HomeMy WebLinkAbout2636 revenues irom Whatever source derived, and such receiver shall have all the broad
aiad effective 2~nctions and po~rers ia an,ywise entrusted by a court to a receiver, and
such appointm~ent shall be aoade by such court as an admitted equity and e? matter of
absolute right to said Mortgagee, and without re2'ereace to the adequacy or inadequacy
of the value of the property mortgaged or to the solvency or insolvency of said
Mortgagor or the defendants, and such incomse, profits, rents, issues and revenues shall ;
be applied by such receiver according to the lien of tt~ia mprtgage and the practice of
such court.
~
8. If the Mortgager defaults in ar~y of tlie covenants or agreements contained
herein or in said note, then ttie MortRaBee may perPorm the same, and all such expenditures ~
made by the Mortgagee, including a reasonable attorney's fee, in so doin~ shall drav '
interest at the rate of eight per centum per ann~, and shall be repay~ble i~nediate~jr
aud ~+ithout demand, and all such expenditures shall be secured by the lien of tbis mort-
gage. The Mortgagee shall be subrogated, for ftirther security, to the lien of aa~y and ~
all liens or encumbrances paid out of the proceeds of the loan secured by this aartgage,
even though the lien or encumbrance so paid f'rom such proceeds be released. ,
9, The I~ort~sg~r shall du~y, prompt~y and flilly perform each and every
oP the terms and prwisions of e certain construction loan agreement vhich has been
execute8 and delivered by the parties hereto simultaneously vith the execution arid
delivery hereof (the proceeds of this mortga~e indebtedness being for the purpose of
ffnancing construction on said mort~aged property), the terms of Which construction loan
a~reement are by reference made a part hereof. The lien of this m~rt~s?ge secures the
pe~yment oY all sums payable to Mortqagee and the performance of all covenants and agree-
ments of Mortgagor under the terms of said construction loan agreement.
10. In addition to all other indebtednesses secured by the first lien oY
this mortgage, this mortgage shall secure also and constitute a first lien on the
mortga~ed property for all future adveaces made by the MortRagee to Mortgagor irithin
five y~ears from the date hereof to the same extent as iY such fliture advances ~rere made
on the date of tYie execution of this mortgage. Any such advances may be made at tt~e
option of Mortgagee. The total amount of the indebtedness that m~y be secured by
this mort~age may increase or decrease from time to time, but the total~unpaid balance
secured at aqy one tim~ by this mortgage shall not exceed a maxim~ principal emount
of t~+ice the principal amount stated in the promissory note a substantial copy of WhicY?
is included herein, plus interest thereon and any disbursements me~de by Mortgagee for
the payment of taxes, levies or insurance on the property encumbered by this mortgage,
vith interest on such disbursements.
! 11. A portion of the proceeds of the mortga~e indebtedness is to be dis-
{ bursed and advanced on account of or pertaining to each of said parcels in accordance
G With the provisions of said construction loan agreement. Mort~a~ee shall release any
one of the p~rcels covered by this mortgage f~rom the lien hereof up~n repayment to the
~ Mort~agee in cash of a sum equal to the portion of the priucipal. of the mortgage indebt-
edness theretofore so disbursed and advanced, as contenplated by said construction loan
a~reement or otherwise, on account of or pertaiaing to the parcel to be released plus,
at the option of the Mortgagee, aqy interest then accru+ed and unpaid under tbe terms
~ hereof or secured hereby and ar~y cost, fees and expenses payable to Mort~agee by the
~ Mo:tgagor incident to the mortga.ge loan. PotWithstanding a~r of the above provisions ;
of this psragraph Mortgagee shall, at its option, be entitled~to refuse to release any ~
parcel or parcels at a time vhen there ex~sts a default in the performance of the agree- ;
ments of ~he Mortgag~r under the prozrisions of this mortga~e, the note secured hereby ~
or said construction loan agreemeat. Ho~+~ever, Mortgagee may, at its option,give a~r.
such release notxithst8nding a.n~r such default or vithout requiring the above sti~+e~#~d
payment for release . The cost of recording al.l partial releases from or s~~~st~~i.pn ;
of this mortgage shall be borne by Mortgagor. ~s~'`
• n~
~ t•~ •s'
The term Mortgagor shall be constr~ed singular or plural, mascnl~ne: or a--
feminine, and corporate, partnership or individual, Whichever the contex~~~iergo~'' ~ _
~ requires or admits . , ~ .
~
IId W'I'rN~SS W~REOF, tbe 1+lortgagor has executed this instrument sea~
~ Ii • ~
. -
the day and y~ear first above vrittea. ~
SiKned, sealed and delivered in the ~ TRUC C ANY OF FLORIDA ±
presence of: ~ BY. - ~
~ ~ es en '
~
_ ,
ATTSST :
ss g an ecre ary
SWD Form M-290G (9-12-60)
~ eooK 204 PAGE 2635
- ~
_ _
- -
_ _ . ~