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HomeMy WebLinkAbout0777 9. 1~. drl~~rt Jt11 .l11~lld~l ~~r ~h,t~~~t. ~~f ulk .u t~~lr imurenrr p~~l~i~ ~~r puli.~e. cuvrrin~t thr murtgagrd preK~erry tu ~l.~rtE~rtr .~t ~t~ de»gn~trd agrnt, Nh~.h ~tull rt rll hrnta du~ing thr lilr ut tht+ murtgigr, ~ema~n tn thr pu,stz~iun of the \futl- ~.?~er ~nd m e~rnt .~t thr furt:lu+urr ul thi~ mur~y,agr ~II r~ht, ntlr and in~rrr~t ~~f ~he Murtg~gur m ~rwi tu ony wch abs~r~.K or tule stuU pasc to the puscha~tc at foreclosurr, fiowerer, afl muttg~Krc tiilr ~muranre pulicies .h~11 remain the proprrty of \lurt~ager. 10. Tiut no wai~~er of an~• rurtnrnt hercin ot in the ublig~tiuns srrurrd hereby shall at any time heroafter be held to be a wu~Yr of any of the athet terms hereut ot ot the notes securrd hrreby, nur may Martltagor ttly on any coucse of cortduct by Nonga~trr ~ot spe:ifi~~ally requited by this instrument. That the Murtgagee, withuut r.otice, may agree with any party obligated on ssid ~ndebtcJorss, u~ ha~ing an ~ntrrcst in tht security drxribed here~n, tu tenrw or ezle~xl the time for payment of any part or sU of the ~mlebtrdness srcurrd hereby, without in any way aR~ecting cither the Gen herrof o~ the fiabasty of any other pariy. I1. Ttut m order to acrrlerate the mawrity of Ihe indebtrJnrss hrreby se~ured berrusr o( the Caduce ot the A1o~tgagor to Fay any tax assessment, liability, obligrtion of encumbr+n~Y upon said propcrty as herein provided, it shatl not be necessary nor rtyu~vte that tl?e A1u~tg~tr clwll ficst pa~• thc same. 1_. That ii the Nurtgagor shaU fail, ne~tlect or re[use for a ptrial of tc~ (l0) days fully a~d prompdy to pay the amounts rrquutd to be paid by the notes hereby ucured or the interest therein specil`~ed or any of the sums of money hercin rcferred to or hrttby se:ured, or uthtrwisr duly, fully and promptl) to perfo~m, exec:~tr, romply v?~th and abide by cach, every or any of thr :uverwnts, conditiuns ot stipulatiuns of this morig,+ge, the promissory notes hereby secured and/or tht consttuction loan .?a~ermrnt, it any, thzn, and in cither or in any ot such events, without notire or demand, the said aggeEtate sum mentioned in sa~d promissory notes, less previous payments, if any, and any and aU sums mrntioned herein or secured heroby shall become due and payable forthwith or tAerea[ter at the continuing optiun of the Mortgagce as fully and completely as if said aggegate sumi wYre ori~pnally iupulatrd to be paid as wch time, anything in s~id promissory notts or heeein to the cuntruy notwithstanding, and the Nortgaltee shall t+e entitled thtreupon or thereafter without notioe or demand to institute suit at law or in equiry to enicxce the ~ight uf the Moctgag~ heceunder or undei said pcomicwry notes. In the event of any default or breaefi on the part of the ~du[tgagor hereundar or under said promissory ~otes, the Mortg:~tee shall have the continuing option to enfoice payment of sU sums xcuted hercby by action at laa~ or by suit in equity to foreclose this mortgage, either or both, concurrendy ot other- wtse, and ona acti~m or suit sh:ill not abate or be a bar to or w+~vtr uf the ~turtgager i right to institute or maintain the other, pronded tiald ~tott~ee shall ha~e only une payment arid satisfaciion of said indebtedness. 13•A. Th:+t in the event that \tortgagot shall 11) consent to the appointment ul a receiver, ttustee or Iquidator of all w a cubstantial p~rt of ~tort~rgur's avets, or (2) be adjudi.ated a bankrupt or inwlvent, os t`de voluntary petition m bankruptcy or admi~ in wT~ting his irwbility to pay his drbts as they become due, nr 13! make a Reneral assignment for benefit of creditors, ot 14) t?1r a prtitiun or ansMec seeking reorganilation or arrangement w•ith ~iediton, or to take ~dvantage of any insolvency law, :•r 151 filr an answ•er admitung any of tht marerial allegations of a petitiun filed a~:~inst tht Mortgagor in any bankruptcy, u- ui~mtauon or insolrency pro~reding, or (6) action shell be taken by the JfurtRagur for the pu~pose•of effecting any of the fore- r~~ine. or f7) any urder. jud~ment or Jecree shall be enteted upon an applicatiun ot~ a rreditor or Mortgagor by a court of com- prtrnt ~unsdiction appro~~ing a petitiun s~king appoinlment of a recei~•er ur trocter of ell or a wbstantial pari of the Mortp,~gor's assets and wrh order, jucigmr~t or deaee shall continue unstayed and in effect ta any period of thirry (30) consecutive days, the Nortgagit may declare the notes hereby secured forthw~th due and payable, w~hereupon the principal of and the interest a::rued un the nutes end alf other sums hereby secuted shail become iorthw•ith due and payable as if all of the said sums of m.~ner• were ~~n~nalty supulated to t~ paid on wch day: anJ thereupon the blortgagee without notice or demand may prosecute a suit at !ar ~nd/or in equit~ as if all moniec secured hereby had matured prior to its institution. 13-8. The[ in thr rvrnt the p~rmices hereby mortg~Krd, or any part hereoi, ~hall tx condemned and taken for public use I urnirr the power of rmmrnt dortum, ~tottg:+gre shall have the nght to require thri all dam~es awarded for the tak~ng of or d~m.i¢r to w~d prrm~crs sh~ll br pa~d tu the Jlortga~e, not to exrecvi the then unpsid belance of this mortgage and any sum .e.uted thtrtby. :~nd ~t the nphort of the ~ferteagee such amounts m~}• be aQplied upon the paymeni ot payments {ast payable hereon_ In the erent it txcomrc necei~ary for the ?farlgaeee ro employ ;:~unsel to protect its interest at any condemnation p~o<rc~.l~ngs, the ~lorsgagor sh~ll ?mmedi.?trl}~ upun demand reimbuise ihe \fortg~~ee for atl rcasonable expenses and attorneyi fer. thus m.urra-~l, snd all w.h sum..hall tx drrmcd .ecured by the lien uf this morig~ce. - t4. That the ~lurt~a~ee ur ~ny peru>n ~uthurized by the ~f~~rtK;,.~rr sh~ll hi~e the right to enter upon and inspect ihe m~ct~.tgrai prrm~xti at s11 rersunab{e umec. I S-:1. That t.. further cerure pa} ment uf the indcbtednrss of the ~lortgag.or to tfie ~Sort~~~ee, the Afortgagor dors hereby ,r!1. ~~:~en. trancfrr ~rni srt uvrr untu the ~1urt~a~ec all uf the rents, ~isuec, and prufits of the mortgaXrd prem~ses, and Nurtgagee rru. at its option dr{ay rnfur~~ng this asiignment until any defautt being made by the I?tottgagor under the terms of this mortgage tht notes securrd hereby. and wch assignment in any evrnt shall remam in full force and effect so long as an}• default continues tc rv;t ~n thr m~ing of an}~ of the payments or the performance of any of the roven:ints of this mortgage or the notes ucured hr~rb} .~nd the ~lort~agee shall have the right to enter upon the premises and cotlect same diiecUy from persons in possession. ~fortga~or agrces to exr~ute an~• further documents evidencing wch assignment as tifort~agee may reasonabl)' request trom time t.• timr. 1 S-B. T~at in the e~rnt :hat ~t the t+~ginning oi oc at :?n} time pending any suit upon this mortgage, ot to foreclose ii, or t.. rriorm ~t_ and/or tu rnfur.e pa> ment of any claims hereunder, s:+id ~lurtga~ee shall apply to the court ha~~ing juricdiction thrrrc~C ior the appuiotmrnt nf a Recticet, ~u~h ruutt ~h.~{I forthwnh appvin; a Receicer of said mortg-rged ptoperty all and S~nYUlar, ~ncludin~ .JI and cingulsr « nt~, inrume, protiu, ~s~ues, and rr~enues from Kh:~trver soun-e drrived, each end every of wh~ch. it txm~e e~pre~sh ~ndrrcux~d, i, heceb}~ mortga~ed as if speritically- set furth rnd dexnbed in the grrnting and habendum ctru.rs hrrcof, or an~ e,hib~ts heretu, and +urh Recei~~er chall have all the hruaJ and efCective functions aod poWers in anywise ~ntrustrd by r iJll~i IU 3 Recri~er, anJ su.h appointment shall be made b~• such ~ourt as an admitted equity and a matter of ab- ..~lute rrght to uhi ~t.~re~ieee, snd Without reference to the adequac}• ur inadeyua~y uf any remedy at law~ or of the adequxy or m.idryu;tiy- vf the .~lur .~f the property murtp,aged c~r t.~ the sohenc} ur in+oh~enc~~ ~ti said Nort~agor or of any or alt of the de- fend~nts_ and that ,u:h rrnt.. prutitc, in.ome, ~esuec rnd revenure sh.~ll he applied by surh Receiver aceording tu the Iren andJor rqurt~ ~~f v~d ~lort~:~rr ~nd the prs~u.r of wch coutt. 16. T~ pay all and :~~gular the costs, char¢es and exprnses, mcludm~ reasonrble law}~er's fees and fees for appellate wotk .u~d :osts of absvact uf t~tle, incurrtd or paid at any time by nid Mortg:~ee becauce ~nd/or in the evrnt of the failure on the part of the said ~lorteauor to dul}~, promptl~ and iuUy perfo~m, d~c~harge, exe.ute, effect, complete, comply with and abide by ea~h ~rni ecen~ the stipulations, ageements, conditions and cos•en~nts of sa~d prumisw?y notes and th~c mortgage, an}~ or either. - and sad costs. :huges and e~penses, ea.h and cvery, sha{+. be immedutefy due and payable, w~hether or not there be nouce, ~irmand. ~nrmpt to ro0ect or suit pendin~: ~nd the full amount of each and r~en~ wch payment shall baar interest from the dnte thrreof unnl pa~d at the s~me rate as ~s specified. in the notes cecured herehy, as ~+ayab!e atter defau!! in gaymen! ~f ~~id notrs ~rni all sa~d rosts, chatgec ~nd eiprnc~c w incurred or paid, tc~ether W~ith such inierest, shall be s~ecured by the Gen of this m,,rt~ree. 1'I_ That \tnrt~,?~ur w~ll n~,t ~+rrmit em ~~thrr lient, m~~rtkaErt ~~r rn.umbr~n.es aYeirot the ~said pcem~ses, and if an)' wch iirn., m.xt~~ers ur rn.umhran.e. ;?re m~urred, whether p~cam~~unt or wh„rdinated to tMs muttgagr, Mortg,~gut will rause such lirns. morteaers ~~r en:umhranrec tu tx d~~rhereed imm~dietely. N'ithout limiung the ioreguing, should [hetr be lien superior tin d~nit~ to thr ;xn ~.~f th~s mort~aRe w•ith !?lurtgaeee' ronsent, it ic cunvenant and agreed th3t chould the terms of a lien ~uprnor m di~mty' t~, that of thi~ m.~rt~a~te be m<~ilied, alicred nr t~ried W ~th~~ut the Mritten ronsrnt oC the \Iortgagee hetein, ~ vr :huuld any Len cupenur ~n d~~nit} tu that uf thu mortK:+~e be ~r brcomr m default. then and in wch event the Alortgagee herrin mac at rt~ opnun ~ecelerate the indebtedne.s cr:ureJ hy~ thi~ mort~as:e and drefare the ~me to be ail due and payable uith~.~ut n~~ti.e tu ~tort~gor ar an> other prrsun. I8. ~1ori~gre shell hrce the n~ht to ihatge any uf rtortKa~tor'~ ac~'uunts w'ith ~1nrlgagee for any sums payable as pro- r uded hrretn ur in the prom~sso~~• note secured hereby as wch becomes due. ~ ~reor will futnish thr ~tortYa p,agt mstrumz~t. ~ 19, li the ~147tYJ ee re~ ue.~s, ~tort gee anou~lty frum tfic date of this mort _ unlesc ~,~r~e other date is nereed !n betKeen the partiec in w~riting, a certif~ed eudited finrni~al .tatem~nt of ihe ~lortga~os and -ti snnaa! .ompkte statementt oE `fortg~~or. If the ~1orig:~~or's fiscal calendar }~ea: cha11 not coin.icie with the date herein spee~fied, I ~hen the da*.e wh~~h .he ~I~~rt~agee shall spe.~f}• chall be cuntrullieut. ~tortgagor shell wpply ~tort~gee w•ith wch other finan:ial - +iatrments ~s ~turtY.+Yee ma}~ from ume tu time request. ~ 2~1. `c, ntit+t ~~r temed} prctiided herem for the \SonK~gee or prov~ded fur thr ~fortKa~ee in the note secured hereb> shall ~ br .umul.,ri.e end se~erahlr_ ?l. It un~lentuud snd aErecA ;hat tFis mort~:a~e ~s ~nen to se:ure, m addiuon to the note or obligation attached hercro, ` ~m ~.;dirn•nai f~~ans or futurc adtien.es made w ~thm the term of this mortc.~e lo~n to ~totiga~ors or any successor ~n title of v~d N.~rt~¢urc of the propert~he~~ cpryt•~~ed~:provided that the total unpaid balance of the indebted~ess secured heseby at ~ VVV UV ~m unr :~mc sh~ll not rxceed plu~ intrrest thernn plus .~ny disbursements made by the \1ort,f:.i¢ee fur the pay~ment ~f ta~es, levies, insutance or other ch.?r~es on the property encumbered hereby, with interest cn such ~ dnhussenent~.:ourt costs and atlorney's feec, inrluding fees for appellate w•ork. f~ 22. Th~s mortEaRe is sibj ~t8to ~he terms, provisions and condtt~uns of th~t cett:~in Construction Loan ARreement dated Julyj,~ , , and said Construct~on Luan A~reement is by reference incorporated herein and m,Je a p~rt IICitOt. L~f3UIl ~n the terms of the Construction Luan A~reement shall constitute a default under the mortgage. ~ ~ F, ~~fl 777 ~ ~ ~ - - - - - rt ~ ~ - - .s ~ _1~~~ ~..ti~ .~._,y,~.,~ ~ ~ .