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HomeMy WebLinkAbout0497 ~ 9. To dslire~ any abstnct or abstracts of titk or ti11e insutance policy or policies rnverina the mortga$ed property to 111ortga~tee o~ its des~~ nated agenl. which shaQ at all times during the life of this mortga~e, remaia in the pouess~on o[ the Mo~t- p~ee aed in event of the loreclosure of this mortg~ae sll ~ight. titk and intercst of the Mortta~o~ in and to a~y wch absttset or tiUe shal! pass to the purchase~ at foreclosure. howerer, aU mortaa6ce titk inwrance pollc~es shaU romain the property ot Ufo~tpaee. ' ' . 10. 71at ia wairer o[ aay corenant hercia or In ihe oblisatiorts socured I~ereby ~aU at my time bercafter be held to be a wraiver of sny of the oihet ternu he~eof or ot the eoles itcured bereby, ao~ may Mortga~or rely oa any courie of condun by Mort~se not~atia11~ cequired by this iasuument Tl~t the Mort6aEee, aithout notice. may aQee with any party obliaated on sa~d indebtedneu. or having an intercst in tt~e security described herein. to re~ew or exteod the time for payment of any part or all of the indebtedness secured heroby. without in aay wray aiTectirtg either the lien hereot or the Ihbility of my other party. 11. That ia order to accekrate the maturity of tbe iadebtedness hereby secured because of the failure of the Mort~agor to pay any tax assessmeat. lability, obliaation o[ encumbana upon said property as hercin provided. it shall ~ot be necessary ~ nor rcquisite ihat tl~e ~lortgsaee shall fint pay the same. 12, That if the Mortaafor shaU faii. ne6bct ot ~efwe fot a period of tea (10) days fully and prompdyto pay the amounts ~ requirad~ to be paW by the aotes hereDy ncured or the inte~est thenin specified or any of the wms of moaey herela re[e~rod to ; or hereby aecured. or otAerwi~e duly. fuUy and QrompUy to perform. execute. compiy with and abide by eacl~, every ot any ot the ooreaa~ts, coaditions or stipulations of this mort~fe. the promissory notes heraby secured aad/or the constructan loan a~roemeat. if aay. thea. aad in either or in any of wch eveats. wnthout ~otice or demand. the s~id aagepte sum mentioned in said promluorY oota. kss previous paymeets. if any. and aay and all wms meatioaed hereia or aecured hereby shsU become due aad payabk forth~rith or thereatter at t6e ooatinuin` optaa of the Mortpsee as futfy and oompktety as if s~id a~esate wms _ w~erc oriainaUy stipulated to be paid as such time. anything ia said pmmis~ory notes or herein to the contrary aotwitdsaading. and the Yottpaee shall be entitled thereupon or thenatter ~rithout aotioc or domand to iristitute wlt at la~v or in aquiry to enfarce the ri~ht of the Yortpaee hereunder or under said promiuory notcs. !n the eveat ot any default or brach on the part of the Mottp`ot hereunder or under aid promiuory aotes, ihe Nat~ee shall have the continuius optioa to enfora payment of all iums secuied hereby by actbn at law oc oy wit in aquity to foreclox this mortpse. eithw or both. concuirendy or otha- wise, and one actioa or suit shaU not abate or be a bu to or wairer of the Mortpgee's riaht to institute or maintain the othe~. provided ssid G[ottgaeee shaU hare only one p~ymeat ud sstisfactioa of stid iadebtedness. 13-A. That in the erent that Mortgagor shall (I) coment to the appointment of a receire~. vustee or liquidator of aii or a substantial put of Mortgasor's assets. oc (2) be adjudicated a bankrupt or insolvent, or f~7e a voluntsry petition in bankruptcy or admit in writinE his iaability to pay hu debts u they become due. or (3) make a Eeneral assianment for benefit of creditora, or (4) fik a petition or answer seeking reorganization w arnnaement w~ith croditon. or to take adrantaae of any insolvency law, or (S) fik an arower admitting any of twe material alkptions of a petition fikd against the ldortgaaor in any bankruptcy, re- organiution oc insolvency pro~YedinE, or (6) action shaU be Utea by the Mortbagor for tl~e purpose of effecting any of the forr going, or (7) any ordei, judgment or decrce shall be eatered upon an application of a creditor or Mort~or by a court of com- petent jurisdiction approvina a petition seeking appointment of a receiver or trustee of aU or a wbstantial Part of the Mortg,aaor's assets and wch order. judameot or decrce s6all contiaue unstayed and ia eftect far any period of thitty (30) ca~sxutive days, the 111o~tga6ee may declare the aotes hereby xcurod [orthwith due and payable, whereupon the prinzipal of and ihe interest ace~ued on the aotes aad all other wms hereby ucured shall become forthwith due and payabk u if aU of the aid sums of money wece o y stipulated to be paid on wch day; and thereupon the Mort6agee without aotioe or demaad may prosxute : a suit at la~r and or in equity u if all monies securod t~enbY had matured prior to iu iastitutioa. 13-B. That ia the event the ptemises hereby mortgaEed. or any part hereof, shall be rnndemned ans. :aken for public use under the power of eminent domain, Mortgagee s6a11 have ihe riaht to require that aU dama6es swatded [or ihe taking of or damaEe to said premises shap be paid to the Mott~aee, not to exceed. the then unpaid balaaa of this mortgage and any sum - secured thercby, and at the option of the Mort6sgee such amounts may be appliod upon the payment or Payments last payable hereon. ln the erent it becomes neceswy for the blortg~gee to employ counsel to protect its interest at any condemnation proceedinp~„ 1he Mortpaot shall immediately upon demand rcimburse the Mortgasee for aU reasorubk expenses and attpmeys' fees thus u~curred, and all such wms s1u11 be deemod secured by the lien of this mort6age. 14. Thst the Mortgagee or any person authorited by the Mortgagee shail have the right to enter upon'and jntpeft th~ mortgaged prcmises at all tasonabk times. . ~ ~ 15-A. That to further secure payment of ihe iadebtedness of the Mortgagor to the Mort~ee, the Moct6agorboe! hereby sell, usign. transfer and set over unto the Moitgagee all of the rent ~iuues, and profiu of the mortgaged prestises. attd Mortg~~e may at its option delty enforciu6 this assignment unt~ any default beiag made by the Mortgaaor under the tetms of ti't~s mottgaEe ~ the notes secured hercby. and such assianment in any event shall reauin ia fuU force aod effect so lons asan,~!! detayt ooatu?Ye; - to exist in the makina of any of the payments or the pedormana of any of the rnvemnts of thls mortgase ot t~e nates secl~ed~, hereby, and the Mort~ee shatt have the right to eater upon the prcmises and coUect same directly frpm paso~iin possession Mort6a6or aarea to execute my furiher documents evidencing such asaignment as Mortpseei msy reasonably'tequast fwfrtitMe to time. " ~ 15-B. That in the erent that at the beginning of or at aay time pending any suit upoa this mortaage,ot to forccbse it, or to reform it, and/or to enforce payment of any claims hereunder. said Mortga6ce shaD apply to the court having jurisdictan ; thereof for the appointment of a Rooeiver, wch court shall torthwith appoint a Receiver of said mortgagod property a0 and ~ singulu~ includinE all and singulu rents, income, profits, issues, and tevenues trom whatever wura derived. each and erery of which, it bei~g exp~essly understood, is hereby moriga6od as if specitically set forth and describod in the gnnting and habendum dauses hereof, a any exhibiu hento, and wch R~eiver shal! wve all the broad and enective functions and powers in anyv?•iu entrusted by a court to a Reaiver, and such appointment shall be made by such rnurt u an admitted oquity and a matter of ab- solute right to said Mortgagee, and without rekrence to the adeqwcy or inadequacy of any remaly at law or of the adequxy or inadequacy of the ralue of the properiy mortpged or to the solvency or insolvency of said MortgaEor or of any or all of the de- fendants, and that such ronts, profits, income. iswes and revenues sha11 be applied by such Reoeirer according to the lien and/or equity of said Mortgagce and the pnctice of wch oourt. 16. To pay all and sin~utar the cosu. chu6es and expaases, induding reasombk lawyer's fees and fces for appeUate work and costs o[ abstract of titk. incurted or paid at any time by said Mortga~ee bequse aad/or in the event of the failure on the put of the said Mortaaaor to duly, promptly and fully perform, discharge, execute, effect, mmplete, oomply with and abide by each and every the stipulations, a~eements, canditions and aoveoanu of said promissory notes and this mortgage. any or either, and said costs, c~u6es and expenses, qch and erery. stuq be immediately due and payabk, whether or not there be notice, demand, attempt to collect or wit pending; and ihe full unount of ach and erery wch payment shall bear interest from the date thereof unW paid at the same rate u is specified. in the notes secured hereby, u payabk after default in payment of said notes and all said costs, charses and expenses so iacurrcd or paid, together with such intercst, shall be secured by the lien of this mottgage. 17. That Mortgagor will not permit any other liens, mortgages or encumbrances against the sa~d premises. and if any such liens, mortgages or encumbrances arc i~urred, whether puamalnt or subordinated to this mortgage, Mortgagor wi0 cause such liens, mort6a6a ot encumbnnces to be diuharged immediately. Without limiting the foregoing, shouW there be a lien superior in dignity to the lien of this mortgage with Mortgagee' consent, it is convenant artd ageed that should the tetma o[ a lien superior in dignity to that of this mort6age be modifiod, altercd ot vatied without the written consent of the Mortgagee herein, or should any lien superior in dignity to that of this mortgage be or become in default, then and in such event the MorigaRte herein may at its option accelerate the indebtedness secured by this mortgage and declue the same to be all due and payabk without notice to Mortp~gor or any other person. 18. Mortgaget shall have the right to chuge any of MortgagoPs accounts wiih Mortgagee for any sums payable as pro- vided herein or in the promissory note securod hereby as wch becomes due. ~ 19. If the Mortgagee tequests, Mortg,~gor will furnish the Mortgagce annually from the date of this mortgage instrument, unless some other date is agrcod to betwcen the panies in writing, a certified audited fimncial statement of the Mo~tgagor and annual compkte statements of Mortgagor. If the Mortp~or's fucal calendar yeu shall not coincide with the date hecein specified, then the date which the Mortgagee shall specify shall be conudliig. Mortgagor shall supply Mortgagee with wch other financial _ statements as Mortgagee may from time to time request. 20. No right or rertxdy prcvided herein for the Mortgagee or prorided tor the Nortgagee in the note secured hereby shaU be cumulative and sererable. 21. It is understood and agreed that this mortgage is giren to secure, in addition to the aote or obligatan attached hereto, any additional loans or future advances made within the term of this mortgage loan to said Mortgagors or any saccessor in title of _ said Mortgagon of the ptoperty hereby conveyed; provided that the total unpaid balance of the indebtedneu securcd hereby at ~ any one time shaU not exceed $60 ~000• 00 plus interest theron plus any disbursements made br !he Mortgagee fot the payment of taxes, kries, insunnce or other charges on the property encumbered hereby. with interest on such disbursemeots, court costs and attorney's fees, inclndin6 Cees for appellate work. . 22. Tha mortSaEe is wbjsci to the .~erms, pmrisions and conditions of that certain Construction Loan Agreement dated N/A ~ and said Construction Loan Ageement is by reference incorporated herein and made a put hercof. Default in the terms of the ConsUUCtion Loaa ~rcement shall oonstitute a def~ult uhder the mottgaae. r . . ; i ~ - ~ ~ ~ , . ~ 275 ~ ~96 t ~ . ~ .