HomeMy WebLinkAbout2375 'revenues from whatever source derived, and swch receiver shall have all the broad
and effective ftinctions and povers in an,y~rise entrusted by a court to a receiver, and
such appointment shall be made by such court as an ac~mitted equity and a matter of
absolute right to said Mortgagee, and vithout reference to the adequacy or inadequacy
of the vale~e of the property mortgaged or to the solvency or insolvency of said
MortgaAor or the defendants, and such income, profits, rents, issues and revenues shall
be applied by such receiver according to the lien of this mortgage and the practice of
such court.
8. If the Mortgagor defaults in any of the covenants or agreements contafned
herein or in said note, then the Mort~a~ee may perform the same, and all such expenditures
made by the Mortgagee, including a reasonable attorney's fee, in so doin~c shall drav
interest at the rate of eight per centum per ann~, and shall be repayable immediately
~nd ~rithout dematid, and all such expenditures shall be secured by the lien of this mort-
gage. The Mortgagee shall be subrogated, for flirther security, to the lien of any and
all liens or encumbrances paid out of the proceeds of the loan secured by this mortpage,
even though the lien or encumbrance so paid f~om such proceeds be released.
9. The Mortgagor shall duly, promptly and ful~jr perform each and every
of the terms and provisions of a certain construction loan a~reement vhich has been
executed and deli~ered by the parties hereto simultaneously vith the execution and
delivery hereof (the proceeds of this mort~age indebtedness being for the purpose of
financin~ construction on said mortgaged property), the terms of which construction loan
aQreement are by reference made a part hereof. The lien of ~his mort~age secures the
pa.yment~of a11 sums payable to Mortaagee and the performance of all covenants and a~ree-
ments oP Mortgagor under the terms of said construction loan sc~re~ment.
10. In addition to all other indebtednesses secured by the first lien of
th~s mortgage, this mortgage shall secure also and constitute a first lien on the
mort~ag+ed property for all future advances made by the MortSa~ee to Mortga~;or ~rithin
five years from the date hereof to the same extent as if such flrture advances ~rere made
on the date of the execution of this mortgage. Any such adv~nces may be made at the
option of Mortga~ee. The total amount of the indebtedness that may be secured by
tY:is mortgage may increase or decrease from time to time, but the total unpaid belsnce
secured at ar~y one time by this mortgage shall not exceed a maximum principel amoi:a~
of tWice the principal amaunt stated in the promissory note a substantial copy of Which
is included herein, plus interest thereon and any disbursements ma.de by Mortgagee for
the gayment of taxes, levies or insurance on the property encumbered by this mort~;a~e,
With interest on such disbursements.
11. A portion of the proceeds of the ~nortgag_e indebtedness is to be dis-
bursed and advanced on account of or pertainin~ to each of said parcels in accordance
With the provisions of said construction Ioan agreement. Mort~;a~ee shall release any
one of the parcels covered by this mort~age from the lien hereof upon repavment to the
Tdort~aFee in cash of a sum equal to the portion of the princip~l of the mortgage indebt-
edness theretofore so disbursed and advanced, as conteriplated by said construction loan
a~reement or otherWise, on account of or pertaining to the parcel to be released plus,
at the option of the Mortgagee, ar~y interest then accrued and unpaid under tbe terms
hereof or secured hereby and any cost, fees and expenses payable to Mort~a~ee by the
N!o:tgagor incident to the mortgage loan. NotWithstanding ar~y of the above provisions
of this pa.ragraph Mortgagee shall, at its option, be entitled to ref~se to relesse any
parcel or parcels at a time When there exists a default in the performance of the agree-
' ments of ~~he kortgagor under the provisions of this nartgasre, the note secured hereby ~
~ or said construction loan agreement. However, Mortgagee may, at its option,give any
; such release notWi.thstanding at~y such default or jrithout requiring the above stipulated
E payment for release. The cost of recording all partial releases from or satisfaction
~ of this mortgage shall be borne by Mortgagor.
t
; The term Mortgagor shall be construed singula~c or plural, masculine or
; feminine, and corporate, partnership or individual, whichever the context hereof
requires or adrai~s .
' IN W2TNESS t~REOF, the Mortgagor has executed this instruanent under seal
the day and year first above Written.
HALLMARK TRUCT N OMPANY OF FLORIDA
Si~med, sealed and delivered ~in the
; pres nce of: , r~~.~''
; BY . 1-i < * ~
( ~ , ' . . .
.L - - j Presideilt~~~~~..~..
~ ATTEST: / ( o ~ ~ -
F ~ -
~ Assistant Secre ' y ~ ti~,
I . :
Si~TD ForID M-290b {9 ) • fj`~ • Mi~r11,',01,
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