HomeMy WebLinkAbout2210 revenues froa whatever source derived, and such receiver shall have all the broad
and effective fl~nctions and po~+ers in a~yvise entrusted by a court to a receiver, and
such appointment shall be me~de by such court as an admitted equity and a matter of
absolute right to said Mortgagee, and vithout reference to the adequacy or inadequacy
of the value of the property mortgaged or to the solvency or insolvency of said
Mortga~or or the defendants, and such inca~e, profits, rents, ~lssues and revenues shall
be applied by such receiver according to the lien of this mprtgage and the practice of
such court.
8. If the Mortgagor defaults in any of the covenants or agreements contained
herein or in seid note, then tt~e MortRaqee me?y perform the same, and all such expenditures
made by the Mortgagee, including a reasonable attorney's fee, in so doin~ shal.l-drav
interest at the rate of efght per centum per annu~, and shall be rePaYable it~ediate~jr
and without demand, and all such expenditures shall be secured by the lien of this m4rt-
gage . The Mortgagee shall be subrogated, for ftirther security, to the lien of ar~r and
all liens or e~acwnbrances paid out of the proceeds of the loan secured by this mortgage,
even though the lien or encumbrance so paid fYom such proceeds be released.
9, The H[ortgagor shall duly, promptly and flill.y perform each and every
of the terms and pravisions of a certain construction loan aRreement vhich has been
executed and delivered by the parties hereto simultaneously ~rith the execution and .
delivery hereof (the proceeds of this mortPage indebtedness being for the purpose of
financing construction on said mortgaged property), the terms of Which construction loan
a~reement are by reYerence made a part hereof. The lien oP thfs mprt~age secures the
payment of all swns payable to 1~lortaagee and tYie performance of all covenants and agree-
ments of Mortgagor under the terms of said construction loan agieement.
10. In addition to all other indebtednesses secured by tt~ first lien of
this mortgage, this mortgage shall secure also and constitute a first lien on the :
mortgaged property for all flrture advances me~de by the MortPagee to Mortgagor vithin
five y~ears from the date hereof to the same extent as if such flrture advances ~rere a~de
on the date of the execution of this m4rtgage. A~y such advances may be made at the
option of Mortgagee. The total amaunt of the indebtedness that may be secured by
this mort~age may increase flr decreewe from time to time, but the total unpaid balance
secured at a~y one time by this mortgage shall not exceed a maximtim? principal amount
of tWice the principe~l amount s~ated in the promissory note a substantial copy of vhich
is included herein, plus interest thereon and any c~isbursements made by Mortgagee for
the payment of taxes, l~vies or insurance on the property encumbered by this mort~a~e,
With interest on such disbursements.
11. A portion of the proceeds of the mortga~e indebtedness is to be ~,s-
bursed and advanced on account of or pertaining to each of said parcels in accordance
f With the provisions of said construction loan agreement. Mort~a~ee shall re?.ease a~y
! one cf the parcels covered by this mortgage from the lien hereof upon repavment to the
~ Mort~;a~ee in cash of a sum equal to the portion of the principal of the mortgage indebt-
edness theMetofore so disbursed and advanced, as contertplated by said construction loan
a~xeement or other~+ise, on account of or pertaining to the parcel to be released plus,
at the option of the Mortgagee, any interest then accru~ed and unpaid under tbe terms
hereof or secur~d hereby and any cost, fees and expenses payable to Mort~.a~ee by the
t~o:tga~or incident to the mortgage loan. Notvithstanding aqy of the above provisions
of this paragraph Mortgagee shall, at its option, be entitled to ref~se to release az~y
parcel or parcels at a time vhen there exists a default in the performance of the agree-
~ents of •~he Nortgagor under ttie provisions of this mortgage, the note secured hereby
or said construction loan agreement. Aowever, Mortgagee may, at its option,give any
such release notvi.thstanding a~r such default or irithout requiring the above stipulated
payrnent for release. The cost oP recording all partial releases from or satisfaction
of this mortgage shall be borne by Mortga£tor.
The term Mortgagor shall be construed singular or pluraZ, masculine or
:eminine, and corporate, partnershiF or individual, vhichever the context hereof
requires or admits.
~ IN WI*1'NESS Nf~REOF, the Mortgagor has executed tbis instr nt under seal
~ the day and y~ear first above vritten. ~
HALLMARK N TRU(.T N O Y OF FLO~ID~,
Si~rned, sealed and delivered in the '
~ .
presence of: ~ - '
By: i~ ~ ~
~ ~ ~ re dent Y o~~- _
~ t~ . i~
i ; . : 1
, ~ L K~G~ ~ ` ~f ~?:~d
Attest: ~ .~L .
Assistant SecretaYy..,,,,,,.,t.;~'''
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Si~1D Form M-~906 (9-12-60 )
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