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HomeMy WebLinkAbout0994 " . _ 9, To deliver any abstract ur ~bctracts of titk or titie inw~rnrr pu6cy ur pulicirs cuve~irqc the mor~gaged property to Murtgaga or its dcu~n~trd agent, which shaQ a! all times during Ihe life of this mu~tgage. ~emain in ~he posuu~on of the Murt• ~ ga~ee and in event ot the [oreclosure of this mort~6e all ri~tht, title and intere:l of tbe Mortgagor in and to any such abstraet or ~ title sAall pass to the purchase~ at foteclosurc, hov?eve~, all mortKagee title insurance policies shall rcmain the ptoperty oi , Alott6a~ee. ~ ~ 10. That no walre~ of aay corenant hereio w ia the obli6atbns secured hereby shall at aay time hereafter be held to be ~ a wairer of any of the other te~ms hereot or of the notes secuted hereby, nor may Mortgagor ~ely on any course of conduct by ~dort$ajce not specifiaUy cequind by this inst~ument. That lhe Moitp~ee, without notke, may a~ee with any party obli~atod on said indebtedn~s, or havin~ an ~nterest in the xcurity desc~ibed hercm, to rcnew or extend the time for payment of any pact o~ all of the indebtedneas secured hereby. without in any wray affeclina either the lien hereof or the liability of any other party. Thai in osder to acerlerate the matwity of !hs i~debtedness hercby secured because of 1he failure of the Mort~agot } to pay sny tax asaessment. liability. obliaation o[ encumbnnce upon uid prope~ty as hercin provided, it ahall not be necessary ~ nor requuite that the Mortgasee shall fust pay the sama ~ 12. Th~t if the Mortsajo~ ~hall fail, negkct or rcfuse fot a period of ten (10) days fuUy and prompdy to pay the amount: f required to be paid by the notes hereby secured or the i~terat therein specified or any of the wms of money heroin r~(erred to t or hereby secuted, ot otherwise duly. [ully and promptly to pedorm, execute, compty with and abide by each. erery or aay o! the ooveaants, coaditions or :tipulations of this monp~e. the promissory notes hereby secured and/or the construction loan ~ agreement, it aay. then, and ia aither or in any of wch events, w~ithout notire or demand, the said aageEate sum mentaned in : said promissory notes, leu previous payments, if any, and any and all su~ mentioaed hecein or secured he~eby shaU become due. ± and payable forthwith or theraRec at the aontinui~ optioa of the Mortgagee as fuUy and compktely u if said a~esate wms were originaUy stipulated to be paid u such time, anythi~ in said promissoty nota or herein to the conmry notwithsundina, and the Moripaee stu~1 be entitlod thereupon or thereafter wilhout aoti~x o~ demand to iri~itute wit at !aw or in equity to enforce the right of the blortpaee hereundet or under said promiuory notes. la the event of aay defautt or breach on the put of the Utort~or hereunder or under said pmmissory notes, the Mortaagee shall have the continui~ option to enforoe payment of all wms secured hercby by acdoa at law or by wit in equity to foreclose this mortgage. either or both. concunendy or other- wise, and one action or wit shall not abate or be a bu to oi waiver of the Mortg~gee's right to institute or maintain the other. ? provided mid Mortgaaee shall have only one payment and satisfaction o[ said indebtodness. ~ ' 13-A. That in the event that Morigagor shal! (1) consent to the appointment of a receiver, Uu:tee or Iquidator of all R or a substuttial put of Mortgagot i assets, or (2) be adjudicatod a bankrupt or iniolvent, or fik a voluntaty petition m bmkruptcy ~ or admit in writing his inabaity to pay h~s debts as Ihey become due, or (3) make a genenl assignment for benefit of cteditors, or (4) fde a petition or answror seekirtg reor6anization or artanaement with creditors, or to take advantage of any insolvency law, or (S) fik aa answer admitting any of the material alleaations of a petitiun Cded against the Mottgagor in any banluuptcy, re- ' organiution or iruolv~ency proceeding, or (6) action shall be taten by the Mortgagor for the purQose of effecting any of the fore- Eoing. or (7) any order, judgment or dcerce shaU be entered upon an application of a creditor or Mortgaaor by i court of com- petent jurisdiction appruving a petition steking appointment of a rereirer or truste~ of all or a substantial part cf the Mortgagor s ~ assets and wch order, judgment or deaee shaU cantinue unstayed and in effect for any period of thiriy (30) consecutive days, the Irjortgs~te rtny dectare the notes hereby secuted forthwith due and payable, whereupon the principal of and the interat acc~ued oa the notes and all other wms hercby secured shall become forthwith due and payabk as if aU of the said sums of morxy were ori~inally stipulated to be paid on such day• and ihereupon the Iriortgagee wilhout notice a 6emana may pro~ute a suit at law and/or in equity u if all monies secured hereby had matured prar to its institution. 13-B. That in the erent the premises hereby mortgaged, or any part hereof, sha!1 be condemned and taken fo~ pubtic use under the power of eminent domain, Mortgagee shall have the right to require that all damages awarded for the taking of or ' damage to said premises shall be peid to the Morigagee, not to exceed the then unpaid balana of this mortgage and any sum secured thercby. and at the option of the Mortgagee such amounts may be aPplied upon the payment or paymenu last payable . hercon. ln the erent it becomes necessary for !he Mortgagee to employ counsel to protect its inte~est at any cond~mnation s proceedings. the Mortgagur shall immediately upon demand rcimbune the Mortgagee for all reuonabk expenses and attorneys' tces thus incurted, and all such sums shall be deemed secured by the lien of this mongage. ' 14. 7'hat the Mortgagee or any person authorized by the AtortP,agee shall have the right to enter upon and inspect the ~ rtwrtgaged premises at all rcasonable times. - . i !S-A. 'R~at to funfier sccure payment of the indebtedness oF the Mortgagor to the Mortgagee, the Mortgagor does hereby sell, assign, transfer and set over unto the Mortgagce a0 of the rents, iuues, and prbfits of the mortga~ted premises, and Mortgagee . may at its option delay enforcing this assignment until any dehult being made by the Morteagor under the terms ot this mortgage the notes sccured heroby, and wch assignment in any event shaU remain in full force and effect so long as any default continues to exist in 1he malcinE of any of the payments or the pedormance of any.of the covenants of this mortgage or the notes secured hereby. and the Mortgagce sfiall have the right to enter upon the premises and collect same directly from persons in possession. ~ Mortgagor aarees to execute any further documents evidcncina such assignment as Mortg~gee may reasonably request from time to time. - ; I S-B. That in the event that at the beginning of or at any time {xnding any suit upon thic mortgage, or to foreclose it, or to rcform it, and/or to enforce payment of any claims hereunder, said Mortgagee shall apply to the court haring jurisdiction thereoC Cor the appointment of a Recei~er, wch court sFiall forthw~th appant a Recei~~er of said mortg~ged property all and - singulu, including all and singular rents, income, profits, issues, and revenua from •wrhatever source derived, each and every ot which, it being exprcssly understood, is hereby mortgaged as if specifically set forth and described in the gnnting and habendum clauses heceof, or any exhibits hercto, and such Receiver shall have all the broad and effective functions and powers in anywise f entrusted by a coud to a Receiver, and wch appointment shall be made by such court as an admitted oquity and a matter of ab- ; solute right to said Mortgagee, and without reference to the adequacy or inadequacy of any remedy at laa or of the adequxy or inadequacy of the value of the property morigaged or to the solvency or insolvenc~. o( said Mortgagor or of any or all of the de- ~ fendants, and that such rents, profits, income, usues and revenues shall be applied by such Receiver according to the lien and/or ~ equity of said Morlgagee and ihe pnctice of sunc ~ourt. . 16. To pay all and singulu the costs, chuges and eXpenses, including reasonabk lawyer's fees and lees for appellate work _ and costs of abmact of title. incurred or paid at any time by said Mortgagee bec~use and/or in the event of the failure on the part of the said Mort~agor to duly, promptty and fully perform, discharge, execute, e[fect, wmplete, oomply with and abide by ach and every the stipulations, agreements, Conditioas and oovenants of said promissory notes and Ihis mortp~ge, any or either, and said cosu, chuges and expenses, each and every, shall be immediately dae and payabk, whether or not there be notice, demand, attempt to collect or suit pending; and the full amount of each and every such payment shal! beu interest from the date theteof until paid at the same rate u is specified, in the notes secured hereby, u payable after default in payment of said notes and all said costs, charges and expenses so incurred or paid, together with such interest. shaU be secured by the lien of this ~ mOrtgagt. . 17. 71ut Mortgagor wiU not Qermit any other liens, mortpages or en~:umbrances against the sa~d premises, and if any such liens, mortgages or encumbrances are incurred, virhether paramount or subordinated to this mortgage. Mortgagor will cause such iiens, mortaages or encumbnnces to be discharged immediatel~•. Without limiting the foregoing, should there be a lien wperior in dignity to the lien of this mortgage with Mortgagce' consent, it is conrenant and agreed that should the terms of a licn wperiot in'dignity to that of this mortgage be modified, altered or varied without the w•ritten consent of the Mortgagee herein, or should any lien 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 accelente the indebtedness secure~l by this mortgage and declue the same to be all due and payabk ~ without notice to Mortpgor or any other person. ; 18. Mottg~gee shall have the right to charge any of AlortRagor i accuunts with. Nottgagee for any sums payable as pto- ' ~ vided hercin or in the promissory note secured hereby as wch becomes due. _ 19. If the Mottgagee requats, Mortgagor a~iU furnish the Mottg~tee annually from the date of this mortgage instrument, unless some other date u ap,~eod to between the parties in vrriti??g, a certified audited 6nancial statement ot the Mortgagor and ~ annuai complete statements of Nortp,agor. If the INortgagor's fiscal calendar year shall not coincide with the date hercin specified, ; ~ then the date which the Mortgagee shall specify shall be conuolling. Mortgagor shall supply Alortgagee with wch other financial ~ statements as Mort~aget may from time to time request. , , ~ 20. No right or remedy prcnded herein for the Mnrtpagee or provided for the Mortgagee in the note secured hercby shall ~ ~ be cumulative and sererable. _ 21. It is understood and agreed that this mortgage is given to secvre, in addition to the note or obligation attached hercto, ~ any additional loans or [uture advances made within thr term of this mortgage loan to said Mortgagors or any wccessor in tide of said Mortgagors of the properiy heretiy conveyed; proridzd that the total unpaid balance of the indebtedness secured hereby at ~ any one time shall not exceed n~ a plus interest theron plus any disbursements made br the Mortgagee for the payment of taxes. kvies, insurance or other charges on the property encumbered hereby. with interest on such ~ disbursements. court costs and attorney's fees, induding fees for appellate work. ~ 22. This mortgage is subject to the terms, prorisions and conditions of that cenain Construction Loan Agreement dated ~ June rJ . 1978 and said Construction Loan Agreement is by reference incorponted herein snd ~ irude a part hercoC. Default in the terms of the Construction Loan Agreement sh311 constitute a default under the mortgage. ~ ~ k ~~8 P~~~ 992 - ~ • B~uK ~ 4 =arY~~~~.~ m~(~ . - ] . . ~r~~ ~~zW _ ~'"'e"-' ~~~u`i ~5 r~ -S` ~,5 ~ ~-2~ ~ . _ - ;~.s~'~''h. '~~~c` . ~ .