HomeMy WebLinkAbout2049 re\'er.~:e ;`_~i OT1 K113tCYE.'I' ^:O:i!'CC Cle"`_ ~ t'. 2^.~1 T. : PCC E':" S~'.~ 1~ ~7.^.Ve` :tll ~ I:f' D:'O(3C~
~n3 erfe~ ~_Ve f1:21C~~0:1.5 ~21(~ ~~lE':'~ _~e ~L' ;•:^art-ed by 3 COt1T'' ~1 ~~ecei~•er, Ell'lC~
such -~ppoin*.,ment sha11 be made by ~~.~t: ~_~:~~t ns sn z;ci~aitted eqt:i*y a~d c~ mF~t=er of
sbsol~.:'e ? i~=ht to s3id MortraFee, ~r.~?. ~~i~reu~ referer~e to *Y.e sdeq~..s:~~ ~r ir.~:3ecuacy
of tre ~:al~e o.° tt:e property mortz~:aed or t.o :.1:e ~olve:.cy or ir.sol~•en~:y of st~id
Mort~.~cor o~ ti:e defendants, and s~:ch ~nceme, Frofi ~s, rents, issues ~s~ revenues shall
be appl~ed by such receiver accordin~- to ~he lien ef ti:is mo,•~~-~3t
e~r:d tY.e practice of
such ca~ t.
If t2:e b!ort~a~or de°;~u~';s in r~r:;~ o`' ~ne cave.^.ants ~r s;^_-ee*~nts contained
herein or =n s~ ~d note, tY:en *.'~e N!ort~ a.~ee :2~~,• pe ~ form t~e sasae, ar.d ~11 siich expenditure~
:aade by t^e N!or*ra~ee, _nclu3in~ a rea~-on.b~e at~orney's fee, in so dc;n; shall draW
ir.terest at t.he ^~te of eight per ~en~~.:nn pe: annum, and shall be reu~;r~ble i~sediately ;
~r.d wi ~hout de:^.and, ~;~u t~ll SL`CC. e~cpendi ~u~e ~ shall be secured ~y the ? ien of this mort- ~
~;ar;e. '"t,e ~brt~a~-ee s~sli ~e sa~r~:~-~ ;ed, for f~Zrther securit,y, ~e ~he lien of ar~Y and '
~L'. lie^s o~ encur~brances pa:d oLt o" tiie proceeds of the lozn sectired by ~~:is mort~aE*e,
P~*en ~Y:c~~.~': the iien or encumbz-ance so paid f: om such proceeds be :•eleQsed .
'"he N.ortga~or shs~l dul~ , prc~pL•ly tand fully perform e~.:h an~ eti~ery ~
~f `^e 'e*~ ar.d provisions of a ce:•ta'_n const:
tiction loan a~reemer.~ ~?~ich h~s been
exe^:::,ed snci deli:~ered by e pc:r*ies ':e:e~o simultaneously vit2: the execution a.nd
?e? ire~
.;~erea° (t'~e preceeds or tY:is mo~~-a=-e indehted7ess bein~- for t~e purpose of
°i~anc;::~~ ccr.stxuctian on s~id mory~~~ec~ property), the +„erms of wY:icr construction lo~n
_-~-_-ee^~ent ~re b~• re:ere:,ce m~de a:aar: rereof. The lien of ~his mor~~-a~-e secures tre
~.~~men~ er all s~s payable to MortTs~-ee and the periormance o° all covenants and ar,ree-
-yent~ ??~r`~-a~or under t:.e ~e:-tr.s o'_' said cons~ruc+ion loan a~reement.
i~`. In addition to ai 1 c~t~:er indebtednesses secured bv the first lien of
~his ~r~Y~--~e, this :.iortf:,age sY:all sec:~e also ar:d cons`itute a rirsL lien on tY:e
; xc~:Q~~ed prore~ty for all futu.re ac?.~Ances made by the Mortt.a~-ee to I~OZ'LC3~OT' Within
r:ve ti^ea.~s from the date :~ereof ~e ~:ie s~ne extent as if such f~t~-~e a~vances were ffide
~ ,n ~he~ da~e of t2:e execution c~f tY:is mo~t~-a~e. Any such adv~ces may be made at the ~
~ption of Mor ~<_aaee . '"he to ~sl ~o;.:zi~ o~' the indebtedr,ess that ma~~ ~e secured b~~ _
~ ~Y:is mo~tga~;e na,y increase or decrease c:'OII tine to time, but the *otal unpaid bal~,nce {
f sec~zred a~ anv one time by ±his mort~a~~e s^all not exceed a~axim;,~? ~r~nci~l amoc:n` ~
: ~
-;r ~a~ce ~ce principsl 2mount state3 in ~iie ~romissory note a substan~~ai couv of which
~ '_S 1I1Cluded herein, ~1'1S lIIte'_'eS' ~r_ereon °T1C~ 3I1V disbi:sse:ner.~s na~e by NOZ'tgs~ee fOZ'
~ :.:~e ~~~n~ ef ~axes, l.evies or ;ns•~.ra~ce on the prot~erty enc~;mbered by this m~rt~a~e, _
a wit~: interest on such disbursemer,~s. ~
~ '
~
i 11. A por~ion of ~he pr~~ee~s of t`~e m~rt~,are indebtedness is to be dis- ~
~ b•,u-sed s.^d advance4 on aecou.~~ o` or pertainin:- to each of said p~sc~ls in accordance ~
` ui ~r ~~:-:e ~^o~~isicns of said const_--.:c ~ion l~an arreement. Mort:-aree s'r:all rele~se any ~
~ or.e :_r t::° ~arcels cove~ed by this :ncrt~~a~e _°rom ~ne lien hereof upo~ repavment to tne i
> ,'•'o~~-~:-ee ir: ~~sc o`_' a s:~ ee::a? to ~r:e por~icn of the prir.ci~I of the mor+~-abe indebt- -
~dness '~e~-e~orere so disb:z^sed an~ ad:~anced, as con~eriplated bv said cons~ruction loan -
~a s~-reer~.^.~ or o~:er~ai~se, on ac~o~zn~ o° o-^ pe~~inin~ to tre pa:cel to be released plus,
~ ;
t7e o~tien o_" the Mort~a~ee, ar,~~ inte~es ~ ~hen accrued and unn~id :uider the terms
- t
::e~ecf e-- seca:ed he_~eby a~d any cost, fees end expenses pa~~b~e to 2'ort~.a~ee b;~ tne
" ~:crt~a~.or :ncicient tc tne mortga~e loan. ?.otwithstandino anv of the above provisions
~
~;f th~s para:-ra~:: 2~o~~~agee shalZ, a~ ~ts op:ion, be entitled to re~zse to release any
~arcei or ~rcei s at a time when there exis ~s a defaul~ in the perfor~nce of the aFree-
~en;.s or ':.,;e Ko~•~~~~or unde~^ the provisions o° this mortaa~e, the note secu.red hereby
o:- sa~d ~cns~~:zc*ion loan agreenent. However, r'.o: ~FaEee may, at its option,give ar~y
sac}. release not•.ri v:~standin_c. a.z~y such de`'au? ~ or W~ ~hout requiring tr,e ~bove stipulated
- pa~r•aen : fo~- release .'r?~e cost of recordin~- a21 pa~Ttial releases from or satisfaction
ar ~'r.~s mertra~,e sha11 be borne by i•:or~~;a~or. ,
r; -
_ ^^e y~.e:-m t~o-~ ~~agor s~ll 'oe const~ae3 sinc-~:lar or pZural, mascui ~ne or
°em:n~ :e, az:d co~ra+„e, partnership or individkal, vhichever ~ne context hereof
- rec~._. es o~ ac'Jr~ ~s.
L'~ 'w~T'
"r'~S w'f~~E~r , ~he Mor ~~;aTor has executed this instr:~ent under seal
~i:e day ar.d ~~ear £~rs ~ anove Wri ~ten. '
- H~?LIdrI~+RK NSTRUCTIO PANY OI~' ~FLORIDA
~i?ned, sea ~ ed a.nd deli~rered in t'r.e ~ ,
_ pre en~e o~ : . By : 17'1 f - ~ , '
~ T ~ President •
`:=z ~~.~r~_,.~ - -
_ _ " ~li~~
: ~ ~ Attest :
- - ssistan Seere ary
- s'~J rc:~a N!-~?Go ( ~-12-E>0 )
,,;z
f
,
= BOOK ~c7 / PA~F 2C ~ 7
~ f
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