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Home My WebLink About2243 revenues fma whstev~er source derived, and sucb receiver shall have all ttie bmad ~ e_*~E~iv~ itmction8 aad po~rers in aqyaise entrueted by a court to s re~eiver, and such sppointarent sball be mnde by auch court es nn a~a~ittec~ equity ead a astter of absolute right to aeid l+brtgagee, nnd xit.hout reference to the adequacy or inndequacy of the valve of tbe pacoperty ~ortgaa~ed or to the aolvency or insolvency of said lrlortgagor or tlx deienclants, and such inceee, prolits, rents, iesues and reveaues ehall be applied by such receiver according to the lien of this m~rtgage aad tl~e practice of sucb cov~rt. 8. If tl~e Mortgagor defsults in aqy of the covenants or agreementa coatained hereia or in saicl note, then the Mortgagee msy pertor~ t2x ea,m~e, and all sucb expenditures made by the Mortgagee, including a reasonable attorney's liee, in so doing shall drav iat~rest at the rate of eight per eentwn per annu~, end s2~e~].1 be repe4Yable i~edistely and vittaut dem~nd, and all sucb expenditures al~nll be eecuqred by tbe 2ien of this aiort- gag~ . T3se l~ortgagee shall be subrogated, for ll~rther security, to the lien of anar aa~I all liens or encuanbrances paid out of tt~e proceeds of tbe loaa se~urea by thie mortga~e, even though the lien or encu~brance so paid from euch p~roceeds be releaBeB. 9. The Mortgegor shall du~Y~ PY'~Pt~,Y and hilly pertorn each and e.wery of the terms and pro~visions of a certain construction loan agreement vhich has been executed and delivered by the pe~rties hereto eimultaa~eeusly ~rith t.be execution and delivery hereof (the proceeds of this mortgage iadebtedness being for the purpose of financing construction on said mort~ged property), t.ht terma of ~rhicb conetruction loan agreement are by reference made a part hereof. T'he lien oi this anrtgage secures the pe~yment of all sums peyable to Mortaegee snd tbe pertormence of e11 crnrenants and agree- ments of Mortgagor u~der ~he terms of said construction loan agreement. 10. ]b addition to all otl~r indebte8nesses secured by t2~e first lien oY this mortga~e, this mort~age shal7. secure also and constitute a first lien on tt~ mortga~ed property for all fl~ture advances mede by the Mortgagee to Mortgagor vithin five y~ears fY~a~ the date hereof to tbe same extent as if such luture advaaces e~ere made on the date of the execution of this mortgage. Aqy such advances mey be mde at tbe option of ldortga~ee. The total amotmt of the indebteclness that me~y be secwred by this mort~age mey increase or decrease fro~ time to time, but the total wrpaid balance secured st sny one tfine by this mortgsge shall not exceed a meucim~ principal am~unt of tWiee the principel amount stated in the promnissory note a substantial copy of which is included herein, plus interest thereon and a~r diabursements made by Mortgagee for the payment of taxes, levies or insurance on the property encwabered by this mortgage, ~ with interest on such disbursements. 11. A portion of the proceeds of the.mortgage indebtedness is to be dis- bursed and advanced on accounL ox or pertafning to each of said parcels in aecordance ~rith the pravisions of said constructio~ loan agreement. Mort~ee shall release any one of the parcels covered by this mortgage from the lien hereof upon repayment to the Mortp,agee in cash of a sum equal to tbe portion of tl~ principal of tt~e mortgage iadebt- edness theretofore- so disbursed and advanced, as conte~r.~plated by sa~id constr~ction loaa agreement or othervise, o~ ~cc~i~.u~ ~r~•,aining to the parcel to be released plus, at the option of the lriortgagee, e~r interest then accrued aad u~npeid under the terms hereof or secured hereby and aay cost, fees and expease6 p~y~e~bl,e to Mort~+ee by tbe Mortgagor incident to the nort~age loan. Fotirithstanding aay of tbe abave provisions of this paragraph Mortgag~ee shell, at ita option, be entitled to re2'1~se to release e~qy ~ parcel or parcels at a time vhen tbere exists a default i.n the perfos~mnce of tbe sgree - ° ments of ~he Mortgagor under tbe provisions of this m4rt~a~e, tbe note secured ~eby ~ or sai8 construction loan agreement. H~oirever, Mortgagee msy, at its option "~+r~, ~ ; such relea.se notWithstaaaing axpr such default or vithout requiring the abavd~;~,i 1~'~¢,. , ; p~yment for release. The cost of recording all parti$1 releases t~~oa4 or sdti~~a, ; of this mortgage shall be borne by Mortge~tor. ~ C • ~ c''~:. ~°i. ~y .'.~s,- ~ • , The tera l~ortgagor shall be construed singul,ar or plural, masculine~~br-~.i -'~,s ::'St:: feminine, and corporate, part~ership or individual, vhicbever the context~beljbp~ ~ ,.Y~:•r requires or admits. . . ~~~z;~'--- Il~ ~l'IR'l~SS ~F, the Mortgagor :ias executed this ins nt under seei~r ~ tbe day and y~ear Pirst above vritten. ~ ~ T tA ~tu z ~ a~ FLORrnA Signed, sealed aad delivered in th~ ; presence of: BY. ` e$ en ~ ~ a sT : ~ E % j ecre ary f ~ sWn For~ M-2906 (9-12-60) ! ~ - 4 - dooK~02 PacE224~ ti -