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Home My WebLink About0729 1 ' 9. To deliver aay abstract ot abstrscts of titk o~ titb inwnnce poli~.yr o~ policies coveria` the mo~t~a~e d property to WotW~ee or iti des~naad a~ent. which sAal! at aU tia~es duriat t!?e life ot Ihb mo~tjs~e. romafn ia lM po~es~ion of the lilat• ~a and ia event of the lorectowro of tAi~ mortp~e dl ~i~ht. titk and intenu of tAe Mort r in ~nd to ~ny wch abstrsct or title shaq paa to eM putchsstt ~t facclosnh. howrwer, ap awrtp~e~ tl~k insursnce ~~haH remaia the propeny of i Mottpsee. . - - : 10. 71yt ao ~raiae~ of aar coreosat M~aia or in tM obliptbas ~cured h~eby tlali st any tlme I~ereafter be held to be ~ a wai~rer of a~ of the otMr tarnu benof or ot the aota ~ecuted M»by. aa may Mortp~a relr oa aay cau~e of coaduct ~ Yort~ee aot ipecitiaU~? requind br thit irottunarn~ Tuat the Yort~. aithout aotia. mar ~ea aith any pattY obl~td on said indebtedne~s, or navin~ an intecest in tM ~ecudty dwuibed Mee o, to reoe~v or extead the Nme for payment of aay part ~ or dl of tbe iadebted~s ie~wnd 6ereby. w~ithout ia aar way a!latiat elther the lian hercat or tht li~bllitY o[ anY other party. E I l. 'Il~at ia•order to aocekrate the malurity ot ths iadebted~ess henby ~ecured beause of tbe fiilure o[ tbe Mortp=or . E to pay any tax ass~smeai. labi4ty. obli~tlon of eacwnbr~aoe upon s~id property as haeln pravided, it shaU not be aeoessary ~ nor requbite that tbe Yort~ajee shaU tirst pay the ssme. 12. 11ut if tM Mot~ ~hall taU, ae~lect or tetwe for a peciod ot tea (10) daYs tY~try aad Prou~Pt1Y ~o WY ~~~n~ E req uired~ to be paW by tde not~ berebY secured a the intecest tkerein spedfied a any of the aaa of nwary harein referred to . o[ hetebY ~ecurod, or otbet~ri~e duly, fWhr and promptb topedorm. exavte. compty ~rith aad abide by esch. e~nery or any ot ~ the cove~aats. ~ea~ditioro a tttpuladoa~ ot thb mortp,e, tbe prominory notes he~eby ~ecured aad/or the constructioa ban a~reemeat. if sey. tben. and in elWer or ia aqr oi ach eveats. ~vithout notice or demand. the ~ida~ te sum mentioaed ia ~id Promiaay aota. lesspreHous payments. it snY. ~od anY sad ~U wms meatioaod heraln or ieaued he~tebY shzU become due aM Wrabb [orthwith or theraftet at t4e oontin~lai aPtion of the Mort~ee as tulq+ sad oompbte~ u if ssid sER~pte suau ~ we~e ori~iaally stipulated to be paid as wch time. aartbioL in dd promisso+Y aotes or bereln ~o the ooatruY notwitdstaadi~y. E ~ud the ltortpaeer ~U be entitied thereupoa a thereafter without aotka or demand to idstituts wlt at law or in equity to ~ enfaroe the ri~t o[ tbe Morlpsee hereunde~ or undet aid promi~ry nota. ta the ereat of a~qr detwit or breach on tbs part . . ~ d the MarWeor heceunder or uadet ~d pm aotas. the Mort~~e s6aU bare the oont'uwL~ oplioa to enfaoC p~Ymeat of aa wau ~ecured beceby br ai 1aw a b~ in equiq to lo~ec[ox this mortpae, either orboW, ooacwrendy or other- ~ wt~e. and one actioa ot suit sdaU aot abate pr be a bu to or ivaiver of tbe Mortpaee's riaAt to iastitute or ms~otain the other. pmvided uid !lort~ee shaU have oalY oae psyment and satistaction of said indebtedneu. ' _ ~ 13-A. T1at•ia the arsat t6at Mon sl~ll (1) conseat to the appointmeat of a raeiver. vuuee or tiquidaqpr of aN ' o~ a substantlat put ot Mo~or'~ assets, or 2) be adjudlated a bankrupt or insolvent. or fik a voluntuy petitbn m bsntrirptcr ~ or admit ia wtitins hls iaability to pay his debts u tNey become due. or (3) make s 6eaenl aui~?ment for benefit o[ cteditors. F or (4) tik a petition or answrer seekia~ reorEanizatioa or arnn6ement with crediton. ar to take adranta6e of aay Insolreocy law. ~ or (S) fik aa a~rer admittins aay of the material allesations of a petitioa fikd a6ainst tl~e Mortaagor in anY ~~~Ptcy. ra ~ or~anis~tion or iroolfency proc~eedios. or (6) actlon sh~ be taken by the Mortpaor for the p~upo~e of etYecl~g any of the torc- `oin~. or (7) wy ot~r, judsment or decree shaU ba eateredvpon aa appliption ot a cteditor or Yort~or by acourt of com- ~ peteat Jnrpdietion approrh~ a petition seekiu6 appdatmeat of a recaver or trustee of aU or a wbstantial part of ihe llottp~or's ~ s~ets aad wch wder. jud~auat or decree :ball coaNnue uewyed and ia sftect [ar sny Period of thirtr (30) coa~ecutive dayi. ~ t6e Ilortaa~ee myr dedare the aotes hereby ~ecuied [athw~ith due aad payabla. ~vhereupon the principal ot aad the iaterat aaiued oa the uotes and ail other wms he?ebY xcured shaq beoome forthwiW due and paY~bk as if all of the satd wms of mooey wete o stiQu4ted to be paid on snd~ day: and theteupon the Mottpsee writlwut noe~ce er demand may prosecute a wit at law and r la eqwty as if ali monies ~ecured hereby had matured priot to its itutitutioa. a 13-B. That in the event the prembes 6ereby mortgaaed, or any part hercof shal! be rnndemned and talcen for public use _ . under the pow~et of emineat domain, Mortaagce ~uq hare the ri~t to requin t~at all damases a~vsrded for the takina of or damaae to said Pnmises shall be paid to tIK Mortbaaee, not to exceed the thea unpaid balaaa of tliis mortgase and any wm secuced thereby, aad at the optioa of thc Mott~ee wch amounts may 6e applied upon the payment or payments last payabk heceoa. la the event it becomes necessary (or the Mort6a~ee to empby oounsel to protect iu interest at any rnndemmtaa p~oceedinp, the ldon r shall immedutely upoa dematid teimbune tLe Mort~ee for all reasombk eacpeosa and attomeyi fees thus incurrod, and~wch wms s6a1t be deemed xcured by the liea of this mortga~e. ' ~ U. That tAe Mott~ee or any person autborized by ihe Mortgagee shall ture the nght to enter upon and inspect the _ ~ mott6a6ed prcmites ae all rasonabie times. - ~ IS-A. That to furiher secure payment of t1~e indebtedness of the Nort~w to the ~lortgaaee, the Nortgasor does 6eteby seQ. assign, transfer and set ovet uato tbe Wo~taagee aU of the reab. issues. and pmfiu of the mortp~ed premises, wd Mortp~ce ~ Illiy at lb OQU00 dEIiY C11IOtC111~ LII~S ifS~A11100! Ypt~ ~Il~t dE~~UIt bEf/16 fqiAO by tI10-MOf1~a~o r under the tera~s o[ this mort~e tLe aotes ~ecured hereby, and wch assi~ntaent m am event shaU remaio in fuU t'orce and eRect w lo~ as any default continues ~ to exist ia the matins of any of the paymeats or the pedormanoe ot any ot tLe wremats ot this morias~e or the notes secured hercby~ and the Mort~ee sdaU bare the riafit to enter upoa the pnmises aad cdkct same directly fwm persons in possessioa Mort~ot a6ras to eacawte aay futther documents evidenci~ such ass~?ment as Mort~paee may reasonably request from tia~e ~ to t~. - 15-B. That in ihe eteat 1haC at tbe besnnins o[ oz at any time pendins any wit upon tltis mortaa~e, or to'foredose it, or i to re[orm it, aad/or to enforce payment of u~y daims hereunder. said Mortgaaee shall appty to the court having jwisdictan ~ Wereof for the appointment of a Receirer, such court slnll forihwith appoint a Recsirer of said mortpEed property all and ~ sinaulu, indudina sll and sinsulu rents, income. profits. issues. aid revenua from w~haterer ~ourc+c derived. each aad every of ~ which, it beia6 expressly undeatood, is dercby mortgaaed u if ~pecifically set forth and desaibed 'm the arantina and babendum dauses 6e~eof, or any exlu~iu hereto. and wch Reoeiner ahaU 6are aU the broad and eRectiv~e [uactions and Qowen ia anywise ~ enwsted by s conrt to a Reoeirer. and suchappo intment slull be made by wch court as aa admitted equity and a matter ot ab- solutE ry~ht to said Yortgaaee. and without referena to the adequacy or inadequacy of any rcmedy at lawr or of the adequacy or Y inadequ~.7? of the +alue of the ptoperty moRp~ed or to the solreacy or insotrency of said Mortgaaor or ot any or aU of the d~ ; fcadants, and that wch nnts, profits, income. is~ues and rerenues slutl be applied br sush Receirer aooordfaa to the lien and/or ~ equity of said Mort~ee and the pnctice of wch oourt. ~ s F 16. 'fo pay all and sie~ulu Ehe costs. dur~es and expema, indudia~ rasonabk la~vyer's fees and Cees foc appeUate work ; aad eosts of abstrsct oi titk. incurred or paid at any time by siid MortEaEee becau9e aod/or in the event of the failurc on tbe ~ put of the said Yortpaor to duly. promptly aad Cully pertorm, d" execute. effect, oompku, oomply aith and abide by ~ each and erety the stipuladons, ageements, coaditioas and ooreuaa~said promissory ootes and this mort6a6t, anY a either. t ' snd said costs. chu~a and expcates. ad~ and erery. shaU be immediately due aad payabk. whether or not therc be notiae, - demand. atted~t to oolkct or wit pendine; and the full aatount of ach and erety wch payrtxnt shall beac iuterest Gan the date t6ereoi uat~7 paid at the same nte as is specified. in the notes securod hercby. at paYabk afta default in p~ymeat of said ; nota ud all said oosts. charses and expcnsa so incurrod or paid. together with wch interest. shall be secured by the lien of this mortp~e. . 17. That Mort~or wiU not permit any other liens. mort~a6es or encumbrances ~aiast tbe sad premises, and if any wch tieas, mortgsass or encumbnnces are incurred. Rhether paramount or subordinated to this mort~age, Mortgagor wil! cause such - liens, mortsaEes or eacumb~anoes to be discharsed imrtiediatdy. Withont limit~ the toreaoin6. ihoWd ihere be a lien superior - : in dianity to the lien of this mortga6e with MortaaEee' consent, it is ooarenant and ageed that should the terms of a lien ; wperior in disnity to tdat of this moit6age be modiried, altered or variod without the writtea coasent of the Mortg,agee herein. or shoufd any lien snperior in dignity to that of this-mortga~e be or become in default, then and in such e~ent the Mori~ee ` hercin may at itsop tion aceeknte the indebtodnas secured by this mort6age and 0eclate the tame to be ap due and payabk r arithout aotke to Mortpgor or amr other penon. ~ l8. Mortaagte sl~aU have the ri6dt to dura+e-any of Mortgaaor's acrnunts with Mortaagee for any sums payabk u pra - ~ rided hercin or jn the promissory aote securod Ixrcby u wch becoma due. _ 19. lf the Mortgageetequests, Mortp~or ~vi0 furnish the Mortgagee annwlly from the date of this mortgage instrument, unless some other date is ageed to betaeen the panies in wtiti~, a oenJied audited funncial statemeat of the Mortgagor and annual compkte statements o[ Mortgasor: K the Mortgaaot's fiscal calendar yeu shall not coincide rvith the date lxrein sp~cifiod~ then the date whicli the MortEssee shaU specify shall be controUius. Mortga6or shall wpply Mortpgse with wch other financial statements u Mortga6ee may from time to time request. ~ 20. No ri~ht or rcmody prcvided herein for the Mort~agee or prorided for the 1~lortgagce in the note secured hercby shall ` be cumulative and sevenbk. . - - 21. It is undentood and agreed that this mortaa6e is giren to securc, in addition to the note or oblisation attached hereto. any additional loans or future advances made within the term of this mortgage loan to said Mortgagors or any sucoessor in titk of ~ said Mortgasors oZ the properiy hereby conreyed; provided that the total unpaid balana of the indebtedness secured hereby at - any one time sbaU aot exceed $7 ~ R 000 _ 00 plus interest iheron plus any disbursemrnts msde br ~the ~ MortpEee for the qyment of taxes, kvies, imuranoe or other charEes on the Property encumbered hereby, with intercst on wch disbursements, court costs and attorney's fees, iocludina fees tor appellate rvork. ~ 22. This mort~e is wbject to the terms3 pmrisions and conditions of that certain Conswetion Loan Aarcement datod ; , and*id Construction Loan Ageement is by rcfere,nce incorpontod hercin and ' ~ made a put AereoL Defanlt in the tetms ot the Conswction Loaa Agreement sh~l oonstitute a defaul! u~der the mortEsae. ;~..t . C... ~ . . : . _ ~ - ~ . ~ e°~~a~~ ~~c~ . _ . . . ~ -:.~4~_~_~-~.~~.~~ _ r______~_~~~_..Y....~