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revenues lrom vhatever source derived, and sucb receiver shall have all the broad
and effective ll~nctions and po~+~ers in ar~yvise entrusted by a court to e receiver, and
such appointment sball be mnde by such court as an admitted equity and a mdtter o!
absolute right to se~id Mortgag~ee, and vit2aut refereACe to the adequacy or inadequacy
of the valu~e of the property oortgaged or to the solvency or insolvency of saia
Mortgagor or the defendaata, e.ad such income, profits, rents, issues and revenues shall
be applied by such receiver according to the lien of this mortgage and ttk practice of
such court.
8. If the Mortgagor defaults in aqy of the covenants or agreements contained
herein or in said note, then the Mortgagee msy perform the same, aad all such expenditures
madg by the Mortgagee, including a reasonable attorney's fee, in so doing shall drav
interest at the rate o~ eight per centum per annwn, and shall be repe~yable inmediately
and vithout demand, and all such expenditures shall be secured by the lien of this mort-
gage . The Mortgagee shall be submgated, for llirther security, to the lien of ar~r and
all liens or encwnbrances paid out of the proceeds of the loan secured by this aartgage,
even though the lien or encumbra.nce so paid hrom such pmceeds be released.
9. T'he Mortgagor sha11 duly, promptly and tlilly perform each and every
of the terms and provisions of a certain construction loan agreement vhich has been
executed and delivered by the parties hereto simultaaeous~y vitb the execution and
delivery hereof (the proceeds of this mc~rtgage indebtedness being for the purpose of
financing construction on said m~rtga~ed property), the terms of xhich construction loan
a~reement are by reference made a part hereof. The liea of this mortRage secures the
payment of all sums payable to Mortaagee and the performance of all covenaats and agree-
ments of Mortgagor under the terms of said construction loan agreement.
10. In addition to all other indebtednesses secured by tbe first lien of
this m4rtgage, this mort~age shall secure also and constitute a first lien on the
mortgaged property for all future advances me~de by the MortRa~ee to Mortgagor vithin
five years tYam the dat,e hereof to the same extent as if such flrture advances vere made
on the date of the execution of this mortgage. A~y such advances may be made at the
option of Mortgagee. The total amount of the indebtedness that may be secured by
this m4rtga.ge may increase or decrease from time to time, but the total Lmpaid balance
secured at ar~y one time by this mortgage shall not exceed a meucim~ principel amount
of twice the principal amount stated in the pramissory note a substantial copy of Which
is included herein, plus interest thereon and aRy disbursements made by Mortgagee for
the payment of taxes, levies or insurance on the property encumbered by this mortgage,
, With interest on such disbursements.
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~ 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 accordance
~ With the provisions of said construction loan agreement. Mort~a~ee shall release any
one of the p~rcels covered by this ~artgage from the lien hereof upon repayment to the
~ Mortp;a~ee in cash of a sum equal to the portion of the principal of the mortgage indebt-
~ edness theretofore so disbursed and advanced, as conterzplated by said construction loan
~ ac~eement or othervise, on account of or pertaining to the parcel to be released plus,
; at the option of the Mortgagee, aqy interest then accru,ed and unpaid under the terms
a hereof or secured hereby and aay cost, fees and expenses payable to I~rtgagee by the
~ Mo:~tgagor incident to the m~rt~age loan. Notitithstanding aqy of tbe above provisioas
~ of this paragraph Mortgagee she~ll, at its option, be entitled to reYlise to release aqy
~ parcel or parcels at a time vhen there exists a defeult in the perform~nce of the agree-
~ ments of -~he Mortgagor under the provisions of this martga~e, the note secured hereby
~ or said construction loan agz~cemeat. Ho~rever, Mortgagee may, at its option,give sipr t
~ such release not~rithstanding a~? euch default or ~rithout pequiring the above stipulated `
~ payment for release. The cost of recording all partial releases from or satisfaction '
of this mortgage shall be borne by Mortgagor.
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~ The term Mortgagor shall be construed singular or plural, masculine ctr.- '
r feminine, and corporate, partnership or individual, vhichever the context bered~`~~ .
~ requires or admits. _ . '
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IN WITNESS ~REOF, the Mortgagor has e~cecuted this ins nt under seal~
the dey and y~ear first above ~rritten. CONSTR TI N COI~ANY ~ OF FLORIDA
- Si~ned, sealed and delivered in tt~e ' . ~
presence of: . By:
~ ~
President
_ Attest:
1.U1.Y~,c ~
c~~~
~3 Assistant Secretary :
~ SWD Form M -2906 ( 9 -72 -60 ) .
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