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HomeMy WebLinkAbout0987 ~ 9, To delirer aoy abst~act or abittacts uf litk ui utle ~nw~an~Y pnhry or policie~ coveriry[ the mortgaaed p~operly to Murt`aRee ot its desy~nated agrnt, wh~rh shaU u all Umcs Jurin~t the litc ot this mortgage, remain in the possess~on of the Mort- p~ee and ia eraat of the foreclosurc uf this mott~a~e all r~ht, titk and intercsl uf the Atonjago~ in and tu any such absta..t o~ tiqe shaU pass to the purchaie~ ai fureclusurc. howo~er, all mu~tga~ee title inwrance poiicies sAaU ctmam the ptopetty of Mo~tp~e. 10. That ao waivet ot any coveoant heroin or in ihe obli~atans sccurod he~eby shall at any timc hercafter ba held to be a waiver of ~ay ot tAe other'terms heroof or of the aotas ~ecured t~ereby. nor may Mo~tpjot rely oa any rnurse of conduct by lNo~t~aaee notspec~TicaUy requued by this insttument. Tf~at the Monpsee, without aotice. msy aQee with any patly obli~atod on saM ~ndebtedneu. or harin~ an tnterest in the security described hercin. to reaew oe extend the Ume (or pay~:xnt of any put or all of the iMeblednzu securod hereby, without in any wsy alTecti~ either the lien he~eof o~ the liabitity ot any othe~ party. 11, That ut otder to acceknte tt~e mstut~~y oi the indebtcdnosa heteby seiur~ bz..uyz uf ihe faJure oi the alart;agor to pay aay tax asxument, lability. o~liaation of encumbnace upon said property as herein prorided, it sl?~II not be neces~ary . nor t~quisite that the Mo~ty~ee shaU Rrst psy the same. 12. That if the Uloctjasor shaU fail, neSlect or tefwe for a period ot ten (10) days fuUy and p~ompUy to pay the amounta cequired to be paid by the potes hereby secured or the intemt therein specified o~ my o[ the wms ot money herein referred to or hercby ~ecured. or otherwise duly~ fully and prompUy to perfoim. execute, compty with and :bide by each. every or any of the oovensnts. condipons or stipulations of lhis mortaaje. the promissory notes heroby ~ecured and/or the constructan losn asrameat, if any. then. and ln elther or in any of such events. without notice or demsnd. the trid aagepte sum mentio~ed in said pwmissory aotes. ku provious payments, if sny. and any and aU wms mentioaed herein or secured hereby shaU become due and pay.abk torthwith or therqRer at the oontinuine option of the Mort6agce as (u0y and rnmpktely u ituid aggesate wm: were oriainaUy stipulated to be paid ~s such time, anyth?ns in said pmmiuory notes or l~ecein to the contruy notwith:unding. aad the Nortpaee shall be entitled theteupon or the~eafter without notice or demand to iriqitute suit at law or in equity to e~face the risht of the I~lortaaeee hereuader or undec said promissory notcs. In the event of any default or breach on the part ot the Norttaaoi k~reunder or under said promissory nota, the Mortgagee shaU have the continui~ optan to eaface paymeat of al1 sums secured hercby by action at law ar by wit in equity to foreclo~e this morteage. either or both. concur~endy or other- wise, and one action or wit shall not abate or be a bu to or rvaiver of the MoriS?aee's right to institute or maialaia the other. provided said laortgaEee shall hare onty one paymeat snd satis[action of said indebtedness. 13-A. That in the event that Mortpgor shaU (1) consent to the appointment of a receirer, Uustee or tquidator of a0 or a substantial put of Mortaagor~s assets. ot (2) be adjudicated a bankrupt w insulveni. or Gle a voluntary petition in bankn?ptcy or admit in wrilina his insbility to pay his debts as they become due, or (3) make a 6eneral assignment for Denefit of creditors, or (4) fde a petition or answer seeku~g ieoraanization or arrac~ement with crediton, or to take advaatage of any insolvency law~ or (5) fsle an ans~ver admittina any of the material alkgations of a petition fikd agxipst the Mortga6or m any bankruptcy, rc- Olgitlt711101! OT IQSOIYCflCy ~[OCGCdllla. or (6) action stuU be Wcen by the llfortgagor for the purpose of eftecting any of the fore- .goins. or any arder, judgnent or decree shall be entered upon an applintion of a craiitor or Mori6agor by a court of com- petent jurisdiMion approvuqt a petition seekinR sppointment of a receiver ot trusta of aU or a substantial pari of the Mortg,agoi s assets aad such order, judament or docree s1uJ1 coatinue unstayed and in effea fa any period of thirty (30) consocutive days. the Morigaaee may declue the rotes hereby secured forthwrith due and payable, whereupon 1he principal of and the interest . u L_._~,.. ;,ti~n F.:r~hvrifl~ ~I~r a.rl nayahl~ a: it ~II of the said sums oC itt;fttW f3ii i[iG iiViLi =iRS Cas vissu: su:ua .a~sevl moaey werc ori~nally stipulated to be paid on such day; and thercupon the Mottgagee without notice or demand may prosecute . a suil at Iaw~ and/or in equity u if all monies secured hereby had matured priot to its instituiion. 13-8. That in the erent the premises hersby mortgagcd, or any part hercof, shall be rnndemned and taken for public use u~der the power of eminent domain, Nortgagee shall have the ~ight to roquire that all damages awardod for the taking of or dartuge to said premius shal! be paid to the Mortgagee, not to exceed the thea unpaid balaace of this mortgage and any sum secured thereby, and at the option of the Mortgagee such amounts may be spplied upon the qyment or psyments last payabk hercon. In the event it baomes neceswy for the Mort~oe to empby counsel to protect its intemt at any condemnation proceedings. the Mortgagor shall immediately upon deniand reimburse the Mortga6ce for all reuonabk expenses and attomeyi fees thus incurtod, and all such sums shatl be deemed securcd by the lien oi this mortgage. 14. That the Mortgagee or any perwn authorized by tlx Mortgaga shall have the right to enter upon aad inspect the mortgaged premises at all reasonable times. 15-A. 71~at to further secure payment ot the indebtedness of the ~tortgagor to the Mortgagee, the Mortgagor does hereby seU, usign, transfer and xt over unto the Mortgagee all of ~he rcnts, issues, and profits of the mortgaged premises, and Mong~gee may at iis option dehy enforcing this assignment until any default being made by the Mortgagor under the terrtu of this mortgage the notes secured hereby, and wch assi6nment in any event shaU rematn in full force and effect so lon6 as any default oontinues to exist in the making of any of the payments or the pedormance of any of the covenants of this mongaEe or the notes secured hereby, and the Mortgagee shall have the right to enter upon the premises and cdlea ~ame direcUy from persons in posussion. Mortgg~gor agrees to eaecute any further docvments evidencin6 such assignment as Mortg~gee may rcasonably request from time to time. ~ IS-B. That in the event that at the beginning of or at any time pending any suit uEwn this moctgaae,ot to torcclose it, or _ ~ to rcform it, and/or to enforce payment of any claims hereunder, said MortEagee shall apply to the court haring jurisdiction ihereof f~ the ~ppointment of a Receiver, wch court s~'u0 forthwith appoint a Receiver of said mortgaged property al! and . sin~gulu, including all and si~ular rents, income, ptofits, issues, and revenues from whatever soutce derired, each and every of which, it bein6 expressly understood, is hereb~• mortgaged u if speci~cally set forth and deuribed in the gnnting and habendum dauses hereot~ or any exhibits hereto, and wch Rece~ver shalt have all the broad and'eftectire functions and powets in anywise entrusted by a couR to a Receiver, and such appointmer.i shall be made by wch coun as an admitted equity and a matter of ab- solute right to said Mortgagee, and without reference to the adequacy or inadeqwcy of any remedy at law or of the adequacy or inadeqwcy of the ralue of tht property mortgaged or to the solvency or insolvency of said Mortgagor or of any or zll of the de- fe~edants, and that such rents, profits, incoms, iuues and revenues shall be applied by such Receiver according to the lien.and/or equity of said Mortgagee and.the pnctice of such court. " ~ . 16. To pay all and singular the costs, charges and expenses, including reasonabk lawyer's fees and Cees for appeliate work anQ costs of abstrset of title. incuned or paid at any time by raid MoctgaEee because aad/of in the event of the failure on the put of the said Mortgagor to duly. promptly and fully perform, discharge execute, effect, complete, mmply with and abide by each and every the stipulations, agaments, conditions aod rnvemnts of said promissory notes and this mortgaae, ar~Y or either, and said costs, chu6es aad ezpenses. each and erety. sha11 be immed'utely due and payabk. whether or not therc be notia, demand, attempt to coUect or wit pending; and the full amount of ach and e~~ery such payment shall bear interest from the date thereof unti! paid at the same rate u is specified, in the notes secured hercby, u payable after default in payment of said notes and all said costs, charga and eapenses so inwrnd or paid, together with such interest, shaU be secured by the lien of this mortgagt. _ 17. That Mortgagor will not permit any nther liens, mortgages or encumbrances against the s~~d prtmises, and i£any such liens, mortgages or encumbrances ue incurred, whether puamount or wbordinued to this mortgage, Mortgagor will cause such .liens, mortgaEes or encumbnnces to be discharged immediately. Without limiting the forcgoing, shouW there be a lien superior in dignity to the fien of this mortgage with Mortgagee' consent, it is convenant and agreed that should the terms ot a lien wperior in dignity to that ot this mortgage be modified. alterod or raried without the wriiten consent of the Mortgagce hercin, or should any lien supeaor in dignity tu that of this mortgage be or become in default, then and in such event the Mortgagee - ''i hercin may at iis option accelerate the indebtedness secured by this mortgage and derlue the same to be a0 due and payabk without notice to Mortgagoc or any other person. 18. Mortgagee shal! have the right to charge any of :1lorigagot's accounts with Mortgagee for any sums payable as pro- vided hercin or in the promissory note sccured hereby u wch becoma due. ~ ' . ~ 19. If the Mortgagce rcquests, Mortgagor wil! furnish the Mortp,agee annually from the date of this mortgage instrumeet, unleu some other date is a~ereod to between the parties in writing, a cert~fied audited financial statement of the Mortgaaor and annual complae statements of Mort~ta~or. !f the Mort~wgor's fiscal calendar yeu shall not coincide with.the date herein speciCwd, then the date wrhich the Mortga6ee s}up specify shall be controlling. Mortgagor shall supply Mortgagee with such other financial. st~tements u Mortgagee may from time to time request. ~ 20. No nght or remedy prcvided herein iot the Mortgager or provided for the MortZragee in the nute securcd hereby shall be cumulatirr and severable. . 21. It is undentood and agreed that this mortgalte is given to secure, in addition to the nou or obligation attached hereto, any additional Iwns or fu:ure advances made within the term of this mortgage loan to said Mortgagors or any snccessor in tiUe of ~ said Mortgagon of the property hereby conveyod: provided that the total unpaid bafanoe of the irdebtednas socurod hereby at ' any one time shall not ezceed n~ $ plus interest theron plus any disbursements made br the ; Nortgagee for the payment of taxes, kvies, inwrance or other char6es on the property encumbered hereby, with interest on such disbursements, court costs and attorney's fees. includina fees for appellate work. ' 22. 'Ihis mortaaae is subject to the terms. prorisions and conditions of that certain Construction Loan Aareement dated ~ June r'J . 1978 ~ and said Constructan Loan Agreement is by reference incorporated hercin and ' made a put hereof. Defauit in the terms ot the Construction Loan Agreement shaU constitute a dehult under the mortgage. : . . ~~k~ 288 985 ~ ~ 4 ~ E E - e ` r ~`a, : ~ _ ` _ ~ e. . ~ --n. . y~`'~.u ..-..-.,.~2~ '~~~.a-~~"-.=~~ .s..>.,itir:,:_ ~~e.--.~.- ~ ~ . . .