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HomeMy WebLinkAbout1461 revenues from whatever so.trce derived, ~nd s~uh recciver sl~~ill hnve ~LL tt:e broad and effective functions and ~r+ers in nny~rise en ~?n~3te@ ;,~y a court :o a receiver, ~nd such appointment shall be made by such ctourt as ~n ac~itte~ eauity and a matter of absolute ri~ht to said MortgaRee, and vithout i~ererenc~ to the adequac,y or inadequ,acy of the valu+e of the property mortgaged ~r to ~}ie solvency ~r insolvency of said ~ Mortgagor or the defendants, and suc:: income, profits, ren+s, isswes and revenues shall be applied by such receiver according to the lien of this r,~rt~aae and the practice of such cou:t. 8. If the Mortgagor defaults in any of the coven~nts or a~reements contafned herein or in said note, then the Mort~-adee m8y perform the same, and all such expenditures made by the Mortqa~ee, :ncluding a reasonable attorney's fee, fn so doin~ sDall draw 3nterest at the rate of eight per centam per anntian, and shall be repa.yuble iagnediately and ~riLhout demsnd, snd all such expenditures shall be secured by the lien of this mort- gage. The Mortgagee shall be subro~a~ed, for f~,irther security, to the lien of a~y and all liens or encwnbrances ~aid out of the proceeds of the loan secured by this mort~a~e, even thoua~h the lien or encumbrance so pa.id fYom such proceeds be released. 9. The MortRagor shall duly, promptly and fvlly perform each and every of the tez~s and pravisions of a certain construction loan agreement rrhich has been executsd sna deZivered by the t~arties hereto simultaneously ~rith the execution and delivery hereof (the proceeds of this mort~age indebtedness bein~ for the purpose of fin~ncinp construction on said m~rtp,a~;ed property), the terms of ~rhich construction loan a~reement are by reference made a part hereof. The lien of this mor~~a~e secures the pa,yment of all sums payable to Mort~zagee and the performance of all covenants and a~ree- ments of Mortgagor under the terms of said construction loan a~eement. i0. In addition to a?1 other indebtednesses secured by the first lien of this mortga~e, this mortgage shall secure also and constitute a first lien on the mortga~e@ pro~erty for all fliture advances made by the Mort~agee to Mort~ra~ror ~rithin five y~ears from the date hereaf to the saaie extent as if such fl~twre advances ~+ere made on the date of the execution of this mort~age. Any such advances may be made at the option of Mertgagee. The total amQUnt of the indebtedness that may be secured by tY:is mortgage may increase or decrease from time to time, but the tota2 unpeid balsnce secured at any one time by this a~rt~aae shaZl not exceed a maximum principal amoi:nt of tWice the principal amou.*~t stated in the promissory note a substantial copy of Which is included herein, pZus interest thereon and any disbursements made by Mortgagee for the payment of taxes, levies or insurance on the property encumbered by this mort~;ap_,e, ~ith interest on such disbursemen~s. I1. A portion of the proceeds o~' the mart~a~e indebtedness is to be dis- bursed a.nd a3vanced on account of or pertainin~ to each of said parcels in accordance With the provisions of said construction loan agreement. Mort~;a~ee sYia21 release any one of the parcels covered by this mort~age from the lien hereof ~apon repavm~ent to the Mowt?a~ee in cash of a sum equaZ to the portion of the princip~l of the mort~age indebt- edness the„etofore so disb~sed and advanced, as cantercplated by said construction loan a~eemen~ or otherWise, on accoi:nt of or pertaining to the parcel to be released plus, at the optien of the Mort~agee, ar~y interest then accrued a.nd unpaid under the terms ; 7ereof or secured hereby s.nd any cost, fees and expenses paya,ble to Mort~a~ee by the N!o~t~a~or ~ncident to the m~rtga~e loan. NotWithstandir?~ a~qy of the above provisions ; of this paragraph M.ortgagee shall, at its option, be entitled ta ref~ZSe to release any ` parcel or parcels at a ti.me When there exists a default in the performance of the agree- i ; nenis o'' -~he t~:ort.a,agor under the provisions of thfs mortgage, the aote secured hereby ~ or said construction loan agreement. HoWever, Mort~qagee ma.y, at its option,give at~r such release not~rithst.anding ar~y such defau].t or ~rithout requiring the above stipulated pa,qment for release. The cost oP recording all partial releases from or satisfaction ' of this mortgage shall be borne by Martga~or. i ~ . Ti:e term Mortgagor shall be construed singular or plural, masculine or feminine, and corporate, partnership or individual, Whichever the context hereoP requires or admits. ~ L*1 WITNESS ~REOF, the Mort~agor has executed this inst under seal ~he d~y and year first above srritten. ~ HALLMARK STRUCTIO C ANY C~ ~.1¢I,ORID~;, Si~ned, ~ealed and delivered in the ` ~ r~:. presence of: . . ' ~ ~ B'y : _ Preside»~ ~ ~ - r` \i e a : ~G~~~ ' ' ? j 3eo~ SWD Forna M-2~Oo (9-12-60 ) f ~ ~ ~ _ . _ . I ~ _ , x~ ~ Llw., ~ ~ ~e ~ _ . „ ~i ~y' 4 ,-s, ~'en 'b- , :rk4_Sd!