to the mort~age loaa. Aotvithstanding a~ of tbe abave pz~ovisioas
~ of this parsgraph Mortgagee shell, at its option, be entitled to reh~se to relesae saar
parcel or parcels at a tine vben there eaists e dePault in the perfornance of the agree-
~ ments of ~he M•ortgagor under the provisions of this mort~a~e, tbe note secured hereby
or said construction loan agreemeat. Hov~ev~er, Mortgagee mey, at its optiaa4,give aap?
such release notWithstanding atpr such default or vitYwut requiring the abo~ve stipulated
p~yment for release. Tae cost of recording a]1 partisl releases t'ra~ or satisfaction
~ of this aortgage shall be bort~ by Mortgagor. ~
~ The tera Mortgagor shall be constru~ed singular or plural, masculi~ or
~ feminine, and corporate, partnership or individual, vhict~ever tbe conte~ct hereof
~ requires or aclmi.ts . ~
~
~ D~. WITl~SS ~F, tbe ldortgagor has eac,ecuted tLis ias ~ u~der seal
~ th8 day and y~ear Pirst above vritten. .,t,,~;' x,~ ~ ;
~ HAI~I~+I 0 S ~ Q1#~P`~1NY OF FLORII~
~ Si~ed, sealed and deliverad in th~e ~~~Q~;. ~
: .
~ presence of: ~ BY: `
.
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s - . -y ? C'c ~ - _
m .o - rY
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ATTEST : ~
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~ ecretary
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~ sWn For. ~-2906 (9-i2-6o)
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