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HomeMy WebLinkAbout0517 9. To deliver any abstract or abstrac~: of titk or titk insunnce palicy or poliries core~~n` the mortaaaed properry to Mort~agee o~ its des~nated aitent. which shall at all times durine the life ot this mor[gase. ~emain in the poueu'aa o! the Mort- p~a and in event of the fottclosure of this mottpje all riYht. titk and intercst of tAe Mortga~or in and to any wch abstnce a dtle shaU pass to tt~e purchaser at foreclosuro. howerer, ~Q mortgaaoe tilk inwonce polic~es shaU ~emain the prope~ty of Mortis~ee. 10. That ~o wairer of sny covenant heroia or in the obli~atans secured he~ebr shall at any time hereafte~ be held to be a walver of any oi the other terms he~eof or ot the notes secured heroby. not msy Abrt~ar roly on aay course of coaduct br Mort~sjee not specltkslly ceyuiral by this L~strume~t. Thst the Mort=a4ee. without notice. may sjroe aith aar party obtipted on sa~d indebtedneu, or havin= an interest in the secudty described hercm. to renew o~ extend the time fo~ payment of auy put or atl ot the iedebtedaess secured heceby, without in any w~y aRectin= either the lien hereof or the liabiljty of any othec party. ! l. Thst in otder to accekrate the matutity of the indebtednest he[eby secured because oi the failure of the Mortgsaot to pay any tax assassme~t. lubility. obliaation of e~cumbranoe upoa said prope~ty ss herein provided. it shall not be necessary nor requisite that the Mortgagee shaU fint pay the same. 12. That if the Mortaasor shaU fW. nealxt or refuse for a period of ten ( l0) days fuUy and prompUy to pay the amounts roquired to be paid by the notes hareby secured or the intetest the~ein specified ~ any of tde sums of moaey hereia re[e~rcd to oi hereby secund. o~ otherave duly. [uUy and promptly to perfo~m, execute. comply with and abide by esch. every or am of the corenants. conditio~u or sNpulations of thh mortg~ge. the promissory notes hercby secured andlor the constructan ban atreement, lf any. then. and in either or in any of wch events, arithout ~otice or demand, tde said aage~ate:um mentaned ia said promissocy t~otes, less previous paymeats, if aay. aad any and aU wms mentioaed hereia or secured hereby shaU become due and payable forthw~ith or theruRer at the oontinuin6 option ot the Mortgagee as fuUy and compktely as it said aggegate wms w~ere oriAnally stipu4ted to be pald as wch time~ anythu~ jn said promissory notes or herein to the coauuy aot~vithsqadinE. and the Mortaaaee shall be entitled thereupon or thereafter without notia or demand to iriuitute wit at law~ or ia equity to enfaa the ri~t of the Mortgagee hereunder or undet sald ptomissory notes. In the eveat ot aay default or brpch on the part ot the Utort~or I~ereunder ot under said pmmissory notes, 1~1E MOttg~gCO SI11II hiVC 1I10 CODIIlIU11~ OPt10A t0 CQ~OtCE Piy[RO~Ii of sll wms secured hereby by action at law o~ by wit ia equity to foreclose this mortaaae. either or both. concvrready or oWer- wise, and one actioa or wit shall not abate o~ be a bu to or wraiver of the Mort~aa's right to iastitute or anintain the othet. provided said Mortga6ee sdaU have o~ty one payment and satistactan of said indebtedness. 13•A. That in the event that Mortgagor shall (t) consent to the appointment o[ a receirer. trusta or !'quidstoi of aU or a substmtial part of Mort~or's assets, or (2) be adjudiatod a bankrupt or insolvent, or fik a volunlaty petition m bankruptcy or admit in writinE his inability to pay his debts u they become due, or (3) make a 6enetal assignment for benefit of aeditors. or (4) file a petitae or aaswer seeking reorganization or anangement with creditors. or to take adwanuge of any insolv~ency law, or (S) fik an amwer sdmitting sny of the material aUegations of a petition fded against the Mortaagor in any bankruptcy, re- organiution or insolvency p[oceeding. or (6) action shall be taken bY the Mortgagor for the putpose of effecting any of the fora going. or (7) any order. judgnent or decree shall be eaterod upoa m application of a cieditor or Morigasor by a couri of com- petent jurisdiction approving a petition seeting appointment of a receiver or trustce of aQ or a wbstantial part oi the Mort~aoi s assets and such order, judgment or decree slull continue unstayed and in effect [or any period of thiny (30) consecutive days, the Monpgee maY deciue the nota hereby suurod forthwith due and payable. wdxreupon the principal of and the intaat aarued on the notes and atl other wms heteby secutcd shall become forthwith due and payabk as if all of the saiQ sums of money were originally stipulated to be paid on such day; and thereupon the Mortgagx w+ithout notice or demand may prosocute a suit at law and/or in equity u if all monies secured hereby had matured prior to its institution. 13-B. That in the event the premises hereby mortgaged, or any part hereof, shal! be rnndemned and taken Cot public use under the power of eminent domain, blortgagte shaq have the righi to require that all damages aaarded for 1he takinB of or damage to stid pramises shall be paid to ttx Mortgagee, not to exceed the then unpaid balaace of this mortgage and any sum securcd thereby, and at the option of the Nortgagce such amounts may be applied upon the payment or payments last pa~•abk hercon. In the event it becomes necessary for the Mortgagee to employ counsrl to protect its interest at any condemnation proceedings, !he 1Nortgagor shall immediately upon demand reimburse the Nortgagee for all reasonabk expenses and attorneys Cces thus incurred. and all such sums shall be deumed secured by the lien of this mortgage. 14. That the Mortgagee or any person authorized by the ~Nortgagee shall have the right to enter upon and in~pect the mortgaged premises at all rwsonabk times_ 15-A. 'Ilut to further secure payment of the indebtedness of the Mortgagor to the Mortgagee, the Mortgagor does hercby sell, auign, tnnsfer and set aver unto the Morigagee all oC the rents. iuues, and proGts of the mort~ged prcmises, and ~lort~gee may at its option delay enforcing this assignment uatil any default being made by the Mortgagor under the terms of this mortgaae the notes secund hercby, and such assignment in any event shall rertuin in full fotce and effect so long as any default continues to exist in the making of any of the payments or the pedwmance ot any of the covemnts of this mortgage or the notes secured hereby, and the Mortaagee shall have the right to enter upon the premises and colkct same directly from persons in possessioa Mon~pgor aitrees to execute any further documents evidencing wch assignment as Mortgagee may rcasonably request from time to time. IS-B. 7tut in the event that at the beginning of or at any time pending any suit upon this mortgage,or to foreciose it, or to reform it, and/or to enforce payment of any claims hereunder, said Mortgagee shall appty to the court having jurisdiction thereof for the appointment of a Receirer, wch couri shaU torthwith appoint a Receiver of said mortgaged property all and singulu, including all and singular rents, income, profits, issues, and revenues from whatever source derivrd, each and every ot which, it being eapressly understood, is he-eby morigaged as if specifically set [orth and dexribed in the gnnting and habeodum dauses hereof. or any e~chibits hereto, and such Receiver shall hare all the broad and effective funetions and powers in anyw•ix 4 entrusted by a court to a Receiver, and such appointment shall be made by such court as an admitted equity and a matter of ab- I solute right to said Mortgagce, and w~ihout rcference to the adequacy or inadequacy of any remedy at law or of the adequxy or ~ inadequacy of the ralue of the property mortgrged or to the solvency or insolvency of said Mortgagor or of any or all of the de- fendanis, and that such rcnts, profits, income, iuues and revenues shall be applied by such Receiver according to the lien andJor ~ eyuity of uid Mortgagee and the pnctice of wch court. ~ 16. To pay all and singulu the costs, chuges and expenses, including reasombk lawyet's fets and fees Cor appellate work . ~ and costs of absuact of title, incurred or paid at any time by said Mortgagee because and/or in the event of the failurc on the ~ part of tht said Mortgagor to duly, promptly and fuUy perform, discharge, execute, effect, rnmpfete, comply with and abide by qch and every ihe slipulations, ageements, conditions and oovenants of said promissory notes and this mortg~ge, any a either, ~ and raid costs, chuges and expenses, each and every. shall be immed'ntdy due and payable, whether or not there be notice. demand, attempt to coUect or suit pendin~; ard ihe full unount of each and every wch paymenYshall beu interest from the date thereof until paid at the same rate u is specified, in the notes secured hereby, as payable after default in pvymen~ of said notes and all said costs, charges and expenses so incurred or paid, together with such intercst, shall be secured by the lien of this mort~age. • ~ 17. That Mortgagor wilf not permit any other liens, mortgages or encumbrances against the sa~d premises, artd i( any such ~ liens, mortgages ot encumbrances are incurred, whethtr patamount or subordinated to this mortgage, Mottgagor w~ill cause sucfi liens, mortgages or encumbnnces to be discharEed immediately. Without limiting the foregoinR, should therc be a lien superior in dignily to the lien of this mortgage with Mortgagee' consent, it is convenant and agreed that should the terms of a lien ~ superior in dignity to that of this mortgage be modified, altered or varied w~thout 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 wch event the Mortgagee ~ herein rtuy at its option accelerate the indebtedness secured by this mortgage and declue the same to be all due and p~yabk without notice to Morlgagor or any other person. 18. Mortgagce shall have the right to charge any of Mortgagor's accounts with Mortgagee for any sums payabk u pro- a vided hercin or in the promissory note secured hereby as such becomes due. . ` 19. If the Mortgagee requests, Mortgagor will furnish the Atortgagee annually [rom the date of this mortgage instrument, ~ uNeu some other date is ap,~eed tu between the partees in writing, a arufxdauditsd financial statement of the Mortgagor ard ~ annual complete statements of Mortgagor. If the Mortgagor's fiscal calendar year shall not coincide with Ihe date herein specified, ~ then the date which the Mortgagee shall specify shall be contrdlirtg. Mwtgagor shall supply MortgaEee with such other financial ~ statements as ~lortgagee may from time to tirtx ~equest. j 20. No right ot remedy prcvided herein for the Atort~eagee or provided for the Mortgagce in the note secured hereby shall ~ be cumulative and severable. ~ 21. lt is urderstcwd and agrced that this mortgage is grven to serure, in addiuon to the note or obligation atuched hereto, ~ any additional loans or future advances made within the term of this mortgage loan to said Mortgagors ot any wccessor in title of ~ said Mortgagors of the properry hereby comeyed; provided that the total unptid balance of the indebtedness secured hercby at any one time shall not exceed ~ s~ , n~n _ nn plus intercst theron plus any disbursements made b~ the ~ Mortgagee for the payment of taxes, kries, insunnce or other charges on the proprrry encumbercd hereby, with interess on wch disbursements, court costs and attorney's fees, including fees for appellate work. ~ 22. 77?is mortgage is subject to the terms, provisions and conditions of that certain Construction Loan Agreement dated IIOt appl ieable ,~nd said Construction Loan Agrcement is by reference incorponted herein and , ~ made a paµ~6~teof. De6ult in the terms of the Construction l.oan Agreement shall constitute a default under thb mortaage. •r ~ f i .i . 1'~ 1.' :a ~ ~ ~ { ~ aoo~27~ ~ 5 I b _ . _ - - - - .~.~:=,3 _ _ = , . ,~t~ -