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HomeMy WebLinkAbout0039 9. To deliver any abstract or abstracts of title or tick insurance policy or policies covering the mortsaged property to Mortgagee or its dew' led agent, whkh shall at all times during the life of this mortgage, remain is the posse a of the Mort- pgee and in erect of the foreclow» of this mortg~e all rght, title and interest of the Mortgagor in gad to gay act absuaet or title shall pus to the purchaser at foreclow». however, all mortgsga title inwranoe poUcies shall »maln the property of Mortgagee. - 10. Tlat ao waiver of any covenant be»ia or in the obligations ::cured hereby :ball at any rims be»aftet be beW to be a waiver of any of the other terms he»of or of the notes secured hsreby, nor may Mo:tgsg« »ly oa any coupe of coadud by Mortgagee not y required by this instrument. That the Morip~ee, without aotia, may agree wilt any party oblipted on sad iadebt Hess, or having as laterest in the security described hereto. to renew or extend the time for payment of any part or all of the indebtednea secured be»by, wiWout is any way affecting either the lien hereof or the UaDUity of any other poly. 11. That is order to scaknte the maturity of the indebtednea he»by secured because of the farlu» of the Mortgagor to pay any tax assessment, Uabillty, obliptlon of eacumb»aa upon said property u herein provided, it shall rat be necessary nor »quisite that the Mortgagee shall lint pay the same. 12. That i< the Mortgagor :ball fail. neglect or »fuse tot s period of tea (10) days fully and promptly to pay the amount cegwired to be paid by the rwtea beret secured or the interest therein specified or any of the scans of money heroin referred to or hereby secured, or otherwise duly, ~ and promptly to perform, execute, comply with and abide by each, every or any of the ooreraats, cadidoas a stipulations of this moripge, the promissory notes be»by secured sad/or the coastructioa ban agroemeat, if any, rhea, and is either or in any of wch events, without notice or demand, the said sgpepM sum mentioned is said promhsory rates, less prerbus payments, if any. and any and all wms.meataaed herein or secured he»by shall became due and payable forthwiW or thereafer at the continuing option of the MOttgag~ ss fully sad completely u if said aggrepte sums were otlgiraUy st~ulated to be paid u acct limo. anything in raid promiswry notes or hereLr to the contrary ratwithstardirrg, and lbe Morippe shall be entitled thereupon or thereafter without ratios or demand to iaititute sWt at law or in egeity to enforce the right of the Yortppe hereunder or under said promissory notes, In the event of any detiult or breach on the part of the Mortgagor hercuader or under said promissory notes, the Yartgagee shall have the continuing option to enforce payment of all cams secured hereby by action at law or by wit in equity to foreclose this mortgage, either or both, concurrently a other- wise, and one action or wit shall cot abate ar be a bu to or waiver of the Moripgee's right to institute or maintain the. other, provided said Mortgagee shall have only one payment and atisfictioa of aid indebtedness. 13-A. That in the Brent that Mortpgor shall (1) coruent to the appointment of a receiver, trustee or liquidator of all w a substaritiai part ui Murtgasar'i as,ots, or 2) be adjuriiwted a bankrupt or insolvent, or file a voluntary petition in bankruptcy i or admit in writing his inability to pay his debu u they become due, or (3) make a general assignment for benefit of creditor, ! or (4) Tile a petition or answer salting reorganiutan or arrangement with creditor, or io take advantage of any insolvency law, t or (S) file an answer sdmittirrg any of the material allegations o[ a petitan filed against the Mortgagor in gay bankruptcy, re• organization of insolvency proceeding, or (6) action shall be taken by the Mortpgor for the purpose oteffecting any of the forc- gorrtg, or (7) any order, judgment or decree shall be catered upon an appliation of a aeditor or Mortpgor by a court of com- petent jurisdiction approving a petition sakiog appointment of a receiver or frusta of all or a substantial part of the Mortpgor's amts and such order, judgment or decree slap continue unstayed and in effect for any period of thirty (30) consecutive days, the Moripgee may dedue the notes hereby secured forthwith due and payable, whereupon the principal of and the interest accrued oa the notes and all other cams hereby secured shall become forthwith due and payable as if all of the aid sums of - money wen o pally stipulated to be paid on such day; and thereupon the Mortgages without notice or denrud may prosecute a wit at law aad~or in equity as if all monies secured hereby had matured prior to its institution. j 13-8. That in the event the premises hereby mortgaged, or any part hereof, shall be condemned and taken for public use under the power of eminent domain, Mortgagee shall have the right to require that all damages awuded for the taking of or damage to said premises shall be paid to the Mortgagee, not to exrood the then unpaid balance of this mortgage and any cam secured thereby, and at the option of the Mortgages such amounts may be applied upon the payment or payments last payable hereon In the Brent it becomes necessary for the Mortpges to employ munsel to protect its interest at any condemnation proceedings, the Mortgagor shall immediately upon demand reimburse the Mortgagee for all reasonable expenses and attorneys' I fns thus incurred, and all such cams shall be desmed secured by the lien of this mortgage. j 1~. That the Mortgages or any person authorized by the Mortgages shall have the right to enter upon and inspect the }I mortgaged premises at all reasonable rimes. 15-A. That to further secure payment of the indebtedness of the Mortgagor to the Mortgagee, the Mortgagor does hereby sell, assign, transfer and set over unto the Mortg~ee all of the rents, issues, and profits of the mortgsged premises, and Mortpges may at its optan delay enforcing this assignment until any default being made by the Mortpgor under the terms of this mortgage the notes secured hereby, and wd? 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 covenants of this mortpge or the notes secured hereby, and the Mortgages shall have the right to enter upon the premises and collect same directly from persons in possession Mortpgot agrees to execute any further documents evidencing wch assignment as Mortpges may reasonably request from time to time. l5-B. That in the event that at the beginning of or at any time pending any suit upon this mortgage,or to foreclose it, or to reform it, andJor to enforce payment of any claims hereunder, said Mortgages shall apply to the court having jurisdiction 1 thereof for the appointment of a Receiver, wch court shall forthwith appoint a Receiver of said mortgaged property all and - singular, including all and singulu rents, income, profits, issues, and revenues from whatever source derived, each and every of which, it heirs exarecdy urdrr~ts+c±tl, is hereby tnortg~td as if sgt:ifir~y set forth *!*_~~ribed in t!x grsntirsg xrtt! 2•.abertlum ~ dauses hereof, or any exhibits hereto, and wch Receiver shall bare all the broad and effective functions and powers in aeywise z ~ entrusted by a court to a Receiver, and such appointment shall be made by such court as an admitted equity and a matter of ab- solute right to said Mortgages, and without reference to the adequacy or inadequacy of any remedy at law or of the adequacy or inadegwcy of the value of the property mortgaged or to the solvency or insolvency of said Mortgagor or of any or all of the de- ferdants, and that such rents, profits, income, iswes and revenues shall be applied by such Receiver according to the lien and/or equity of said Mortgage and the practice of wch court. 16. To pay all and singular the costs, chuges and expenses, including reasonable lawyer's fns and fns for appellate work and costs of abstraFt of title, incurred or paid at any time by said Mortgagee bequse and/or in the event of the failure on the - pari of the aid Mortgagor to duly, promptly and fully perform, discharge, execute, effect; complete, comply with and abide by each and every the stipulations, agraments, conditions and oovemnts of said promissory noses and this mortgage, any or either, and said costs, charges and expenses, each and every, shall be immedntely due and payable. whether or not there be notice, demand, attempt to collect or wit pending; and the full amount of each and every wch payment shall ben interest from the date thereof until paid at the same rate u is specified, in the notes secured hereby, as payable after default in payment of said notes and all said costs, charges and expenses so incurred or paid, together with such interest, shall be secured by the Ikn of this mortgage. - 17. That Mortgagor will not permit any other liens, mortgages or encumbrances against the sand premises, and if any such liens, mortgages or encumbrances are incurred, whether puamount or wbordinated to this mortgage, Mortgagor will cause such liens, mortgages or encumbrances to be dischuged immediately. Without limiting the foregoing, should there be a lien wperior in dignity to the lien of this mortgage with Mortgagee' consent, it is convemnt and agred that should the terms of a lien superior in dignity to that of this mortgage be modified, altered or varied without the written consent of the Mortgage herein, 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 rosy at its option accelerate the indebtedness secured by this mortgage and derlare the same to be all due and payable without notice to Mortgagor or any other person. 18. Mortgagee shall have the right to chuge any of Mortgagor's accounts with Mortgagee for any sums payable u pro- vided herein or in the promissory note secured hereby as wch becomes due. 19. If the Mortgages requests, Mortgagor will furnish the Mortgages annually from the date of this mortgage instrument unless some other date is agreed to betwan the parties in writing, a certified audited financial statement of the Mortgagor arr~ annual complete statements of Mortgagor. If the Mortgagor's fiscal calendar yew shall not coincide with the date herein speed, then the date which the Mortgagee shall specify shall be conuoUirrg. Mortgagor shall wpply Mortgages with wch other financial statements u Mortgage may from time to time request. 20. No right or remedy prcvided herein for the Mortgage or provided for the Mortgages in the note secured hereby shall be cumulative and severable. 21. It is understood and agreed that this mortgage is given to secure, in addition to the note or obligation attached hereto, any additional Irons or future advances made within the term of this mortgage loan to said Mortgagors or any wccessor in title of ~ said Mortgagors of the property hereby conveyed; provided that the total unpaid balance of the indebtedrnas secured hereby at ; any one time shall not excesd $63 s 0~0, Q~ plus interest theron plus any disbursements made by the Mortgage for the payment of fazes, levies, insurance or other charges on the property encumbered hereby, with interest on wch disbursements, court costs and attorney's fns, including fns for, appellate work. 22. This mortgage is wbject to the terms, provisions and conditions of that certain Construction Loan Agreement dated ) Not a ~I]lE± and said Construction Loan Agrement is by reference incorporated herein and r ~ made a put hereoL Default in the terms of the Construction Loan Agrament shall constitute a default under the mortgage. . • 800K 3O~ PACE 39 - _ _ _ _