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Home My WebLink About0681 9. Tu drlivcr rny abstract ur ~bfl(JCif uf t~lk ur uUe ~nwran~Y {wl~cy or policiec rovennR the mocttsjed ptopctty to Murtgaltee ur ~ts deu~cnateA ~~nt, wh~rh shell at aU umes durins thc life vf this murtgalte, rcmam ~n the puasesswa of the llu~t- gagee and m evint o[ ~he fuceriusurc of this morl~alte all ~pthi, utle ~nd mtcrcu of the Mungagur in and tu wy wch aDsuact o~ titk shall pass to the purehase~ at foreclosurc, howeva, aU mortgagee tiUe inwran.Y pdicies shall rcmaia the pwpcrty of Murtga~re. 10. That no wairer oi any corena~t hercin a in the obl~atans securod hereby s1uU at any t1rt~e hercafta Oe held to ~e a waiver of any of the othe~ terms hercof ot of the notes secuted hereby. nor may Mortaata rely oa any coune ot conduct Dp Mortaajee not specificaUy ~equired by lhis instrument. That the Mortp~ee. without notics, may ss[ee ~rith aay partr ob4pted j on srid ~ndebtcdness, or having an interost in tAe security described here~n, to renew oi extend the time fot payweat ot any Patt ~ or aU c?( the indebtodneu secured heroby. without in any way aRectin= either the lirn be«of o~ the liibdity ot anr other party. 1 l. That ie order to accekate the m~turity of the indebtedness hercby secured because of the failure of tAe llor~w to pay any tax assessment, liability. obtiaa~ion af encumbnoce upoo said property as herem providtd. it sluU aot be aecnsary nor rcquisite that the Mort6aaee shaU fint paY the same. 12. That if the Mort~ajo~ shaU fail. neEkct ot refuse for a period of ten f 10) day: fuUy ud p~ompdy to par the ainoueta required to be pald by the not~s hereby stcured or the interest therein spectified or any of the wms of moaey Aerein referred io or hereby securcd. or otherwise duly, fully and ptomptly to pedorm. execute, comply with and abide by exh, erery or aey d the covemals. conditions or stipulationa o[ this mortpee. the promissory ootes hereby secured and/or tbe constn~ct"aa loae a~treement, it any, then. and [n either or in any of such events, writhout notice or demand. the said sapepte wm mea[ioaed ie said promiswry notes, less prerious payments, if any. and any and aU sums mentioaed herein or secured he~eby shall bccaoe due and psyabk forthwith or theresfter at 1he conti~uine option of the Mort~ee as fully and compktely u if said a~eaate su~ wrrc o~ainally stipulated to be paid as such time. aaythina in said p?omissory note: or hereia to the ooatrary eotrithstand~. and the Ufort~~ee shall be entitkd ihereupon or thercatter without notice or demand to iristitute wit at law or m equity to enfa~ce tl~e riaht of the Mortaaaee hercunder o~ under xid promiuory notes. In the event ot any default or bracA oa tbe part of the MortsaEw heteunder or under said promissory notes. the Mortgaaee shall have the coatinui~ optioo to eataoe paymeet of a11 wms secured heroby by action at law ot by wit in equity to forcclose this mortgaae, eithu or both, ooacurreadr ar other- ~ise. and one action or wit stull not abate or be a Du to ot waivet of the No~tpaee's riaht to iastitute or maietain tDe other. providod said Mortassee stul! have only one payment and satiafaciion o[ said indebtedness. 13-A. That in the erent that Mortgagor shall (1) consent to the appointment uf a receirer, tiu:tee or Iq~idator of ad or a substantial put of MortRagor's asuts, or (2) be adjudicated a bankrupt or insdvent, or fik a voluatary petition w bankruptcy ~ admit in writina his inability to pay his debts u lhey become due, or (3) make a ~ceneral assianment fw benefit of cred~tors, or l4) fik a petition or answer ueking reoraanization ur arrangement with crediton, or to uke adranugt of aoy insolMCncy la~. or (5) fik an answer admitting any of the material aUegations of a petitiu~ filed against the Alonasaor m aay baniuuptcy, ra organwtan or insolvenry proceedina, or (6) action shall be taken by the Mo~tgagor for the purpase of ef[ectina any o( tbe tore- going, or (7) any order, jud~tment or dcctee shaU be entered upon an appli.~tion of a aeditor or Mort~or by a court of cora- petent jurisdiclion approvinit a petition setking appointment of a receiver or trusta of all or a wbstaatial part of the l~lortg~aor i assets and wch order. judgment ot decree shall continue unstayed and in effect for any period of thiriy (30) wasecuti~e days, the Mortpgee may declue the notes hereby secured forthwith due and payable, whereupon the principa! af aod the interest accrued oa the notes and all other wms hereby secured shall become forthw~ith due and payabk as if aU of the said wms ot money werc ori~inally stipulated to be paid on such day; and thereupon the Mortgagee without notice or demand may prosecuu • a suit at lavt and/or in equity u ii all monies secured henby had matured prar to its mstitution. 13-B. 71~at in the event the premises hereby mortgag~d, or any part hercof, shall be rondemned and takrn for public use under the power of eminent domain, Mortgagee sh.ll have the right to require that all damages awarded for the tskina ot or damage Io said premius shall be paid to the Mortgagee, not to exceed 1he then unpaid balance of this mort~e aed any wm secured thercby, and at thc option of the Mortgagee such amounts may be applied upon the payment or paymeats lau Qsyabk hereon. In the event it becoma necesury for the Mo:tgagee to employ counsel to protect its intercst at any condemoation proceedings, the Mo~tgagor shall immedutely upon dem~nd rcimburse the Mortg~gee for all reuonabk expcnses aad attorneys . fees thus inrurred, and all such sums shall be deemed secured by the lien of this mortgage: l4. That the Mortgagee or any perwn authorized by the Mortgagee shall ha~r the right to enter upoa aad inspect the mortRaged premises at all rwsonablt times_ - t5-A. That to further secure payment of 1he indebtedness of the Mortgagor to the Mortgagee, the l(ortpaor doa bereby sell, auign, tnnsfer and set ovet unio the Mottgagce aU of the teats, iuues, and profits of the morlga~ted prcmisei, and llortp6ee rtuy at its option delay enforcing this assignment until any default being made by the Mortgagor under tlx terms ot this mort~e the notes securcd heceby, and wch auignment in any event shall remain in full force and effect so long a: any default ooat~nues to exist in the making of any of the payments or the pedormance of any of the covenants of this mortaa~e or the notes secared hereby, and the Mortgagee shall have the right to enter upon the premises and collect same directly frpm persons ia possestion Mortpgor a6rces to execute any further documents evideneing wch assignment as Mortgagee rtuy rcasonabiy request from tiarc to time. IS-B. That in the event that at the beginning of or at any time pending any suit upon this mortaade.or to [oredose it, or to rcCorm it, and/or to enforce payment of any claims hereurder, said Mortgagee shall apply to the court havit~t jurisdiction thercof for the appointment of a Receiver, wch court shall forthwith appoint a Ra:eiver of said mortgaged propertY a6 aod singulu, including all and singulu rents, income, profits, issues, ~nd revenues from w~hatever source derived, each ud e•,ery of which, it being expressly understood, is hereby mottgaged as if specificaqy sel forth and described in the Eranting aad lubendum ~ dauses hereof, or any exhibits hercto, and such Receiver shall have all the broad and ef'fective functions and powets~o anywi9r ~ entrusted by a court to a Recciver, and such appointment shall be made by wch court u an admitted equity aad a matter ot ab- solute rqtht to said Mortgagee, and without rcference to the adrquacy or inadequacy of any remedy at lav or of the adequscy ur ~ inadeqwcy of the value of the property mortgaged or to the solvency or insol~-ency of said Mortgagot or of any or aU of the do- - fend~nu, and that such rents, profits, incume, uwes and rerenues shall be appGed by such Receiver acco~dina to tde lieo ~nd/or equity of said Nortgattee and the pnctice of such court. i ~ 16. To pay 111 and singular the costs, chuges and expenses, including reasonabk lawyer's fees and fees Cor appellate roilc and costs of abstract of title, incurred or paid at any time by said Mortga6ec because and/or in ihe event of the falurc oa We part of the said Mortgagor to duly, promptly and fully perform, dixharge, execute, effect, compkte, oomply ~ith and abide by each and every the stipulations, a~eements, Conditions and oovenants of said promissory notes and this mortEase, u~y a~ eit6er, R and said costs, charges and expenses, each and every, shall be immediately due and payabk, wlxiher or not there be aotioe. ~ demand, attempt to collect or wit pending: and the full amount of each and every such payment shall beu interest frao the date thereof until p:id at the same rate u is specified, in the notes secured hereby, u Qayable aRer default in payment of said notes and all said costs, charges and expenses so incurrcd or paid, together with such interest, shall be ~enucd by tl~e liea of this mongage. 17. That Mortgagor w~ill not permit any other liens, mortgages or encumbranca against tht nrd premises, ~nd ~f any wch liens, mortgaga or encumbnnces.are incurred, whether paramount or subordinatad to this mottg.~e, Mortgagor Rifl nuse surh liens, mortgages or encumbrances to be discharged imrtxdiately. Without limiting the foreguing, shoold therc be a lien wperar in dignity to the lien ot this mortgage with Diortgagce' consent, it is convenant and agrced that ~ould the ternu of a liea superiot in dignity to that of this mortgage be modified, altered or v~ried without the w•ritten consent of the !Nortgaaee Ixrcin, or shouW any lien superiot in dignity to th~t of this mortgage be or become in de(ault, then and in such er-ent the MoitbaEte herein may at its option accelente the indebtedneu secured by this mortgage and declart the sartx to be ap due and payabk without notice to Mortgagor or any other petson. 18. Mortgagee shall hare the right to charge any of Mortgagor's accounts with Mort~gee for ~ny wms p~yabk u pro- vided herein or in the promissory note secured hereby as wch becomes due. ,z 19. If ihe Mortgrgee requests, Mort~gor will furnish the MortgaRee annually from ihe datc of this mongaEe instrument, unleu some other date is agreed to betw~ten the parties in wtiung, a cernfrcd audhed financ~al statement of the Mort~gor and annual compkte statements of Mortgagot. If the Mortgagor's fiscal calendar year shall not coincde with the date herein spedfied, then the date which the Mortgagee shall specify shall be controllina. Mortgagor shall supply Nortp.agee with wch o.her financul ~ statertxnts as Mortgagee may from time to time request. a ~ 20. No right or remedy pr~vided herein for the Mortgagee or provided for the Mort~agee ~n ihe note securcd hercby shall ~ bc camulatire and severable. 21. It is understood and agreed that this mortgage is given ro secure, in addiuon to the note ot obliptan attxhed Aereto, any additional loans or future advances rtude within the term_of this mortgage lorn to sad Mortgagors or any succeuor m title of ~ said Mortgagors of the property hereby conveyed: ptovided that ihe t~tal unptid balance of the udebtedaas sewred 6ercby at ~ any or.e time shall not exceed 2~.., 000 • 0~ plus iNercst theron plus any d~sburxmenu m~de b~ the MortPa6oe for the payment of uxes, levies, insuranee or other clnrges an the property rncumbercd hereby, w~t~Tiatereu on wch ~ disbursements, court costs and attorney's fees, including fees for appellate work. 22. "Ihis mortgage is subject to the terms, provisions and conditions of that certain Conitruction Loan Agrcement dated ~ N~A , and said Construction Loan Ageement is by rcfereaoe incorpontod hercm and - made a put hereof. Default in the terms of the Construction Loan Agreement shall constitute a default under tbe mortga6e_ ~ - OR ~ -6~~K285 67i ~ . ~ s ' • . - - - - - - - - _ _ . . . . _ _ - ~