HomeMy WebLinkAbout1055 ~
revenues frOm whatever source derived, and such receiver shall have all the broad '
and effective iLnctions and po~+~ers in anywise eatrusted by a court to a receiver, and
such appointment ahall be made by auch court as an admitted equity and a matter of
absolute right to said Mortgagee, and vithout reference to the adequacy or inadequacy
of the value of the property mortgaged or to the solvency or ineolvency of seid
Mortaa~or or the defendants, e.nd such income, profits, rents, issu~es and revenues shall
be applied by such receiver according to the lien of this mortgaRe and the practice of
such court.
8. If the Mortgagor defaults in aqy of the covenants or agreements contained
herein or in said note, then the Mortp,aRee may perform the same, e.nd all such expenditures
a~de by the Mortgagee, including a reasonAble attorriey's fee, in so doin~ shall drav
interest at the rate of eight per centum per ann~, aud shall be repayublc 3a~edia~ely
and ~rithout demand, and all such expenditures st~all be secured by the lien of this mort-
gage . The Mc~rtgagee shall be subrogated, for ll~rther security, to the lien of aqy and
all liens or encumbrances paid out of the proceeds of the loan secured by this wort~age,
even though the lien or encumbrance so paid f5rom such proceeds be released.
9. The Mortgagor .shall duly, prompt]y and 2'ul.ly perform each and every
of the terms and pro~visions of a certain construction loan a~reement vhich has been
executed an8 delivered by the parties hereto simultaneously vith the execution and
delivery hereof (the proceeds of this mortFtage indebtedness bein~ for the purpose of
financin~ construction on said mortgaRed property), the terms of vhich construction loan
aRreement are by reference made a part hereof. The lien of this mortP,age secures the
pe.yment of all s~s pe~yable to Mortaagee and the performance of all covenants and a~ree-
ments of Mortgagor under the terms of said construction loan agreement.
10. In addition to all other indebtednesses'~ecured by the first lien of
this mortga~+e, this m~rtgage shall secure also and constitute a first lien on the
mortgaged property for all ~ture advances made by the MortQagee to Mort~a~r,or vithfn
rive y+ears from the date hereof to the same extent as if such future advances were made
on the da~e of the execution of this m~rtgage. A~y such advances may be made at the
option of Mort~;agee. The Lotal amount of the indebtedness that may be secured by
tr.is mortgage may increase or decrease from time to time, but the total unpaid balsnce
secured at any one time by this mortgage shall not exceed a maxim~ principe?1 amot:nt
of tWice the principal smount stated in the promissory note a substantisl copy oP Which
is included herein, plus interest thereon and any disbursements made by Mortgagee for
the p~.yment of taxes, levies or insuraace on the property encumbered by this mort~age,
vith interest on such disbursements.
11. A portion of the proceeds of the mort~aPe indebtedness is to be dis-
bursed and advanced on account of or pertainin~ to each of said parcels in accorda.nce
i with the provisions of said construction loan agreement. Mortra~ree shall release any
one cf the patcels covered by this mortgage from the lien hereof upon repavment to the
E Mo~t~a~ee in cash of a s~ equal to the portion of the princip¢~1 of the mortgage indebt-
f edness the:etorore so disbursed and advanced, as conteriplated by said construction loan
~ a~reement or otherWise, on account of or pertaining to the parcel to be released plus,
~ at the option of the Mortgagee, any interest then accrued and unpaid under the terms
~ hereof or secured hereby and at~y cost, fees and expenses payable to Mortpa~ee by the
~ Mort~a~or incident to tne mortgage loan. Notwithstandinp, ar~y of the above provisians
of this parag:~anh Mortgagee shall, at its option, be entitled to rePuse to release any
parcel or parcels at a time vhen there exists a default in the performance of the agree-
nents of ~~he Mortgag~or under the provisions of this mortgaae, the note secured hereby
or said construct~on loan agreement. Ho~rever, Mort~agee may, at its option,give a~y
such release notWithstandin~ an~y such default or xithout requiring the above stipulated
payment for release. The cost of recording all partial releases from or satisfaction
of this mortgage shall be borne by Mortgagor.
The term Mortgagor shall be construed singular or plural, masculine or
~ feminine, and corporate, partnership or individual, Whichever the context herg,q~~~~,:
~ ~..v.
reqaires or admits. ~r• ;
~ IN ~IIn'NESS G~REOF, the Mortgagor has executed this instrwnent .~Uu~ei~ ~se,al, -
~ the day and yrear f~rst above ~+ritten. ~ : ,~~."V. ~
_
riALL:~iARK '.STRUCTIO~d '~i~AS3Y ~1~~ FI.~Off~DA
Si~ned, sealed and delivered in the ~
presence of:
.
~ I3Y:+ '
Pres dent
%
~ ~ tiTTE:'~T:
, Ass stan -Secretary
' t
r
St~ID Form M-2906 (y-12-60 )
gooK195 PAGE1053
~ _ 4 _
- - _