HomeMy WebLinkAbout1911 revenues from vhatever source derived, and swch receiver shall have all the broad
and effective ftiunctions and powers in ar~yrrise entrusted by a court to a receiver, and
such aprpointment shall be made by such court as an admitted equity and a matter of
absolute right to said Mortgag~ee, and vithout reference to the adequacy or ina.dequacy
of the value of the property m~rtgaged or to the solveucy or insolvency of said
Mortgagor or the defendants, and such incam~e, profits, rents, issues and revenues shall
be applied by such receiver according to the lien of this mortgage and tt~e practice of
such court. .
8. I~ the Mortgagor defaults in ar~y of the covenants or agreements contai~d
herein or in said note, tY~en the Mort~agee may perform the same, a.nd all such expemlitures
made by the Mortgagee, including a reasonable attorney's fee, in so doin~ shall draa
interest at the rate of eight per centum per annums, and shall be repayable i~ediately
and ~+ithout demand, and all sucY? expenditures shall be secured by the lien of this mort-
gage. The Mortgagee shall be subrogated, for fbxther security, to the lien of an~r sad
all liens or encumbrances paid out of the proceeds of the loa.n secured by this mortgage,
even though the liea or encumbrance so paid from such proceeds be released.
9. The Mortga6or shall duly, promptly and t'ully perform each and every _
of the terms and pravisions of a certain construction loan a~reement Which has been
executed and delivered by the parties hereto simultaneously vith the execution arid
delivery hereof (the pmceeds of this mortgage indebtedness being for the purpose of
financing construction on said mortgaged property), the terms of Which construction loan
agreement are by reference made a part hereof. The lien of this mortp,age secures the
payment of all sums payable to Mort~agee 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 tt~e first lien of
this mortgage, this mortgage shall secure also and constitute a first lien on the
mortgaged property for all ~ture advances made by the Mort~agee to Mortga~or ~+ithin
five years from the date hereof to the sam~e extent as if such future advances ~rere made
on the date of the execution of this m4rtgage. Any such advances mey be made at the ;
option of Mortgagee. The total amount of the indebtedness that m~y be secured by :
this m4rtgage may increase or decrease from time to time, but the total unpaid balance _
secured at any one'time by this mortgage shall not exceed a maximtmn principel amount
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 by Mortgagee for
the payment of taxes, levies or insurance on the property encumbered by this mortgage,
with interest on such disbursements.
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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
~ri.th the provisions of said construction Ioan agreement. Mort~a~ee shall release any
one of the parcels covered by ~his mortgage Prom the lien hereof upon repayment to the
Mort~agez in cash of a s~ equal to the portion of the principal of the mortgage indebt-
edness theretofore so disbursed and advanced, as conte~riplated by said construction loan
agreement or othervise, on acco~t of or pertaining to the parcel to be released plus,
at tt~ option of the Mortga.gee, any interest then accrued and unpaid under the terms
hereof or secured hereby and any cost, fees and expenses payable to Mort~agee by the
Mo:tgagor incident to the mortgage loan. Not~?ithstanding a~y of the above provisions
of this paragraph Mortgagee shall, at its option, be entitled to refl~se to release at~y
parcel or parcels at a tim~ vhen there exists a default in the performance of tYie agree-
ments of '~he Nortgagor under the provisions of this m~rtgasre, the note secured hereby
or said construction loan agreement. Ho~never, Mort~agee may, at its option,give a~y
such release not~rithstanding aRy such default or ~rithout requiring the above stipulated
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 plural, masculine or
Peminine, a.nd corporate, partnership or individual, vhichever the context hereo~
requires or admits.
IN ~JITNESS ~:REOF, the Mortgagcr has executed tbis nt under seal
the day and y~ear first above written. ~~~~~~~`''t
HALLMA NSTR CT N OMPA~- t 4F-:.~~3DA
,
Signed, sealed and delivered in the ~Ny~ ; t C z'. .'~l~
presence oY: BY : ~ ~ ?
~y, Pre~i,a~~erlt ~ _ =z =
'I / / 1 ~ : t ~
~ Ea/ f ~ _ _ ,
~ l ATTEST: • .
~ , ~ .
Assistant Secret~ sy7;,l~' . _
" ~•,.~ns~~~''~~
S1dD Form M -290~ ( 9 -12 -60 ) ~ t -
i~ 220
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