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revenuee lros vhatever source derived, e~nd suct? receiver stie~]1 have nll tbe broad ~
aad e2't+ective l1~ncLions snd po~+~ers in eqWise eatruated by a court to a receiver, and
such appointseat absll be ~e~de 1~Y suc4 court ns an adsitted equity and a astter o! `
nbsolute right to sni8 l~lortga~ee, and vitbout relere~ace to the ndequacy or inadequacy
of the vnlue of the praperty ~rtgaged or to tbe solveacy or iASOlvency o! ssid
Mortgagor or the defeadents, and sucb inca~s, profits, rents, issues end revenuee shall
be spplied by sucb receiver according to tbe lien of thia mortgage and the practice of
such court.
8. If the Mortgegor defsulta in atpr of the covenants or agreearents containad
herein or in said note, Lhen tbe Mort6a~ee meq? perform the same, and all such expenditures
msde by the Mort~yagee, fnclwding a reasonable attorney'e fee, in so doing shall drav
interest st the rate of eight per centus per aanu~, and shall be repe~yable ia~ediately
and aithout demsnd, and all such expenditures abe~ll be aecured by the lien of this nart-
gage. The I~lortgagee shall be subrogeted, for l~rther security, to the lien of eapr and
all liena or enevaebrances paid out of the proceeds of tbe loan secure8 by this mortgage,
evea though the liea or encusbrance ao paid l~ro~ sucb paroceeaa be releascd.
9. Tbe Mort~e,gor shall duly, promptly and fully perform each and every
o! the terms and provisions of a certain construction loaa egreement vhich has been
executed and delivered by the psrties hereto simultaneously vith the execution and
delivery hereof (the proceeds of tliis m~rtga$e indebtedneas being ~or the purpose of
financing construction on said mort~aged propertq), the terms oY which construction loan
agreement are by reference mnde a part hereof. The lien of this mortgage secures the
peya~ent of all sumis pe~yable to Mort~s~ee and the perform~ance of al1 covenants and agree-
ments of Mortgagor under the ter~s of said construction lae.n e~^eement.
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10. Tn addition to all other indebtednesses secured by the first lien oY
this mortgage, tbis mortg~age sh~all secure alao and constitute a first lien on tYie
mortga~ed property !or all ft~tu~re adveaces made by the Mortgagee to Mortgagor vithin
five y~ears Prom the date hereof to the ssae extent as if such iLiture advances ~+~ere me~de
on the date of the execution of this mort~e. An~r suEh advances me~y be mnde at the
option of Mortgagee. The total amount o~ the indebtedness that me~y be secwred by
thia mort~age msy increase or decrease fro~ time to time, but the total unpaid balance
secured at aqy oae time by this mrtgag~e shall not e~cceed a meuci,m~mn principel amount
of tWice the principal asount stated in the pra~issory ~ote a substantial copy of vbich
is included her~in, plus interest thereon aad a~r disbursements made by Mortgagee for
the payment of taxes, levies or insuraace oa the property encumbered by this aartRage,
vith interest oa such disbursem~ents.
11. A portion of the proceeds of tUe mortgage lndebtedness is to be dis-
bursed and advanced on account of or pertaining to each oP said parcels in accordance
~+ith the provisions of said constructian loan agreement. Mort~ee shall release aay
; one of the parcels cavered by this mortgage f'rom the lien hereof up~n repayment to the
~ Mortpa~ee in cash of a s~ equal to the portion oP the principel of the mortgage indebt-
; edness theretofore so disbursed and advaaced, as conterzplated by said construction loan
~ ~.~eement or othenrise, oa accowzt of or pertaining to the psrcel to be released plus,
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~ at the optioa oY the Mortgagee, a~r interest then accrwed and unpaid under the terms
~ hereof or secured hereby and a~? cost, fees and expenses payable to Mort~Ree by tbe
Mortgsgor incident to the a~rtg~ge loan. Aotvittistanding an~y of the abave provisions
~ of this paragraph Nbrtgagee shall, at its option, be entitled to reY~se to release any
parcel or parcels at a t3me vhen tbere exiets a default in the performaace of the agree-
ments of ~he Mortgagor under the provisions of this aortga~re, the n~te secured hereby
or said construction loen agreement. How~ev~er, Mortgagee may, at its option,give aniy <1
such release notvithstanding eapr euch default or ~rithout requiring the abrn?e stipulated
payment for release. The coat of recording nll pertiel reLeases fY~ or satisls.ction ,
of this ~rtg~ag~ shall be borne by Mortga~or. . . j~`
The tera l~ortgagor shall be construed aingul,ar or plural, masculine or -
feminiae, and corporate, partnership or i~ividual, whicbever the context hereof
~ requires or admits. '
~ D~ WI~SS ~OF, the Mort~agor has exrecuted this inst nt Lm~der sesl
~ the day and yiear first sbove vrittea. ~~g~ pi?Sp~y p~ gypRIDA ~
~
~ Si~ed, sealed and delivered in the _
presence of: ~ By:
~ "
:`t
, ~ . 4 . _
J Attest:
~ ~ V;~, ~E,.'~;
~ - _ _ * _ _ ; ,~pF;~
~ • t,~~• ~F.,~• . ?
~ SHD Fo171 M-~ ~9-32-G0~ rJ ~'•L~£. ~ ''1 ~s4~.•~~ '
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