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Home My WebLink About2973 re~renues fr+o~ vt~at~v+~r wurce deri~red, and such r+~ceiver shall l~are all th~ broad sad •t'l~ectiw lLnctiozu and poven in anyvis~ eot.rusted by a court Lo a r~c~irer, aod such appoiataeat sball b~ ~ by sucD court aa au adaitt~d ~uity apd a rtter o! abaolute righL to said lbrt~e, and vithout ret~renc~ to tt~e s~dequscy on~ ioa~tquacy o! Lbe velue of tbe pa~o~perq? ~rt~aged or to Lhe solvency or insolvenc~ o! said Mort~~or or the defeAdants, aad such incar, prorits, rents, issues aod rev~em~es shall be applied by such receiver sccording to t.be lien o! thia ~rtgage aod the p~ractice of suech court. 8. If the Mort~a~or defsulta ia my of the covenants or egree~enta coatsined herein or in said note, then tbe Mort~agee me~y perfor~ tlk sem~e, an8 all such expenditun~es mnde by the Mort~ngee, inclwding a reasonable attorney's lre, in so doing st?a].l drav interest at the rate of eight per centu~ per ann~, and shnll be repeyable imediate~y aad vittaut deme?nd, and all such expenditures ehnll be eecured by tbe lien of tliis.aort- gsge . Tbe Irlortgagee shall be subrogated, for lV~rth~er security, to the lien of aipr and all lieas or encu~obrancea paid out of tbe proceeds of the l~oan secured by this mortgage, even though the lien or encu~sbraoce so pe.id 2~~om such pacoceeds be releasea. 9. T't~e Mort~agor shall dulY, Px"~PtlY ~d ~~,Y P~rform each and every of the terms and pro~visions of a certain construction loan agreenent irhich has been executed and delivered by the pe~rties hereto s3multaneously vith the eacecution anrl delivery hereof (the proceeds of this nortgage indebtedness being for the purpose of financing construction on said mortgaged property), the terms of xhich construction loan agreement are by reference made a pert hereof. The lien of this mortgage secures ttre payment of all au~s paysble to l~ortgagee and the performance of all coveaants a.nd agree- ments of Mortgagor under the terms of said construction loan agreem~ent. 10. m addition to all other indebtednesses secured by the !`irst lien of this mortgage, this mortgage shall secure also and constitute a first lien on the mortga~ed property for all flrture advances made by tbe Mortga~ee to l~lortgsgor eithin five years Pram the date hereof to the ssue e~ctent as if such fliture advances Were mede on the date of the execution of this mortgage. An~r such advances may be m~de at the option of Mortgagee. T'he total amow~t of the indebtedn~ess that mqy be secured by ~ this mortg~ge mey increase or decrease f~ time to time, but tl~ total unpaid balance ` secured at aay one time by this mortgage shall not exceed a meucim~,mn principel asount of twice the principal am~unt steted ia the pm~issory note a substantial copy of vhich is included herein, plus interest thereon and a~r disbursements made by Mortgagee for the pe~yment oP taxes, levies or insurance on t2~e property encwnbered by this mort~age,~ vith interest on such disbursements. - 11. A portion of the proceeds of the mortgage indebtedness is to be dis- bursed and advanced on account of or pertaining to each of said parcels in accordance ~+i.th the provisions of said constructian loan agreement. Mort~ee shall release a~y ; one of the p~rcels covered by this mortgege from the lien bereof upon r~payment to the ~ Mort~a~ee in cash of a s~ equal to the portion of the principal of tt~e m4rtgage indebt- ? edness theretofore so disbursed and advanced, as contetipl~ated by said construction loan ~ F a~reement or otherwise, on accoLmt oY or pertaining to the parcel to be released plus, t = at the option of the ~Iortgag~ee, a~? interest then accru~ed and ~id uader tbe terms ~ ~ hereof or secured hereby a~d a~p? cost, fees aad expenses payable to Mort~ee by tbe ~ Mortgag~or incident to the m~rt~ge loaa. Notwithstaading say of tbe abave provisions ~ ~ of this paragraph Mortgsgee shall, at its option, be entitled to refvse to release aRy parcel or pe~rcels at a time vben tbere e~cists a default in the per~orme.nce of tbe agree- ~ nents of ~he Mortgagor wnder the provisions of this mortga~e, th~e note secured hereby ~ or said construction loan agreement. Ho~ever, Mortgagee mey, at its option,give a~r ~ such release notWithstanfling e.nar such default or ~rithout requiring the above stipulated ~ p~yment for release. The cost of recording a11 psrtial releases fY~am or satisfaction ~ of this mortgage shall be borne by Mortga£[or. ~ ~ Th,e term Mortgagor sball be construed singular or pliu~e7., masculine or ~ fsminine, and corporate, partnersY?ip or individual, vhict~ever the context bereof = requires or admits. ~ ; II~I WITl~;SS ~F, tbe l~lort~agor has ex~ecuted this instrwnent er seal ~ the day and y~ear first above writtea. ~ HAL ONSTRU 0 C ~A~..OF FLORIU ~ ~ Signed, sealed aad delivertd in the ~~a~`N~l~: ~ : ; ~ presence oY: ~ ~ ' , ~ ~ e s ~ ~ - ~y ~ ; , ~ ~ ~ ~ • ~?.'iy~' ~ ATTEST: . • ~ G..~~ 3 8 S. • . . ~ . ...o,.;~;~-;::c= ~ ~1~3 ~ N ~ . ~ SHD For~ M-290~ (9-12-60) ~~•~,~~,1~~~. ~ ' . ~ UR a~1~9 2964 ~ -4 - ~ ~ - _ - ~ s ~ ~ _.~~-~~~w:~ _ ~~-_~r _ ~ - - - ~ =