HomeMy WebLinkAbout0297 revenues from Whatever source deri~ed, ~nd suc:~ receiver shall have zll ti,e b2•oad
. and effective ftitnetions and powers in ~r.yxise en~ruPted by a court -o a receivzr, and
such appointment shall be made by si~ch courr, ns an admitted ~uuity and a ru3tter of '
absolute ri~rht to seid MortgaRee, and uith~ut reference to ~lie adequac,y or inadequacy
of the valwe of the property mortRaded or ta tl~e solvency or insol~-ency of said
Mort~~or or the defendants, and such income, profits, rents, issues a.tid revenues shall
be applied by such reeeiver accordin~ to the lien of this mort~~~e and tr.e practice of
such court.
8. If the MortgaRor defaults in ar~y of the covenan~s or a~reements conLained
herein or in suid note, then the Mort~a~;ee a~y perform the same, and all such expenditures
made by the Mortgagee, :ncluding a reasonzble attorney's fee, in so doint~ shall drav
interest at the rate of eight per centuna per annum, and shall be repayable ivnoediately
snd ~,rithout demand, a.nd all such expenditures shall be secured by the ]_ien of this mort-
ga~e .'Phe Mortgagee shsl~ be subro~ated, for flirther security, to the lien ~f ar~y and
all liens or encumbrances paid out of the proceeds of the loan secured by this mortPage,
even thou~h the lien or encumbrance so paid f~om such proceeds be released.
9. The Mortgagor shall duly, proarptly and fu11y perform each and every
of the terms and ~ronrisions of a certain construction loan a~reement vhich has been
executed and deli~ered by the parties hereto simu2ta.neously With the execution and
delivery hereof (the proceeds of this mort~a~e indeb~edness bein~ for the purpose of
financind construction on said mortga~;ed property), the terms of which construction loan
a~reement are by reference made a part hereof. . The lien of ~his mor~~;age secures tY:e
payment of all sums payable +..o Mortaa~ee and the performance of all covenants and a~ree-
ments of M•ortga~or under the-terms of said construction loen a~eement.
10. In addition to all other indebtednesses secured by the first lien of
this mortga~, this mortgage shall secure also ~nd constitute a first lien on the ,
mortgaged property for all f~ture advances a~ade by the Mort~;a~ee to Mortcra(?or ~rithin i
five y~ears from the date hereof to the same extent as if such fliture advances srere made ~
on the date of the execution of this mortgage. Any such advances mav be made at the
option of Mortgagee. The total amoun~ of the indebtedness that may re secured by ~
this mortgag~ may increase or decrease from time to time, but the total unpaid balance
secured at any one time by this mort~s.re snall not exceed a maximwn principal amot:n`
of tWice the principal amount stated in ihe promissory note a substantial copy of vhich
is included herein, nlus interest thereon and any disbursements made by Mortgagee for
tne payment of taxes, levies or insurance on the proper~y encumbered by this mort~aFe, }
With interest on such disbursements.
11. A portion of the proceeds of the mortga~e indebtedness is to be dis-
bu:sed and advanced on accom~t or or perta.inin~ to each of said parcels in accordance
~ uith t?~e provisiuns of sai~3 construction loan agreement. Mort~*a~ee,shail release any
~ one c~f the parcels covered by this mortr?age from the lien hereof upon repavment to the
E 1•!or*~~;-ee ir. cash of a sum eqaal to t:~e portion of the princip~l of the mort~age indebt-
i edness the^etofore so disbursed ar.d advanced, as conteT~plated by said construction loan
R a~reement or otner~rise, on account of or pe~^taining to the parcel to be re2eased plus,
? at the option of the Mortgagee, any interes~ then accrued an3 unpaid under the terms
~ hereof or secured Y~ereby and any cost, fees and expenses psyable to Mort~a~ee by the
~ r'.ort~a~or in~ident to the mortgage ioan. Notwithstandin~ a~y of the above provisions
~ of this pararraph Mortgagee shall, at its option, be entitled to reflise to release any
~ parcel or parcels at a time When there exists a default in the performance of the agree- ~
~ ments of ~che Mort~agor under the provisions of this mort~aae, the note secured hereby
~ or said construction loan agz~ement. However, Mor~~agee may, at its option,give any
~ such release not~rithstanding s.r~y such defsult or tirithout requiring ~tle above stipulated
~ paynent for release. The cost oP recording aii partial releases ~rom or satisfaction
~ of this mortgage shall be borne by Mortgsaor.
~
~ ".'he term Mortgagor shall be construed singular ar pl~ral, masculine or
g femin:ne, and cortxirate, partnership or individuai, r~rhicuever the context hereof
° requires or admits.
~
a
y IN WITKESS 4~REOF, the Mortgagor has executed this ins nt under seal
the day and y~ear first above ~+ritten.
,
HALLMARK STRUCT 0 NiP OF FLORIDA i
'tt Si~ned, sealQd a.nd delivered in the / ~
~ presence of: ;
~ ~ t B`r
~ -J~ J • . President
fi'_"_ / l ~ ~ ; :
~ .
~ / r .~r-~ ~ ~
- Attest:
, .,ecre ary
~
S~PJ Form M-29~ ~9-12-60) ~ _ - _ ~ ~
~r 0 R ~ ~ - ~ ~
BO^K ~O~ PAG~ ~7 . '
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