HomeMy WebLinkAbout0635 9. To delive~ any a0stnct ot abstracts of titk or title insd~nce policy or polirics co~Y~in6 ~he mo?tgated p:opcrty to
lllo~tsajee o~ its des~?ated agent, which sdal! st aU times durins ihe~ lite of tAis mortgage, remain in the posxssion of ~he Mort•
~ee and in event o[ the torcclosurc of this mortg~e aU ri~ht, title and i~terest of the Mortga~or in and to any such abstract a
title shaU pass to lhe purchuer at tacelowte. however. aU mortga~ee title inwran~~e pdicxs shall remain the prope~ty ot
Mott~ee.
l0. That rw wairer of iny covenaat herein or in t1~e obtiptans sscu~ed hereby slull ~t any lime hercaftei be held to be
a wtiiver o[ say of the othet terms hereof ot of tM aota seeu~ed hereby. nor may Mort~or rely oa an~ course of conduct by
Mo~tpjee nots~fka!~ roquired by tAb instrument. That the Mortpyee, without notice. may tgee w~th any puty o~lipted t
on sa~d indebtednea. or havL~ an interest in the ~ecurity desc~ibed herein, ta ronew or eztend the time [or payment of any part ~
or aU of the indebtedneu ~ecured hereby. without in any war aRectir~ either the lien heieof w the 1Lbility of any othet party.
1 t. That in order to accekrate the maiurity of the ipdebtedneu henby socured because of the failure of the Mortgagor ~
to pay any tax assessment, l'qbility, obliastion of encumbnnce upon said property u herein ptovided. ii shall not be necessary ~
nor requisite that the Mort~ee stuU fust pay the same. •
12. That if the Mor~or shaU lail. neskci or refuse tor a period of ten (l0) days fully and prompdy to pay the amounts ~i
roquirod to be paid by the notes heroby securod o~ the interest therein spccified or any ot thc wms of money henin ro[errM to '
or hereby iecured, or otdenvise duty. fi~ity and pranptly to pedarm. execute, comply with aad abide by eash, every ot any of }
the oovenants. co~dicioas ot :cipulatioas of ch~ monpee. the piomitsory notes heteby secured and/or the constructbn loan =
atreement. it any, tl~en. and in either or in any of wch events. without notice or demand. tht aid ag6reaate sum mentioncd in F
said promissory notes, less previous payments. J say, and aay and all sums mentioned he~eia or secuted hereby shall become due ~
and payable torthwith or thercaRer at the continui~ oQtion ot the Mort~ee as fuUy and rnmpletey u if said aggeaate sums ~
~re~e oripnstiy stipulatod to be paiQ u such tia~e. aaythi~ in said pmmissory notes or henin to tbe conuuy aotwithstaadina.
and the Mort~aee shall be entitie3 the~eupon or theteafter ~vithout notice or demand to iristitute wit at law or in equity to t
enforce the ritht of the Mortsseee hercunder or under ssld promiss~ry nata. ln the cveat of any detauft or brach oa the part
of the Alottga,sor heteuader or under raid promissory ~otes, the btortaagee shall have the contiauius optaa to enforce paymeet ~
ot all wms Sec~ted henby by actioa at law or by wit in equity to foreclose this mortaaga. either or both, coacutrendy or othea =
wise, and one action or suit shali aot abate ~ be a bu lo or waiver of the INortaagee's ri6ht to itatitute or maiatain the other. ~
pmvided said Mortga~ee sAall have only one paymeat and satisfactan of said indebted~ess. ~
13-A. That in tha event that Mortgagor shaU (1) consent to the appointment of a receiver, trustce or iquidator of ali ~
or a substantial put of Mortgagor~ asscts, or (2) be adjuilicated a bankrupt or insolvent, or fik a voluntary petition in baakruptcy
or admit in w~riting his inability to pay his debts u they berome due. or (3) make a general assignment for benefit of creditors, ~
or (4) file a petition or ansrver seeking reorganitatan or ananaement with crcditors, or to ake adraniage ot any inwlvency law~ ~
o? (5) file an ansrrer sdmitting any oi the materiai alkgations of a petition fded against the Mortgaaor in any bankruptcy, re-
organization or insolvency proceeding, or (6) action shall be taken by the Mortgagor for the purpose of efkrting any of the fore-
going, or any order. judgment or decree sh~l be entered upon an application of a crcditor or Mortgagor by a court of com-
petent jurisdiction approving a petition seekit~ appointment of a receiver or trustee of aU or a substantial patt of the Morigagor's
assets and wch order, judgmeat or decree slutl rnntinue unstayed and in effcct tor :ny period of thirty (30) rnnsecutive days.
the Morigasee may declue the notes hercby securod forthwith due and payable, whereupon the pri~cipal of md the interest
acerued oa the notes and all other wms hereby secured shall become forthwith due and payabk as if all ot the uid sums of
money were o I!y stipulated to be paid on wch day• and thereupon the Mortgagee without notice or demand may prosecutc ~
a suit at law and or in equity as if ap monies secured hereby had maturcd prior to its institution.
13-B. That in the event the prcmises hercby mortgaaed, or any part hercof, shali be co~emnod and aken for public use
under the porver of eminent domaia, Mortgagee shall hare the r~ght to roquire that aU dam~es awrarded for the taking oi or
damage to said premisa shall be paid to the Mortgagee, not to exceed the then unpaid balana of this mortgage and any sum
secured thereby, and at the option of the Mortgagee such amo~nts rtwy be applied upon !he qyment or payments last payabk
heteon. In the event it becomes necessary for the Mortgagee to employ counsel to protect its interest at any condemnation
proceaiings, the Mortgagor shall immtdiately upan demand rcimburoe the Mor~gagee for all reasonabk expenses and attorneys'
fees thus incurred. and all such sums shall be deemed secured by the lien of this mortg.ge.
14. Tbat the Mortgagee or any person authorized by the Mortgagee shaq havr the right to enter upon and inspect the
mortgqged premises at all reasonable times.
15-A. That to further secure payment of the indebtedness of the Mortgagor to the Mongagee, thc Mortgagor dces hercby
sell, usign, transfer and xt orer unto the Nfortgagee al! of the rents, iuues, and profits of the mortgaged premises, and Mortgagee ;
may at its option delay enforcing this auignment untD any default being made by the Mortgagor under the terms of this mortp.age
• the notes securod heieby, and such assignment in ~ny e~rent shall remain in [ull force and effect so lon~t as any default rnntinues
to exist in the making of any of the paylnents or the Qedormance of any of the covenants of this morisage or the notes secureA
hereby, and the MortgaEee shall have the right to eater upon the premeses and collect same directly from persons in possession.
Mortgagor agrees to execute any further documents evidencing such assi~tment as Mortgaaee may reasonably request from time
to time.
15-B. That in the event that at the beginning of or at any time pending any suit upon tha mortgaae.or to forecbse it, or
to reform it, and/or to enforce payment of any ctaims hereunder, said Mortgagce shall apply to the court ha~ing jurisdictan
thereof for the appointment of a Receiver, such court shall forthwith appoint a Receiver of said mortg.+ged propeny a!1 ard
singular, including al! and singulu rents, income, profils, issues, and revenues from whatever source derived, tach and every of
which, it being exprcssly understood, is hereby mortgaged as if specifiqlly ut forth and described in the gnnting and Fubendum '
dauses hereof~ or any exhibits hereto, and wch Receirer shall have all the broad and effective functions and pou•en in anyw•ive
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-
solute right to said Mortgrgee, and without reference to the adequacy or inadequary of any remedy at law or of the adequac~• or
imdeqwcy of the value of the property mortga6ed or to the solvency or insolrency of said Mortgagor or of any or all of the da
fendants, and that such rents, profits, income, iswes and revenues shall be applied by such Rectiver according to the lien and/or
oquity of said MortRagce ar~d the pactice of such court.
16. To Qay aU :nd singeilu the costs, chuges and expenses, induding reasonabk IawyePs fees and fees fot appellate work
md costs of abstract of title, incurted or paid at any time by said Mortgagee because and/or in the event of the failurc on the
patt of ihe said Mortgagor to duty, promptly and fulfy perform, discharge, execute, effect, complete~ comply with and abide by
each and every the stipul~tions, agcements, conditions and ooverunts of said promissory notes and this mortgage, any or either,
and said costs, chuges and expenses, qch and erery, sha0 be immed'ntdy due and payable, whether or not thett be notice,
demand, attempt to rnUect or wit pending; and the full amount of qch and every wch payment slull beu interest from the
date thereof until paid at the r~me rate u is specified, in the notes secured hereby, as payable after default in payment of said
notes and ail said costs, charges and expenses so incurred or paid, iogether with such interest, shall be secured by the lien of this
mortgage.
17. That Mortgagor will not permit any other liens, mortgages or encumbrances against the sad premises, ~nd if any such
liens, mortgages or encumbrances are incurred, whethet paramouni or subordinated to this moregage, Mortgagor w•il! cause such
liens, mortg~ges oi encumbnnces.to be discharged immed'utely. Without limiting the foregoing. should there be a lien superior
in dignity to the lien of this mortgage with Mortgagee' consent, it is convenant and agreed that should the terms of a lien
wperior in dignity to th~t of this mortgage be modifud, altertd or varied 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 erent the Mortgagte
herein may at its option accelerate the indebtednoss secured by ihis mortgage aod declare the same to be ap due and payable
witbout notice to Mortgagor or any other person. •
18. Mortgagee shall have the right to charge any of Mortgagor's accounts with Mongagee for aoy sums payabk as pro-
vided herein or in the promissory note ucured hercby as such becomes due.
19. If the Mortgagex requests. Mort~gor will furnish the Afortgagee annually from the date of this mortgage instrument.
unless some other date is agreod to betw•cen the parties in writing, a certified audited financial statement of the Mortgagor and
annual complete statements of ~tortgagor. If the Mortgagor's fiscal calendar yeu shall not coincide with the date herein specified,
thra the date Ahich the Nortgagee shall specify shall be controlling. Mortgagor shall wpply Mortgagee wilh such other financial
statements as Mort~ee may from time to time request.
20. No right or remedy prcvided herein for the Nortpagee or provided for the Mortgagee in the note secured hereby shalt
be cumulative and sevenble.
2!. It is understoud and agreed that this mortgage is given to secure, in addition to the note or oblig~tion attached hereto,
any additional Iwns or future advances made within the term of this mortgage foan to said Mortgagors or any successor in title of
said Mortg~on of the property hereby conveyeQ: providtd that the total unpaid b~bnct of the indebtedness xcured hereby at
any one time shall not exceed $ 7 7n ~ Qnp., nn plus interest theron plus any disbursements made br the
Mortgagee fo~ 1he payment of taxes, kvies, insunnce or other ctuTges on the property encumbered hereby, with interest on such
disbursements, court costs and attomey's fees, including fees for appel~ate work.
22, This mortga~e is subject io the terms, prorisions and conditions of that certain Construction Loan Agreement dated
and said Construction Loan Agreement is by rcference incorponted hereio and
made a put hereof. Dcfault in the terms of the Coattr~ction Loap Agreement shall constitute a default under the mortgage.
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