Loading...
HomeMy WebLinkAbout0134 9. To da6~er eny abctrart or ~h.tracts of titM ur titlc imurar.cr puluy w puli~ir. cuvrnng t)m mort~:~grJ pruExrt?' tu \lurtgagre ur its designattd ~g~nt. M•hirh ~h;~ll at ~q t~mr~ dunn~ thr lifr u1 this m~~itE:+ge, rcinain m the poc~ricwn oi U~r \I.~rt- gagce and m e~ent of the forerluwre ol" this mortgage aU nKht, titi~ ~nd intereu uf ihe 1lurtgagur~in ancl tu anl~ such ab~tract ~x titlr sh:?11 pau to the pu~chaser at farcclosure, how~ever, rll mortgagrr Utle ~nsur~nre polic~~s s:~all rcmrin thr proprrty cii \lurtgagee. 10. That no weivrr of any ru~rnrnt herCin ur in the obligaUons securrd heraby shall at any time hereaftet be held to be a waiver uf aoy of the uther terms hereuf or of the notes sacurrd hereby, nor may Mortg~gar rely on any cuur~e of conduct by Mortgatea not specifically requircd by this inst~ument. TF?~t the Mortgagee, without notice. may agee with any party ubli~ted on uid ~rtdebt~inru, or having an interrst in the security desrribed ht~rin: to renew or extend the time (or paymeni ol any p:u~ ur all uf the indebtedneu stcured hrreby, without in ~ny way atYecting eilhe~ the lien hereof or the Iia~iGty of any uthet party_ 11, That in order to ac~Ylecatc the maturiry of the indebtedness hereby secured because o[ the Cailu~e of the ~1ort~;a~or to p~y any tax assessment, liability, obligatiun uf encumbrance u{wn said property ~x herein provideJ, it sh:Jl not br nerr,wry nor rrquisite Ihat the Atuttgagre ihaU firsl p•ry the same, 12. That if the !?tortgagor shall fail, neglect o[ refuse fot a period of ten (10) days fully and prompdy to pay the amuunts required to Mt p:tid by the nutes hereby secured or the interest therein specified or any ~f the sums of money herein reierrrd tu or hereby securcd, or otherw~ise duly, fully and ptomptly to perfurm, execute, romply with arxl abide by each, every or any uf the co~enants, conditions or stipulatiuns of this murtgage, the promissup~ notes hereby secured and/or the construrtion luan :+areement, if any, then, and in either or in any of such erents, vrithout notice or demand, the said aggrrgate sum mrntiuned i~ ' said promissory notes, lass previous payments, if any, and any and all sums mentioned herein or secured hereby shall berome due and payable forthwith or IhertaRet at the continuirtg option of the Mortg~ee as fully and rumpletNy as if s~id ag,~eg~te sum~ wrrc orip,inaUy stipulatrd to be paid as such time, anything in said promiuory nutes or herein to the contrar>• notwithstanding, and the Mortpgee shall be entitled thereupon or thereafter w•ithout noti.Y or demrnd to idstitute suit at taw• or in eyuity tu enfwce the righl of the Mortgagee hereunder or under said promissory notes. In the e~~ent of any default or breach on the part of the 11lortgagor hereunder or undrr s~id promissory notes, the Mortg:~ee ~tull have the continuing uplan to enforce payment of att wms secu{rd hereby by artiun at law• w by suit in equit~• to foreclose this mortgage, either or both, roncurrently or other- wise, and one action or suit shall not abate or be a bar to or w•aiver of the Atortgrgee's right ta inctitute or maintain the other, pro~idrd s;~id ~lottgaaee shall have only une payment and satisfaction of said indebtedness. 13-A. That in thc evcnt that Alortttagor shall (1) consent to the appoiniment of ~ rereiver, uustee or liyuidatur uf al! or ~ substanti;il put of .yortgagor's assets, or (2) be adjudicated a bankrupt or insohent, or file a voluntary prtition in bankruptcy or admit in wTiting his inability ti~ pay his debts as lhey brcome due, or (3i make a general ass~gnment for bcnetit of rreditors, or 14) file ~ petition or answ•er seeking reorgrnization or artangement w•ith crrJitors, or to take advantage of any imoh•cnry law, cx (5) ~ile an answet admitting any of the material allegations of a petition tiled a~amst the !1lortgagor in an~ bankruptry, ce- org~niration or insol~rncy pro~reding, or (6) aciion shall be taken by the ~luttgagur for the purpose of etfecting any of the f~~re- goin¢, or any order, judgmrnt c~r decree shall be entered upon an applicrtiun ~f a crcditor or Mortgagot by ~ cuurt uf rum- petent jurisdirtion approving a petiUon seeking appoiniment ai a recci~•rr ~~r tru.trr uf ~11 or a.ubstaniul p~rf of shr ~la:tcagar'+ assets and such order, judgment or decree stwll continue unstayed and in eifect for any period of thirty 130) con~uti~e deys, the ~tottgagee may declare the notes hereby secured fotthwtith due and pa~~able, w•hereupon the principal of 3nd the interest acctued on the nota and all other sums hereby secured shall brcume furthx•ith Jue and payable as if all of the said sums of money w•ere originally stipulated to be paid on such day; and therrupun the !?for~gagee w•ilhout notice or demand may prose~ute a suit at law• snd/or in rquity as if all monies sccured hereby had matured prior to its institution. 13-8. That in the rrrnt the premi~s hrrrb~ mort~~Yrd, or any part hrrruf, sh~ll be condemnctii and taken for public use unJer the pow~er of eminent domain, ~IOfI~:1~.'Ct shall havr thr right to rcqwre that a11 damages awarded for the taking of ur dam.~te to said pre?pisec shall br paid to the \}ortgagee, aot to rxrced the thrn unpaid b:~lrnc~e of this mortgage and any ,um srrurrd thrreby, and at the opiiun of thr ~lortgagee wch ~mounts m~~~ Ix applird upon the payment or p~yments last payable hereun. In the e~ent it beromes nrcz.vey for the Nort~t~ecc to emplu~ roun.el to prutrct it~ interect at an>• cundrmnatiun procredings, tlle 1lor(~gu! shall i?nmrdi~trl~~ upun drmand reimbursc thr ~Iurtga~e fut all nasunablc t~p~nses and :?ttumc}'ti fees thus incurred, and al! wch sum~ ~all be dermed secured by the lirn uf thi~ mortea~r. 14. That the !lfortg~gee or rny petcon authorized by the ~turtgager shall ha~e thr nkht to entrr upun ~nd in;prct thr murt~~;ed premises at aU reawnable times. ' IS-A. That to further ~ecure p~ymrnt of the indebtrdnesc of thr ~turtg:~or tu the \fvrtgag~, thc Mortgagor dues he~rby ~ ~rll, ~~i~gn, tr•rnsfer arxi set uvet unto the \tort~agee all of the rents, ~~sue~, aod pwGts of the morlg~ed prrmice,, :~nd \tur~eaere rtuy at its uption delay eoforreng this auignmertl until any default being made by the~ btortgagot under the termc oC this mortcaer the notes secured heteby, and such assignment in any event shall remain in Cull force and effect so long as any detautr ri~minues r.. v.~:.~ rhP malcinv nf ,nv nf ~he oavmenic or the gerforrtwn~r uf any of the co~~erunts oi this mortgage or the notes secured ~ hereby, and the ~lurtga~ee shall have the right to ent~r upon the premises and coUeet s:ime direcUy from perwnc ~n pos~rcuun. ~ Nurtgagor a{zrees to ezecute any iurther documents eviden~ing such assignment as Mortgtgee may reasonably request fmm time to teme, - • • ~ ~ 't i . I S-B. That in the ecent thrt ai the brginning of or at any time pendine anp wit upun this mortgrge, or to forerluse it, or to reform it, and/ur to enlorce payment ~~f ~n~• claims hereurnier, said ~1ort~a~ee .ha(I apply to the cuurt hati•ing juricdirtiun ihereof fur the rppuintmen! e~f a Recri~~er, wnc ~outt shall forthwith appoint a Rerei~•er of viJ mo~teaeed prop:rt~• all arxi sineular, inrluding all and :in~:ular rents, inrume, protitc, iscues,-and re.~rnuec from whatrrer uzurcr derived, earh :~nd e~•ery ut which, it being expressty underuoud, i. hrrehy~ murt~aeed rs if .perihr~lly set furth ~nd dexribed in the Qranting and hahtixlum .lause, hereuf, ur any exhibits hrrrtu, and wrh Rereiver shall have all the broad and effertive functions and pow•erc in am•H ix entru~ted by a rourt to a Rerei~rr, and wrh appoinimcnt ~h•rll be made by wrh ~ourt as an aJmitred ryuity~ and a matter nt atr solute right t~ c-~id .yorteagrr, and uithuut referen~e to the adequac~ or inadeyurcy~ uf any~ remed~• at I;~w ur uC the :,deqwr~~ or ~ inadequacy of the value ot the propert}• mortga~ed or to the wl~ency or ince.l~•en~w• of caid ~1ort~aeor ur of am~ or all ol the de- frndrnts, and that wrh rents, profitc, incnme, icsues ~nc! revenue~ shall he applied by wrh Receiver arrording to the lien and/or rquit~~ of xaid ~tortg:~ee and the practice of ~uch court. 16, To pa~~ all and singular the ~osts, charges and expenses, includine reasunrblr lawyer's fees •rnd (ees far appzllate w~ork and rosts of abstract of titte, incurred or paid at any time by s;iid 1lortgaltee because and/or in the eti•ent uf ihe Cailurc on ihr part of the said ~fortgagor to duly, prompdy and fully perCorm, disch•rrge, exe:ute, effect, complete, comply w~ith and abide b~ I each and every the stipulations, agreements, runditions and corenants of said prumiswrp notec and this mortea~te, any or either. ' and sad rosts, charLees and expenses, rarh and everv, shall be immediately due and payable, uhether or not there be n~,ti~Y. demand, attempt to collect or suit pendmg; and the full amouni of each and evety such payment shall bear interest trum the date ~hereof until paid at the vme rrte as is speci~ed, in the nores secured hereb}•. as payable after default in paymrnt of said notec and all s-rid ruxts, char~es and e~pences x~ in.urred or paid, toYether u~ith surh interect, sh~ll ix secured b}• the I~rrt of this mortgage. 17. That Ntortgagor will n~~t perm~t :,ny othe~ Nens, mort~a~es or enrumbr~ncec ~eainst the ~id premises, and if ~ny such lirns. mnrtgages or enrumbrrnrr~ rre inrurred. whether paramuum or wburdinrted te this mortg:~r. ~IOf1FJ,k'Oi K'III cau~e wch liens, murt~aees qr enrumbrances to be diuharged immcdiatel~~. Without limitin~ ihe foregoine. chould thrre be a lien superiar in dignity to the lien of thic murt~~ee aith ~fort~rgee' ronsent. it ec rom~en~nt and dYll'ClI II1~1 .hould thr terms ~,f a licn su~rior in dignitq ti~ that uf this murt~aee be muJiiicd, ah~red or ~ari~d w~ith~~ut thc wntten consrnt ~~f thr tt~rt~~ger he~em_ or shuuld any lien supcrior in dignit> to that of ihis mortregc bc or becume in default, then and in surh r~~ent the Stortg~gee heirin may ri its optiun arcrlerate the ?ndebtrdnecz .e~ured h}~ thic mortY:,ge ::nd de:i;ue the came tu tn all dur and pa}able w'ithout notice tu \1ort~r~gur ur am~ othcr prnon. IR, 11ort~aeer chall hare the nght to chrrge any uf ~1urt~aeor'c acr~~unt. with ~lo~t~agre fiir am• sum. pa}~b1e ac pru- tiidrd hercen ur in the prom~ccur}~ notc ceiurrd hereb~ a~ curh berometi due. 19, If the ~tortga~ee Jequect~, ~turtgrEur will furnish thr ~turtga~rr 3nnuall~ tmm the date of thi. mortr~~~e m~trumcm. unles. ~~~me other date i~ ag;eed to between the partiec in writing. ~ certiiKd audited financial statement uf the lturtg~eur ~nd annuJ! roneplrte uatementc of 11ort~a~or. If the ~fortp.~gor's tiscal ralenJar )~ear shall not roincide uith the date herein ;pe:ifi~d. then the date which the ~tortfacer ,hall cperify shall Ix runuolling. ~torteegor ~hall cupply ~t~~rtea~ee with wch other finan.ul ,tetements ati ~tortga~ee may fr~~rn~timr to ttmc reque,t. 2A. \~i ri~ht or remed~ prcvided htrem f~~r the A1~~rtt~Yee u: pro~tded fnr thr ~1ort~~Yee in the n~~te ucured hereh~ ,h~ll be rumulati~e and se~•er:~ble. 21. It is underst~wd and aFreed that this mortg~ge ic Eicen to ,e.ure, m addiUon tu the note ur obligation atta~hed hereto, anr aJdihunel loans or futute edrancec m:~de u~~thia the term of ihis mvr.eage lorn Io sricl ~lott~~YOts ur anp succes,or jn t~Hr of v~d Nortea~ors e~f the propertp hereb}• ronveved; pmvided that the tutal unpa~d b~lance uf thr indebtedness serureJ hereb~ at any one time shall not excecd S 7~i _7Q ~ ~ pluc interest theron plus any disbursements rnade by the ttori~agee for the paymenl of t~~es, teviec, mcuranee or other charg~s urt the property encumbend hereby, a~th interect on such dicb~rcements, ruurt rosts and attorney'c fees. including fees for appellate w~ork. 22. This mort~age is subjert ro the lerms, provisionc and conditiunc uf that cc~tain ('unstruction Loan Aereenient dated =t. i , and said Cunstrur,iun L~~an A~reemint is 6}~ reference incorpurated hrrem and mrdc a part hereof. I~fault in the trrm+ of the Cunstructeon luan AFrecment chall celn~titute a default undet the mnrt~a~e. ~ : ~q~n n ~ ~'~,~~2~~ F~A~~ i34 600K (~rW PACE ~7~ .