HomeMy WebLinkAbout1697 revenues from Whatever source derived, and swch receiver shall have all the broad
and effective flinctions a.nd powers in any~rise entrusted by a court to a receiver, and
such appointm~ent shall be meide by such court as an admitted equity and a matter of
absolute right to said Mortgagee, and vithout reference 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 income, profits, rsnts, issues aad revenues shall
be applied by sueh receiver according to the lien of this m4rtgage and the practice of
such court.
8. Tf the Mortgagor defaults in a~y of the covenants or agreements contained
herein or in said note, then the Mort~aqee may perform the same, and all such expenditures
made by the Mortgagee, luding a reasonable attorney's fee, in so doin~ shall drgw
interest at the rate of~ Per centum per anntan, and shaU. be repayab2e i~unedfat,e].y
and ~rithout demand, and all such expenditures shall be secured by the lien oP this mort-
gage. The Mortgagee shall be subrogated, for fl~rther security, to the lien of aRy and
a21 liens or encumbrance~ paid uut oP t,`,e yl"Ii CE83S or t~ 3asn s~eezred Uy this mortDa~,
evsn though the lien or encumbrance so paid f~om such proceeds be released.
9. The Mortgagor shall duly, proiaptly and fully perform each and every
of the terms and pravisions of a certain construction Ioa.n a~reement Which has been
executed and delivered 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 oa said mortgaged property), the terms of which construction loan
aErreemeat are by reference made a part hereof. The lien of this no4rt~age secures the
pe.yment of all sums payable to Mortaa~ee and the performance of all covene~nts and apree-
ments of Mortgagor under the terms of said construction loan agreement.
10. In addition to all other indebtednesses secured by the first lien of
this mortga~e, this mortgage shall secure also and constitute e first lfen on the
mortgaged property for all fliture advances a~de by the Mort~a~ee to Mort~a~;or ~rithin
Five years from the date hereof to the saa?e extent as if such flzture advances vere made
on the date of the execution of this mortgage. Any such adv~nces may be made at the
option of Mortgagee. The total amount of the indebtedness ~hat may be secured by
this mortgage may increase or decrease from time to time, but the total unpaid balance
secured at a~y one time by this mortga~e shall not exceed a m~xim~ principal amoi:n~
of tWice the principal amount stated in the promissory note a substantial copy of Which
is included herein, plus interest thereon and any disbursements made oy Mortgagee foi
the payn~ent of taxes, levies or insurance on the property encumbered by this mort~age,
With interest on such disbursements.
' iz to~o..dic.~`
burs d advanced on account of or perta.ining to each of said parcels in accordance
with the p sions o£ said construction loan agreement. Mort~;a~ee shall release any
~ one of the parc covered by this mortgage from the lien hereof upon repayment to the
Mort~a~ee in cash o um equal to the portion of the principal of the mortgage indebt-
edness the:etofore so dis ed and advanced, as conteriplated by said construction loan
aFreement or otherwise, on acco of or pertainiag to the parcel to be released plus,
~ at the option of the Mortgagee, any rest then accrued and unpaid under the terms
hereof or secured hereby and a~y cost, fe d expenses payable to Mortga~zee by the
Mortgagor iacident to the mortgage loan. NotWi ta.nding aRy of the above provisions
of this para~raph Mortgagee shall, at its option, be titled tc> reftiise to relesse any
~ parcel or parcels at a time vhen there exists a default e performRnce of the agree-
! ments of ~~he Mortgagor under the provisions of thfs mortga~e, aote secured hereby
~ or said construction loan agreement. Ho~rever, Mort~agee may, at i tion,give ar~y
;
; such release notT,rithstanding a~y such default or ~+ithout requiring the a stipulated
_ payment for release. The cvst of recording all partial releases from or satis tion
s
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The term Mortgagor shall be construed singular or plural, masculine or
; feminine, and corporate, partnership or individual, vhichever the context hereoP
' requires or admits.
1
IN WI"IfiTESS Wf~REOF, the Mortgagor has executed this instrument uader seal
the day and year first above ~?ritten.
~'~L•,,,~~,-,,
Si~ned, sealed and delivered in the HALLMA CONSTRU I MP.~A,I~%.
; presence of: OF FL A ~r
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_ Attest ~~~r.~ic2~.r ~~~v~~~~~~``` ~ .
= SWD Form M-2906 (9-12-60) Its Assistant Srcret~`i~'~
- (Corporate Seal)
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