HomeMy WebLinkAbout0226 9. To drli~rr any abitra.•t ur ah~tra.ts u! ti~k ~~r uilr ~nsur~n:r p.~hry ur p~,li.~rs ruvcr~~ the awc~~agrd pruprrt~ tu
~tottK:ytcr ur i1s dr~~gnated agrnt. wiu.h ~h~~l ~1 all Un?as duriaK ihr ldc ui thi~ nwn~agr, rcmain m ihc p~~~,r..iun uf thr ~lu~t-
gagre ~nd in r~ent ol' the fureclucure o! this mo~t~ge aii right, tiNe :,nd ~ntrrrst uf the ~tortg~gur in ~nd Iu rny ,uch ~b~u:+et or
uUr shall pass to tht purrhas~r at Cureclusurt, howevrr, all mortgagre ~iUe inwranre pulicie~ ~hall nm~in the pn~ptny ~~f
Nottg~gee.
10. That no waiver of any covrn;?nt herein or in tRe obli~atiuns securud hnrrby shall at any time hercafter be held to be
a y~aiver uf any uf the other terms hereut or of the naes secured hereby, not may Atortgagor ~ely on any cuu~se uf conduct by
s._ sr ._.._..u3 .,;•l~~~r n.-_.ee,r m~v ~~rle avitle sny partY ~~hliK~+ted
Nortgagee not specit~caUy reqwred 0)• tn~s ~ns?rumroi. Tii.ii .......6,.6...,
on crid ~ndrbt~viness, or having an interes~ io the security described herein, tu rennw~ or rxtrnd the time for pnyment .~t •rny p:ul
oi all of the inJebtedness stcurcd hereby, w•ithout in any w~ay affecting eithe~ thr litn heteof ur thr liability o~ ;?ny other parq•.
I1. That in order to accrlerate the maturity of the ind~btrdnecs hereb~• secund berausr uP the failure uf the ~tart~~gor
to pay any t~x assessment, liability, obligatiun of rnrumbr~n~r upon saed pro~xrty henin providrd, it shall not tx ner~,vey
nur requisite ihat the Murtg:~re shall first pay the same. '
12. That if the Hortg~tor shall fail, nrglect or r~fuse for a period of ten (l0) 3ays fully and promptly to pay the amoun?s
requurd to be paid by the nutes hareby secured or the interest therein ~?tcefied or an)' ot thr ~ums of munry hercin reterrrd tu
or hereby secured, or otherwise duly, fuUy rnd promptly to perform, extcute, comply w~th and ~bide by each, ever~• or any uf
the corenents, conditions or stipul:~tions of this murt~ge, the promissory notes hereby serured and/or ihe cunstrurtiun lu:,n
:+greemrnt, if any, thrn, and in either or in any of such erents, without ni~tice or dem:~nd the said a~regate sum mentioned in
rrid promissory notes, less previous payments, if any, and a~y ~[d?aU tu~ns mldtion~d.1~~ei~1 or secured hereby shatl becort~e due
and payable forthwith or thereaftrr at the ooniinuing option oE thE Moit~eag!! as fLlly an~completely as if said aggregate sums
vaere ori~mlly stipulated to be paid u such time, anything in said promissory notes or ltercin ~o the contraty notw•ithstandmg,
and the No~tgagee shall be entitted th~teupoa ot tAeteafter without noti~~e or demartd to inititute suil at law ot in eyuitp to
eaforce the right of the blortgagee hereunder or under said promissory notes, ln the event of any default or breach on the part
ot the Mortgagor hereunder or under said promissory notes, the Mortg:igee shall have the continuing option ro enforce payment
of aU sums securrd hereby by action at law or by suit in equit)• to foreclose this mortgage, rither or both, concutrently or other-
K~se, and one acticsn or suit shall not abate or be a bat to or waiver of the !?lort~gee's right to institWe or maintain the othet,
providrd s~id ~fo~igagee sh~ll have only one p~yment and satisfaction.of said indebtednzss.
13-A. Ttwt iri the e~rnt that AiortgaKOr shall ) cunsent to the appointment ol a receiver, trustee or Ipuidator of all
or a substantial part of ~turtgagor's :~ccets, or (2) be adjudicated a hankrupt or inwhrnt, or file a voluntary pelition in bankruptcy
~ or :~dmit in ~aTiting his in~bility to pa}~ his debts as they b~come duc, or (3) m:?ke a~enrr•r! ass~gnme»t foi benefit of creditors,
or (4) file a petition o~ ansWer seeking reorganizatiun or arrangement with creditorc, or N take ad.antage of any ~nwlvcnry law,
OI f1~C dIl aI1SK'C~ admitting any of ihe material alle~alions of a petitiun tited ~gaimt the ~IU([~':IKUf 10 3!I)' b3fiICfUPti)', 7C-
~~rgrnication or insolvency proreeding, or (61 action shall t?e taken b~• the ~fortgrgor fur the purpose of effecting ~ny of the fure-
~eoing, or (7) any order, judKmrnt or dccree shall bc cntered upun an applicativn uf r rreditur or Alortgagor by a ruurt of rom-
petent jurisdirtion appro~ing a petitiun seeking appointment of a rereiver ur ttuctee c,l ~U or a wbstantial pat~ of the \to;tg~gor't
assets and sueh order, judgment or decree shall continue unstayed and in effect Cor any period of thirty f 30) concecutive days,
the Nortp~gee may dectare the notrs hereb~ secured fotthwit6 due and pr}•able. K~hereupon the prirtcipal of anii the interest
ace-rucd on the notes and all other sums hereby secured shall become forthw~ith due and payable as if all af the said wmc of
muney w~ere originaUy stiFulated to be paid on such day; ~rni themupun the ~loriga~eee u~ithout noti~r or drmand may procecutr
a suit at law and/or in equity as iiall monies secured hereby had matumd prior to its institution.
13-8. That in the e~-~nt the premises hereby mortKagrJ, or rny prrt herroi, shaU be condrmnrd and taken tor public u~e
ur?der the pow•cr of rminent domain, ~1urlgaKee xt?all ha~~~ the ri~ht tu rryuire th~t all dam:~,es :~u~arded for thc taking of or
dara:~e to said premises shall be paid to the ~fortragec, nut tu ex.r~~d the thrn unpaid balan~r of this murtg~~e anJ an~~ cum
secured ihereby, and at the option of thr Vort~ag~ wrh amuunts ma~~ be rpplied upun the payment or pa} ments last pay~Ule
hereo~. In the e~ent it brcume. n..r.~ar~• ti.r thr \turt~.ag~y tu empl.~~ :uun~rl to prutrct it. ~nierest at any i~~ndrmn~ti~n
pru~redings, the ~lurtg~gur shall immediatcly upon dcmand reimbunt the \1~~nea~c t'.~r aU reaxonablc c~pen~c, aod attorney~
fc~s thus in~urted, :~nd all such wmti.hali br dremrd ~ecured by the Ikn uf this mungser.
14, That ihe Uurteagee ur any~ per~un ~uthori~rd by thr Nurtg~ree shall hace thr right tu cnter upon and mspe:t the
mvrt~:e~;ed prcmi~es at ~II rr~.unable tinrrc.
- 15-A. That to further scrure p~~ mrnt of the indehtedncs~ of ~hr ~tort~:?gor tu the \tort~s~ec, thc \tarteagor doec hereby
seil, assign, tr~nsfer anJ crt u~er unto thr \tortKagec al! of the rents, i~wrc, ~nd pruCits of the mo~t~aged prrrnice~, and 11ort~gee
may at iis option dela~~ enforcing this assignment until any default bring made b~~ the \tort~agor under the terms of this mortg~Re
; the notes serured hereby, and wch assi~nment in any event shall remain in full lurce and effect so (on~ as an~• defauit continues
; tu exist irt the making of any of the payments or the performanre of any of !he co~•erunis uf this morttiage ur the notes cerured
' hereby, and the 1lorigagee shalt have the right to enter upon ihe premises and collect same directly frum perwm in pocseuiun.
\tortgagor agrees to execute an~• further documenis evidencing such assignment as tifort~ragee rruy reawnabl~~ request from time
to time.
15-B. That in ~he rvent that at the becinning of or 3t any time p~:nding:+ny suit upon this mortgage,~~r tu torertose it, or
to refetm it, andJur to entiirre pryment of ~n~ ctaims hercundrr, uid ~Iurt~:~Yer shall apply to the ruuit havinQ jurisdirtiun
Ihereof for thc appumtment of a Recri~er, ,urh ruurt shall forthwith appuint a Rerei~•er uf uid murtg:~grd ptupert~ :~Il arxl
sin~ulrr, induding all and .ingular rent~, inromr. prutits, issues, ancf revenuec frum wh:~tever wur~Y deri~ed, ~arh and e~ery of
whirh, it being exQrrc.l}~ under~t~wd. is hereb~ murt~a~ed as if >pe:ihc~lly srt forth end d~ccribed in ttx grantin~ and habeixiurn
clauses hemot, or an} exhib~u hereto, and ~urh Recci~•er chall have all the hru~d •rnd effective funetions and pow~erc in anew i~
rntruxted'by a rourt to a Re.ei~er. anJ wrh :~ppointmcrtt shall t+e m~de M~u.h r~>urt a.~n:~Jmitted eyui~y ~nd a matter u( ~b-
` wlute right to said ~1ort~a~re, and without rcfrren.e tu lhe adeyuar~~ or ~nadrqua.>~ uf an)' tcmeJy ~t law ot of the adeyuar~- ur
~ inadequacy of the value uf the prnprrty murtgaged or to the s.~tvenc} or in~ot.enr}• of wid ilortY:~gur ur of am• or all of the de-
Cead;~nis, a~d ihat such rents, prutit,, inrome. icsurc and re~enuec chall he applird bp curh Recei~er arcording to th~ lien and/ot
equit~~ uf said \turt~ta~re and ihe prrctice uf such rourt.
16. To pay~ all and sin~ular the costs, rharges and espenses, mcludine reasun.~blr lawyer'~ fzec arxl fee~ for appellare w•ork
and costs of abstrart of titte, inrur~ed or pa~d at any time b}• v~id lturt~.~Yee becauce and/or in the e~ent uf the failure un the
part of the said Mortgagur to dul~~, promptly~ and IuUy perform, dixhar~e, e~r.ute. effect, romplete, rumpl~~ w ith ;~nd ~bidr b~~
each and e~Yry the stipulations. agreements, ronditionc and cu.•enants oF.aid promi.curt note~ ~nd this mortY~ge, rn} or rither,
i and srid costs. charges and expencee, e~.h and rvrn~, shall be immedi:~tel~• dur and pa~ablr. H~hether or nut there t~ nutice.
{ dem:+nd. anrmpt to collrct or wit pending; and 1he full amount of each and eeery weh payrr~nt shall bear interest from the
; date thcreof until paid at the vmr rate „ is speciteed, in the nutes se~n`t~d herrb~. a~ pr>able after default in p:~yment of ~aid
nvtes arnl all ~aid ~.»ti, ch~r~es ;nd r~prn~e. w incursed ur pa~d, toFrther w~th wrh mtere~t. chall be tiecured bc the lien of thic
m~>rtgagr.
' 17. That ~tortga~ur w ill not permit an~~ ~~ther lirn+, rnurtgaee+ ur rnrurnbunce~ ~rainct the s~~d prem~a~, and if ~n~~ .u.h
E lirn+, mortga~e~ or enrumbranrrc ere mcurred, whethrr paramuunt or wb.ttJina[rd tu th~s mortg:~r, ~turteaec~r u•ill :~u.e wrh
i I~en,, murtga~es ~r rnrumbrance. t~~ br dis:hargrd immrd~atcly. ~t"ith~~ut Gmiting the foree~~in~, .hould thrrc he a lien ,uprrror
in d~enity to thr lirn ~~f thic mart~a~e w~th \ls~rt~:,~•ee' run.ent, n i~ com•enant and a~rced that .h.~uld thr term. of lian
cuprriur in di~tnity~ to that ~~f thi+ mnrtEa~:r tx mud~fteJ. alteted nr ~rricd wi~h,rut the written runknt af thr ~lori~e~ee hcrem.
~ or +h~uld an}• licn suprr~ur in Jignity tu that of' thi+ mart~:~~e be ur tx.umr ~n del~ult. th.n .~nd in sunc ~.4nt the ~turtga~ee
herrin m~p at il~ opt~un ac~rlerare ihe indebtrdnec, ~erurrd b: th„ ~nurtYa~r enJ de:lar. thr came t~~ br ~II dur and pec~ble
~ilhuul nuticr tu ~Inrte:~Kur ~,r any othcr penon.
I8. \1i~rteaecr chall ha~e tfle r~Yht to charge an}~ of ~lurtc.+~nr'. a.~uunt, u~th ~tortragee li,r am ~um. E1J}'JI1IC a+ pr~r
.j.1N~t h,~r~~n ~.~r !n thr rr~~mi~tin:~~ nutc ~rrurrd hcrch~~ ac wrh ~Xi~~i11C~ t~Ul'. .
' 19, If thc ~tottRaeati requec~c. \I~~rttir~ur will iurnish tht \lottea~rc annuelh frum thr date oi thi~ nwrt~eg~ in.trum~nt.
unlecc ~~~me uther date iti :~greed t~ between the parnec in wnnng. a certrt~ed ~ud~ted tinanria! statem~n! uf the ~iurtz.,g~u anct
annual .-nmplete .ta;ementc of \torie~enr. If the ~lorteazur'c fiscal .alendar ~'ear ~hall nw :oinrhie K~th the drtt herem ~perifi~d.
thrn che d~tr whi~h the ~t~~rtfaYee .hrll .pe~iF~ ~hall be cunttulling. ~tortka~~ir .hrll ~uppt}~ \t~irtea¢ec with .urh other finan.ial
+tatement. ac dtort~r~re rr~~y from hmr tn time reyuect.
2(1. 'vn r~~ht ot remedy pr~~s~ded herrin fur the ~Irrtcegc~e ur prucided fur the ~1ortYagre in the n~~tr cerured hrrehc .hall
be cumul~tn~e and .e~~erahle.
21. It i~ under,tood and ~zrerd th~t thi> murt~:ute i~ gi~en tn re:urt. m add~fi~m t~~ the note ~~r utaligrtion Jttached hererv.
' .~n} rdd~nona! )oans or future sC~ances mrdr w ~thm the term uf this m<~: tceYr luan tv vici ~tortE~gor~ or an}• surcesc~r in title ~~f
wtd ~t~~rtg:?gors of the property hereb}~ cunve~•ed: pr~~vided that the tutal unpaid halence uC the indebtedness serured hereF} et
any une time shall not exreed ~?O. g33 . 3$ plus interect th~run p(us an} disburcementc mrde by the
~(ortgagee for the paymrni o! taxes, leti•ies, insurrnce i~r other rharKes un the properh~ encumbered hereby, w~th intere~t on wrh
; di~bursements, court coets ~nd attorney's fees, induding fees for rypellate w~ork.
Th~s mortg,~~~ wbject to the terms, provisions and conditions ~~f that crrt~in ('un,tru:uun I.urn Agreemrnt datrd
lY , and s:iid Cuotitru.ti~m Lnan :lgreement hy referencr mcorpurated here~n aod
maGe a part hrreof. llefrult in the tcrm~ of !he Ce~nstruction Luan :~frccment ~t?alkcvocGtute a deiault under the mott~taee.
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