HomeMy WebLinkAbout0886 9. To dtlive~ any abstract or •rbstracts of tilk ot litle insurance policy or policies covering the morigaged property to
Mottgaltee or its des~gnated agent, which shall at all times during the life of this mo?tgage, romain in the pususswn o( the Mo~t-
gaga and ~n event of the foreclosure af this mortp
ae all right. titk and intercst of the I?iortpgor in and to any wch ~bstnct or
title s)ull pau to the purchaser at foreclosute, however. all mortgagee titk inwnnre policies shall remain the property of
Mortgagee. ,
10. Thst no waiver of any covenant herein or in the obli6ations mured hereby shaU at any time hereafter be held to be
a Mraiver of aoy oi the other terms hereof or of the notes secured hereby. nor may Mortaagot rely on any course ot conduct by
Mortpgee not ipeciticaUY ~equired by this instrumeat. That the Mortp4ee. wilhout aotice, may aBee with any party obli,pted
on sa~d ~ndebtedness. or havina an ioterest in the security described hercm, to rcnew or extend the tlrtee for payme~t of any put
o~ all of the indebt~dness secured hereby, wiihout in any way affectir~ eithe~ the lien hsreof or the liability of any other party.
t 1, Thst in order to accelarate t6e maturity of the indebtedness hercby secured because of the failure of the Mortgagor
to pay any tax assessment. lubility, obli~ption of encumbnnce upoo said property as heroia provided, Il SII]II IIOI bC MIYSSa[Y
oor requisite that the Mortgsaee shaU fint pay the same. ~
12. That if the Mortaa6or shaU fail, neglect or refuse for a period of ten (10) days fully and prompUy to pay the amounts
~quired to be paid by the notes hereby securod or the interest thecein specified or any of the wmsof money heroin referted to
or heteby secured. oz otherwise duly, fuUy and promp/1y to pedo~m. execute. compty with and abide by esch. evbry or any of
. the covenants. conditiora or stlpulations of this mortpge, the promissoty notes hereby secured and/ot the constructan loan
agrcement. i( aay. then. and in either or in any of wch events, without notice or demand. the uid aggegate sum mentioned in
said promissay notes, less previous payme~ts, J any. snd any aad aU wms mentioaed herein or aecund heteby shall become due
and payable forthwith or thereatter at the oontinuing option of the Mortga6ee as fuUy and compktely as if said aggrcgate sums ~ ~
werc odainaqy stipulated to be paid as such time. anythina in said promissory notes or herein to the rnntruy notwithstandina,
and the Mortpgea shall be entitled thereupon or WenaCtei without notice or demand to in'stitute suit at law or in equity to
enface the right of the Mortgagee hereunder or under said ptomissory notes. In the event of any default or breach on the part
ot the Nottaaaor hereundet or under said promiuoty notes. the Mortaagee shall have the contiaui~ optian to eafocce payment
of all sums secured hereby by action at law or by wit in eQuity to forcclose this mortgage, either or both, rnncurreoUy or other-
wise. and one action or suit shaU not abate or be a bu to or waiver o[ the Mortpgee's right to institute or ma9ntain the other.
provided said Mottga6ee shall have only one payment and satisfaction of siid indebtedness.
13-A. That in the erent that Mortgagor shall (1) consent to the appointment of a receiver, trustee or liquidator of all
or a substantial part of Mortgagot's assets, ot (2) be adjudicated a bankrupt ot insolvent, ot fik a voluntary petition in bankruptcy
or admit in writing his inability to pay his debts as they become due, or (3) make a general assignment for beneft: of cceditors,
or (4) fde a petition or answer soeking reorganization or anart6ement with crediton. or to take advantage of any insolvancy law.
or (S) fik an aniwer admitting any of the material alkga tions of a petition fded against the Mortgagor in any bankruptcy, re- ~
organization or insolrency pra,-eeding, or (6) action shaU be taken by the Mortgagor for the purpose of effecting any of the fore- 1
going, or (7) any ordei, judgment or dxcree shaU be entered upon an application of a creditor or Mortgagor by a court of com-
petent jurisd~ction approvu~g a petition seeki~ appoi~tment of a rcceiver or trustee of all or a substantial part of the Mortp~goi
s
assets and wch order, judgment or decree shall continue unstayed and in eifect fa any period of thiriy (30) consecutive days, i
the Mortpgee may declue the notes henby securod forthwith due and payable. whereupon the principal of and the interest
accrued on the notes and all other sums hereby securcd shall become forthwith due and payabk as if all of the said sums of
money werc o naUy stipulated to be paid on wch day; and thereupon the Mortgagee without notice or demand may prosecute
a suit at law ard~or in equity u if all monies securcd hereby had matured prar tu its institution.
13-B. That in the erent the premises hereby mortgaged, or any part hereof, shall be condemned and taken for public use •
under the power of eminent domain, Mortpagee shall have the right to require that a0 damages awatded for the taking of or
damage to said premices shall be paid to the Mortgagee, not to exceed th~ then unpaid balance of this mortgage and any sum ~
secured thereby, and at the option ot the Mortgagee such amounts may be applied upon the payment or payments last payable '
heteon. In the erent it becomes necessary for the Mort~gce to employ counsel to protect its interest at any condemnation }
proceedings~ the Mortgagor shall immediately upon demand reimburse the Mortgagee for all reuonabk expenses and attorneys'
fees thus incurred, and all such sums shall be deemed secured by the lien of this morCgage.
14. That the Murtgagee or any person authorized by the Mortgagee shall have the right to enter upon and inspect the
mortgaged premim at all reasonable times.
! 5-A. That to further secure payment of the indebtedness of the Mortgagor to the Mortgagee, the Mortgagor does hereby 3
sell, assign, transfer and set over unto the Aiortgagee all of the rents, iuues, and prufits of the mortgaged premises, aod Nort~gee
may at its option delay enforcing this auignment until any default being made by the Mortgagor under the terms of this mortgaEte
the notes secured hereby, and wch assignment in any event sha11 remain in Cull force and effect so long as any default mntinues ~
to exist in the making of any of the payments or the pedormanee of any of !he covenants of this mort~tage or the notes secured .
hereby. and the Mortgagee shall have the right to enter upon the premises and collect same ditecily from penons in possession. 4
Nortgagor agrees to execute any further documents evidencing wch assignment as Mortg~gee rtuy reasonably request frorte time ;
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to tlme. '
1 S-B. That in the event that at the beginning of or at any time pending any suit upon this mottgage, or to foreclose it, or
to reform it, and/or to enforce payment of any daims hereunder, said Mortgagee shall apply to the court having jurisdictan
'i thereof for the appointment of a Receiver, such court shall forthwith appoint a Receiver of said mortgaged property aU and
i singular, includinR all and singular rents, income, profits, issues, and rerenues from whatever source derived. each and every of
vehich, ii being expressly understood, is hereby mortgaged as it specifically set forth and described in the granting and habcndum
~ clauses hereof, or any exhibits hereto, and such Receiver shall have all the broad and effective functions and powen in an~wise
f entrusted by a court to a Receiver. and such appointment shaU be made by such court as an admitted equity and a matter of ab-
~ solute right to said Mortgagee, and without reference to the adequacy or imdequacy of any remedy at law or of the adequac~• or
~ inadeqwcy of the value of the property mortgaged or to the solvency or insolvency of said Mortgagot or of any or all of the de-
fendanu, and that such rents, profits, income, issues and revenues shall be applied by such Receiver according to the lien and/or
~ equity of said Mortgagee and the practice of such court.
! 6. To pay alf and singulu the rnsts, chuaes and expenses, including reasonable tawyer's fees and fees for appellate work
~ and costs of abstract of tide, incurrod or paid at any time by said Mortgagee because and/or in the event of the failure on the
part of tht said Mortgagor to duly. promptly and fully petform, discharge, execute, effect, complete, wmply with artd abide by
qch and every the stipulations, ageements, conditions and rnvenants of said ptomissory notes and this mortgage, any or either,
and said costs, charges and expenses, cach and every, sha11 be immediately due and payabk, whether or not there be notice,
demand, attempt to collect or suit pending; and the full amount of ach and every wch payment shall beu interat from the
date thereof until paid at the same rate as is specified, in the notes secured hercby, u payable after default in payment of said #
notes and all said costs, charges and expenses so incurred or paid, together w~ith wch interest, shall be secured by the lien of this ;
mortgage.
17. That Mortgagor will not permit any othrr liens, mortgages or encumbrances against the sa~d premises, and if any such
liens, mortgages or encumbrances are incurred, whether puamount or wbordinated to this mortgage, Mortgagor wi0 cause such
liens, mortaages or encumbnnces to be discharged immediately. Without limiting the foregoing, should there be a lien superior
~ in dignity to the lien of this mortpage w•ith Mortgagee' consent, it is convenant and ap.reed that should the terms of a~ien ~
superior in digniry to that of this mortgage be modified, altered or varied without the written consent of the Mortgagee herein,
or xhoufd any lien superior in dignity to that of this mortgage be or become in default, then and in wch er~ent the Mortgagee _
herein m~y at its option accelerate the indebtedness secured by this mortgage and declare the same to be all due an~ payable ;
without notice to Mortgagor or any other person.
18. Mortgagee shall have the right to charge any of Mortp.agor'.s acrounts with Mortgagee for any sums payable as pro-
~ided herein or in the promissory note secured hereby as such becomes due.
19. 1f the Mort~tagee requests. Mortgagor will furnish the Nortgagee annually from thedate of thu mortgage instrument, ;
~ unless some other date is agreed to brtween the parties in writing. a cerufied audited financial statement of the Mortgagor and
~ annu~l complete statements of Nortgagor. If the Mortgagor's fiual calendar year shall not coincide with the date herein specified,
then the date which the Mortgattee shafl specify sha11 be conttollitqt. Atortgaeor shall supply Mortgagee with such othet financial
~ statemenis as Mortgagee may from time to time request.
20. No right or remedy pmvided herein for the Alorlgagee or provided for the Mortgagee in the note secured hereby shall
be cumulattve and severabfe.
21. It is understood and agreed that this mortgage is given to secure, in addition to the note or obligation anached hereto,
any additional loans or future advances made within 1he term of this mortgage loan to said Mortgagors or any wccessor in title of
~ said Mortgagors of the property hercby conveyed: provided that the tolal unpaid balance of the indebtedness secured hereby at
any one time shall not exceed - plus inierest theroo plus any disbursemcnts made br the ,
Mortgagee for the payment of taxes, lenes, insurance or other charges on the property encumbered hereby, with interest on such
disbursements, court costs and attorney's fees, including fees for appellatt work.
a~.
22. This mortgage is subject to the terms. provitions and conditions of that certain Construction Loan Agreement dated
IQ~A and said Construrtion Loan Agreement is by reference incorporated herein and
made a put heteof. Default in the tetms of the Construclion Loan ~rcement sh~ll constitute a default under the mortgage.
`s'oc~ 268 PaGE $85