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HomeMy WebLinkAbout0881 9, To deUver ~ny absuacl ot abittails of titk ut 1iUt inwr~ncc pulicy or puliries rovennit the montated prope~ty to ' Mortragee or ~ts de~ natdd agent, wh~rh shall at •rll times duting the lifc uf thic mortgage, remrin in the pussesswn of the Nort- ~and in event oi the Cureclosuro of this mortga~e all right, title and intcrest of the Mortgag.~? in amf to any wch aMtract ot `i la shall pass to the purchaser at foreclosurc, hor?rovtt, all mortg~tee ti~te insurance polieies shaU tema~n the propertq of ' Mort~aEce. . . !0. That ~w wsivet of anq covmnant Ircroin w in the obli~atiuns secured heteby shsp at any time he~wfter be held to be s waiver of any of the other terms heaof or of the notes secured heroby. nor may Mortaajor rely on any cou~se of condqct by Murt~s~ee oot speciTicaUy requind by this in:trument. Thst the Mortp=ee, without aotice, may a$ee with aay pariy oblipted on sa~d indebtednKS. or havinj an intetest in the ~ecurity described hercin, to renew ot exteod the titne (or piyment ol sey put or all of the indebteAness sccurod he~eby, without in any way a(fectir~ either the lie~ heteof or the liability of any othet party. 11. llut in orde~ to acceleate the maturity of the indebtedneu hereby secured because of !he failure oi the MortEa`o~ to pay any tax asseumeot,l'ubility. obligation of encumbrance upon said property as hercin provided, it shall not be necessary oor requisite that the Mortga~ee shall fint pay tAe ume. M~[~Oi"71[i1l tll1; M~1ECt'Otflftl7CfOttQlTIO~~!!R{~lH~ly<<rYy'(Wd~WOa1P~Y i~Y the intnunts rcquired to be paid by the notes he~eby securod w the interest ther:in specii'ied w any of thc wms of money Aerein referred to or hercby secured. or otherwise duly. [uUy and promptly to pertorm, exe~.~ute, comply with aad abide by each, every or aey ot tbe covenants. cond~tions ot :tipulytions o[ thls mort~xRe. the promissory notes hereby secured and/or the construction loan asreement. if any, then, and in either or in any oi wch events. without notice or demand, the ~aid sagegate wm mentioned in said promissory notes, less pcevau: payme~ts, if any. and any and aU wms mentioned herein or secured hereby ihall become due and payable forthwith or thereaiter at the contioui~ optio~ of the MoitgsRee as fuUy and rnm~?ktely u if said aggeaate wms were oripnslly stipulatod to be paid u such time, anythina in said promiuury notes or henin to the ronvuy notwithstandina, and the Mort6aaee shaU be entitled theceupon or thereatter wlthout notia or demand to iastitute wit at law or in equity to e~faoe the ri6ht of the Mortaagee hereunder.or under said promissory notes, ln the eveet of any detault or bceach on the put of the INott~or heteunder or under said promissory notes, the Mortgagee shall have the continui~ optan to enforce payment ot aU wms secured hereby by action at law or by suit in equiry to forcClox thi: mortgage, either or both. coaeatrenUy or other- vvise, and one action or suit shall not abate or be a ba~ to or waiver of the Murtpsee's right to institute or maintain the other, providcd said Mortgaaee shaU hsve only one psyment and satisfactan of said indebtedness. 13•A. That in the eveni that Mortgagor shall (1) consent to the appuintment of a receiver, trusta or Iquidator of aA or a substantial put of Mortgagor's asseis, or (2) be adjudicatod a bankrupt or insolvent. or Cdc a voluntaty pctition m bankruptcy or admit in writina his inability to pay his debts as they become due, or (3) make a grneral usignment for benefit of ccoditors, ot file a petition or answer seelcinE rnorganization or arrangement with creditors, or to talce adranuge of any insolrency law, or (S) fde an answer admitting any of the material aUegations of a petition filed against thc Mortgagot in any bankruptcy. re- orp,anintioa or insolvency proceedir.g, or (6) action shaU be taken by the Mortgagor for the purpose of effacting any of tha foce- going, ot (l) any order, judgment or decree shall be entered upon an appliration of a crsditor or Mortgagor by a couA of com- petent ~urisdiction approving a petition seeking appoinlment of a crceive~ or trustee of all ot a substantial part of the Mortgagor's ~ assets and wch ordet, judgment or deccee stull continue unstayed :nd in effcct for any period ot td'uty (30) rnnsecutire days. the Mortga6ee may declue the notes hcrcby :ecurod forthwith due and payable, whereupon the ptincipal of and the interest accrued on the notes and aU other wms hercbY secuced shali becume iorthwith .iue and payabk as if all of the said sums o! - money werc origiruUy stipulated to be paid on such day: and thereupon the 1Nortgagee without notice or demand may ptosecute a suit at law and/or in eQuity as if all monies secuted hereby had matured pr'ar to its institutioa. 13-B. That in the event the premises hereby morigaged, or any part hereo[, shall be condemnod and taken for public use - under the po~ver of eminent domain, Mostgagee shall hare thc nght to require that all damaaes awuded for the taking of or damage to said premises shall be paid to the Mortgaaee. not to exceed the then unpaid balancs of this mortgsae and any sum securod thereby, and at the option of the Mortgagee wch amounts may be applied upon the payment or payments tast payabk hercon. In the 4vent it becomes necessary far the Mortgagee to employ counsel to protect its interest at any condemnation pra.~eedin6s, the Mortgagor shall ~mmediately upon demand reimburse the Mortgagee for aU reasonabk expenses and attorneys' fees thus imuned, and all such sums shall be deemed secured by the liea of this mortp,aEe. 11. llu! the Mortgagee or any person authorized by the Nortgagce shall hare the right to enter upon and inspect the moitgagad pcemises at all rcasonable tima. 15-A. That to further secure payment of ihe indebtedness of the Mortgagor to the Mortgagee. the Mortgagor does hereby xll, assign, tnnsfer and ut over unto the Nortgagee all af the rents, iuues, and profits of the mortgaged premises, and bfortgagee rtuy at its optan delay enforcing this auignment until any default beina made b} the Mortgagor under the terms of this mortgsge the notes secured hercby. and suc~ assi6nment in any event shall remain in full force and effect so long as any de[ault ooniinues to exist in the making o[ any of the payments or the performance of any of the covenants of this mortgage ~r the notes secured hereby, and the Mortgagee shall have the right to enter upon the premise: and collect same directly from penons in possession, Mortga~tor a6rees to execute any further documents evidencinE such assignment as Atoit~gee rtuy reasonably request fmm time to time. - IS-B. That in the event that at the beginning of or at any time pending an~• suit upon this mortgage.or to foreclose it, nr to teform it, and/or to enforce payment of any claims hercunder, said !Nortgagee shall apply to the coutt having jurisdiction ' thereof for the appointment ot a Receiver, wch court shall forthwith appoint a Receir•et of said mort~ged propetty aU and singular. including all~ and singular rents, income, profits, issues, and revenues from whatever source derivrd, each and every of ~ which, it being expreuly understood, is hereby mortgaged as if specifically set forth and described in the gnnting and habendum j dauses hercof, or any exhibits hercto, and wch Receiver shall have all the brwd and effective i'unrtions and powen in anywise I entrusted by a court to a Receiver, and such appointment shall be rrwde by such rnurt as an admitted equity and a matter of ab- ~ solute risht to said Mor~gagee, and without teference to the adequacy or inadequacy of any remedy at law or of the adequacy or ~ inadeqwcy of'the value of the property mortRaged or to the solvency or inwlr•ency oT said Mortgagor or of any or al! of the de- fend~nu, and that such rcnts, profits, income, issues and revenues shall be applied by such Receiver according to the lien and/or ~ oquity of said Mortgagee and the practice of such cuurt. ~ 16. To pay aQ and singufar the costs, chuges and expenses, including reasonable l~wyer's fees and fees for appellate wodc and rnsts of absuact of title. inrurrcd or paid at any time by said Alortaa~ee because and/or in the event of the failun on the ~ part of the said Mortsagor to duly, promptly and fully perform, discharge, execute, effect, complete, oomply with and abide by ~ each and erery. the stipulations, aBeements, conditions and oovenants of said prumissory notis and this mortgage, any or either, and said costs. chuges and expenses, each and every, shall be immedutely due and payable, whether ur not there be notice, demand, attempt to colkct or suit pending: and the full amount of each and erery such payment shall beu interest Crom the date thereoi until paid st the same rate u is speciGed, 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 w•ith such intercst, stull be secured by the lien of this mortgaae. 17. That Morigagor w•ill not permit any- othrr Irens, mortgages or encumbr~nres ~tainst the sa~d premises, and if any such IKns, mottgages or encumbrances are incurred, w~hether par~muunt ur su6ordinated to this mortgage, Mortgagor wiU cause such liens, mort6ages or encumbnnces to be diuharged immediately. K'ithout limiting the foregoing, shoi?Id therc be a lien superior in dignity to the lien of this mortgage aith !1lortgagee' consent, it is conrinant and agrrcd that should the terms of a lien superior in dignity to that of this mqrtgage be modificd, altered or varied w•ithout the writtcn con~ent of the Mortgagee herein, or should any licn supenot in dignity tu that o! this morip,age be or becorime in default, then and in such event the Mortgagee herein may at its option accelente the indebtedness secured by thi~ mortg:?ge and declarr the same to be~II due and payabk without notice to Mortgagor or any other person. ' 18. l~lorigagee shall have the right to charFe any of Mort1tagor's accountt with ~tortgagee for any sums payable as pro- rided hercin or in ihe promissory note secured hereby u wch becomes due. ~ 19. If the Mortgagee request~, tilort~pgor wiU furnish the MortRa~ee annually from the date of thix mortgage instrument, - ' unless some other date is agreed to between thr parties in w-riting, a certified audited firwnrial statement of the Mort~or and ~ , annual complete statements of ~fortgagor. If the 1Nortgagor's 6sca1 calendar year shall not coiacide w•ith the date herein specified, ~ thee the date Rhicfi Ihe ~tortgagee shall specify shalt be convc~lling. Mortg~got shall s~pply Moripagee with such other financial statements as Mortgagee may from time to time request. 20. No right or remedy ptcvided herem for the Afort~tagee or provided fot the Mortgagce ~n the note secured hereby shall ~ be cumulative and severable. ~ 21. ~t is understcx~d and a~reed that this mortgage is given to secure, in addition to the note or obligation attached heteto, ~ any additional Iwns ot future advances rrude within the term of this mortgage loan to said Nort~gon or any successor in tide of ~ said Mortgagon of the property hereby comYyed: provided that the total unpaid balance of the indebtedness tecured hereby at ~ any one time shall not exceed Nf A plus interest theron plus any disbursements ma~e or the Mortgagee fot the payment of taxes, ierees, insunnce or other charges on the property eacumbered hercby. with intetest on wch disbursements. coun costs and attorney's fees, including fets for appell~te work. 22. 'Il~" N~ rtgage is subject to the terms, provisions and conditions of that certain Constructio~ Loan Agreement dated , and said Construction Lo~n Ageement is by rcference incorporated hercin and made a part hereof. 6efault in the terms of the ConsLruction Loan ~grcement shall cunstitute a default undet the mottgalte. ~ ~ , ; aUGK ~8~ PAGE S~ ~ ~ . ~'+,::G . - . ~ ~ ~ ~__....__t..i~.+~- ~ ,~,Vr ~ 4yF~,n ° ~T ~ ~ ^ . i ~~I ~',~.~"y ~"'~~''x~ , s `n~--~~ ~ . . 4 ~ j,~~: n - ~"~~z,a " _ - 'c - - ~ .