HomeMy WebLinkAbout1100 revenues Prom vhatever source derived, and swch receiver shall have all the broad
and effective f~inctions and po~rers in ar~rise entrusted by a court to a receiver, aad
such appointment shall be me~de by such court as an admitted equity and a matter of
absolute right to said Mortgagee, and ~rithout reference to the adequacy or inadequacy
of the valu~e of the property mortgaged or to the solvency or insolvency of said
Mortga.gor or the defendants, and such incam~e, profits, rents, issu~es and revenues shall
be applied by such receiver according to the lien of this m~rtgage and the practice of
such court.
8. If the Mortgagor defaults in a~y of the covena.nts or agreements contained E
herein or in said note, t2~n the Mortgaqee may perform the same, and all such expenditures .
made by the Mortgagee, including a reasonable attorney's fee, in so doing shall drav - '
interest at the rate of eight per centum per annwn, and shall be repsyable i~nediately
and ~rithout demand, and all such expenditures shall be secured by the lien of this mort-
gage. The Mortgagee shall be subrogated, for ltiirther security, to the lien of aYqr and ~
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 Mort~gor shall duly, pro~ptly and f~l~jr perform each and every
of the terms and pravisions of a certa.in construction loan a~reement vhich has been
executed and delivered by the parties hereto simultsneously vith the execution and
delivery hereof (the proceeds of this mortgage indebteciness being for the purpose of
financing construction on said mortgaged property), the terms of Which construction loan
a~reement are by reference made a part hereof. The lien of this mor~gage secures the
payment of all sums payable to Mort~zagee 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 the first lien of
this mortga~e, this mortgage shall secure also and constitute a first lien on the
mortgaged property Por all fl,iture adva.nces made by the Mort~agee to Mortgagor vithin
five yrears from the date hereof to the same extent as if such future advances vere made
on the date of the execution of this mortgage. A~y such advarices may be made at the
option of Mortgagee. The total amount of the indebtedness that may be secured by
this mortgage may increase or decrease from time to time, but tlie total ~id balsnce
secured at any one time by this mortgage shall not exceed a maxim~ principal amount
of tWice the princigal amount stated in the promissory note a substantial copy of which
j is included herein, nlus interest thereon and any disbursements made by Mortgagee for
; the payment of taxes, levies or iusurance on the property encumbered by this mortgage,
` with interest on such disbursements.
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~ 11. A portion of the praceeds of the mortga~e indebtedness is to be dis-
~ bursed and advanced on account of or pertaining to each of said parcels in accordance
{ ~ith the pmvisions of said construction loan agreement. Mort~ee shall release any
9 one of the parcels covered by this m~rtgage from the lien hereof upon repayment to the
~ Mortpagee in cash of a sum equal to the portion of the principal of the mortgage indebt-
~ edness theretofore so disbursed and advanced, as conte~r?plated by said construction loan
~ a~reement or othervise, on account of or pertaining to the parcel to be released plus,
~ at the option of the Mortgagee, ar~y interest then accrued and unpa.id under the terms
~ hereof or secured hereby and aay cost, fees and expenses pa.yatle to Mort~agee by.the
~ Mo:tgagor incident to the mortgage loan. Nottirithstanding ar~y of the above provisions
~ of this paragraph Mortgagee shall, at its option, be entitled to refuse to release any.
~ parcel or parcels at a time xhen there exists a default in the performance of the agree-
~ ments of ~~he Mortgagor under the provisions of this mortgage, the note secured hereby
~ or said construction loan agreement. Ho~never, Mortgagee may, at its optioa,give at~y
~
such release notwithstanding aY~y such default or ~rithout quiring the above stipulated
~ payment for release. The cost of recording all partial ~eases Yrom or satisfaction
a of this mortgage shall be borne by Mortgagor.
~
The term Mortgagor shall be construed singular or plural, mascul,i~~Z~ df y`'~~,
± femi.nine, and corporate, partnership or individual, vhichever the contex~~b6~e t'-`=_
= requires or admits . o~'p~'`~ i-
o ~:t=:
~ ~ : -
;r IN I~R'~'NESS I~REOF, the Mortgagor has executed thi tr~en~ •~sr ,'seal
the day and y~ear first above vritten. d~
HALL O STRU T N MP?,PT'~ FLOR~DA~,~~
' Signed, sealed and delivered in the ~~+4~~'
~..5 I ~~~~1~//lI~Iltt~~~,
- preseace of: gy;
President
ATTEST:
T~ ~ . ~1~~1 ~~~.Pit~ r .
- Assis ant Secretary
k'~
;rY
SWD Form M-2906 (9-12-60)
= - ~ - ao~223 P~1i00