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Home My WebLink About0331 9. To drh~rr en)' ~h,tr:~rt ~~r rh.irart, ~~1 tuk .~r uUr ~mu~rn:r p.~li.y ur poh.~~ ~urenng the mort~tagrd property to' Ai.~ng,qcer ur us Jes:gnatrd agrnt, w•tuch sl~ill ~t aU times durinR the I~te uf this mur[gagr, rrmrm in thr pusseuiun oC the Mott- . grga •rnd m rvrnt uf the lorcrlosure of this murlKage all ~~ght, tiUe and ~nirre+t uf thr Aturtgrgur in arx! w any wch absttx~t or tide shall pru to the purchaser at fc~rt~lusurt, howevrr, all murlg3gte t?Ur insur~nre policies shall iemain the propetty ot ~luttgsgte. 10. That no wai~Yr of any covensnt herrin ot in the ublytatwns secur~d hereby shall at a~y titne haeafter be held to be a w•yiver of any oi the other terms hereof or of the notas secuted hereby, nor may Mortgagor rely on any couise of conduct by Alortgagee not specifirally requ~rcd b~• this inst~ument. Tt?at the Mortgagee, without notice, may agtee with any party obligatcd ' _ on said mdzbtedntu, or having an intercst in the s~curity deuribzd herein, to renew ur extend the ume for payment ot any put or ali of Ihe imiebtedness secured hereby, without in any way af(ec[ing either the lien herrof or the liability of any other party. 11. That in order to accetente the maturity of the indebtedneu hereby xcurtd because of the failure of the Moetgagor to pay any ux asussment, liability, obligation of encumbranue upon said p~uprrty as herein provided, it shall not be necessary nor mquisite that the Mo~tgagee shall first pay the sama 12. 'Rut if the Nortgagor shaU fail, neglect or rtfuse for a period of ten (10) days fuUy and prompdy to pay the amounu requirod to be paid by the notes hereby secured or the interest therein specitrcd or any of the sums of money herein referred to w hereby ucvrcd, or utherv?•ise duly, Nlly and prompUy to perform, execute. comply with and abide by each, every or any of ~ the covenants, conditions or stipulations of this mortgage, ihe promisiory notes hereby secured and/or the consttuction loa~ aigrcement, if any, then, and in either or in any of such events, without notice or demand, the said aggegate sum msntioned in said ptomissory notes, less previous payments, if any, and anp and all wms mentioned herein or se~vred hereby siull become due . and payable lorthwith or thereafter at the continuina option of the Mortgagce as fully and completey as if said aggrcgate sums w~ere originally stipulated to be paid as such time. anything in said ptomissory notes o~ herein to the contrary notwithstanding, and the Mortgagee shall be entitled thereupon or thereatter without ~otia or d~mand to iristitute suit at law or in equity to enforce the right of the Mortgagee hereunder or under said ptomiswry notes, ln the event of any default or breach on the part of the Mo~tgagor hereunder or under said promissory notes, the Mortgagee shaU have the continuing optan to enfores payment of aU sums saured hereby by actiun at law or by suit in equity to foreclo`e.thjs mortga~te, either or both, concuRenUy or other- wise, and one action ur suit shall not abate or be a bar to or waiver of !he Mortgegee's right to institute or maintain the other, pro~ided sa~d ~lortgagee shaU have only one payment and satisfactio~ of said indebte.iness. 13-A. Ttwt i~ the e~tnt that 111origagor shall (1) consent to the appointment of a rcceir~er, Uustee or Iquidaror of aU or ~ substantial put oC Mortgagor's assets, or (2) be adjudicated a bankrupt os insol~~em, or file a voluntary petition in bankruptcy or admit in w~iting his inability to pay his debts as they b~come due, or (3) make a genrral auignment for benefit of neditors, ur (4) Pile a{+etition or answer seeking reurganization or arnngemtnt with rreJitors, or to take advantage of any insolvency law, ur IS) file an answer admitting any of the material allegations of a petition filed against the Alortgagot in any bankruptcy. re- or~niratiun or ir?soi~•enry proceeding, or (6) action shall be taken by the ~fortgagor for the purpose of effecting any of the fore- guing, or (7) any order, judgment or decrte shall be entered upon an appli~ytion of a creditor or Mortgagor by a court of com- petrnt jurisdictiun appro~ing a petition seeking appoiniment of a ceceiver or trustee of a0 or a substantul part of the Mortgagor s assets and such order, judgment or decree shall continue unstayed and in effect for any perad of thirty (30) consecutive days, the Nortgagee may declare the notes hereby stcured forthwith due and p:?yable, whercupon the principal of and the interest accrued un the notes and all other sums hereby secured shall become forthw•ith due and payable as if all of the said sums of money wYre originally stipulated to be paid on such day; and tAereupon the \fortgagee without notice or demand may prosecute a suit at law• andJor in equity as if all monies ~ecured hereby had matured prior to its institution. 13-B. That in the event the premises hereby mortgagrd, or am• part hereof, shall be condemned anJ taken for public uu undrr the pow~er of eminent dom:+~n, !1lortgagre shall have the right to requ~re that all damages awardcd for the taking of or damage to said premises shall br pa~d to ihe Mortgagee, not to exceed thr then unpaid b:ilance of this motlgage and any sum sr:ured theteby, end at the option of ihe :lfortgagre such amounts may be ~pp5rd upvn the payment or paymrnts last payable hereon. In the event it ixromes necessary for tht Atortitagee to employ counsel to protect its interest at any condemnation . proceedings, the Nottgagor shall immediately upondemand reimbur~ the lfortg•rgee for all reasonable expenses and attorneys' fees thus inrurred, and al! such sums shall be deemed xrured by the lien of this murt~ge. 14. That the Nortgagee or any persort ruthonzed by thr ~torigagee shall have the riy,ht to enter upon and inspect the mortg~ed premises ai all reasonable times. IS-A. 71iat to further secute payment ofthe indebtedness o[ the Mortgat;ot to the ~tortp:~gee, the Mortgagor dces hereby sell, a~i~tn, i~ansfer anci set uver unto the Atortgagee all of thr rents, ~c~ues, and profits of the mo:~ga~ted prem:ses, and Mortgrgee may at its option delay enforcing this suignment until any defaull being made by the !lfortgagor under the terms of this mortgage the notes secured hereby, and such assignment in any event shall remain in full force and effect so long as~any default continues to exist in the making of any of the payments or the performance of any of the cocenants of this mongage or the notes secured hereby, and the Mortgagee shall have the right to enter upon the premises and collert same dirccdy from persons in posstuion. Mortgagor agrees to execute any further documents evidencing such assignment as ~fortgagee may reasonably request from time , to time. I S-B. That in the rvent that a: the beginning of or at any tiem pending an~• suit upon this mortgage,or to foredose it, or . to reform it, and/or to entorce payment ul~ any claims hereunder, ~id htortc~gee shall apply to the court having jurisdiction ' thercof for thc appointmrnt ol a Recri~•er, wrh rourt shall fortha•ith nppuint a Recei~~er of saed mortgaged properry all and i singular, inrluding all and s~ngular rentz, income, profits, issues, and recenues from u•hatevet sc~urce derived, each and e~ery of ' ahich, it being expressly understcwd, is hereby mortgaged as if speciFically set forth and des,:ribed in the granting and habendum ~ clausrs hereof, or any exhibits hereto, and such Receiver shall have all the broad and effective functions and pow•ers in anyv~•ise , entrusted by a court ~o a Receiver; and wch appointment shall be made by such court as an admiued equit~• and ~ matter of ab- ` solute right to said ~fortgagee, and without reference ro the adequacy or inadequacy of any remedy at law• or of the adequacy or l inadrquacy of the value of the proprrt~• mortgaged or to the sulvency ur insolvenc} of said ~tortgagor or of any or all of the de- i fendants, ~nd that surh rents, protits, income, ~ssues rnd retenues shall be applied by such Receiver according to the lien and/or ~ equity of said':lfortgagre and the practice ot sunc ~ourt. 16. To pay all and singular the costs, chuges and expenses, ~ncluding reaconable lawyet's Cees and fees for appellate wotk i and costs of absvact of tiUe, incurred or paid at any time by s3id ~tortgaitee because and(or in the event of the failure on the ~ part of the said Mortgagor to duly, promptly and Cully perform, dis:harge, exe:ute, effect, complete, comply with and abide by ~ tach and every• the stipulations, agreemen:s, conditio~s and covenanis of said promissory notes and this mortp,age, any or either, ; and said costs, charges and expenses, each and every, shatl be immediately due and par•able, whethet or not there bt notice, ~ demand, attempt to collect or suit pending; and the full amount of each and every such payment shall beaz interest from the ~ date thereo( until paid at the same rate as is specified, in the noteT secured hereb}•, as payable after default in payment of said ~ notes and all said costs, charges and expenses so incurred or paid, together w•ith such interest, shall be secured by the lien of this ~ mortgage. ~ I1. That ~tortgagur w~i11 not ~+ermit an~ other lirns, mortge1teti or encur.ibrance, a~:~inst the sa~d premises, and if any wrh liens, mortgages or encumbrances are incurred, whethet paramuunt or iubordmated to this mortxage, ~tortgagot aill cause such ~ liens, murtgages or enrumbrances to be dischargcd immedirtrly. V?'ithvut t~mitin~ the foregoing, should there be a lien superior , in dignity to the 6en of this mortgsge Kilh 1lortgagee' consent, it is convenant and a~treed that should the terms of a lien = superior in dignity to that of th~s mortgage be moditied, altered or ~:~ned aithout ihe written cons~nt of the ~tortgagee herein, ~ or should any lien superior in dignity to that of this mortgage be or becume in default, then and in such e~ent the Mortgagee ~ herein may at its option accelerate the ~ndebtedness secured bq thic mortgage and declare the same to be all due and payabie ~ w•ithout noticr to Mortg;agor or any other person. ~ y 18. ~turtgagee shall hare the nght ta charge any of ~fortg.ieor's acrc~untc with ~furtgagee for any sums payable as pro- ~ ~ided herein or in the promissory note secured hereb}• as such becumes due. ~ 19. If the 1lortgagee requests, ~tortp,agor wi0 furnish the !11ortKagee annually from the date of this mortgage instrument, unless wme other daee is agreed to between the partiec in writing, a certit~ed audited tinancial statement of the ~iortp,agor and gagor's fiscal calendar pear shaU nbt coircide with the date herein specified, ~ annual complete ctatements of blartKaRor. If the Afort - ihen the date uhi~h the ~tor*.€agee shall cf,ecifp chall be rontrolling. \fortgagor shall supply ~tortkagee w~ith such other financial - ctatrments ac ".11ort~agee may (rom time t~~ time request. ~ 20. No rigt?t or remedy pr.v~ded herein fot the MortYagee or protiided fos the ~lortgagee m the note secured hercby shall be rumulative and severable. = 21. It is understcwd and agreed ihat this mort~age ts g~ven ro secure, in addmon to the note or obligation attached hettto, any addittonal Ioans or future ad~anres made W rthm the term of this mort~~te loan [o ~id ~lortga~ors or any successot in tide of ~ said Mortgagon of the propertyr F~er3ebyOQnOveyg,dhpro~~ided that the total unpaid balance of the indebtedness secured hereby at ~ ~rty one time shall not ezceed YL , U UV plus interest thrron plus an}~ disbursements made bp the Mort~agee for the payment of taxes, le~ies, insurance or other charges un the properry encumbered hereby, with interest on such ~ disbursrments, court costs and attorney's fees, inc~uding fees for appellate a•ork. a 22. 7his mortgage is subject to the terms, provisions and conditions of tha: certa~n ('onstruction Lo:~n Agreement dated ~ N~~l and said Construction Loan Agreement is by reference incorporated herein and 3 mad^_ a part hereuf. Uefault in the terms of the Construction Loan ARreement sh;~U constitute •r default ander the mortgage. .~i~t F { ~ ~ ~94 ~ 33~ . ? ~ ~ , - - - - - ~ ~ +t _ ~O~" 1 - ~ ~ S ~ ~ ~ S t'2" ~ s _v ~ y ~~~:~2?'.~--'~i-_'`.~~s--~- ^;~~,u>-~_ ~.s'.~'._-x.e +.i.__..:. . - .~r~^:>r,:~,',' .~..~~.'"~'.~{n.~