HomeMy WebLinkAbout0743 9. To drliret ~ny ab+Iracl ur ab.tr~rts ~~f titk ur utir imuranre policy ur p~~li.~rc cu~rnng UK munE:,grJ pruprrty tu
Murtg;~ar or its drtiign~led a~;rnt, whirh ,hrll at rll Iimrs dunn~ thr I~f~ ut 1hi~ murttatie, rcmam In thr pu.u,.iun ol t4r ~tu~t-
~ag~ ar:~ in ter~t c:f t1~ t's~;~~._•<;sre ;:i ~hlS ~n,••lg,ge all r~~h~, titk and intrrest uC Ihr ~lurt~~;ur in anJ w ~n~• cuch ab~ttact or
Udt shsll pau lo ihe purrtusrr at forrcluwrc, how•ever, •r!! murtg~~ee titir iniur~nre pulicicy Ji~U rrm~in the pruperty ~~t
Nottgagee.
10. That no waiver of my covenani herein oi in the obligaiiuns sacurad hertby shrll al any time hereafter br hrld tu be
~:~o~
~f ~^Y ~!!p±. !~..na l~~rNnf ~~r nf the nntEi sCCUICd f1tlCby, nor may Mortgagor roly on any courtir of condact hp
Mortgsgce not specifinlly requiied by this instrument. Tlut the Murtgsgee, withuut notice, may agee with any party obligated
on vld ~ndebtedneu, ur having an intertst in the security dtscribed hrre~n, t~~ renrw~ ur r~trnd ~ht timr fur paymrnt ol any part
or all uf the indebtedneu ucu~rd hereby, without in :,ny way aflecting eithrr the hrn herraf or the IudJity of any uther p~rty.
1!. That in utde? to an~elente the maturity uf the indebtedness hereby secun~i be.ause of the f~ilure of the Mort~;agur
ta pay any tax asussmrnt, li:ibility, obligetion of en~vmbran~~r upon said proprny as her~in provWed, it sh;+ll not t,e nrrrcvry
' nor rrquisitt that tht Murtgagee shal! firsl pay the same.
12. That it the ~fnrtgagor shaU fail, negtect or refuse ior a period of teo (10) days fully rnd prompUy to pay the ::muunts
requuad to ba paid by the notes hereby serured or the interest therein speci~"ied or sny of tlx sums of money herein reFzired tu
or hereby securcd, or other~-ise duly, fully and promptly to pe~form, execute, romply w~th and abide b~• earh, evrp~ nr any of
the coren~nts. conditio~s or stipulations of this mortgAge, the promiswry notec hereby secured and/ot the construction tuan
agreement, if any, then, and in either or in any of surh events, without notice or demand, Iht` said aggrt¢ate cum mentioneJ in
said promissory notes, Iess prerious payments, if any, and any and aU sums mentioned herein or secured hereb}• shall become due ~
and payable forthwith or thereafter at the continuing option of the Mortgagee ~s fuUy and rompletely as if said aggegate sums
w~ere oriAnally stipulated to be paid as such time, anythiqg in said promissory notes or herein to the contrary notwithst~nding,
and the Mortgagee shall be entitlM thereupon or thereafter wilhuut notia or d~mand to institute suit at law or in equit}- to
enforce the right of the Mortgagee hereunder or under said Qromissory notes. In the e~ent of any default or breach on tbe pan
of the Mortgagot heteunder or under said promissory notes, the Nortgagee shaU have the coetinuing option to enforce paymcnt
of aU wms secu[ed hereby by actiun at law or by suit in equity to forectose Ihis mortgage, either or both, concutrently or othrr-
wise, and one acteon or suit shall not abate or be a bu to or w•aiver oi the I?tortg~~'s right to iestitute-or maint:?in the other,
provided raid Mortgagre shall have only one payment and satisfactan of said inde6tedneu.
13-A. 77wt in lhe evenl that !?lorlp,agor shall (1) cunxnt to the ;~ppuintment of a raceivcr, trustee ur liquiciawr ni ~I!
or a substantia! part of Mort~ragor's assets, or (2) be adjudicated a bankrupt or insoN•ent, or Cde a w,luntar~• ~eutiun in bankruptcy
ot admit in writing his inabiliq' to pay his debts as they become due, or l3) make a generat usitenment for benefit of crrditors.
or (~1) 61e a petition or answ~er se~king reorganitalian or arnngemertt w~ith creditors, or tu takr ad~~antage of an~~ inwl~~ency law,
ot (5) file an answ•er admilting any of the material aUep.ations of a petition tiled agalnst the Mortgagor in any bankruptcy, rc-
otganization or insoh~ency prcxreding, or (6) action shatl be taken b}• the NoriRagor tix the purpose ofeffecting ~ny uf the ture-
going, ot (7) any order, judgmrnt or decrre shall be entered upon an appli~atiun uf r rreditor or ~tortgagar ba• a court of rum-
petent jurisdiction approving a petition seeking appointment of a teceiver ur ttuuee uf all or a wbsiantul part oi thr ,ltort~gor's
ass~ts and sueh otd~r, judgmrnt or decree shall contine~ unstayrd and in effect for any period of thirty (30) consecutive days,
the lfortgagee rttiay declare the ~otes hereby securtd fortha~th due and pryable, w~hereupon the principal of and the interest
a~e an ttr r.^*.ts and ~t!!e? s~mc herehy serured shail berome fotth~-ith due and payable as if a!1 of the c~id wms of
money were originally stipulated to be paid on such day: and thereupon the \fortgage~ without noti.~e or demand may pro~erute
a suit at law andJor in equity as if al) monies secured hereby had matured prior to its institution.
l3-B. That in the event the premi~s hereb~ mortgage~l, o~ sny part hereuf, ~h~ll tx ~ondrmrtcrl and taArn tor peblic usr
under the pow~er of eminent dunwin, !?tort~tagee shall havc the right to require that ~11 dam•rges awarded for the taking of ur ~
damage to said premises shall be paid to the ~tortgrKee, not to exa~rd the then unpaid batance of this mortgage and ~n~• sum
secured thereby, and at the option of the lfortgagec su.h amuunts n~a~~ br applird upon the payment or pa~~mentc lact payable
hereon. In the event it becomec ne~es~ry for the Mort~gee to employ rouncel to protect ih intere.t at any condemnatiun
proceedings, the ~tortgagor sh:~ll immediately upon demand reimburse the ~lurtgagee for all reasonabk exprnces and attorneys'
fers thus incurted, and al! such sums shall be deemrd securc~i by the lien uf thic mort~age.
14. That the Rlortga~ee ur any penun authorizrd by the Nort~~gre shall ha~•e thc right tu cntcr upun and ~n,~.•t thr
mortg:~ed premises at all re.~conable time..
IS-A. "Il~at to turthrr secure p~y~ment oi the indebtedness of the ?tort~:~xoi to the ~furt~agce, the \tortgaKor does hereby
sell, assign, transfer attd set u~er unto the \lurtgagec rll ot the rents, i~sucs, and pru~its of the mutt~aged prenusrc, and 11urt~ger
ma)' at its option delay enforring this assignment until any defautt being made by the \t~rtgagor under the terms uf this mort~J~e
' the notes secured hereby, and such •rssignment in any event shall remain in Cull force and effect so tong as any Jefault cuntinues
to exist in the making of any of the payments or ihe performance of any of the covenants of this mortgage or the notes serured
hereby, and the Nortgagee shatl have the right to ertter upon the premises and collect same directly from perconc in powsecsivn.
Mortgagor agrees to execute arty further documents evidenring such assignment as Morteagee may reasonat~ly request from time
to time.
1S.R_ That in the erent that at the beKinninK of or ai rny time pendmg an}• suit upon this mortgage,or to fomdusr i!, ur
to reform it, and/ur to enforce pay ment of any claims hereurnier, Slld D~Oil~:l~~l' ~h:?II appl}~ to the cuurt havin~ juri.diction
thereof for the appointment of a Rerri.•rr, wch ~ourt st?ail forthKith appuint a Receirer uf wid mort~eed pm~rtr all arxi ~
singular, including :ill and sin~:ular rents, inrume, prutits, iuues, and re~~e~ues Rom whrtes•er wur~Y deri~•ed, earh and e~~ery ot
whirh, it being rxpre~tl~• underst~~d, ~s hercby~ mortgaged as if ~pecitir:~llp set fonh and described in the erantinti anu ~~~~rinu~~~~
druses hercuf, or any exhibits hereto, and ~u.h Receiver shall have all the broad and effective funciions and puw•ers in am•a~.e
entrusted by a cuurt to a Recei~er. and such appuintment shall be mrde b} sur:: court as an admitted equit~~ and a matter of ;?b-
wlute righl to said biortgagee, and withuut referenre to the adequac)' or in~dequar}~ uf :tn~~ remed}• at law• or ~~f the adrqua.} ur
inadequa~y of the value of the pmperty morteaged or to the solvency or incolvency of caid Mortgagor or oi any or all of the de-
ferniants, and that such rents, prutit., income, icsuec and reveour. chall br ~pplied by curh Receiver are~rding te the I~ert and/vr
equity of saHi ltortgagee and the prarUce ot' such court.
l6. To pay all and s~ngular the costs, charges and expenses, indudin~ reasvnable law~~~er's feec arni fees far :~p~llatr a•urk
and costs of abstract of tiUe, incurred or paid at any time by s~id ~fortga~eee because and/or in the event of the failure un ti~e
part of the said blortgagor to duly, proroptly and fully perform, dexharge, exe:ute, rffect, complctr, rompl~ w•ith and abide by
each and tvery the stipulations, agreements, conditions and co~~erunts of said promiswn• nutes and this mortg~~te, an}- or eithrr,
and said costs, charges and expenses, each and every. shat! be immedi•rteiy due and pa~~able, u•hether or not them hr notice,
demand, attempt to colle:t or suit pendme; and the full amount of each and e~•ery wch payment shall bear interest from the
date thereof until paid at the same rate as is specifed, in the notes cecured hereby, as pay~able after default in paymrnt of said
notes and alt said rocts, char~es ~red exprnses so enrurrrd ur paid, ~o¢ether w•ith such interest, shall be se.ured by the lirn of this
mortgagr.
17. That Atortgagur will nui permit am uther li~nc. murtgagr. ur enrumbranre+ a~rmst the s:iid premicrc, and if an> wch
Iiens, mortgages or encumbranres arc mcurred, ut~ether prramouni or wb~rdinated t~. thic mortg.~e, ~~Olt,~'dEUf M'III CJUYt curh
liens, mort~ages or encumbrances ;o br discharged immediately. R'ith~,ut limitine the Foregoing, should there be a I~en supcriur
in dignity to the licn oF this mort~cage w•ith ~fort~agec' con.em, it is ronvenant and a~reed that shou(d the terms of a tirn
suprticrr en dtgnity to that ~~f this mortgare bc maiified, altrrcd ur ~ari~Y1 w~ithuut the written runsrnt of the \tort~aYee here~n,
or :hould any lien superior in dicnit}• to that ot Ihis mortgrec t~ ur t~rome in drfault. tficn and in ~uch eeent the \turtgagee
herein may at its option arceleratr the ~ndebtrJnecs serured by th~s mort~~~e Jnd declare the came to be rll dur ~nd pa~~ble
~~ithnut noticr to Pturt~~ur ~~r an~ other percon.
18. !Nort~a~ce chall ha~e the ri~ht to char~:e any of Murt~aFor'~ ;~r~uunt. ~~~tii \1urILaFCt for an~ wm~ payahlr a~ pru-
~ided hetein ur in Ihe prunn.con n~~te krured hcrchy as wrh Fncumr~ dur.
14, tf the Norteagre reque~te. ~turt~eor will furnish the lfurtE~Yre annually trom the date of thit murts~a~e ~narumrnt.
~nless sume othrr date ic akmed t~~ betNeen ihe partie, in writing. ~ certif~ed and~ted tinanri~l ,tatcment ~~f the ~1urt~ag~u end
annurl romplete statement~ of ~fort~a~or. (f the ~tortv~YOr's fis.ai :atendar ~'err shail not ru~n:icie with the date herein .per~fird,
~hen the date which the ~tottFa~ee cha? ~pe:if~• shall be controllinR. ~tortga~~~r shall wppty ~tort~~~ee uith .uch c~ther firan:ial
~tatrment+ r~ Nurt~a~ter may fnrm time tu time reque,t.
2Q. No ri~ht or remedy' prcti~~ded herein f~~r the ~t+~rteagrc nr providcd for thc ~turzgagee in the n~~te xrured hereby .h~lt
be cumulatire and srverahle.
21. It underctuud and agreed that this mortga~.r i. ~nen tu .erure. in add~tion tu the note ur ubhgation attached hereto.
am• additional Iwns or future advances made w~thin the term of this mort¢a~e loan to caid ~fortgaeon c~r any wcces~r in r~ttr of
said ~lort~a~ors of the properiy hereby .onrer~~d; provided thrt the total unpaid halrnce ~~f the indebtednest serured herehp at
any~ one time shrll not exceed $25 , . 0~ plu. interest theron plus am• dicbursertiem. made by the
~1ort~rgee for the payment of taxes, lev~es, insurance or other char~e~ un the pruperty rncumbered heteby, ailh intrre~t on wch
disbursementz, court costs and attorne~•'c fees, irnluding fees tor appell~te u•ork.
22. 77~is mort~age is subject ro the terms, provisions and cond~tions that .ertam ('oncUucti~m Loan :~greement d~ted
_ 'MdY 3. 197$ , and said ('unctructi~,n I~~an :~~teemeni is b}- reference incurp~~~ated here~n ~nd
made e part hereof. Defauli in the termc of the Constructiun Luan AEreement chall conctitute a default undet the mortFaee.
; ' ~ 6': ~ X GoD Puf