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HomeMy WebLinkAbout0496 ~ 9. To de4ver any abunct oi abstncts of titk ur titk imur.na pulicy or polic~es roreri~ the mort`a~eA property to M o remsin in t e assesuo of the Mort- ~ee and in ereot o the forcclowrc of tAis mort~e sU ~isht. utle and mterest u t o~tga~ur ~n a to any wc a suact or title shall psa to the purchaser ~I to~eclowre. horwver. sll mort~seee titk inwrance poUc~es shsU ~emain th~ propatty ot Mott`aaee. 10. That au w~aivsr o! aay corenapt heteln or ia tM obliptions secured hereby thall at u?y timo hereaftet be held to be a wnivet of any of tM oth~r terms hereof or ot the notss secured hereby. nor may MorlRafot rely oo any cour~e ot conduct by • • Mort~a~ee aot~pec~ f~cally ~equired by thk insuumen~ That the MonPaee. without notke. may ytee with u?y party ubtipted on sajd indeptedaea. ot havin~ an interest in the iecudty described hereia. to ronew or axl~nd the time [or paymeat of aay p~tt or all ot the indebfedaess ~ecueed he~ebY. aithout in any rvay af'fectinj either the tlen he~oof oc the WbWty ot any other party. ~ U, 7'Aat ia order to accebate the maturity of the indebtcdness heroby secured beause of the fsilure of the Mortsa~or ~ to pay any tax asxssmeai, IfabUlty, obliption o[ encumbnna upon :aid property as I~ercin provided. it :hsp not be necessary ; nor ~equisite that the Mort~asee shall fust pay the same. 12. That if the Mott~or shall fail. nqlect ot tefu~e [ot a petiod of ten (!0) days fullq and prompdy to pay the amounts required ro be paid bp the notes hereby secured or the ~nterat thenia specitiad or aay of the wms of moaey henin roferred to or hereby ucured. o~ otherMrue duly. tuUy and promptly tope dorm. execute. oomply~Mnth and abide by each.erery or any a[ tAe oovena~ts, tonditions or stipulations of thh mortpye. tbe prominury aotes hereby securod and/or tAe constTUCtion ban a~reement. it any. then, and !n ei~her ot in any oi wch event:. ~vithout notice or demand. the nid epte sum mentioned in said promtssory notes. kss ptevb~u Payments. it any. aad any and al! wms meatioued henin or ~hereby ihaU become due aM payabk fortl~with ot thenaRer at tbe ooatinuins optioa o[ tlw Mortp~ee as tuUy.and compktely as if said a~epte wmt vrero oripnally st~ulated to ~e paid as wch time. aaythi~ in said promissoty nous or berein W the coatrary aotwitlutandint. • ` and tde Mortpaee s1u1! be entitled thereapon oi thercaftar witdout notice or demand to iristitute suit at law or in equity to j entace the right of the Mortpeee herounder or undet safd promissory notes. ln the erent of any default or breach on the part of the l~lort6aaor hereuader or under said promissory aotes. the ~lortaagee shaU have the rnntinuins optan to ed'aoe payment of aU wms ~ecured hereby by scUon at la~r ~ by iuit,p~~q~iq~ to foreclose this mort6aae. either or both, concuenntly'or other- wriu. and oae action or suft shall not aDate dr"be'i est id~ ~vairer o! the blortpieee's tight to t~atitute ot maiatain the oth~. _ provided ~id Alort~qee shall hsre only one payment aad utistaction of said indebtedaess. 13-A. That in the event that Mon~or shall (1) consent to the appointment of a receirer. vustee or l'puidator of all ~ ot a substantial part ot Mortgaaor's assets, or (2) be adjudicated a bankrup! or insdvent, or Cde a voluntary petition m bankruptcy ~ o~ admit In vritieg hi~ inability to pay dis debts u they become due. or (3) make a genenl assip~meat for benefit of creditors. ~ or (4) Gle a petitjon or answer seekina reorsaaization or arranaement with creditors, or to uke sdranta~ of any inwlveacy la~v. or (5) fik an ans~rer sdmittinE any of the materiat allebations of a petition filcd against the Mortgaaor in any bankruptcy. re- ; urganization or l~oi ~~p coaeding, or (6) action shaU be laken by the blottgaaor for the purpose ot effectin6 any of the fore- - ~ gdna, ot E~)~a~ry or~ix~ameoc or decree shali be entecod upon an application of a cceditur or Mortga~r Dy a court oCcom- ' petaot j~risdiclfosappMving a pet~tion seekin6 sppointment of a receiver or irusta of aU or a substaniial part of the Mortgagot's ~ , ;sqe s~d.~ch:pdql~y~d~ment or decree shall contiaue unstayed and in effect for any period of tAirty (30) consecuiive days, ~ the ~ortaasee rmy declue the aotes hereby secured forthwith due and payable, whereupon the principai of and the intuest acerued o~ the nous and a11 other wms hereby ~ecurcd shall become forthwith due and psyabk as if aU ~f the said sums ot money vrere ori~naUy stipulated to be paid on such day; and thereupon the Mortgagce without notice ot demaad may prosecute ~ : a suit at law and/or in equity u if al! monies securcd hereby had matured prior to its institution. ; ; 13-B. That in the erent the premises hereby mortgaEed, or any put h~reof, shall be condemned and taken tor Public use under the poaer of eminent domain, Mortgaaee sha0 hare the right to requirc ~hat all damages awudod for the talcing of ot ~ dams6e to said premises shal! be paid to the Mortaasee. not to excced the then unpaid balana of tttis mortg~e and any sum • i secured thereby, and at the optioa of the ~lortaagee wch amounta r,uy be applied upon ti~e payment or payments last payabie ~ hereon. In the erent it becoma neceswy for the Mort~a tq empby counsel to protect its intenst at any condemmtion ~ proceedin6s~ the Alortgagor shaU immed'utoty upon demand reimburoe the Mortgagee for aU reasQrobk expenses aad attomeys' ~ fecs thus incurred. and all such sums shall be deemed secuted~by the lien of this mortgage. ; l4. That the Mortgagee or any person authorized by the Mort~gee shall have the right to enter upon and inspect the ` mortgaged premises at all seasonabk times~ L IS-A. That to further secure payment of ~he indebtedneu of the Mortgagot to the Mortg~6ee, the Afortaagor does hereby ? sell, usign, Uansfer and set o~~er unto tht Mortgagee al! of the rents, iuua, ind profits of the mortga6ed premises, and Mortgagee ~ rtuy at its optan delay enforcing this asvanment until any def?ult being made by the Mortgagor under the terms of this mortgaae = the notes ~ecured hercby, and such assi6nmeat in aay erent shall remain ia fuU force and eftect so lona as any de[ault oontinues s to exist in the making of any ot the payments or th~ perforrtuna of any of tM rnrenants of this moriEage ot the notes secured hereby, and the MortEaEee shall have the right to enter upon the premise: and coUect same directly frpm persons in possession. Mortasgoc ~rces to execute any furt6erdotuments evideacinE wch assignment as Mortp,agee rtuy reasonably request trom time t to tim'e. ~ 1 S-B. That in the event that at the begin~ing of or at any time pendinE any suit upon this mortgaae, or to foredose it, or to refurm it, and/or to enforce payment of any claima hereunder, said Mortgagee shall apply to the court having jutisdiction ~ thereof for the appointment oC a Receiver. wch court sha11 forihwith appoint a Receiver-of said mortgaged property all and : singular, includir~ all and singular rents, income. profits, iuues. and revenues from whatever soura derived, each and every of t which. it being expressly anderstood, is hercby mortgaged as if specifically set forth and described in the gnnting and habendum E i dauses hereof, or any exhibits hereto, and wch Receiver shall hare aq the broad and effective funciions and po~ren in anywise : j entrusted by a court to a Receiver, and such appointment slull be made by such court as an admitted equity and a matter of ab- : ~ solute right to said Mortgaaee. and without re(ercnce to the adequacy or inadequacy of any remedy at law or of the adoquacy or E inadeqwcy of the value of the property mortp6ed or to the solvency or insolrency of raid Mortgagor or of any or all of the de- _ f [endants, and that such rents. profits, income, iuues a~ed revenues shaU be applied by such Reoeiver according to the lien and/or _ equity o[ said Mortgagee and the pnctice of such court. ~ 16. To pay all and singular the costs, chuges and expenses, including reuonabk lawyer's fees ud fees for appellate worfc ~ ' and costs of absUact of titk, incurted or ptid at any time by said Mortgagee because and/or in the event ot the failurc on the part of tht said alortgagor to duty, promptly and fully perform, discharge, execule, e[fect, rnmplete, oomply aith an~ abide by ~ each and every the stipulations, agreements, conditions and oorenants of'said promissory notesand•this mortEage, any or either, and said costs, chuaes and expenses, qch and every, sluU be immediately due and payable, whether or not there be notice, demand, attemQt to collect or wit pending; and the tull artiount of q~:h and er•ery wch payment shall beu interest from the date thereof until paid at lhe same nte u is sp~cified, in the notes securcd hereby, as payable afte~ default in payment of said notes and all said costs, charges and expenses so incurrcd or paid, together with such interest, slull be aecured by the lien of this mott6aae. _ 17. That Mortgagor will not permit any other liens, mortgages or encumbranca against the sa~d premises, and iC any such - liens, mortgages or encumbnnces arc incurred, whether puamount or subordinated to this mortgage, blortgagocwi0 cause such liens, mortgaEes or encumbnnces to be d~uharged immediately. Without limiting the foregoing, should therr be a lien superior in dignity to the lien of this mortgaae with i?tortgagee' consent, it is conremnt and agned that should the terms of a lien superior in dignity to tlut of this mortgaAe be modified, altered or varied without the written consent of the Mortgagee hercin, or should any lien superior in dignity to that of this mortgage be or become in default, then and in wch event the Mortgagee herein may at its option accelente the indebtedness secured by this mortga~te and declue the same to be all due and p~yabk _ without notice to Mortgagor or any other person. ~ 18. Mortg,agee shall have the. right to chuge any of Nortgagor'c accountc with Mortgaget fot any sums payab{e as pro- ~ vided hercin or in the promissory note secured hereby as wch becomes due. . ~ !9. If the Mortgagee requests, Mortgagor will furnish ihe Mortgagee annually Erom tlx date of this mortgage instrument, unkss some other date is agrced to between the parties in writing, a certified audited financial statement of the Mortgogor and + ~ annwl complete statements of Nortgagor. If the Mortgagor's fscal.calendar year shall not coincid~ with the date herein specified, ~ then the date which the Mortgagre shall specify stuU be conuolling. Nortgagor shall supply NorCg~gee with wch other financial statcments as ~IortEagee may f:om time to time request. ~ ~ 20. No right or remedy~tcvided herein for the Mortgagee at provided for the Mortgagee in the note secured kereby shall ~ ~ be cumuluivc and sevenbla • ' 21. It is understood and a~tteed that this mortgage is gi~^tn lo secure, in addition to the note or obliaatan attsched hereto. ' ~ any addit~onal loans or futute advances made within the term of this mortgage I'oan to wid Mortgagors or any sucexuor in title of ~ ~ said MortgaEon of the propeny hereby conveyed: provided that the total unptid balance of the indebtedness secured hereby at ~ " . any one time shall not exceed - 0- plus intercst thtron plus any disbursements made b~ the ' ~ Mortgagee for tFe payment of taxes, kvies, insunna or other cFurges on the property encumbercd hereby. with intetest on such ~ ~ disbursements, coun costs and attomey's fees. includinE fees for appeUate ~vork. ; ~ 22. This mortgaae is subject to the tetms, pmrisions and conditions of that certain Construction Loan Agrament date~ _ Y ~ -0- and said Constructan Loan Agreement is by reference incorporated herein and # made a part hereof. Default in the terms of the Const~uction Loan Agreement shall constitute a default under the mortEa6e_ ~ ~ - ~ . ~ g - ~ ~ ; ~ ~ ~ - ~ ~ ao~K 289 P,~ 4 ; ~ . . ~ ~ - - - - r - ~ ` s"~ . -r ; a . 9 ~ G.°+~~'k ~ 'P~ ~'4 ~3. y~1, Fr. v^=::.:..:., . ~sr.v~~ ~ ^ ' tY-;:.