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revenwes from vhatever source der.ived, and swch receiver shall have all the'broad
and effective ltiuactions and po~rers in aqy~rise entrusted by a court to a receiver, aad
such appointment shall be mede by such court as an admitted equity and a matter of
absotute right to said Irlortgag~ee, and without reference to the adequacy or inadequacy
of the value of the property mortgaged or to the solvency or insolvency of eaid
Mortgagor or the defendants, and such income, profite, rents, issues and revenu~es` shall,
be applied by such receiver according to the lien of this uartgage and the practice oY
such court. ~
w 8. If the Mortgagor defaults in any of the covenants or agreements contained
herein or in said nate, then the Mortgaqee may perform the same, and all such expemiitures
made by the Mortgagee, fnc~uding a reasonable attorney's fee, in so doing shall draW
interest at the rate of eight per centum per anni~, and shall be repayable ia~ediately
and xithout demand, and all such expenditures shall be secured by ttie lien of this mort-
gage. The Mortgagee shall be subrogated, for f~urther security, to the lien of a~? and
all liens or encumbrances paid out of the proceeds of the loa.n secured by this mortgage,
even though the lien or encumbrance so paid fYom such proceeds be released.
9• The Mortgagor shall duly, promptly and f~lly perform each and every
oP the terms snd provisfons of a certain construction loan a~reement Which has been
executed and delivered by the parties hereto simultaneously vi.th the execution and
delivery hereof (the pmceeds of this mortgage in~cebtedness 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 mor ~p,age secures the ~
payment of all s~uos payable to Mortaagee and the performance of all covenants and agree-
ments of Mortgagor under the terms of said construction loan egieement.
10. In addition to all other indebtednesses secured by the first lien of
this mortgage, this mortgage shall secure also and constitute a first lien on the
mortgag~ed property for all future advances made by the Mort~a~ee to Mortgafr,or vithin
five y~ears from the date hereof to the same extent as if such fliture advances vere made
on the date of the execution of this mortgage. Any such advances may be made at the
option of Mortgagee. The total amount of the indebtedness that may be secured by
this m4rtgage may increase or decrease from time to time, but the total unpaid balance
secured at any one ti.me by this mortga~e sha21 not exceed a maximum princip~a]. amount
of tWice the principal amount stated in the pron~issory note a substantial copy of Which
is included herein, plus interest thereon and any disbursements made by Mortgagee Por
the payment of taxes, levies or insurance on the property encumbered by this m~rtgage,
~ith interest on,such disbursements.
11. A portion of the proceeds of the mortga~e indebtedness is to be dis-
bursed and adva.nced on account of or pertaining to each of said parcels in accordance
With the provisions of said construction loan agreement. Mort~;a~ee shall release ar~y
one of the parcels covered by this mortgage from the lien hereof upon re~vment to the
Mort{;agee in cash of a snm equal to the portion of the princip~l of the mortgage indebt-
edness theretofore so disbursed and advanced, as conterrplated by said construction loan
aQreement or otherWise, on account of or pertaining to the parcel to be released plus,
at the option of the Mortgagee, a~y interest then accrued and unpaid under the terms ~
hereof or secured hereby and aa~y cost, fees and expenses payable to Mort~:s~ee by the
Mo:tgagor incident to the mortgage loan. NotWithstanding a~y of the above provisions
; of this paragraph Mor~gagee shall, at its option, be entitled to rePuse to re~ease sx~y
parcel or parcels at a tim~e When there exists a dePauZt in the performance oP the agree-
ments of -~he Mortgagror under the provisions of this mortgaire, the aote secured hereby
or said construction loaa agreement. AoFnever, Mortgagee may, at its option,give s=qr
j such release notxithstanding a~qy 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
feminine, and corporate, partnership or individual, vhichever the context hereof
requires or admits.
IId wITN~SS N~REOF, the Mortgagor has executed thi,s in trument under seal
the day and y~ear first above written.
HALLMA N TRU O CO ANY OF FLORIDA
Signed, seale8 and delivered in tbe
.'`~•.p~?.~~ 0~, .
_
pres ce of: By ; / • •
~ ~ Presid~t;~ ~ .a~ }
~ / , ATTEST. / _ ' rj :
~ ~~~G~C~'G~L - -
- " ~ . Assistant Secre~ • . ~ g':' ~
~ ,
~~'/tl llti
~
SidD Form M-2906 (9-12-60) .
~a~~ 22~. 1~80
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