HomeMy WebLinkAbout1633 revenues from vhatever source derived, and suah receiver shall have all tYre broad
and effective fl~nctions and povers in ar~Wise entrusted by a court to e? receiver~ and
such appoi.ntment shall be me~de by such court ea-an admitted equity and a matter of
absolute right to said Mortga8ee, ead vithout reference to the adequacy or inadequacy _
of the value of the property mor~gaged or to the solvency or insolvency of said
Mortgagor ar the defendants, and aucb incoare, profits, rents, iesues and revenu~es shall
be applied by such receiver according to the lien oY this m4rtgage and t2~e practice of
such court. i
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8. If the Mortgagor defnults in aqy of the covenants or agreements contained
herein or in said note, then the Mortgagee me~y perfora~ the same, aacl all such expenditures
made by the Mortga8ee, including a reasonable attorney's fee, in so doin~r stiall draW
interest at the x~e~te of eight per centum per annumd, and shall be repayable i~ediately
and vithout demand, and all such expenditures shall be secured by the lien of this mort-
gage. The Mortga8ee shall be subrogated, for fl~rther security, to the lien of any and
all liens or encu~nbrances paid out of the proceeds of the loan secured by this mortgage,
.even though the lien or encumbrance so psid 2~om such proceeds be released.
9, Tt~e Mortgagor sha11 duly, promptly an$ lully perform each and every
of the terms and provisions of e. certain construction loan agreement vhich has been
executed and delivered by the peurties hereto simultaneously with the execution and
delivery t~ereof (the proceeds of this mortga~ee indebtedness being for the purpose of
financing construction on said mort~aged property), the terms of which construction loan
agreement are by reference made a part hereof. The lien of this mortgage secures the
payment of all s~uns payable to Morttxagee and the perYormance of all covenants and sgree-
ments of Mortgagor under the terms of said construction loan agreement.
10. In addition to sll 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 for all flrture advances made by ~he Mortgagee to Mortga~;or within
five years Yrom the date hereof to the same extent as if such future advances ~rere made
on the date of tl~ 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 m4rtg;age 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 maximtma principal amount
of t~,rice the principal am~unt stated in the promissory note a substantial copy oP Which ~
is included herein, plus interest thereon and any disbursements made by Mortgagee for =
the payment of taxes, levies or insurance on the property encvmbered by this mortgage,
~rith interest on such disbursements. -
11. A portion of the proceeds of the mortgage indebtedness is to be dis-
bursed and advanced on account of or pertaining to each of said parcels in accordance
' vith the provisions of said construction loan agreement. Mort~a~ee shall release any
one of the parcels covered by this m~rtgage Yrom the lien hereof upon rep~yment to the
; Mort~;a~ee in cash of a sum equal to the portion of the princip~l of the mortgage indebt-
~ edness theretofore so disbursed and advanced, as conterYplated by said construction loan
F a~reement or otheraise, on acco~t of or pertaining to the parcel to be released plus,
~ at the option of the Mortgagee, any interest then accru+ed and unpaid under the term.s
hereof or secured hereby and any cost, fees and expenses payable to Mortgagee by the
~ Mo:tgagor incident to the mort$age loan. Notvithsta.nding aRy of the above provisions
~ of this garagraph Mortgagee shall, at its option, be entitled to reft~se to release any
parcel or parcels at a time vhen there exists a default in the perfoi~ance of the agree-
ments of ~~he Nortgagor under the•provisions of this mortga~e, the n~te secured hereby
or said construction loan agreement. Ha~ever, Mortgagee may, at its optioa,give an~r
such release notWi.thstanding any such default or Without requiring the above stipul.ated
payment for release. The cost of recording all partial releases from or satisfaction
of this mortgage shall be borne by MortgaEtor.
~ The term Mortgagor shall be construed singul,ar or plural, masculine qX~..~•..~,,,,~~
feminine, and corporate, partnership or individual, ~rhichever the context h~ 1p i'
~ requires or admits . . pi~ ~
o?. r~ Z i
IId WITNESS N~REOF, t2~e Mortgagor has executed this instri~ent im~e~ sea~rY =
' the day and year first above irritten. o•'' ?
~ ~ c~~ ~ - ;
~ HALLMARR NSTRU COI~ANY.~' Lt,~i` ~
~ ~
Signed, sealed and delivered iri the
~ '
~ prese ce oY: BY : ~s y{;Z'f~'~ t.
~ .
~ P e 'dent . ~
~ .
~ - ATTEST : I.~~! ~.Y_~l D~I 1~1~ C~
~ Assistant Secretary
r ~
Si~1D Form M-2906 (9-12-60 ) i
~ BOOK ~:V~. PACE~~
~ - 4 -
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f il~ ~:"C1; ^~,~-9~ .y .f. . • ~ . .
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