HomeMy WebLinkAbout2041 revenues from vhatever source-derived, and such receiver shall he~ve alI the broad -
and effective tl.inetions and po~rers ii? a~y~rise eotrusted by a court to a recefver, and
such appointment shall be made by such court as ar? admitt,ed equity and a matter of
absolute right to snid Alortgagee, and ~rithout reference to the adequacy or inadequacy
of the value of the property mortgaged or to the solvency or insolvency of said
Mortgagor or the defendaats, and such incaase, profits, rents, issues and revenues ehall
be applied by such receiver according to the lien of this mortgage 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 tt~ MortRaqee ~my perform the sa.me, and all such expenditures
me~de by the Mortgagee, including a reasonable attorney's fee, in so doinEr shall draW
interest et tt~ rate oP eight per centum per annwn, and shall be repayable immediately
and ~+ithout deman8, and all such expenditures shall be secured by the lien of this mart- ~
gage. The Mortgagee shall be subrogated, for ftirther security, to the lien of anpr and '
all liens or encumbrances paid out of the proceeds of the loan secured by this mortp,age, 3
even though the lien or encc~mbrance so paid f~om such proceeds be releesed. ~
9. The Mortgegor shall dut,y, proa~ptly and fl,tl2~jr perform each an8 every
of the terms and pravisions of a certain construction loan aRreement vhich has been
executed snd @elivered by the psrties hereto simultaaeously with the execution and
delivery hereof (the proceeds of this mort~a~e indebtedness being for the pu~rpose of
financine construction on said mortgaged property), the terms of ~+hich construction loan ~
a~reement are by reference made a pe?rt hereof. The lien of this anrtgage secures the ~
payment of all swas pe4Yable to Mortaagee and the performance of all covenants and agree- s
ments of Mortgagor under the terms of said construction loa.n agreement. F
10. In addition to all other indebtednesses secured by the first lien of
this mortgs~e, this mortgage shell secure also and constitute a first lieA on the
mortgaged property for all future advances made by the MortRagee to Mortgagor within
°ive years from the date hereof to the seme extent as if such ftiture advances ~+ere noade
on the date of the execution of this mortgage. Any such advences may be made at the ~
option of Mortgagee. The total amount of the indebtedness that may be secured by '
this mortgage may increase or decrease from time to tim~e, but the total unpaid belance '
secured at ar~y one time by this mortgage shall not exceed a maximcmi principal amount ~
of tWice the principal amount ste~ted in the promissory note a substantial copy of Which ~
is included herein, pZus interest thereon and any disbursements made by Mortgagee for ~
the peyment of taxes, levies or insurance on the property encumbered by this morteage,
Witt~ interest on such disbursements. ~
11. A portion of the proceeds of the mortgaqe indebtedness is to be dis-
bursed and advanced on account of or pertaining to each of said parcels in accordance
uith the provisions of said construction loan agreement. Mort~a~ee shall release any
one of the parcels covered by this mortgage from the lien hereof upon repeym~ent to the
?dort~a~zee in cash of a sum equal to the portion of the princfpel of the mortgage indebt-
edness theretofore so disburse@ and adva.nced, as conter~plated by said construction loan
a~reement or othen~rise, on accouat of or pertaining to the parcel to be released plus, ~
at the option of the Mortgagee, ar~y interest then accru+ed and unpaid under the terms ~
hereof or secured hereby and any cost, fees and expenses payable to Mort~a~ee by the
Mo: tga~ror incident to the mQrtgag~e loan. Not~+ithstanding a~r of the above provisions ~
of this p~ra~ra~h Mortgagee sha11, e~t its option, be entitled to refl~se to release aRy 3
parcel or parcels at a time vhen there exists a dePault in the performance of the agree- ~
~,ents of ~~he Mort~,rag~or under the provisions af this m~rtga~e, the note secured hereby ~
or said construction loan agreement. How~ever, Mortgagee may, at its option,give a~y ~
such release not~ithstanding ar~y such defaulL or srithout 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 aingular or plural, masculine or . ~
feminine, a.nd corporate, partaershfp or individual, whichever the context of ~
require~ or admits . ;~~~s j
.
• :
IN ~S 1~REOF, the Mortgagor has executed this instrument,~ ,~.~~Qae~1•,y;-,."? ~
. 19 J~:~ _
the day and y~ear first above vritten.
: ~~~~I ;~j t
Si~ned, sealed snd delivered in the HALLN?ARK CONSTRUCTZ C ~ ~A ;
. ~
,
presence of: , . , ,
~ ~`Q~
~t. •~l ; ~ ~
~ g~; ; ..T~-x 0 L?~~ ,
a yti Y
_ , . reei en~ ~
- Attest : ,
~ ) Assistant S°cretary ~
)
SWD Form M-2}06 (9-12-60)
ao~K 195 PAGE~~9 ~
_u _ ~
~ _ .~N.~w - ~ , _ ~
_ _ . ~ ~ _