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Home My WebLink About0056 9. To d~l~rrr any ~b?tra.i .~r ~h,u.,.h .~f titk w UUr ~murrn~c puli.y ur puh.~eti ruvrnng tt~e muugagrd pnWerly to N~~rtgaitrt or its dec~gnatrd ~grnt, WIIIIII 1II:IU i1 :III ~1II1CS AUf1OR I~IQ life of this murta:,ve. remain m the po;stuiun ot the Murt- K~X~ and m ereM of ~hr for-.luw~r ul Ihis m.~rly,age aU rycht, uUr rnd intera~t uf thc [?fungagor ~n arn1 tu any such ~bsttact w !:tlt ~.ha!! ~su to ;lst ~~r.hasrr at fa:e.^;c,u;., ha~.•eti.r. z!t m,;;t~.;~,ee tit}e ir+sur.iri:e a.,;i~ic~ ~1~~ii ccu~•iu 1Ao ywpe~~y ui ~lotiga~t. 10. 71ut no w•ai~Yr of any covrnant herein or in the ubligat~uns secured hereby shall at any lime herestte~ be held to be a w~aiver uf any of the other tem~s hercuf or of the notes secured hereby, nor may Mortgagor ~ely on any coutse of conduct by \Iurtgagee not specifirally required by this ins~rument. Thal the Alortgagee, withuut nutice, may agree with any party obligated un sa~d mdrbtniness. or havinR an intercst in the snurity desrribed herein, tu renew ur externi tht time foi payment ot any put or all of 1he ~miebtedneu secured he~sby, without in any way aUectina either lhe I~en hereof o~ the lia~ility oi any othet party. 11. Tl~a~ iA nn.1~r ~n ar.wir~~~n ~hw m~t~~ri~Y nf ~lu ~n.fw6t~Anwce h~~.6~ :"=:..i w.. ~~y ..f ~W f~~ ..f N~ U~ ~e... _ ~ . .e~ ~ a.. ~ ~ ~ _ _ . - • Vro-... to pay any tax assrument, liab:lity, obligation of encumbr3nce upun said property as herein provided, il shall not be neceuary nor requisite that the Mortgagee shall iint pay the same. 12. That if ihe Mortgajor shaU fail, neglecl or rcfuse fot a period of ten (10) days fully and prompUy to pay 1he amounts requued to be paid Dy the notes hereby secured or the interest therein specified or any of the wms of money hercin referred to or he~eby secured, ar othe~wise duly, fuUy and promptly to perform, execute. comply with and abide by each. eYery or any of the corerunts. conditions or stipulations of this mortpee. the promis~ory notes hereby saured and/or the construction loan :~creement. if any, then, 3i'K~ tii iitliii Vi ifl afij ut sucfii ertnts, withuui nuii~e ur demand, ihe said a~s~ate sum mentionM in sad promissory notes, leu previous payments, if any, and aoy and aU sums mentioned hercin or secured hereby shall become due and payable iorthwith or the~eafter at the continuin~ option of the Mortgsgee as fuUy and compktety as if said aggegate wms wrre oriitinally stipulated to be paid u such time, anythina in said promissory notes or hetein to the conttuy notwithstandina, and the Mortpgee shall be entitled thereupon or'thereafter without notice or demand to institute :uit at law or in equity to enface the rqtht of the Mortgaaee hereundet or under said promissory notes. In the erent of any default ot breach on the part of the NortRagor heteunder or under said promissory notes. the Mort~tagee shall have the rontinui~ optan to enforce payment of all sums securcd hereby by action at law or by suit in equity to forcclose this mortgage, either or both, concutrently ot other- wise, and one action or suit shall not abate or be a bar to or waiver of the Mortgrgee's right to institute or maintain the othe~, provided said Aloctgagee shall have only one payment and satisfaction of uid indebtedness. 13-A. That in the erent that ~fortpagor shall (1) consent to the appointmcnt of a receiver, Vustee or liquidator'of aU or a substantial part of Mortgaqtor's assets, or (2) be adjudKated a banlcrupt or insolvent, or fik a voluntary petitian in bankruptcy or admit in wrriting his inability to pay his debls as they become due, or (3) make a genenl assignment for benefit of creditors, or (4) Pde a petition or aosw~er ~eeking rcorganization or arranbement v?ith crcditors, or to take advantage of any insolvency law, or (5) file an answ~er admitting any of the mate~ul allegatiuns of a petition filed a~ainst tlx Mortgagor in any bankcuptcy, re- orKanization or insolvency proceeding, or (6) action shaU be taken by the Mortgagor for the purpose of effecting any of the fora going, or (7) any order, judgment or decrce shatl be entered upon un applicatiun of a credito~ or Mortgagor by a court of com- petent jurisdiction approving a petitiun seeking appointment of a receiver or trustee o( all or a substantul part of the Nurtgagor i assets and such otder. judgment or dectee shall continue unstayed and in effect for any period of thiriy (30) consecutive days, the Mong~gee may declue the notes hercby secured forthwith due and payable, whereupon the principal of and the interest accrued on the nous and al! other sums hereby secured shall become forthw-ith due and payabk as if all of the said sums of money w^erc originally stipulated to be paid on such day; and thercupon the ??tortgagee without notice or demand may prosecute. a suit at law• and/or in equity as if all monies secured hereby had matured prior to itc institution. 13-8. That in the event the premius hereby mortga~trd, or artq part hereof, shall be condemncd and takrn for public use under the power of eminent domain, !1lortgagee shall have the right to rcquire that all damages aw~arded for the taking of or d~maRe to said prem~ses shall be paid t~ the Mortgagee, not to exceed the then unpaid balance of this murtgage and any sum secured thercby, and at the optiun of the ~tortgagee such amounts may be applied upon the payment or payments last payable hereon. In the erent it becomec necessaty for the Mortgagee to employ counsel to protect its interest at any condemnation procredings, ihe Mort~agor shall immediately upon demand reimburse the Mortgagee for all teasunabk expenses and attorneyi . fers thus inrurrrd, and all surh sums shall he deemrd secured by the lien of this mortgage. 14, That the Afortgagee or rny persort authorizod by the Mortgagee sh•rll have the right to rnter upon and ~nsp~ct the murtgaXed premists al all reau~nable times. I S-A. Th•rt to further securr payment ~f the indebtedness of the Mortgagor to the Atortgagee, the Mortgagor does hereby sell. .~ssign, ttansfer and set o~•er unto the Mortgagec all of the rents, issucs, and profits of the mortgaged premixs, and Mortgagee m.+~ at its op~ion dclay enforring this auignment until any default being made by the Mortgagor under the terms of this mortgagt the notes securcd hereby, and wch assi~tnment 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 co~•enants of this mortgage or the notes secured hereby, and the ~~ortgagce shall have the right to enter upon the ptemises and collect same directly from persons in possession. ~tortgagor agrees to execute any further documents evidencing such asagnment as Mortgager may reasonably request from time • to time. ~ IS-B. That in the e~~ent that at the txginning of or at any time pending any surt upon this mortgage,or to forcclose it, or u~ reform it, ~nd/or to rnforce payment ~~f any claims hereundet, said Mortgagee shall apply to the court having jurisdiction thereof for the appuintmrnt of a Rerr~~er; surh rourt sha0 forthwith appuint a Recei~~er uf said mortgaged property aU and singular, in.luding rll and singul:~r rents, incume, profits, issues, and revenues from whatever source derived, each and every of which, it bring expressly understcwd, is hereby mortgaged as if specifically set forth and dexribed in the gronting and habendum clau~es hercof, or an} exhibits heretu, and surh Receiver shall have all the broad and effective funetions and powers in anyvrise entrusted by a court to a Recerver, and such appointment shall be made by such eoun as an admitted equity and a mattet af ab- ' u~lute right to said Mortgagee, and w•ithuut reference to the adequacy or inadequacy of any remedy at law ot of the adequacy or ~ ~nadequacy of the value of the property- murtRaged or to the soR~enc}• or insoh•en~w• of vid Mortgagor or of eny or all of the de- ~ fendants, and that wrh rents, profits, income, issues and revenues shel! be applied by such Receiver according to the lien and%or ~ rquit~• of said Aiorigagee and the pracUce of such cuurt. 16. To pay all and singular the costs, chuges and expenses, ~nduding reasombk lawyer's Cees and fees for appellate work . ` and costs of absVact of title, incurrod or paid at any time by said Mortgagee because and/or in the event of the failurc on the ~ part of the said Nortgagor to duly, prompll}• and fully perform, discharge, txecute, effect, complete, comply w~ith and abide by each and every the stipulations, ap,reements, conditions and covenants of said promissop• notes and this mortgage, any or either, and said costs, chuges and expenses, each and every, shall be immediately due and payable, whether or not there be notice, demand, attempt to rollect or suit pending; and the full amount of each and every such payment shall bear interest frotn the date thereof until paid at the same rate as is specified, in the notes secured heceby, u payable after default in payment of said notes and all stid costs, charges and expenses so incutred or paid, together with such interest, shall be secured by the lien of this mortgage. 17. That Mortgagor will not permit an~• other liens, mortgages or en.umbrances against the sa~d premises, and if any such liens, mortgages ot encumbrances are incurred, w•hether paramount or subordinated to this murtgage, Mortgagor w•ill cause such liens, mortRages or encumbrances to be d~srharged immediately. Without limiting the foreguing, should there be a lien superior in digniry to tht lien of this mortgage w~ith lllortgagce' consent, it is convenant and agreed that should the terms of a lien superiur in dignity tu that of this murtg~Re be modified,. altered or varied w•ithout ihe written consent ot the Nortgagee herein, or chould any lien suprnor in dignity to Ihat of this mort~ge be or berome in defauh, then and in such event the Mortgagee herein may at its opuon accelerate the mdebtedneu secured by this mort~agr and declaze the same to be all due and payable w~thout noticr to MortRaRor or an}• other petsun. IR. !ltortgagee shall hr~•e the right to charge any of Nortgagur's ac~uunts w•ith ~tortgagee for any sumc payable as pro- rided herein or in the promissory nutr serured hereby as wch becomes due. 19. If the Mortgagee•requects, Afort~~or w~ill furnish the Mortga¢ee annually from the date of this mortgage insirument, - unless wme other date is agreed to txtween the parti!s m wriung, a certif~ed aud~ted firwncial statement of the titortgagor and annual romplete ciatements oC lfortgagor. If the ~tortgagor's fiscal calendar year shall not coincide with the date herein specified, ~ then the date µ•hich the \1ort~agee shall specify shall tx controll~ng. ~lortgagor shall supply tilortp,agee w~ith such other financul ~ clatements as ~tott~agee may frum Nme tn ttme request. 20. No right or remed}• pre~~de~i herein for the Nor~gagee ur pro~•ided for the ~tortgagee m the note secured hereby shall ~ be iumulati~•e and severable. 21. It iti underctoud and a~reed that this mort~age ic ~iven to secure, in addit~on to the note or obligaUon attached hercto, ~ any aJdrtiunel luans or future ad~ances made w~ithin the term of :hts morteage loan to said ~tortgagors or any succeswr m title of ~ sa~d Nortgagors o( the property hereby conreyed; providod that the total unpaid balance oE the indebtedness securcd hereby at any one time shall not exceed NGiA4 Dlus interest theron plus ar.y disbursements made br the \fort~agee fur the payment o( taxes, levies, msurancr or other charges on the property encumbered hereby, with intercst on such disbursements, court costs and attorney's fees, including fees for appellate work. . Th's mort a e is sub ect to thr terms, rovisions and condilions of that certain Construction Loan ~ „ N~A R~ J P ARreement dated and said Construction l,oan Agreement is by reference incerporated herein and ~ made a part hereo(. [~f;,ult in t6e terms of the G~nstruction Loan Agreemrnt ~halt constitute a del;~ult under the mortgaRe. ~ s _ ~ P ~ :.GC~23S ~fi ~ ~ , ~ ~ ~ ~ ~ ~ - I ~ ~ - ~ . ~ _ . - . ~ s~~.. _ _ -