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9. To deUre~ any abstnct or abst~scb of tilk o~ titk insunnee policy or policies core~ine the mort=sged property to
, Worttaaec or its dcsignated agent, whicA shall at all times durina the life of ihis ma~tgage. remain in the posseuion of the Mort-
~ and in ereot of the forcclosurc of this mortpae sU right. titk a~d interest of the Monp ~ in and to any wch abst~aet a
ut e shall Qau to the purchsse~ at forcctowro, however, aQ mortasjee titk inwrance poli~ shaU remain the property of
~ Mortpsee. .
10. That no wraiver ot wy rovenant heceia or ia tAe obli~+~tans secured hereby shaU at any time hereaiter Oe held to be
a waiver o[ any ot the othec terms heceof oi of t6e eotes secured hereby~ nor may Morlptat rely oa aay course ot conduct by
Mort~ee not ~peclticaUy roquircd by this instrumeat. That the !?tortp~ee. without aotke. may age:e ~vith u~y pany oblipted
on saM indebtedness, or havina aa inte~est in tM ~ecu~ity desc~ibed hecem, to nnen ot extend the Ume for payment of aay patt
' or aU of the indebted~ss secured heraby. without in any aay aRectins ehher the lien he~eof or the Uability of any other party.
t 1. Th~t ia orde~ to accekate the maturity of the indebtedaess heroby secueed ~equse of the failure of the Ufortgs~or
to pay aay tax assFSSment, liability. obtiaation of encumbance upon said property as herein prov~ded. it shall not be necessary
nor requisita tAat the l~lortaaaee shaU Qtst pay the same. ,
l~. 1'hat if tha Mort~or shall fail. ae~l&t or rofuse [or : period ot ten (10) days fully aad pro~tly to y~y the amounts
required to be paid by tbe aote: bereby ~ecured or We interest thercia spxified or any of the sums of moaey i~eroin referred to ~
or hereby secured. or ot4erMise duly, fully and pranpUy to pedorm. execute, comPty rith and abide by euh. every or any of
tAe covemntt, coaditioqs or stipulations o~ this mottg~~e. the pcomissory notes hereby ~ecured and/or-thd cotuttuciion ban
a~reement. it any, then, and in either or in any o[ wch events. wnthout notice or demand. the nid s~ga~ate sum mentioned ia
s~id pmmissorr notes, less previous payments. if anY, aud aay and aU wms mentioned herein or ~ecured hetet~y shail becane due
and payabte fortMvith or therqfter al tbe oontiauia~ optba ot the Mat~ee as fully and oompletely as 1f said a~gegate sums •
Mren ori~us~liy stipulated to be paid ss such time. anythins ia said promissory aotes or berein to the coatraqt•qQtwrithstandin`, . 4
and the ~lottPeee sfiaU be e~titkd theieupon or ~hereaftet ~?ithout notioe or demand to instltute suit at faM or ia equ'~ty ttQ •
enface tha rt~ht of the Mort~aee hercunder or nnder sald promissory nota, in the ereat of any defaWt or MeacA oh thls pan ~
ot the Mort6sjor hereunder or under said pmmissory nota. the Mataa6ee shall have the continuu' ~opiwn to en[ora p~ayment '
of sll sums secured bereby by action at law or by wit in equity to tonclose this mortgaae. either or both. oor~currendy or other-
wise, and one action or wit shal! uot abata ot be a bu to or wraiver of the Mortpaee's tiaht to i~titute oc maintain the other.
_ provided said alortaaaee shaU have only one payment and s~tisfaction of ~aid iadebtedaeu.
13-A. That ia the erent that Mort6~ or shall (1) coaseot to the appointment of a reoeirer. trustee or Iiquid~tacof a0
or a substantial put of Mortgsltor's assets, or (2) be adjudicated a banlcrupt or insolvent, or file a voluntary petition in bankruptcy
or'admit in writin~ his imbility to pay hfs debts u tbey become due, or (3) make a 6eneral assignmea~ for benefit of cnditors,
ar (4) fik a petition or msvrer saeki~ reorganization or arransemeat with croditon. or to Uke adranta6e"of any insolreacy Iaw~
ar t5) fik an arawet admitting any of the material aile6ations of a petition feled against the Mortaaaor in any banluuptcy. ra
' orsanintioa ot insolrency proceeding. or (6) action shall be taken by :he Mortgagor for the purpou oteffecting any of the fore-
going~ or (7) aay order, judgment or decree shall be entend upon an application of a creditor or Mortgaaor by a court of com-
petmt jurisdiction approrinE a petition seeking appointment~of a reeeiver or trustee of all or a substantial pact of the Mortgagor's
aisets aad wch otdet, judament or decree shall continue uastayed and in etfect for any period ot thlrty (30) consecutire days.
tha llortpaee may doclue the nota dereby xcured fwthw~ith due and payable. whercupon the principal of and the interast
acerued oa the nota and all other wms hereby ncu~ed shaU become forthwith due and payabk as if aU of the said wms of
I money w~ere ori~nalty slipulated to be paid on such day• and the~eupon the i~lo~igagee withou! aotice ar demand may prosecute
I a suit at larr andJor in equity u if al! monies secnrod hereby had matured prior to its institution.
13-B. Thst in the event the prcmises hercby mortgaged, or any part hereof, shaU be oondemned and taken for pubiic use
~ under the power of eminent domain, Mortgagee shaU hare the right to require that a11 dama6es awarded for the taking of or
I damaae to said preml~es shall be paid to ihe Mortgagee, not to exceed the tF~ea unpaid balancs o[ this mortgage and any sum
~ socured thereby, and at the option of thtMortgaaee sucA amounts may be applicd upoa the payment or payments last payabk
hereon. [n the erent it becomes necessary for the MortE,agee to empby oounsel to protect its intercst at any condemnation
proceedinas. tbe llort~or shall immed'utely upon demand rcimburse the Mortgasee for all reasonabk expenses and attorneys
fees thus incurted. and all sush wms shall be deemed secuted by the lien of t6is mottgage. -
I 14. 7'hat the Mottgagee or any peison authorized by the Mortgagee shaU have the right to entet upon and inspect the
~ mortgaged Premises at a!1 reasonable times.
~ IS•A. That to furiher secu~e payment of the indebtedness of the MortgaEor to the Mort~pEee. the Mortaagor does heteby
i sell, assign. tnnsfer ud set over unto the'btortgagee all of tha rents. issues, and profits ot the mortgaged premises, and Nortpgee
may at its optan delay enforcina this assisnment uatl any default being rtade by the Mong~o r under the ternu oC this mortgage
the notes xcured dereby, and wch assi~nmeat in any event shaU remain in fuD foice and eCfect so lon6 as any defanlt continues
' to exist in thx makin6 of any of tLe paymeats or the perforrtnnce of any of the rnvemnts of this mortga~e or the notes secured _
I hereby. and the Matgagee shall hare the right to eoter upon We pnmises and colkct aame directly frpm persons in possestioa.
Mort6aaor aaras to execute aay further documents evideacina suc6 assianment as Mortpaee may reasanably request from time
to time.
1S-B. 7tut in the event that at the beginnin6 of or at any time pending any wit upon this mortgage~or to toreclose it, or
to refotm it, and/or to enfotce payment of any claims hercunder. said Mortgagce shall appty to the court having jurisdiction
thercoC fw the appointment of a Receiver, wch court shall forthwith appoint a Receirer of said mortgaged property aD and
singulu, including all and singular rents, income. proCts. iswes, and rereoues from whatevet source detived, each and evety of
which, it beirq~ expressly undeniaod, is hereby mortgaged u if specificaUy set forih and describod in the gnnting and habendum
clauses hercof. or any exhibiis hercto, and wch Receiver shall have aU the broad and etTectire funetionsa~d powen in anyaise
entrusled by a court to a Receiver. and wch appoiniment shall be made by such court as an admitted uit and a mattet of ab-
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solute right to said Mortgagee, and without reference to the adequacr or inadequacy of any remedy at law or of the adequxy or
inadequacy of the ralue of the property mortEaged or to the solvency or insolvency of said titort~tagor or of any or all of the do-
fendsnu, and that such rents, profits, mcome~ ~ssues and revenues shall be applied by wch Receiver according to the lien and/or
equity of raid Mortgagce and the practice of wch oourL
16. To pay all and singular the costs, charaes and expenses. indudin6 reasonabk lawyer's fees and fees for appeUate wQrk
and costs of absvact of titk, incuned or paid at any time by raid MortaaEee because aad/or in the event of the failuro on the
part of the said Mortgaaor to duly, promptly a~ fully perform. discharEe, execute. effect, oomplete, wmply with and abide by
pch and every the stipulations, ag~eements, conditions and rnvenants of said promissory notes and this mortgaEe, any or either,
and said costs, chuses and expenses. each and every, shall be immed'ntely due and payabk, whether or not ~here be notice,
demand, attempt to rnUect or wit pendins; and the full amount of ach and every such payrtKnt shall bear interest from the
date thereof until paid at the same rate u is specified, in the notes secuted hereby. as payable aftec default in payment of said
notes and all said costs, charges ~nd expertscs so incurrcd or paid, together with such interest, shal! be secured by the lien of this ~
mott~pge. I
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17. That Nortgagor will not permit any other liens, mortga6es or encumbrances against the sad premises, and if any wch '
liens, mortgages or encumbrances are incurred, whether puamount or subordinated to this mortaage. Mortgagor will cause such ~
liens, mort or encumbnnces to be dixhu '
6a6es yed immed'utely. Without limiting the forcgoing, sho6W there be a lien wperior ;
in dignity to the lien of this mortpage wilh MortRagce' consent. it is conrenant and agreed that should ihe terms of a lien ~
wperior in dignify to that of this mortgage be modified, attered or variod without the written consent of the Mortgagee herein, ~
or should any lien superior in dignity to that of ihis mortpge be or become in default, then ~nd in such event the MorlgaEee
6erein may at its option accelerate the indebtedness secureA by this mortgage and declare the same to be ~Il due and payable
without notice to Mortgagor or any olher petson. _
18. Mortgagce shall hare the right to charge any of Mortgagor i accounts with 1?tongagee for any sums payabk as pro- -
rided herein or in the promissory note xcured hereby as wch becomes due.
19, if the Mortgagee requats. Mottgagor will furnish the Mortgagee annwlly from the date of this mortgage instrument,
unless some other date is aareed to betwcen the panies in writirig, a certified audited financial statement of the Mortgagor and
annual complete statements of Mortgagor. If Ihe Mott~gor's fiscal calendar yeu shall not coincide with the date herein specified,
then the date which the Mortgagee shall specify shall be controllina. Mortp,agor shall supply Mortg~Ree with wch other financnl
statements as ~longagee may from time to time request.
20. No right or remedy prcvided herein for the Morteagee or provided for the Mortgagee in the note securcd hercby shall f
be cumulative and sevenble.
21. It is understood and agreed that this mortgage is gi~en to sccure, in addition to the note or obligation atuched hereto,
any additional Iwns or future advances rn~de within the term of this mottgage loan to s~id Mortgagors or any successor in title of
said MorigaEon of the property hereby conveyed: prorided that the total unpaid balance of the indebtedness secured hereby at
~tly OM tlfllC fllill OOt tXCtOd +S 30 . ~~0 . 0~ plus interest theron plus any disbursements made by the
Mortgagee for the payment of taxes, kvies, insurana or other cfurges on the property encumbered henby, with inttrest on such
d'ubursements, court costs and attomey's fees, uxluding fas for appellate work.
~2. This mwtga6e is subject to the terms, provisions and conditions of that cenain Construction Loan Agreement dated
nenp and said Construction Loan Agreement is by teference incorporated hercin and
made a put hereoL Default in the terms of the Construction Loan Agrcement shall consdtute a default under the mortaage.
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