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Home My WebLink About0351 4 9. To delivrr any abstncl or aDstncts of titk or tiUe insuraaa pul~cy u~ policits coverins the morteaaed ptoperty to - Mortaa~ or its des~'gnated aaent, whhh shdl at all times durioj ths life of this mucte e, remain in the poueuion of the Mort- ; ga~a and in event of the fonclowre of this mortg~ ~e atl rigAt, titk and in~ercst of the~rtpgor in aad to any wch abstact or ~ tiqe shaU pau to tM purcl+aser at fureclo:uro. howerer, aU mortaaaee titk inwrance policies shall romain the ptopecty of ~ ldottpae,e. ; ~ 10. That no wairer of sny corena~?t herein o~ in 1he oblisations secwed heceby shall ~t any tims hercatter be held to be ~ a~rairer of aqy of the othar tarms he~eof or o[ the aotes secured hereby, nor may Mo~tasaor rcly on any cou~se o[ conducl ~y Nort$ajee notspeci ~tcaUy requir~d by this iastrumen~ That the Nort~~e+e, without notia. may sFee ~vith any party o~lipted on sud iadebtedness, or havina an inte~est in the ~ecurity described herc~n, to renew o~ extend the time Cor payment ot any put ~ oi ali of the indebtedness secured hereby. rvithout in aay way aUectin= eithet the lien hereof a tAe Ilability o[ ~ny other pany. ~ I l. That ia order to accekrste the maturity o[ the indebtedaeu hereby securod becsuse of the [ailure of the Mortaa6w ~ to pay any tax assessment. IisbWty. o~liaation of enc~unbrance upon s~M propeity as hercin provided. it shall aot be necessary nor tequKite that the Mo~tga~ee shaU ftnt pay the same. i 12. Th~t it the Mott~or shall fail. ne~lect or refwe for a period of ten (l0) days fully and pmmpNy to pay the amounts ~ required to be paid by the notes bereDy secured or the interest thonln specified or any of the wms of money herein.referred to ~ or hereby securod~ Oi OINlIrVISE dYly. fUUy and prompUy to pedorm, execute. comply with and abide by ach. every or any of t We oov~eaauts. conditioas or stipulatioas o[ th[s mortp~e. tbe promissory notes hereby secured and/or the cautruciba loan ~ ageement, it aay, ihen. and ia either or in any oi such events. rvithout notice or dema~d. the nid ag~epte sum me~tioned in : sajd pmmissory aotes. leu previous paYments, it any. aad any and all wms mentioaed herein or secured hereby shall become due ~ and payabk forthwith or thereaftec at the mntinuins optioa of the Mortgasee ss fully and compktely as it said ag~egate wms ~ wren oripnally stlpulated to be ~aid u such time, anythi~ in said promissory notes or herein to the coatrary notwithstandina, and the Mortp:~ee shall be enutkd thereupon or thercafte~ vrithout notioe or demand to iristitute wit at la~v or in equity to enta~ca the ri~tu the ~/ortgasee henuAdu ot undar said psomissory notes. ln the event of aay defauit or breach oa the put 3 a[ the ![o[taa~or hereuader or under nid pmmisso~y note:. the Mataagee shall hare the continuing option to enforoe payment # of aU wms secuted hercby by nction at law or by wit in oquity to foreclasc this mortsage. either or both, concurtenUy or other- ~ wise, and one action or suit shal! not abate or be a bu to or wairer of the Mortg~6ee's riaht to institute or maintain the otder. i pmvidod s~id Mortgaaee shall have only one payaxat aad satistactan of said indebtedaess. ~ 13-A. That in the event that Mortpgot stull (1) consent to the appointment of a ~eoeirer, trustee o~ iquidator of aU ~ ot a substmtial pul of Mort~agor's assets, ot (2) be sdjudicated a baakrupt or insdvent, or fik a voluatary petition ~n baakruptcy ~ or admit in writina his inab~l~ty to pay his debts u they become due, or (3) make a genenl usignment tor benefit of creditors. ~ or (4) fik a_ petition or ansrver xekin= reorganization or anangement with crcditon, or to take advantage of any insotvency law, ot (S) fik an answer admitting any of. the material aUegations of a petition fded against the Mottgagor m any bankruptcy, re- orEanintion or iraolvency proceodin6. or (6) actiQn shaU be taken by the Mortgagor for the purpose of eftcetinR any of the forc- ~ EoinE. or (7) any order. judgme~t or decree shall be eatered upon an application of a aeditor or Monpaor by a court of com- I petent jurisdiction approring a petition saking appointment of a receiver or trustce of all or a substantni part ot the Mortgagor's ? assets and wch order. judament or deaee shalt coatiaue umtayed and in e[fect far any period of thirty (30) consecutive days. ; the tdortga~ee may declue the notes hereby secwed forthwith due and payable. w~hereupo~ the principll of and the intaest ~ aocrued on the notes and all other sums hercby secured shali become forthadth due and payabk as if all of the said sums oi money wrere o y stipulatod to be paid oo wch day• ud thereupon the Mortgagee without notice or demand may prosecute ~ a suit at law and or in equity u if all moaia securod he[eby had matured prior to its institutioa. - 13-B. That ia the event ihe premises hereby mortgaged, or any part hercof, shall be rnndemned and taken [or public use ^ ~ under the power ot eminent domain. Mortgagee shall have the right to require that aU damaaes awarded for the taking of or damaEe to said premises shall be paid to the Mortgaaee, not to exceed the then unpaid balana of this mortgage and aay sum ~ securod thereby, and at the option of the Mortgagee such amounts may be apptjed upon the payment or payments tutpayabk - F hereou. In tM event it beoomes neceswy for the MortgaEee to employ couasel to protect its interest at any condemnation ~ proceedings. ihe Mortgagor shall immediately upon demand reimburst the Mortgagee for a0 reuonabk expenses and attorneys' _ kes thus incurred, and all such wms shall be d~emed securcd by the liert of this mortgage. , 14. That the Mortgagee or any penon authorized by the Mortgagce shall have the right to enter upon and inspect the ~ ~ mortgaged premises at aU reasonabk times. , " ~ 1S-A..That to furthet secure payment of the iadebtedness of the Mortgagor to the Mortgagee, the Mortgasor does hereby ~ seU, assign, uansfer and set over unto the blortgaaee alI of the rents. issues, and profits of the morlgaged premises, and Mortg~gee s may at its option deby enforcing this assi~nment unt~7 any delault beia6 mads by tlx Mortga r under ihe terms ot this mortgaee ~ ~ lI! the notes ~ecured hereby, aad wch assi~ament iu any ereat stul! rcmain in fuil force and e ect so long as any default oontiaues to exist in the makina of any of the payments or the pedormana of any of the covemnts of thu mortgaae or the notes secured # hcreby. and the Mortgagee shall have the riEht to enter upon the premises and coUect same directly frgm penons in possessioa ~ Mort~or aErees to execute any furthtr documents evidcncina sueh auignment as Mortg,~6ee rtuy rcuombty request from time ~ to time.. - ~ . : 1 SB. That in the erent that at the beainning of or at any time pending any suit upon this mortgage. ot to torecl'ose it. ur = to reform it, and/or to enforce payment of any claims hereunder, said Mortgagee shall apply to the court having jurisdiction ~ thereof for the appointment of a Receiver. wch coart shall forthwith appartt a Receiver of said mortgagod pcoperty all and ~ singulu, including aU and singulu rents, income, profits, iuues. and revenues from whatever souree derired, each and every of which. it bein6 expressly understood, u hereby mortgaged u if specifically set forth and de3cribed in the ganting and habendum dauses hereof, or any exhibits hettto, and such Receirer shall have all the broad and effecdve functions and powen in anywise - entrusted by a coari te a Receiver, and such appointmeat shalf be made by wch rnurt u an admitted equity and a mattet of ab- - ` wlute right to raid Mortgagee, and wittiout roferonce to the adequacy or inadequacy of any rcmedy at law or of the adequxy or ; inadequacy of the value of the properiy mortgaged or to the solvency or insolvency o[ said Mortgagor or of any or all of the de- s ~ fendants, ~d that such rents, profts, income, iarues and revenues shaU be applied by such Receiver according to the lien andJor ` equity ot.said Mortgagce and the pnctice of wch oourt. ~ 16. To pay all and singulu the costs. chu6es aad expenses. induding rcuombk lawyer's fees and [ces for appeltate work ? and oosts of absUact of titk, incurred ot paid at any time by said Mortgagee because ar~d/or in the event of the failure on the + ~ Qart of the said I?lortaagor to duly, promptly and f~illy perform, discharge. execute, effect, complete, wmply with and abide by _ ach and every the stipulations, ageements, condidons and wvenants of said promissory notes and this mortgage. any or either, ' j and said costs, char~es and expensei, each and every, shall be immed'ntely due and Qayable, whether ot eot there be notice. ; demand, attempt to collect or wtt pending; and the full amount of ach and every wch payment shali bear i~terest from the date thereot unW paid at the sartre rate as is speci6ed, ia the notes secured henby, at payable aftet default in payment of said ~ notes and aU said costs, charges and expenses so incurred or paid. together with wch interest. shall be secured by the lien of this ~ mort~e, - ~ 17. That Mortgagor wiU not permit any other liens, mortgages or encumbrances against the sa~d premises, and if any such ~ ~ liens, mortgages or encumbnnres are incurred, a•hether puamount or subordinated to this mortgage, Mortgagor will cause such _ ; liens, mortgages or encurtibrances tu be dischar~i imrtxdiately. Wilhout Iimiting the foregoing, shouW there be a lien superior . ~ in dignity to the lien of this mottgage with Mortgagee' consent, it is conrenant and agreed that should the termt ~f a lien ~ superior in dignity to that ot this mortgage be moditied, altered or varied without the written consent-of the Mortgagee herein, or should any tien superior in dignity to that of this mortgage be or become in default, then and in wch erent the Mortgagee ~ _ ~ herein may at its option-accelerate the indebtedness secured by this mort~age and declue the same to be all due and payabk without notice to Morigagor or any other person. ~ 18. Mortga6ee shali harY the right to chuge any of Mortgagot s accounts with Mortragee for za; sums payable as pro- ' rided herein or in the promissory note secured hereby u such bernmes due. 3 ~ 19. If the Mortgagee requests, Mortgagor wi0 furnish the Mortgagee annuallv from the date of this mortgage instrument, 4 ~ unless some other date is agreed to betwan the parties in writing, a certified audited financial statement of the Mongagor ard Y E annual complete statements of :Nortgagor. lf the Mortgagor's fiscal calendar year shall not coincide w~th the date herein specified, ' ; then the date which the Mortgagee shall specify shall be convolli~. Mortgagor stull wpply Mortgagee with wch other financial ~ - statements u Mortgagee may (rom time to time roquest. ; 20. No right or remedy prcvided herein for the Mortpagee or provided for the Mortgaga in the note securcd hercby shall ~ be cumulative and sevenbk. ; ~ 21. It is understood and agmd that this mortgage is Riren to srcure, in addition to the note or obligation attached hercto, ~ any additional loans or tuture advances rtude within the term of this mortgage loan to said Mortgagors ar any wccessor in tide of ~ said Mort6agon~of the propetty hercby conveyed: pmrided that the total unpaid balance of the i~ebtedness secured hereby at ~ any one time shall not exceed $22 • 000 • 00 plus intecest theron plus any disbursements made br the ~ llort~ fot the Qayment of taxes, kvies, insuranae or other charges on the property encumbered hereby. with interest on such - disbursements, court costs and attotney's fas, including fets for appellate work. ~ 22. ThIs mottgage is subject to the tams, provisions and conditions of that certain ConiUuction Loan Agreement dated ~ N~A and said Constrnction Loan Agreement is by reference incorponted herein and ~ rtude a put hereof. Default in the terms of the Construction Loan Agreement sfiall constitute a default under the mortgage. _ . . i • • ~ *3a ~ • ~ ~ p ' ~ . < . ~ ~ _ ~~287 3 ~ ~ ~ ~ ~.4= . _ _ - s _ _ . _ _ _ - - - _ - ~ r - w ~ . _ -