HomeMy WebLinkAbout0140 revenues from whatever sou_rce derived, and such receiver shall have all the broad
~nd effective fUnctior.s and ~wf r~ i n aii;~wise entrusted by a court to a receiver, and '
such appointment shall be made by such court as en admitted equity and a matter of
absolute right to said Mort~agee, and without reference to tl~e adequacy or inade4uacy
of ttie valwe of ttie property iaortgaged or to the solvency or insolvency of said
Mort~a~or or the defendants, and such inconne, profits, rents, isswes and revenues shall
be applied by such receiver ~sccordin~ to the lien of this mortgage rind the practice of
such court.
8. If the Mortgagor de'_'aults in any of the covenants or a~reements contained
'r:erein or in said note, then the MortFa~*ee may perform the same, a.nd all such expenditures
made by the Mortgagee, ~ncludin~ a reasonabZe attorney's fee, in so doin~ sha11 drav
interest at the ratp o~' ei~ht per centtzm per annwn, snd shall be repa.yable im~ediately
and ~rithout dem3nd, anci aZl such expenditures shall be secured by the lien of this mort-
~age. The Mortgagee shall be subro~;ated, for f~rther security, to the lien of aqy and
all liens or encuzabrances peid out of tl!e proceeds of the loan secured by this mort~a~e,
even thouRh the l~ien or enc~brance so p~id fYom such proceeds be released.
9. The Mortga~or shall duly, pramptly and futly perform each and every
of the terms and provisions of a ce:*ain canstruction loan a~reement ~hich has been
executed and deliverec3 by the g~rties r~ereto simultaneously With the execution and
~elivery hereof (~he proceeds of tris mrrt~~a~e indebtedness bein~ for the purpose of
finanein~ construction on said morca-,a::ed property), the terms of which construction loan
~~eement are by reference m~de a par` hereof. The lien of ~his mQrt~;a~e secures the
rayment of all su~s payao!e ~o b'.ort~,~~ee and the pe:formance of gll covenants and aPree-
^:ents of Mortgagor i:nder tY:e te:-a:s o'_' said construction loan a~eement.
10. In addition to all other indebtednesses secured by the first lien of
~his mortgage, this mort~,age shaZl secure also and constitute a first lien on the
m~rtgeged pronerty for a11 future a~va,~ces ~xde by the Mort~?a~ee to Mort~ra~?or ~ithin
r~ve years from the date hereof to the s~.me extent as if such future advances Were msde
on the da~e of the execution of tr,is ~ortrage. Any such adv~nces may be made at the
option of Mort~agee. The total a.,m~t;n~ of ~he indebtedness ~hat may be secured by
tris mortgage may increzse o: decrep<~e fro~ tirse *o time, but the total unpaid balance
secured at any one time by this ~rt~a~e shall not exceed a maximc.mi principal amoi:ny
of twice the princival amaunt sta~ed in ~he promissory note a substantial cogy of s~hich
fs included herein, plus inLeres~ tnereon and any disbursements made by Mortga~ee for
-;he pavrrrent of taxes, levies cr ins;tiran~e on the property encumbered by this mortnaPe,
a~ th interest ~n sucn dis~,u; ser~~en .
Zl. A por~i~n o`' ~:~e p~ccceds of t'tie mort~a~e indebte~3ness is to be dis-
~~~ssed and ~dvanced on zccokn~ cf or per~ainin:~ to each of said parcels in accordance
Nith the provisions of sai~u ^ons~~::c~ian ?oan arreement. tdorttTa~ee shall release any
or.e of the narcels co:re~ed b;~ ~?:is ::ort:~~~e rrom tY~e lien hereof upon repayment to the
'~'o~t~a~-ee in czsh or a ~;.;.-n ec;:a? }o t':e por;.ion of the prir.cip~:l of ±he mort~-a~e indebt-
~dness the~-eto°ere sc c~~bu~sed a::.~ ad:».nced, as ~enteriplated by said construction loan
,.~reement or otre=;;ise, ~cc~
s:: or reY~ainin~ to the pareel to be released plus,
the option of t'::e t.ort:-a^?e, an,~r interes~ t~:en acerued and unpaid under the terms
^:ereof or secured 'r.ereby and any cost, fees and expenses payabZe to Nort~aPee by the
"ort~agor incident to :~~e ;ncrt~u:-e lcan. Pdotwithstandin~ any of tI'!~ above provisions
of this ~Ta~2'21T)ti'1 jEOL'v~a~ee shall, at its option, be entitled to refuse to release any
~arcel or parcels at a ~i~~e When the~e exists a default in tr,e performa..nce af the agree-
:.,enis of ~~he Mortga<or under the provisions of this mortga~e, the note secured hereby
said construc t:on 2~3r: a~ree~en Ho~ever, t~iort~;a~ee may, at its option,give any
~ sach release notwi~hst ~ndzn~ any cuch default or ~rithout requiring the above stipulated
~
:.:~rn~ent for release. mhe cost of recordin~ ail partial releases from or satisfaction
Jf this mort~a~e sha~ 1 be borne b;? i~:ortf;a~or. .
i
The term tfart-~~or s::L.1 ce construed sin~ular or plural, masculine or
! :~eminine, and co~~ncrate, par~ne:a=~ir. or ir.dividual, Whichever ~he cantext hereof
f :~equires or a~raits .
~
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IN WZ~'~J"r~.SS '~:t~~~ , the Mor~~=,agor has executed this ' wnent under seal
~ ~ne day and year firs: ~nov° wri~+en.
HALLMA NSTRUC O CO ANI' OF FLORIDA
:;irmed, sealed a.nd deli~:erea in ~r.e
presenee of: By: ~ _
~ , ~~~L ~ esident .
.a .r ~~i~
. ,'~li:l
. ~ :
~ ..~~l:~!//~~ ` . F
. ~ ~ ~ ATTEST : ~ ~v.~ ~
Ass' tant Secretary ~ ~'r = ~r
; - ; ~~i- ~ : a : :
: d
S~/D Form M-29~?6 (9-12-b0) - ~ =
' 7~ ';~r'
; j~`~~Il't'~ ,
- 4 - ~R
SGQK?~U PACE ~~O
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. . _ _ _ _ = ~
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