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HomeMy WebLinkAbout0788 . 9, To deGver any abstnrt ar abstncts uf title u~ tiilt insurance puliry or puli.~tc curerin~t the mortga~d pruperty tu Muitgagee ur i1s desy~ ~nated a~nt, which shall at all linws durioR the life uf this murtgage, ~rmain in IAe posse~swn ut the Mort- gaga and in e~Ynt of the forcclosure of this mon~a~e ail riaAt, titk and intercst of the Mortga~or in an1 tu any such absttsct ur titlt shall pass to the putchaser at foreclasurc, however, ~II mortgaga title insuran~Y pulic~e: sh~ll remain Ihe prupo~ty o( Mort6a~tce. 10. That no walver of aay corenant hecein o~ in the obliiations secured hercby shaU at any time hereafter be Aeld to be a waiver of aay of the othec te~ms he~eof or of lhe note~ secured hereby, nor may Moitgaaa~ rely oa any courx of conduct by Mortd~ee not Uy requiied by this instrument. That the Mort~kee, without notice. may a~pa with any party obligated un sud ~ndebt meu, o~ havin6 an interest in the security described hercm, to renew or exterxi the time for payme~t ot any part or all of the indebtedness secuted hercby. withoul in a~y way affectina either 1he lien hereof or 1he liatility ot any other party. 11. Th~t in order to xti~elente ihe maturity ot the indebtedness hereby saurod because o[ ~he failure of the Mongagor to pay any tax assessment, liability. obligation of encumDana upon uid property as herein prorided, it shall not be necessary aor requisite that the MorlgaEee shall first pay the same. • 12. That if the Mo~tga6or sha11 fail. negkct or refuse for a period of ten (10) days fully and prompdy to pay thc amounts required to be paid by the note: hereby secuced or the interest iherrin spaified or any of the wmsof money hercin refeered to or hereby secured. or o~herwise duly. fuUy and p~omptly to perform. execute, comply with and abide by each, every or auy of the rnvena~ts. conditions or s~ipulations of this mortpge. the promissory notes hereby stcured and/or thc construction loan aarament. if sny. then, and in either or in any ot wcA events, without notice or demand, thc said aggegate sum mentioned in ~ said promissory notes, ku previous payments, i[ any. and any and all wms mentioned herci~ or securod hereby shall become due and payable [orthwith or thereaCter at the continuina option of the Mortgaaa as fully snd compktely as if uid aggegate sums ~ wrre orignally stipulated to be yaid u wch time. anythins in said promissory notes or herein to the contruy notwithsundin6. and thc Mong,sgee shall be entitkd thereupon or the~eafter w~ithout notice or demand to initilute wit at law or in equity to • enfocee the ri6hi of the Idortgaee hercunder or under said promissory notes. ln the event of any default or breach on the part e of the Mortasgor hereuader or under said promissory notes. the Matgaaee shaU have the continuias option to cnforce paymea! of aU wms secured hereby by action at iaMr or by wit in oquiry tu fonclose this mortgage, either or both. concurrendy or other- wise, and one actio~ or wit shall not abate or b~ a bar to or waiver of the Mortg?gee's right to institute or maiatain the other. provided said Mortga6ee shaU have only one payment and satisfactan of said indebtedrxss. ' l3-A. 17ut in the event that Mottgagor shail (1) consent to ihe appointment ot a receiver. ttustee or liquidator of all ~ or a substantial put of Mortg~tor's asxts, ot (2) be adjudicatod a bankrupt or insolvent, or Tik a voluntary pttition m bankruptcy ~ or admit in writina his inability to pay his debts as they become due, o~ (3) malce a general 2ssignmenl for benefit of creditors. ~ or (4) fiie a petition or answer seeking reorganization or arranEement with creditors, or to uke adrant~ge of aay insolvency law, : or (5) file an answer admitling any of iht material aUegations of a petitiun filed against the Mo~taa~or in any bankruptcy, re- 4 organiration ot insolvency procetding, or (6) action shaq be uken by the Mortgagor for the purpose ot effecting any of the foro- goina, or (7) any order, judgment or decree shall be entercd upon an application of a ceedito? ar. Mottgagor by a court of com- ; petent jurisdiction apptovinle a petition sceking appointment of a rcceirer or trustee of aU or a substantial part of the lfort~got's assets and wch order. judament or deccee shaU continue unstayed and in effect [or any perad of thiriy (30) co~secutive days, the Mortga~ee may declue the notes hereby secured forthwith due and payable, whereupon the principal of and the interat accn~ed on the nota and all other sums hereby xcuced sha11 become forthwith due and payabk u if all of the said sums of ; money were oriPjnally stipulated to be paid on snch day; and thereupon tht Mortgagee without notice or demand may prosecute ' a suit at lave and~or in equity u if all monies securcd hereby had matured prior to its institution. ; 13-8. That in the event the premises hercby mortgaged, or any part hereof, shall be condemned and taken for publir use ' unde~ the power of eminent domain, Mort~Cagee shall harc thr right to "tequire that aR damages awarded for the taking of or damage to said premises shall be paid to the ~tortgaget, not to exceed the then unpaid balance ot this mortgage and any sum ~ secured lhercby, and at the optian oT the Mortgagce such amounts may be applied upon the payment or payments last payable hercon. In the event it becomes necessary for the Mortgagee to empby counsel to protect its interest at any condemnation • . proceedinp,s, the Mortgagor shall immediately upon demand reimburse the Mortgagee for all reuombk erpenses and attorneys' fees thus incuned, and all such sums shall be deemod securcd by the lien of this monga~ee. 14. That the Monga~tee or any person authorized by the Mortgagee shall have the right to entet upon and inspect the _ mortgaiged premises at all reason:~bk iimes. ` F IS-A. That to further serure payment of 1he indebtedneu of the i?fortgagor tu the Alortgagee, the Mortgagor does hereby ~ sell, assi~tn, transfer and xt over unto the Mortgagee aU ol the rents, issues, and prufits of the mortgaged ptrmises, and Mortgagee ' rtuy at its option delay enforcinE this assignment until any default being made by the Mortgagor undet the terms of this morigage the notes secured he~eby. and such assi~tnment in any evtnt shaU remain in full force and effect so long as any default mntinues to exist in the making of any of the payments or the pedorrtunce of any of the covenants of this mort~tage or the notes secured ~ hercby, and the Morigagee shaU have the right to enter upon the ptemises and collect same directly lrom persons in possessiun. ~ Mortgagor a~rees to execute any further documents evidencing such assignment as Mortg~gee may reasonably request fmm time ~ to time. 15-8. That in the event that at the beginning uf or at any time pending any suit upon this mortgage. or to fore.lose it, or ~ to reform it, and/or to enforce pa~~mem of any claims hereunder, said Hortgagee shall apply to the court haring jurisdiction s thercof for the appointment of a Receiver, such coutt shall forthwith appoint a Raeiver of nid mort~ged property all and ~ sit?gular, including all and singular rents, income. profits, issues, and revenues from whatever souree detived, each and every of , which, it bei~ expressly undentood, is hereb}• mortga~ted as if specifieally set forlh and described in the gnnting .nd habendum ~ dauxs hereof, ur any exhibitrherete,-s~ad. such Receirer shall have all the broad and ef'fecuve functions and powers in anyw•ise ? cnuusted by a court to a Receiver, and such appointment shaU be nwde by such court as an admiited equity and a matter of ab- ~ sotute right ro said Nortgagee, anQ without teference to the adequacy or inadequacy of any remedy at law or of the adequacy or = inadequacy of the value of the property mortgaged or to the solrency or insoivency of said Mortgagor or of any or atl of the de- ~ fendanu, and that such rents, profits, income, issues and revenues sha11 be applied by such Receirer according to the lien and/or equiey of said Mortga1eee and the practice of such roun. s l6. To pay all and siogulu the costs, chuges and expenses, including reuonabk lawyer's fees and fees for appel(ate work ~ and costs of absUact of tide, incutted or paid at any time by said Nortgagee bt~yuse ar?d/or in !he event of the failure on the ~ part o! the said Mortgagor to duly, prompdy and fully perform, discharge, execute, cffect, complete, oomply with and abide by l ~ each and every the supulations, agreements, conditions and corenants of said promissory notes and this mortgage, any or either, ; I and said costs, chuges and expenses. each and every, shall be immediately due and payable, whether w not there be notice, ~ demand, attempt to collect or suit pending: and the full amount of each and every wch payment shal{ bear interest from the s date thereof until paid at the same rate u is specified, in the notes secured hereby, u payable after detault in payment of said : notes and all said costs, char¢es and expenses so incurred or paid, tqtether Kith such intercst, shall be secured by the lien of this ~ mortgage. 17. 7'hat Mortgagor w•ill not permit any other tiens, mortgages or encumbrances aqainst the sa~d premises, and if any such liens, mortgages or encumbranres are incwred. x~hether paramuunt or subordinated to this mort~eage, \lortgagor will cause wch {iens, mortgaEes or encumbrances to Ix discharged immediately_ Without limiting the foregoing, 3hou(d there be a lien superior i in diRnity to the lien of this mortgage with ~iortgagee' run+ent, it is convenant and apJeed that should the terms of a lien superior in dignity to that of this mortg:~e be modified, altered or raried a•ithout the w•ritten consent of the Nortgagee herein, or should any lien superior in dignit)• to that of this murtgage 6e or hecome in default, then and in such e~~ent ihe Mor~g~gee herein may at its option accelente the indebtedness serured by this mortga~e and declaze the same to be all due and payable without notice to Mortpagot or any other person. !8. Mottpa~ee xhall ha~-e the right to charge any of :Nottvagor'c arcounts w•ilh ~iortgagee for any sums pa}•able as pro- rided herein or in the promtssory note secured hereby as such becumes due. 19. If the Mortgagee requests. Mort~agor will furnish the ~~ort~agee annually from the date of this mortgage instrument. unless some other date is agrced to between the pattits in wtiting, ~ certified audited 6nancial statement of the Mortgaeor ~nd annual complete statements of Nortgagor. If the Mortgagor's fisca! ralendar year shall not coincde with the date herein specified, then the date which the Nort~tagee shall specify shall be controlling. Mortgagor shall supply Mottgagee with such utlxr financial statements as Nortgagee may from time to dme tequest. 20. No ri~tht or remedy ptcvided herein for the ~fortpaget or pronded for the :?fottgagee in the notr ucured hereby shall be cumulativr and xverable. 21. Il is understoud and agreed that this mortgage is gi~~en to secure, in addit~on ro the note or obligation attached hereto, any additional loans or future advances made within the term ot this mortga~e loan lo said ~lortgagors`or any successor in title of said Mortp.agots of the propetty hereby conreyed; provided that the tot~) unpaiJ balance uf the indebtedness secu~ed hereby at any one time shall not exceed ~24 ~ 3nO _ OO plus interest theron plus any disbursements made br the Nortgagee for the payment of taxes, levies, insurance or othet clurges on the property encumtrered hereby, w•ith interest on such disburxments, court costs and attorney's (ees, including fees for appepate work. 22. This mortgage is subject to the terms. provisions and conditions of that certain Consiruction Luan rlgreement dated ~~jj~ , and said Coostruction Loan Agreement is by referenre incorpotated herein and made a put heteof, Default in the lecros of the Construction Loan Agreement sha!! constitute a default under the mnrtgage. E:.~t,~~ ?SGE . _ ~ - _ _ - - - - ...x_.