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Home My WebLink About0710 :~evenu~s fraa vhatevpr source derived, eund such receiver shall have all the broad and effective l~ctioa8 and povers in ar~yvise entruated by a court to a receiver, aad such appointment shall be onde by such court as an admitted equity and a matter of absolute right to se?id Mortgagee, and vith.~ut reference to the adequacy or inadequacy of the value of the property mortgaged er to the solvency or insolvency of said MortgaRor or the aefendants, and such inco~e, profits, rents, issues and revenues ehall be applied by such receiver accordi.ng to the lien of this nartgaRe gnd the prectice of such court. 8. If the 1rlortgagor defaults in ar~y of the covenants or agreements contained herein or ii~ said note, then the Mort~ee may perform t2~e same, and all such expenditur~s made by the Mortgagee, including a reasonable attorney's fee, in so doin~ shall drav interest at the rate of eight per centum per aanuan, and shall be repcyable im~ediately snd ~rithout demand, and all such expenditures shall be secured by the lien of this mort- gage. The Mortgagee shall be subrogated, for ft,irther security, to the lfen of a~y and all liens or encumbrances paid out oP the proceeds of the 2oan secured by this mortpa@e, even though the liea or encumbrance so gaid fYom such pmceeds be releasecl. 9• Tk:e Mortgagor shall duly, pro~ptly arid ri~tljr perform each and every of the terms and pravisions of a certain construction loan aRreement ahich has been executed and delivere~ by the parties hereto simultaneously vith the execution and delivery hereof (the proceeds of this mort~age indebtednebs bein~ for the purpose of financinR construction on said mortgaged property), the terms of ~rhich construction loan acreement are by reference aade a gart hereof. The lien of this m~r~~;age secures the pa,~rment of ell sums payrable to Mortaagee and the performnce of all covensnts and aPree - ments of Mortgagor under the terms af said construction loan s~eement. 10. In addition to aL• other-indebtednesses secured by the first lien of ~his mortgaee, this mortgage shall secure also and constitute a first lfen on the mortgaged property for all flrture advances maae by the Mortvagee to Mort~atr,or ~+ithin °ive y+ears from the date herPof to the same extent as if such fliture advances ~rere mede on the 3a~e of ~he execution of this mortgage. Ar~v such advRnces may be made at the option of Mortgagee. The total amount of the indebtedness that may be secursd by tris aart~age may iacrease or decrease from time to time, but the total unpaid balance secured at a~y one time by this no~rtgage shall nat exceed a msucimu~ principel t~i:n~ of twice the principal amaunt stat,ed in the promisso=y note a substantial ~opy of vhich is included herein, tilus interest thereoa and any disbursements made by Mortgagee for the p~ya,ent of ta,Yes, Zevies or insurance on the property enctm?bered by this mort~ape, vith interest on such disbursements. - : ~ 11. A portion oP the proceeds of the mortg~~e iadebtedness is to be dis- ~ b:.u~sed and advanced on account of or pertaining to each of said parcels in a~cordance = :~ith the provisions of said construction loan a~reement. Mort~±aFee shall release any one of the parcels covered by this aartgage from the lien hereof~upon repayment to the ~~ort~a~ee in cash of a sum equal to the portion of the princip~l of the aart~age indebt- edness the°etofore so disbursed and adva.nced, as conteriplated by said construction loan arreerrent or athervise, on account of or pertaining to the parcel to be released plus, - at the option of the Martgagee, any interest then accrued and unpaid under the terms ~ereof or secured hereby and a.ny cost, fees and expenses psysb~.e to Mortea~ree by the ~!a:-t~afror incident to the mc~rtgage loan. Notvithstanain~ ar~y of the above pmvisions of this paragravh Mortgagee shall, at its option, be entitled to ref~se to release any narcel or p~arcels at a time vhen there exists a default in the performance of the agree- rents of ~~he M.ortgagor under the provisions af this mortgace, the note secured hereby or said construction loan agreement. Aovever, Mort~aEree may, at its option,give an~ s 1^t: release notvithsta.nding a~r such default or ~rithout requiring the above stipulated ~ym~nt for release. The cost of recording all partial releases Prom or satisfaction of this mortgage shail be borne by MortgaR~r. The tera Mortgagor sY.aZl be construed singular or plural, masculine or °emin~ne, and corpurat,e, prirtnership or individusl, vhichever the cantext t-iereof :-eq::ires or admits. IN ~RTR~S :rP~REOF, the Mortgagor has executed this instrument under seal ;he day and year first above ~+rittea. s :,ivned, seale8 and delivered in the `~ALL:iAp~: CO!iSTRUCTIQM 0''.PA~?Y Or FIAR~DA • ~ presence of: ~ ~ , ~ ~.1~ n~ ' ~ ~ • ` ~ Pres d t i - ~ - _ - ,t,,; ~ • _ r - ~ _ , . A`I'TL:~`r ; ; L~ ~ ~ ~ A~s stant- ecretary .~1D Form M-294E (9-12-60) ~o~K194 ?10 - 4 _ ~~a_~~ ~ . - . _