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revenues from vhatever source derived, and swch receiver shall have all the broad -
and effective Ruictions aad povers in aqyvise entruated by a court to a receiver, and
such appointment shall be me?de by such court as an admitted equity and a matter of
absolute right to snid I+lortgagee, and ~+ithout reference to the adequacy or inadequacy
of the value of t1Ye property sortgaged or to the solvency or insolvency of said
MortgaAor or the defendsats, ead such incamre, profits, rents, issues and revenu~es shall
be applied by such receiver according to the lien of this mprtga~te and the practice of
such court.
8. If the Mortgagor defaults in any of tbe covenants or agreements contained
herein or in said note, then the Mortgagee me~y perform the sam~e, and all such expenditures
made by the Mortgagee, uding a reasonable attorney's fee, in so doinFc shall draw
interest at the rate ofi~r centum per ann~, and shall be repayable ir~o~ediate~jr
and ~rithout demand, and a11 such expenditures shall be secured by the lien of this mort-
gage. The Mortgagee shall be subrogated, for llxrther security, to the lien of aqy and
all liens or encu~brances paid out of the proceeds of the loan secured by this mortgage, '
even though the lien or encumbraace so paid from such proceeds be released.
9, T'he Mortg,agor shall duly, promptly and fixl~jr perform each and every
of the terms aad prrnrisions of a certain construction loan aRreement which has been
executed and delivered by the parties hereto simultaneously vith the execution and
delivery hereof (the pmceeds of this mortRa~e indebtedness being for the purpose of
financinR constructioa on said m~rtgaged property), the terms of vhich conBtruction loan
a~z-eement are by reference made a part hereof. The lien of this mort~age secures the
payment of all s~s pe~yable to Mortaagee and the performance of all covenants and agree-
ments of Mortgagor under the Lerms of said construction loan ag~ceement.
10. In addition to all other indebtednesses secured by the first lien of
this mortga~e, this mortgage sha11 secure also and constitute a first lien on the
mortgaged property for all flrture advances me~de by the Mort~a~e to Mort~aRor vithin
? five years from the date hereof to the ssme extent as if such fliture advances uere made
i on the daLe of the execution of this mnrtgage. Any such advances may be made at the
j option of Mortgagee. The total amount of the indebtedness that may be secured by
' tris mort~age may increase or decrease from time ta time, but the total unpaid balsnce
~ secured at ar~y one time by this m4rtgage shall not exceed a maxim~ priacfpel amoun~
; of tWice the principal amount stated in the promissory note e substantisl copy of which
is included tierein, pius interest thereon and any disbursements made by Mortgagee for
the payarent of taxes, levies or insursnce on the property encumbered by this m4rt~age,
~ with interest on such disbursements. ~ -
~
~ bursed advanced on account of or pertaining to each of said parcels in accordance
~ vith t:te pro ons of said construction loan agreement. Mort€*ap.ee shall release any
~ one of the parcel vered by this mortgage fYom the lien hereof upon repayment to the
~ Mort~a~ee in cash of a equal to the portion of the principai of the mortgage indebt-
~ edness theretofore so disbur and advanced, as contercplated by said construction loan
~ aqreement or othervise, on eccoun or pertaining to the parcel to be released plus,
~ at the option of the Mortgagee, aqy in t then accrusd aad unpaid under Lhe terms
~ hereof or secured hereby and any cost, fees expenses payable to Mort~~ree by the
~ MortgaRor incident to the abrt~age loan. Potwith dit~ ar.~ry of tbe abave provisione
~ of this paragraph Mortgagee shall, at its option, be e led to reftiise to relea.se aqy
~ parcel or parcels at a time vhen there exists a default in rformance of the agree-
~ ments of ~he Mortgag~or under the provisions of this mortga~e, the te aecured hereby
~ or said construction loan agreemeat. Ho~rever, Mort~agee may, at its on,give anpr
~ such release not~rithstanding ax~y such default or ~+ithout requirin,g the a ipalated
payment for release. The coat of recording all partial releases f'rom or satiafa n
~
~ The tera Mortgagor sbal.l be construed eingular or plural, masculine or
" feminine, and corporate, partnership or individual, vhichever the context hereof
- requires or admits.
D~1 WITN~;S ~REOF, tbe Mortgagor has executed this instrument ua~der seal
~x, Lhe day and year first above vritten.
_ Si~ned, sealed and delivered in the H,ALLMARK CONSTRUCTI~i'Q OMPAIVY
presence of: ~ ~ ' . F LORID
, _ ~ BY
yh % ~ 1~~~~ ~ _ ts President
_L.. r• ~
- Attest ~
= SWD Form M-2906 (9-12-60) Its ~+ssistant Secretary
(Corporate Seal)
- 4 - $oG~197