HomeMy WebLinkAbout0232 9. Tu drli~et any rb~tr~i•t .,r ~h,tra:ts uf thk ur I~~Ir mwwn~a p~~l~.y ut p~~li:k::u~rnn~ ttte n~ur;~~xrd pruprrty~ tu
~lortg:yt~'~ ot its Qr,~g~ated agrnt. Nhi.h J~,?li •rt all tuix~ durmF thr hfr uf thi. muitEaEC, rrn~~i~ m thr pu„r..iun ~~f the lfurt•
K~Kn ~nd irt rvrnt ot the I~oferlo,urr uf this murty,age all r~~;h1, t~Ur ~nd ~mrrest uf the ~1~~rtgegut m arxi t~~ ~n)~ cuch ~bstr:kt ur
tidt shall pa~t to thr purrh:+set at furecluwrc, how~evet, a0 mortK~~ar titic mm~an.•r pul~rir~ shall rrm~~n thr piuprrty nt
Mqttgaget.
10. That no Mxiver of any ru~rnint herein or in the ublegatiwns serured hrreby shall at rny timr here~iter br held to De
a w•aiver oP ~ny of the uther terms he~eof u~ of the notes secu~~d hereby, no~ m~y Uortgagor rely on any rou~~r of conduct by
;6;6,~ ; ~r,"r~_nv ••~:~~re~A hy ~his instrument. Thst the Norte~¢ee, without notKe, may agee with any party oblilrrted
on s:~ed uxiebtedness, ur having an interrst in the security dexribed herrin, tu rt~ew ur e~tcna the t~ma ~ur payuirnl oi r~~~ E..~;:
or all uf 1he indebtednrss ~trurcd hereby, w•ithout in ~ny way alTerting rither thc lien herrof ur Il~e liability of any uthrr party• .
! l. That in order to ucrlerate the maturiry of the indebtrdnres hrrrby .erurecl bec~usr uf thr ~d1IUIC OI Ifl~ \1nrt?;agor
to pay any tax assess~nent. Iwbility, obligatiun of encumbran~e upon sa~d pro{xrty ~c fic~rin pro+xleJ, i1 sh:Jl not Fx necr+.ary
nor requisile that ihe Nortgagre shall fint pay the samt.
1?. That if tha Nortga~or shall f~il, neglect or tcfuse for a petiai of ten ( t0) days fully and Qrompdy to pay the amuunts
requurd to be p~id by the nutes hereby se:urrd or the interest therein specit~d or any of the wmsof muney hercin refrrred to
or hrreby secured, or otherwise duly, fully ~nd promptly to perform, executr, romply with and abide by each, erery or sny of
the covrn~nts, conditions or stipulations of this moitg,~ge, the promissop• notes hereb~~ ucured and/or Ihr ron~trurtiun I~~an
ageeement, if any, tAen, and in either or in any of such evtnts, without notice or den~and, the said aggegate sum mentionrd in
said ptomissory nota, less previous payments, if any, and any and aU sums mrntiuned henin ur secured hereby ~hrll txcome due
and payable forthwith or thereaf'ter ~t the continuing optiun of the Alortgagce as fully and completely as if said a~gregate sums
werc originally stipulated io be paid as such time, anything in s:iid promissory notes or herein to the cuntrary notw•ithsianding, ,
and t1~e Mortrpgee shal! be eniided thereupon or thereaftor withuut nouce or demand to in'stitute suit at Iew or in equity to
enforce the ~iaht of the Mortgagee htreundor or under uid promiuory notes. In the e~ent of any default or breach on the part
of the 111ortgagor hereurxier or undrr siid promissory notes, the Mortgagee shaU have the cuntinuiag option to enfon~c pa~•ment
of rll sums secured he~eby by action at law• or by suit in equity to forecluse this mort~age, either or both, cor?currently or other-
wise, ard one action or suit shall not abate or be a bar to or w•aivrr of the Atart~G+gee's right to institule or maintain the uther,
pro?•ided said ~fottgigee shal' h~ve only one pa~•ment and satisfaction of said ~ndebtedness.
13-A. 71ut in the e~ent that ~tu~t~agor shall (1) consrnt to the appointment uf a recei~~er, ttustee or liyuid:+to: ~.i all
or a substantial part of Atortgagor c a~sets, or (2) be adjudicah~ci a b~nkrupt or insol~ent, ur fJr a vuiuntary petition in bankruptry
or admit i~ wTiting his inability tu pay his drbts as thry become due, or 131 make a grneral assignment for benetil oC creditors,
or 14) tilc a petitiun or answ~er srrking rrorganic•rtion or arrangemrm with rrcdnor,, ur tu take adv~ntagr of an)• in~olvrn~y' t:?w•,
or I5) file an ansv~•er admitting an}• of the material allegatiuns of a petiliun liled a~r~n~t the Nurtgagor in an~• b~nkruptry, re-
urKanizatiun or inx~hrncy pro~reding, or 16) action shall be taken by the \tort~agnr fc~r the purpose of effectin~ an~• of the ture-
going, or (7) any otder, judgmrnt or decra~ sh~l! be entemd upon an appticatiun uf ~ C(dllll0( Ot MOl1~'~KOI F))' J iOllfl uf cum-
petent jurisd'ectiun appro~~ing a peti~ion seeking appointment oi ~ receiver ur trust~ of' all or a substanti~l prrt of the \turte~eur'~
assets and such order, judgment or decree shall continue unstaye~i and in eCfect tor any period of thirty (3Q) conxcutivr days,
ihe ~fortgagee may declare the ootrs hercby secured forthwith due and pa~•able, w•hereupon the principal of and the interest
acerued on the notes and all othe~ sums hereb~• secured shall becume forthw~ith due arni pa}•able as if all of thr ciid cumc ot
muney w•ere ori~nally stipulatrd to be paid on wch day: and thereupon the ~tartgagee r~ethout notirr or demand may prusecute
a suit at law~ and/or in equity as if all monies secured herebp had maturcd prior to its institution.
13-8. 7'hat in the evrnl ~hr prrmicc~ hrreb~• mort~a~rd, or an~~ p~rt hrreot, ~hrU tx condrmn~~e1 and takrn fur public usr
undrr the puw•cr of eminent domain, ~fort~aeee shall ha~~e the right to require th~t all damagss ~w•arded tor the t:~king nf or -
d~mage tn said premises shall tx paid to the !lfort~~e, not tu exceed thr then unpad balrnc~e of this mortgage and an}• cum
iecured thereby, and rt the option uf the ~1ort~:~ee wch amounts ma}• br applied upon the pa~~ment or pagments ~act Qa~~blr
hereon. in the event it beron~s necrswr?• for the llfortgagee to empli~}' cuunsel to protert it. interest at :~n~• cundrmnauun
ptorecdings, thc \Iunga~or shall immediatelp upun drm~nd reimbursr the \tortgegee ior all reaconabk ex{knses arxi attorneys'
fees Shus incurreA, and all such sum~ thall be dr~ med ~ecur~~ci by~ the lien of this mortYage.
14. That the Uartg~eee ur anp pe:nun authuritrd b)' the ~turtg~~:re ,h~ll ha~•e the riKht tu enter upun and m.~.t thr
mort~;~ed premises a1 aU reawnrblt times.
IS-A. 'tl~at to further ucure pry~ment of the indrhtedne,s uf thr \tottea~or to the Jturtg:~ecc, the itortgagor dors herebq
selt, assi~tn, transfrr and sef ucrr untu :he \lurigager ~II of the r~nts, issue~, rnd pr.rfits of thc muriga~rd prcm~ccs, and \fim~~:rr
rtwy at its option delay enforcing this assi~nment until any default being made b}~ the ~1ort~aeor under the terms of this mort~aee
the nutrs secured hereby, and such assi~nment in any event shall remain in full forcr and rf'fect so long as •rny default continuec
to exist in !he making of an~• of the payments or the perCorrtwnce of any of the covenants of this mortea~te or the notec serured
hereby, and the ~tortga~tee shall hare the rig}?t to enter upon the premises and collect vme directly frgm perwns in potsetsion.
~tortgagor aRrees to execute any further doruments evidencing surh assignment as Mortp,~gee may reasonahly request from aime
to time.
IS-B. That in the r~rnt that rt the beginning of or at any time pending anp suit upon this murtg.~ge.or to furedux ~t, ur
to reform it, and/or tu eniorce pa; mrnt uf ~n~~ rlaims hereunder. s;~id \lurtta~tee ~halt apply to the cuu~t hr~in~ juri.diction
thercof fut 1he appuintmrnt uf Recri~rr, wnc ~ourt SII:III ~OfII1K7If1 appuint a Recei~rr uf vid mort~~Yrd pruptrty all and
singular, including sll .~nd .ingul;~r rrnts, inrur?~, profitc, issues, anJ rr~enuec frum Wh~trver wurre Jerived, r~rh and e~~ery of
whitb, it beinK exprcssly~ undent.xni, i~ hereb~• mortg~ged as if ,peritirally .et forth and dexribed in the gnntin~: ~nd hahendum
_ clauses hereot, or rn~~ e~h~bits herrtu, and ~uch Receiver shall ha~~e ~(1 the hroad and effective funrtions and pow•er~ in an~ u i.e
entrusted hy a cewrt to a Re.enrr, and wrh appointm~nt shall be mrde b~~ such cuurt as an rdmitted eyuiq and a matter ut ~b-
wlute right to said Nortta~re. 3nd Hithout referenre to the •rdequac~~ or inadeyua:}• oi anp rert~dy ai law or uf the adeyua.}~ ~~t
inadequacy of the value of the pmprrtt~ mort¢a~ed or to the c<~Iven.•~~ or incnh•enr}~ 01 +~id \fortgagor ~~r of ;~n}• or all of the de-
fenlants, and that such rentz, protit~, income, hsu~s rn~1 revenur~ ~h~ll bc rppli~d by cuch Rereiver according t~~ the lie~ ~ndrur
rquity of said ~I~~rtgagre aad the prectice of wch court. .
l6. To pay all and singular thr cosis, charges and expenses, including reasonabk laa•}~er's fees rrKi feec for ~pprllate u~urk
and costs of abstrart of tiUe, incurred or paid at any~ time b~~ said ~lurtgagee bec:~use andlor in the e~~em of the failure un thr
part of the said Mortga~or to duly, promptly and Pully perfo~m, discharge, e~e.ute, effe~t, romp(ete, comph• with and ahide b}~
each and every the stipulatiuns. ap,reemer.u, ~onditions and co~•enanfs of said prumicsuty notes and this mortgage, an}• ot either,
and said costs, char~es ~nd e~penses, each and e~en~, ihall be immedutel~• due and pat ~ble, whether or not there hr nutire.
demand, attempt to wllect nr cuit pendin¢; and the full amount of each Jnd e?ery such papment shall bear interest frum the
drte ihereof until paid at the same rate ac is speeit`ird, in the nutes cerured hereby, as payable after def:~ult in p:~? mrnt of ,aid
n~~tec and ~II said costs, charRes and expencec x~ incurrrd or paid, together w~ith surh interest, shall t~ .e.ured hy the tien of this
mortgagr.
I TtiJI ~I071~.`3~TOT u~ill nut permit Jfl)~ Ollltf IICO~. Illq(S(ZJf.'C\ Uf t'(1lUlOnfdOl~~ ~gainct the vnf premisr~, and if am~ cu~h
Iiens, mortgaRes or encumbrances rre incurred. whether paramount ur ,ubordmrted tu thi. mortgsgr, ~~U(i~C;1~0[ p"III l'JUtit su:h
I~enc, mortga~es or encumbrances tu be diuharFed tmmediately. N'ith~~ut lemiting the foregoing, chovld there t~e a lirn suprnur
in diXnity t~~ the lien uf this mortzage w'ith \lortgagte' cunsent, it ic cun~enant ~nd arrred Ih-rt ~huuld the term~ of a 6rn
wperior in Jignity tu that of thi+ mnttgagr be mudifed, rlt~red ur ~ancd w~thuut the written conunt of thr ~lortg:~¢ee heretn,
or should any lien superior in dignit~~ tu tbat of thi~ murtga~e br ur hrr~,mr in default_ then and in such c~ent the 11ort~:agee
herem ma> at its option arrr!crate Ihe indrbtcdne~s .ecured b~• thic murter~;e ~~id d:.tare the same to tx all due and pr~able
wrthout notirr to ttort~~ur ur ~n~ uther penon.
IR. \Ivrt~eer chall ha~~e the r~eht to rharga any of ~1~~rtYrYUr'~ a..~~untc wnh ~i~~rt~~eee for e~~ wm~ p~~ahlr a, prn-
~ided hr«in ur in the promi~tior} nnte ~c.ur~d hereb~ as w:n n~:~~~~~. a~~.
19, If lhe \1ort~e~ee reque~tc. ~iort~rkor uill furnish thr ~turtgaecr ,,nn~.,lh fr~~tn the dat~ uf thi~ murt~~~i in~trumrnt.
unle.t wme uthrr date ~s ~Yrcrd t~~ hetaeen ihe parne. m writing. r.~rtiti~d aud~t~d tin~n.i~l `t~trmrnt ~~f the ~IuTIldY~~T dThl
annual cumplete ctatement. u! \lortzax~~r. If the ~tnrt~eor'c fiscal crlendar }ter ~hall not comcHle uuh the d~te herrm .pcrif~ed,
then the IIJTN l\Flll}I ~he ~turterree chall .pe~if} ~hall be rontroliing. Nortga~r~~r ~hall ~uppl}~ \iort~aeee with :uih other fin~ncul
.tetrments ~furtY~gee mr} fn~m t~me t~~ ~ime requr.t.
2f1. No riKht or remed} pn-c~ded htrcin (~~r Ihe ~i.~rt~aree nr provided (c~r thc Mort~gee in the n„te ce.ured hereh}• .h~ll
be rutnulatire ;,nd cr~rr~Mc.
21. It ~c undertito~id and agreed thrt thi~ murt~a~r ic Firen t~~ ,e.urr, ~rt ~ddhion [o the note ur ublipatiun attached hereto,
an}• ;xlditiunal loans ot future ad~anrec made within,the term of this mortEa~e luao to,aiii ~tortga~c~r. or any wccr..nr in utle nf
said \lortga~ors iif ihe ptopetty heteb} ~omry~ed: prov~jed that th~ tuta) unp~id balrnie uf thr indehtrdnes~ secured hrrehy ~t "
any une time shall not exceed $ 91 , OQ~ • Q~ pluc intrrest th~ron plus rny- disbur~emrntc n~ade by t}?e
lfort~agee (or the payment uf ta~es, tev~ee, inc~raner or other char¢e~ „n the pr.~pert} rncumber~d hereb~ , w uh interest on mrh
dicbursements, cuurt costs and attorney's fees, including fces for ~ppellate w-ork.
22. This mor(ga~As sub~ect to thr termc, provisions and conditiun~ ~d that cert~tn ('umtructi~rn I.uar~ ~terermrnt Jeted
1V ;~nd wiJ Cunstructie~n I.uan A~reemrnt i. by rrterenie incuraurrtrJ herem and
m:ide a part heteof. Urfault in the terms uf the Conctructiun Luan Aereement .haU run~~itute n Jefault undet ihe mortea~r.
: , - ' ~ eu;~K 2~6 FA~E iG~