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HomeMy WebLinkAbout1020 revenues from whate~er source derived, and such receiver shall have all the broad and effective f~nctions a.nd po~+~era in a~yvise entrusted by a court to a receiver, and such appoint~menti shall be mnde by sucb court aa ari admitted equity and a mntter of absolute right to seiid Mortgagee, and vithout refereace to the adequacy or iaadequ~cy of the value of the property mortgaged or to the eolvency or insolvency of said Mortgagor or the defendants, and such inco~a, profits, rents, fasu~es and revenues shall be applied by such receiver according to the lien of this aortge~ge and the practice of such court. 8. It the Mortgagor defaults in aTMy of the covenants or agreements contained herein or in said note, then the MortRagee me~y perform the saa~e, and all such expenditures : ~ made by the Mortgagee, in 1 di a reasonable attorney's fee, in so doinR shall drav ! . interest at the rate of ~t~~e~r centum per snn~, and shall be repayable ia~ediately s snd vithout demand, aad all such expenditures shall be secured by the lien of this mort- ~ ~age. The Mortgagee shall be subrogated, for tLrther security, to the lien of aqy and all liens or encunbrancee paid out of the proceeds of the loan secured by this mortgag~e, even though the lien or encumbrance so paid t~om such proceeds be released. 9. The Mortgagor shall du]tiy, promptly and t1~1]y perform each and every ~ of the terms and prrnrisions of a certain construction loan aRreement Which has been ~ executed and delivered by the parLies hereto simultaneously vith the execution and delivery hereof (the proceeds of this mortga~e indebtedness being for the purpose of financing construction on said mortgaged property), the terms of which construction loan ~ a~reement are by reference made ~ part hereof. T'he lien of this mor~gage secures tt~e pa.yment of all swms pe~yable to MortRagee and the perPormance 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 the first lien of tnis mortgaee, this mortgag~e shall secure also and constitute a first lien on the ~ortgaged property for all tliture advances made by the Mortp;agee to Mortgatr,or ~rithin five years from the date hereof to the same extent as if auch Ylxture advances Were made on the da~e of the execution of this mnrtgage. Any such advances may be made at the option oP Mortga.gee.- The total amount of the indebtedness that m~y be secured by ti:is mortgage may increase or decrease f5rom time to time, but the total u~p~id balance secured at any one time by this mortgage shall not exceed a maxim~mn princip~e.l amoun: of twice the principal amount stated in the promissory note a substantisl copy of which is included herein, plus interest thereon and sny disbursements made by Mortgagee for the paya~ent of taxes, levies or insuraace on the property encumbered by this mortga~e, ~ With interest on such disbursements. lb 1~-~ortiQn of #.hP~r.~r~cP.e --iadebtedness-3s-to-be -dis= ~~:i.~-sed and advanced on account of or pertaining to each of said parcels in accordance ~rith rovisions of said construction loan agreement. Mort~*a~ee shall release ar~y ~ 'i or.e of the rcels covered by this mort@,a.ge from the lien hereof upon repavment to the ~ ~ ;'o~tp~~ee in casli of a svam equal to the portion of the principcil of the mortgage indebt- ~ ` edne~s ~he:e~~.ofore so dfs~ursed and advanced, as conteriplated by said construction loan ~ j eement or other~+ise, on a~o~t of or pertaining to the parcel to be released plus, ~ ~ et the option of the Mortgagee, any~i~terest then accru+ed and unpaid under the terms ; ~ ::ereof or secured hereby and ai~y cost, fees and expenses payable to Mortgagee by the ~ ~'~~igagor incident to the mc~rtgage loan. Notvit.hstanding a~y of the above provisions •~f this para~raph Mortgagee shall, at its option, be~entitled to reYUSe to release any p~rcel or parcels at a time vhen there exists a default i~n~the performauice of the agree- ~ents of -~he Mortgagor under the ps~ovisions of this mortga~e,~he-_n`ote secured hereby or said construction loan agreem~ent. Ho~rever, Mortgagee may, at its~option,give aqy such release notvithstanding a~qy such dePault or xithout requiring the abov~e~stipulated payment for release. The cost of recordfng all partial relesses from or satisfartiQn r t h i c mnrt era oo a hn 7 7 l~ hnt+nw l~v 1/n ~ ~ 3 The term Mortgagor shall be construed aingular or plural, masculine or ~ :'eminine, and corporate, partnership or individual, vhicbever the context hereof requires or admits. D~1 wITNFSS i,fF~REOF, the Mort~agor has executed tbis instrumeat under seal ~ ~ ~~.e day and year first above ~rritten. `.\~:~.~;i~(r Sirr.ned, sealed aud delivered in tbe HALIIKARK COI~TRIX.TION •t~ ~f~`;UA ~ . ~ presence of: • ' ~ : ` ~ ~ a~Gl.:~.:,• ; ~ By . t~ ~ ~ ~ . ~1, t.- - • ~ ~ . , ~ . ~ ~ ~ s Attest } ~ Ita ~ ~ S~1D For~ M-290G (9-12-60 ) (CORPO~ATB SBAL) ~ ~ _ ~ _ aooK 19~ 1018 _ ; ~ z,~ ~ ~ ' . ~ . _ - ~ ~ °--a~ - " ~ . _ _ - .