HomeMy WebLinkAbout1023 revenues tYom vhatever source derived, and such receiver shali have all the broad ,
and effective lV~nctions and po~ers in anyWise entrusted by a court to a receiver, and ;
such ap~pointa~ent shall be me~de by such court as an admittaed equity and a matter of
absolute right to said Mortgagee, and without refereace to the adequacy or inadequacy
of the value of the property mortgaged or to the solvency or insolvency of said
Mortgagor or the defendants, and such income, profits, rents, issu~es and reveau~es shall
be applied by such receiver according to the lien of this mortgage and the practice oY
such court.
If the Mortgagor defaults in ar~r of the cov~~ents 82' 8~T'c@T~2t~5 ~ont~~z~s3
herein or in said note, then the Mortga~ee may perf'o~ tbe same, e.nd all such expenditures
made by the Mortgagee, including a reasonable attorney's ~ee, in so doing shall drav
interest at the rate of eight per centum per auuumn, and shall be repaY~.ble i~nediate~jr
and vithout demand, aud all such expenditures shell be secured by the lien of this mort-
gage . The Mortgagee shall be subrogated, for ~lirther security, to the lien of a~? and
all liens or encumbrances paid out of-the proceeds of the losn secure8 by this mortgage,
even though the lien or encumbrance so paid fYom euch proceeds-be released.
9. The Mortgagor shall duly, promptly and f~lly perform each and every
of the terms and pravisions o~ a certain construction loan agreement.vhich has been
executed and delivered by the parties hereto simultaneously vith the"execution and
delivery her~of (the proceeds of this m~rtgage indebtedness being for the purpose of
financing construction on said mortgaged property), the ter~ of Which construction loan
a~rreement are by rei`erence maae r~ ~si=~ i,~r~:,P. u~~ ~r:.~ ~='*~~o~ se^„~~ thP
payment of all sums payable to Mortaa~ee and the performance of all covenants and agree-
ments of Mortgagor under the terms of said constructio~i loaa ageement.
10. In addition to all other indebtednesses secured by the first lien of
this mortgage, this mortgage sha11 secure also and constitute a first lien on the ~
mortga~ed property for all future adv~nces made by the MortRa~ee to Mortga~or ~rith~n
five y~ears fYom the date hereof to the same extent as if such future advances ~ere made -
on the date of the execution of this mc>rtgage. Az~y such advances may be made at tYie
option of Mortgagee. The total amowit of the indebtedness that may be secured by
this mortgage may increase or decrease from time to time, but the total unpaid balance
~P~~~ren at anv one time b_y this mortga~e shall not exceed a max3~n~ principal amount
of tWice the principal amount stated in the promissory note a substantia~ copy ar Wnicn -
is includ.ed herein, plus interest thereon arad a~r disbursements made by Mortgagee for
the paynrent of taxes, levies or insura.nce on the property encumbered by this mort~age,
With 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
i with the provisions of sai~ construction loan agreement. Mort~a~ee shall release any
~ one of the parcels covered by this mart~ge from the lien hereof upon repayment to the ~
j 2•".ort~a~;ee in cash of a seam equal to the portion of the princip~l of the mortgage indebt-
edness theretofore so disbursed and advanced, as conteriplated by said construction loan
a.~reement or otherWise, on account of or pertainiag to the parcel to be released plus,
at the option of the Mortgagee, a~y interest tlien accrued and unpaid under the terms
hereof or secured hereby and any cost, fees and'expenses payable to Mortgagee by the~
?~'ortgagor incident to the mortgage loan. Hotvithstanding a.r~y of the abov~ provisions ~
of this paragraph Mortgagee shall, at its option, be entitled to rePuse to release any
parcel or parcels at a time vhen there exis.ts a default in the performance of the agree-
~ents of •~he N•ortgagor under the provisions of this mortga~e, the ~te secured hereby
or said construction loan agreement. Hosrever, Mortgagee may, at its option,give auy ~
such release notxithstanding a.ny such default or xithout requiring the above stipulated
payrnent for release. The cost oP recording all partial releases from or satisfaction
of this mortgage shall be borne by Mortgagor. ~
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The term Mortgagor shall be construed singvlar or plural, masculine or
feminine, a.nd corporate, partnership or individual, ~?hichever the context hereoP _
requires or adlnits.
~ G~" P ~ f•
IN WITI~SS WAEREOF, the Mortgagor has executed this instrwnent under sQ~. +
~ ' .Q,pTE ' - .e~ s :
~ne day and year first above vritten. ~ Q° . r s:'
- _ ~ c
- - - ~s ~
HALLMARK STRU I COMPANY- ~'L~ D1~ v_:.,
Signed, sealed and delivered in the 3: a~`
presence of:. 'o ~ ~r-
BY : J _
~S ~sY.
Presid~~it, r171,1d~`;~;~~`.'
~~~',~ll
~ ~''~~?~i,u~N~!a~
.
. Attest:
, . ssistant Secretary
SS+tD Form M-2906 (9-12-60 )
- _ 60~cf~Y'.~
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