HomeMy WebLinkAbout0952 9. To deli+er ~ny absuact or rb.trarts uf titk or tiUe ~nsur?na pol~ry or puli:ias ru~ei~ng tf?c murtgsgrd pruprny tu
Nortgaitee ur its drs~g~ated rgrnt, w•h~ch ~hall at aU tunrs Jurin~ thr l~f~ of this mur~g;~r, remain in ~he possessiun uf thr Aiun•
gaaet and in event af the fure.tusure of this murt~age all r~ht, t~Ue and intetest uf the Alorigagot in :~txi w any such abstrxK or
hde shall pau to ~he purchaser at foreclosurc, huwe~er, all mortg:ytce uUc inwrana poficirs sh~ll ren~ain the property i~f
Nortgagee.
10. That no wai~r of aay covenant Aerein oi in tbe ubligations secured hereby shall at any time hercafte~ be held to be
a waiver of any of the othet terms hereof ot ot the notes secured hereby, not may Mo~tgagar rely on any course uf conduct by
Mortgagee ~ot specifinlly rcquired by this i~strumcot. That the Morlpgee, without nutice, may agree with any party obli~ted
on said mdebtalneu, ur having an interest in the security described herein, iu rznew or extend the lime ibr paymrm of any put
ur all uf the indebtcvlness secured hertby, without in any way atiecting either the litn hereof or the liability of any other party.
1 I. Tlut in order to accelente the matutity of the indebtrdrtau hereby securrd bec~use uf the failure of thr !?lortgagur
to psy any tax assrument, liability, obli~ation of enrumbranre upon said property as herein provided, it shall no~ be necrssary
nur tequisite that ttie Muttgag~e shaU first pay the same. • ~
12. That if the Mortgaaor shaU fail, negiect or rcfuse for a period of ten 0) days fully and promptly to pay the amounts
requirad to be paid by the notes hercby securcd or the intetest thereio specified or any of the sums of money herein re[erred to
or hereby secuted, or othervrise duly, fully aod promptly to perform, execute, comply with and abide by tach, every or any of
the covenants, conditions or stipulations of this mortgage, the promissory notes hereby securcd and/or !he construction loan
agrament, if any, then. and in either or in a~y of wch events, withont notice or demand, the raid aggegate sum mentioned in
said promitsory notes, less prevaus payments, if any, and any and all wms mentioned hercin or secured hercby shall become due
and payable forthwith or thereafter at the continuing option of the Mortgagce as fuUy and completety as if said aggegate sums
wea otiaimlly stiputated to be paid as such time. anything in said promissory notes ot herein to tht contrary notwithstanding, '
and the Mortgagee shall be- entitled thereupon or thereafter withoyt noji~~e or ~emand to iristitute suit at law or in equity to
entorce the right of the Mortgagee hereundet or under said promissory aote~ iq (he event of any default or brearh on the part
of the Martgagot hereunder or under said promissory notes, the Mortgagee shall have the continuing optan to en[ur~~e payment
of aU sums xcured hereby by action at law or by suit in equity to foreclose Ihis mortgage, either or both, concurrenUy a othar-
wise, and ane action or suit shall not abate or be a b2r to ot waiver of the Mortgagoe i right to institute or maintain the other,
provided said Mortgagee shall have only one payment and satisfaction of said indebtedness.
!3-A. Thal in the e~tnt that Mortgagor shall (1) consent to the appointment of a receiver, trustee or liquidetur of ~11
or a suDstantial patt of Mortgagor's assets, or (2) be adjudkated a bankrupt or insolvent, or fik a voluntary p~tition in bankruptcy
or admit in wTiting his inability to pay his debis as they become due, u~ (31 make a general assignment for benePt of creditors,
or (4) file a petition or answcr seeking reorganiz~tion or arrangement.with rreditors, or to take advant~te of any inwlvency !aw•,
or (51 file an answer admitting any of the material allegations of a petitiun fil~d against the Mortgagor in any bankruptcy, re-
or~anization ot inwlvency proreeding, or (6) action shall be taken by the Nortgagor for the purpose of effecting any of the fure-
going, nr (7) ~ny order, judgment or decree shaG be entered apon an rppliratiun of a creditor or \tottgagor by a rourt of com-
petent jurisdiction apptoving a petition seeking appointment of a recei~•er or trustee ut all or a substantul part of the :1l~rtKrgur's
assets and sucA order, judgment or decree shall continue unstayed and in effect fa any period of thiriy (30) consecutive days.
the Mortp,~gre may drelare !he notes hercby securod forthwith due and payable, whereupon the principal of and the interest
accrued on the notes and all uther sums hereby secured shall become forthw~ilh dur anJ p~yebie 3s if all of iht sasd susns e€
money were ori~rally stipulated to be paid ort such day; and lhereupon the Mo~tga~tee without notice or demand may pru~u:e
a suit at law and/or in equity u if all monies securcd hereby had matured prior to its institution,
13-8. That in the eve~t the premises hereby mortgaged, or any part hereof, shall be :ondemncY! •rnd taken tor pubtir use
under the power of eminent dorrwin, Jtortga~e shall have the right to rrquire thal atl damages awarded for the taking of or
damage to said premises shall be paid tu the Mortgagee, nut to exceed the then unpaid balance of this mortgage :tnd an~• ~um
secured themby, and at the option of the i~(ortgagee such amounts may t?e applied upon the payment ot pa>~ments last pa>•rble
hereun, ln 1he event it beromes ne~rcvr~• for the Nort~+gee to emplu~• counsel to protect its interest at am- ccmdemnation
pru~eedings, the Nortgagor shall immediarely upon demand reimburse the Nortgrgre for all reasonable expenses and attorneys'
fees thus in~urted, and xll such sums shall br deemed secured by the li~n of ihis mortgage_
~ !4. 'That the !1lorte~gee or any- perwn authorized by the Afurtgrgee shall have the right to cnter upon and inspect the
murl~:~ed premiscs at all reasonable times.
IS :4. That to further secure pa}•ment oi the indebtrdnrss of Ihe Nortgagor to the ~[ortgagee, the Mortp,agor dces hereby
srll, assign, Uansfer and set o~•er unto the \fottgagee all of the rents, issues, and pmfits of the murtgaged ptemises, and Murt~gee
ma~• at its option delay enforcing this assignment until any dtfault being made by the \tortgagor under the terms of this mort~a~
the notes secured heroby, and such assignmeot in any event shall remain in full force and effect so long as any default continues
ta exist in the making of any of the payments or the performance of any of the rovenants of this mortpage or the notes secuted
hereby, and the Mortgagee shall have the right to enter upon the premises and collect same directly from persons in posussiun.
Nortgagor agrees to exerute any further documents evidencing such assignmeat as hiortpgee may reasonably request from time
to time. -
1 S-B. That in the event that at the brginning oC or at any time pending arty suit upon this mortgage, ot ro foreclose it, or
to reform it, and/or to enfaree payment of any claims hereunde~, said ~fortgagee shall apply to the court havine jurisdiction
thereof for the appoiniment of a Rerri~•er, such rourt shall forthw~ith appoint a Receir•er of said mortgrged pruperty all arx!
singutar, inctuding all and singular rents, income, proGtc, issues, atwi re~~enues from w~hatever source derired, each and every of
w~hich, it being expresaly understood, is hereby mortFaged as if sperifirally ~et forth and described in the granting and habendum
clauses hereoC, or any exhibits hereto, and wch Recriver shall ha~Y all the broad and etl'ective functions and pow•ers in anyw ise
entrusted by a court to a Recei~~er, and such appointment shall be made by such court as an admitted equit?~ and a matter of ab-
wlute right to said !Nortgagee, and w~ithuut reference to the adequacy or inadequacy of any remedy at law~ or of the adequ•rc>~ or
irtadequacy oC ihe value of the property mortgaged or to the wlvency or imol~~ency of said Mortgagor or of any or all of the de-
fendants, and that such rents, profits, income, is.sues and tevenues shall be applird by such Receiver according to the lien and/or
equity of said Mortgagee and the practiee of such court.
16. To pay atl and si~ular the costs, chatges and expenus, inrluding re~sonable lawyer's fees and fees fur appellate v?•orlc
and costs of absVact of tide, incurred or paid at any time by sad Nortgagee beu~use and/or in the erent of the failure on the
part of the said Mortgagor to July, promptly and (ully pesform, dixharge, execute, effect, complete, comply with and abide by
each and every ihe stipulations, agreements, conditions and covenants of said promissory notes and this mortgage, any or either.
and said costs, chuges and expenses, each and every, shall be immediately due and payable, w~hether or not thete be notece,
demand, attempt to collect or suit perMing: and the full amount of each and e~ery such payment shall bear interest fro~n the
date thereof until paid at the same rate as is specifled, in the notes secured hereby, as payable after default in payment of s~id
notes and all said costs, charges and e~penses so incurred or paid, together w~ith wch interest, shall be serured by the lien of this
mortp,age.
17. That \1ort~agor w~iU not permit any other liens, mortgages or encumbrrnce~ :~ainst the sa~d premises, and if any surh
liens, mortgages or encumbran~YS are incurred, whether paramuunt or subordinat~d to this mortgage, ~lortgagor w•i!1 reuse such
liens, martgages or encumbrances to be discharged immediately_ Vkithout limitirtg the foregoing, should there be a lien superior
in dignity to the lien of this mortgage with MortRagee' consent, it is conrenrnt and agreed that should thr terms of a liin
su~rior in dtgnity ta that of this mortgage be modiFed, altered or tiatied w~ithout Ihe w•ritten consent of the ~tortgagee 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 may at its option accelerate the indebtedness secured bq this mortgage and declare the same to be all due and payable
w~ithout notice to Mortp.agor or 3np other person.
18. 1~lortpagee shall ha~Y the right to charge any of Mortgagot's accuunts w ith \fortgagee for any sums payable as pro-
~ided herein or in the promiswry n<~te secured hereby as wch becomes due.
19. lf the Mortgagee requests, \torigagor wi0 fumish the \lortga~ee annually from ihe date of this mort~age mstrument.
unless wmt other date is agreed to between ihe parties in W~riting, a ceni(ied audited financial statement of the \lortgagor and
annual compkte ztatements of \tortgaeot. If the Mortp,agor's fiscal calendar y~ear shatl not coincide with the date herein sperifird,
then the date Kfiich the Mori~agee chall ~pecefy shal! be contro0in~e. Rto:tgagor shrll supply Mortp.agee w~ith such other financul
statements as Nortgagee may from time to time request.
20. No righl or remedy prcveded herein for the Mort~agee or provided tor the \tortgaRee in the notr secured hereby shaN
be cumulative and s~~~erable.
21. It is understood and a~reed ~hat tfiis mottgage is gi~en to .rrure, in addition to the note or obligation atiached hereto,
any additional loans or future ad~ances rtude withm the term of Ihis morteage loan to said !~tortga~ors or any wccecwr in tiQe of
said Mort~ors of the property hereby conveyed: provided that the total unpaid balance of the indebtedness secured hereby at
any une time shall not exceed ~20, • 00 plus interest theron plus any disbursements made by she
lfortgagee for the payment of taxes, levies, insuranee or other charges on the Properry encam4ered hereby, M•ith interest on such
disbursements, court costs and attorney's fees, inc(uding fees for appellate work.
22. This mor~eage~is subject to the terms, prorisions and conditi~~ns uf that certain ('unctruction Luan A~reement drtrd
1V~ , and said Construction I.uan Agreement is by reference incorpor~ted herein and
made a put hercof. Default in the terms of the Construction Loan Agreement shall constiture a default under the mortga~e.
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