HomeMy WebLinkAbout0588 9. To deliver any abu~act or ab,tracts oi tilk ur title insuran~Y pulicy ur puhcie~ cuvrring ttx mortgaged propany to
Mortgagee o~ iu des~nated a~ent, whirh thall at alt umrs during the lite uf this murtg~gr, rcmrin m the pussrssion of the :yurt-
gagee and in erent of the furcclosurc of this mortgage aU right, tulr and i~terest of the Ato~tgagor in and tu any such rbstn~~t or
tiUe shxll pass ta the purehascr at• foreclosurc, hawtvar, all mortgagre tiUc inwran.-e poli~iee shall remain the proprrty of
Mortgagce.
10. That no waivY~ of a~y rovenant hercia or in the obligalions secured hereby stull at any time hereafter be hNd tu be ' '
a waiver of any of the other terms hereof or of the notes ucured hereby, not may Mortgagot rely on any course uf conduct by
Mortgagee not specifiaUy ~equited by this instrument. That the Mortg~gee, withaut notice, may agree with any party oblig~ted
on said indebtedneu. or haviog an interest in the securily desctibed herein, to renew or extend the time for payment of any part
or all of the indebtedneu secuted hereby, without in any way affeciing either the iiea hereof or ~hc lubilitf• of any other pa~ty.
11. That in order to accelerate the matu~ity of the indebtedness hereby secured because of Ihe failure of the Mortgagor
to pay any tax asxssment, liability, obligation of eocumbrance upon said pruperty as herein provided, it shall nbt be ntressary
nor requisite that the Mo~tgagce shaU first pay the same.
12. That if the Mortgagot shall fail, negRct or rcfuse for a period of ten (!O) days fu11y and prompUy to pay the rmounts
requireA to be paid by the notes hereby secured or the interest therein sQecified or any of ihe wms of moncy hetein referred to .
or hec~by secured. or otherwise duly, fuUy and promptly to ptrfo~m, execute, comply with and abide by each, every or aey of ~
tht coMemnts, conditions or stipulations of this mortgage. the promissory notes heroby securcd and/or the construction lu~n
agrcement, if any, then, and in either or in any ot such events, without notice or demand, the said aggogate sum mentioned in
said ptomisswy notes, less previous payments, if any~ and any and aU sums mentioned herein or secuted hereby shall become due
and payable (orthwith or thereafter at the continuing option of the Mortgaaee as fuUy and cortq~letely as if said aggregate sums i
w^ere originaUy stipulated to be paid as such time, anythin~t in said promiuory notes or herein ro thr contruy noiwithstanding, ~
and the Morlga~tee slull be entitled thereupon or thereafter without notice or dem3nd to institute suit at law or in oquity ta ~
enfocce the cight oi the Mortgagee hereunder or under said promissory notes. In the event of any default or breach on the patt
of the Mortaagor hereunder or under siid promisswy notes, the Mortgagee shall have the contiauing option to enfwce payme~l
of all sums securcd hereby by action at law or by suit in oquity to forcclose this mortgage, eithet or both, concurrenUy or other-~
wise, and one action or suit shatl not abate or be a bar to or waiver of ihe Mortgagce's right to institutt or rn3+ntain the other,
provided said Mortgagce shall have only one payment and satisfaction of said indebtedness.
l3-A. That in the event that Mortgagor shall (U cunsent to the appointment of a receiver, ttustee or liquidator ~if all `
or a substantial put of Mortgagor's assets, ot (2) be adjudicated a bankrupt or insolvent, or fik a roluntary petition in bankruptry
or ~dmii in wTiting his inability to pay his debts as they become due, or 131 make a general assignmem for benefit oC creditors,
or (4) file a petitiun or answ•er seeking reorganization or anangement with creditors, or to take •rdvantage of any insolvency law•,
or (S) fik an answ~er admitting any of the materia! allegations of a petition filed against.the Afo~tgagor in any bankruptcy, rc-
organization or insolvency proceeding, or (6) action shaU be taken by the Mortgagor for the purpose of effecting rny of the fore-
going, or (7) any order. judgment or decree shaU be entered upon an applicativn uf a creditor oi Murtgagor by a court of cum-
petent jurisdiction approving a petition seeking appointment of a rcceiver or trustee of all or a substantial part of the P1ortPrgor's
• ° aisets ~~Sd wch'oMet, judgntent or decree stull continue unstayed and in effect fa any period of thirty /30) consecutive days,
tht,llOdtbt~e:lpty :deela[e ths notes hereby serured forthwith due and payable, W hereupon the principal of and Ihe interest .
,s aoceued ;ot~ Ihe~ rotC~qnd ,all other sums hrreby xruted shal! become forthw•ith due and payabk as if all of the said sums of ~
money wYre originatly stipulated to be paid on such day• and thereupon the Afortgagee without notice or demand may prosecute ;
a suit at lavr atd/or in equity as if all monies secured hereby had matured prior to its institution.
13-B. That in the event the premises hereby mortgaged, or any part hrreof, shaU be condemned and taken for public use
under the power of eminent domain, MortRagee shall haYe the right to require that aU damages awarded for the taking of or
daniage to said premises shap be paid to the Mortgagee, not to excecd the then unprid balance of this mortg~e and any sum
~ecured thereby, and at the option of Ihe I?tortgagce wch amounts may be applied upon the payment or paymenu last payable
herron. !n the evenl it becomes neceuary ior the Mortgagee to employ coun~l to protect its interest at any rondemr?ation
proceedings, the Mortgagor shall immediately upun demand reimburse the Mottgagee for all reasonabk expcnses and ~ttorneys'
fees thus incurred, and all such sums shall be deemrd secured by the lien of this morty.age.
14. That the Aturtgagee or any perwn authorited by the lturtg~gee shall ha~•e thc tight to enter upun and inspe.•t thr
mor!g;~ed premises at all reasonable times.
IS-A. That to further serure pa~•ment of the indebtedneu of the Mortgagot to the Atortpagee, the Mortgagor dces hereby
' srtl, sssign, trar+sfet aod set o~~er unto ihe :1forlgagee aU of the rents, issues, and profits of the mortgagrd premises, and Mortgagee
may at its option delay enforcing this auignment until any default being made by the !Nortgagor under the terms of this mort~age
the notes secured hereby, and wch assignment in any e~~ent shall remain in full force and effect so long as any default cuntinues
to exist in the making of any of the payments or the perforrtwnce of any of the covenants of this mortgage or the note~ secured
hereby, and the \fortgagee shall have the right to enter upon the premises and coitect same direcdy from persons in possession.
Hortgagor a~¢rees to execute any further documents evidencing such assignment as Mortgagee may reasonably request from time
to time. ,
IS-B. That in the event that at the beginning of or at any time pending any suit upon lhis martgage.or to foreclose it, or
to reform it, and/or to enforce pa~~ment of any claims hereunder, said Afort~aKee shall apply to the court having jurisdiction -
thereof for the appointment of a Receiver, wch court shall forihw~ith appuint a Receiver of said mort_r,-rged property aIt and
singutar, including all and singutar rents, inrome, profits, issues, rnd revenues from whetever source derived, each and every of
w•hich, it being eapressl}~ understoud, is hereb~• mortgaged as if specifically set fonh and dexribed in the granting and habendum
clauses hereot, or any exhib?ts hercto, and such Receiver shall have att the broad and effective funcieons and pow•ers in anyw ice
entrusted by a rouri to a Receiver, and wrh appointment shaU be made by such court as an admitted equity and a matter oi ab-
solute right to said Mortg•rgee, and K•ithout referenre to the adequac~• or inrdequacy of any remedy af i•rw or of the :?deyuacp or
inadequacyr of the value of the property mortp.agrd or to the solr•ency or insolvency of said !Nottgagor or of any or all of the de-
fendants, and that such rents, profits, income, issues and revenues shall be applied by wch Receiver according to the Ikn and/or
rquity of said Mortgagee and the practice of w~h court.
16. To pay all and singular the costs, chugts and expenses, induding reasonable lawper's fees and fees for appellate w•orl- -
and costs of abstract of title, incurred or paid at any time by s~id \fortgagee because andJor in the event of the failure un the
patt of the said Mortgagot to duly, prompqy and fulty perform, discharge, execute, effrct, complete, comply with and abide by
each and every the stipulations, agreements, conditions and covenants of said prumissory notes and this mortgage, any or either,
and said costs, charges and expenses, each and every, shall be immedutely due and payable, w~hether or not therc be notice,
demand, attempt to coltect or suit pendin~; and the fulf amount of each and every sucb payment shall bear interest fto~n the
date thereof until paid at the same rate as is specifieti, in the nutes secured hereby-, as payable aCter default in payment of said
notes and all said costs, charges and expenses so incurred or paid, together w•ith such interest, shalf be secured by the lieo of this _
mortgage.
17. 7'hat Mortgagor aill not permit any othrr liens, mortga~s or encumbrances a~ainst the sr~d premises, and if any cuch
liens, mortgagrs or encumbranres :~re inrurred, u•hether paramount or subordinatrd tu this mongage, Nort~agor w~ilt cause such
liens, mortgages or encumbrances to be disch-rrged immediately. N'ithoul limiting the foregoing. should there be a lien superior
in dignity to the lien of this mortgage w~ith Mortgagee' consent, it is conrenant and agreed ihat should the terms of a lien
superior in digniry to that of this mortga~e be modified, altered or vancd w•ithout the w•ritten conseni of the Jlorigagee herem,
or should any lien superior in dignity to that of this murtgage be or berome in defauh, then and in such event ihe ~tortgagee
herein may at itx option accelerate the jndebtedness secured b~~ this mort~age and derlare the same to be afl due and payabte
without noticY to ~fortgagor or ~ny other person. • - ~
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18. !11ort¢aRee shsll have the right to rharge any of ~tortgaRor'c acrounts w•ith \Iartgagee for an~• sum~ payable a~ pro-
vided herein or in ihe promissory note secured hereby as such becomes due.
19, If the Morigagee requests, ~tortgagor will furnish the ~lortgagee annuatfy from the date of this mortga~e ~nstrumrnt. ~
unless some other date is agreed to between the parties in w~riting, a cenified audited firuncial starement of the ~{ort~agor and i
annual complete statements of ~fort~a~or. If the !1lortgagor's fiscal calendar year shall not ~oincide with the date herein cpecified, _
then the date which the ~tortFagee sh:~it sper~fy shalt be cantrolling. Mort~aRot shall suRply Mottpagee with such othet financial ;
statement~ rc Mortgagee may from time to tin~ request. a
20. No ri t or remed :
gh y prcvided herein for the llortp,~~ee or provided for the Mortgagee in the note se~ured hereby sh~ll
be rumulative and se~erable. . "
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2t, it is understcx~d and agreed that this mortFage is gi~en to secure, in addiuon to the note or oblip,ation attached hereto. ;
any niditional loans or future ad~ances made within the term ot this mongage loan to said Nort~a~ors or any wccessor in title of _ g
said ~tortga~ots of the property hereby conveyed; provided that the total unpaid balanre of the irtdebtedneu secured heteb~ at
any one time shall not exceed $65 i 00~ • 00 plus interest iheron ptus a~y~ disbursements made by the ;
~lortgagee (or the payment of taxes, levies, insurance or other charges on the property encumbered hereby, weth intecest on such
disbursements, court costs and attomty's fees, itnludin~t fees for appeRate work_ ~
22. This mortgage is subject to the tetms. ptovisions and conditiuns of that certain ('onstruciiort l,oan Agreement drted ;
N~A , and said Consiructiun L~~an Agreement ~s by referenre incorporated herein and ~
made a part hereof. I~fault in the terms of the Construction Luan A~reement shall constitute a default under the mortga~e. 3
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Q.:~~~85 ~ae~