HomeMy WebLinkAbout2709 revenu~es lrom Whatever source derived, and such receiver shall have al2 the broad
and effective Rmctioas and pov~ers in ar~yvise entru8ted by a court to a receiver, and
such appoiatment shall be made by such court as an admitted equity aud a me~tter of
absolute right to said Mortgagee, and ~+ithout reference to tbe adequacy or inadequacy
of the value of the prnperty mortgaged or to the solvency or insolvency of said ~
Mortgagor or the defendauts, and such income, profits, rents, issues and reveaues ahall. ;
be applied by sueh receiver according to the lien of this mortgage and the practiee of i
such Cotu't. #
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8. If the Mortgagor.defaults in ar~y of the covenants or agreements contained
herein or ia said note, then the Mortgagee me~y perform the same, and all such expenditures
made by the Mortgagee, including a reasonable attorney's fee, in so doing shall draw
interest at the ratP of eight per centum per annv~, and shall be repayable i~mediate~y
and Without demand, and all such expenditures shall be secured by~the lien of this aart-
gage . The Mortgagee shall be subrogated, for 21~rther security, to the lien of arqr and ~
all liens or encumbrances pa.id out of the proceeds of the loan secured by this mortgage,
even though the lien or encumbrance so paid Prom such proceeds be released.
9. The Mortgagor shal]. dul,y, promptly and ful],y perPorm each and every ~
of the terms and pravisions of a certain construction laan agreement vhich has been
executed and delivered by the par~ies hereto simultaneously wi.th the execution and
delivery hereof (the proceeds of this mortgage fndebtedness being for the purpose of
financin~ construction on said m~rtgaged pmperty), the fierms oP Which~construction laan
ar~reement are by reference ma.de a part hereof. The lien of this mort~age secures the ~
pa.yment of all swns payable to MortQagee and the perPormance of all covenants and agree-
ments of Mortgagor under the terms of safd construetioa loan agreement.
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1 In addition to all other indebtednesses secured by tbe first lien of
this m~rtga~e, this mortgage shsll secure also and constitute a first lien on the
mortgaged property for all flrture advances made by the Mortgagee to Mortgegor ~rithin
five y~ears f~om the date hereof to the same extent as if such future advances ~?ere made '
on the date of the execution of this mortgage. Any such advsaces may be ~de at the
option.of Mortgagee. The total amount of the iridebtedness that may be secured by
this nartg,age may i.nerease or decrease from time to time, but the total unpaid balsnce ~
secured at any one time by this mortgage shsll not exceed a maxim~ principal amount ~
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of tirice the princip~]. amount stated in the.promissory note a substantial copy o~ Which ~
is included herein, plus interest thereon and any disbursements made by Mortgagee for p
the payment of taxes, levies or insurance on the property encumbered by this mortgage, i
with interest on such disbursements.
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11. A portion of the proceeds of the mortga~e indebtedness is to be @is- ~
bursed and advanced on account of or pertaining to each of said parcels in accordance
uith the provisions of saic3 construction loan agreement. Mort~a~ee shall release a~y ~
one of the parcels covered by this mortgage from the lien hereof upon repayment to the ~
?•'ort~agee in cash of a sum equal to the portion of the principal oY the mortgage indebt-
edness theretofore so disbursed and advanced, as conteripla.ted by said construction loan ~
a~:^eement or otherwise, on account of ar pertaining to the parcel to be released plus, ~
~t the option of the Mortgagee, any interest then accrued and unpaid under the terms
hereof or secured hereby and any cost, fees and expenses pay~.ble to Mortgagee by the
i•to: tgagor incid~nt to the mr~rtgage loan. Not~rithsta.nding an~y of the above provisioas
of this paragraph Mortgagee sha11, at its option, be entitled to refuse to release any
parcel or parcels at a time when there exists a default in the performance of the agree-
~ents of ~~he N•ortgagor under the provisions of this mortga~e, the note secured hereby
~ or said construction loan agreement. Hovever, Mort~agee may, at its option,give avyr
` such release notWithstanding any such default or Wi.thout requiring the above s~ipulated
; payment for release. The cost of recording all partial releases from or satisfaction
of this mortgage shall be borne by Mortgagor.
The term Mortgagor shall be construed singular or plnral, masculine or
' rerninine, and corporate, partnership or individual, Whichever the context hereof =
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requires or admits. ~
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D~ WITI~TESS Nf~REOF, the Mortgagor has executed this inst nt under pr~=
tne day and year first above r~rritten. Q -
HALLMARK STRUCT ON COMPANY QF : F
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Si~ned, sealed and delivered in the ~ _
~re seace of : ` ~vJ • 3 ~ o
BY: ' .i'irp~;'~`~
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ATTESTs
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' Ass stant ecretary
; SWD Form M-2906 (9-12-60)
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E eaoK 2~3 Pac~ 2?05 ;
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