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HomeMy WebLinkAbout0225 9. To deUvor any abstract or abstracts of tick o? title insurance policy or policies covering the mortgaged pt rty to Mortgagee or its de ' red agent, which shall at all times during the life of this mortgage, remain in the possessan of t e Mort- gaga and rn event of the foreclosure of this rrwrtggaage all right, title and interest of the Mort~a~or in and to any wch abstract or title shall pass to the purchaser at foreclowro. howc~r, all mortgagee title inwrance pohcres shall remain the property of Mortgagee. lfi. That to waiver of any covenant heroin or in the obligatans secured hereby shall at any lima hereafter be hdd to be a waiver of any of the other terms hereof or of the note: secured hereby, nor may Mortgagor rely on any course of conduct by Mortgagee not y required by this instrument. That the Mortgagee without notice, may agree with any party obligated on said indebt ness, or having an interest in the security described herein, to renew or extend the trine for payment of any put or all of the indebtedness secured hereby. without in any way affecting either the lien hereof or the liability of any other party. l 1. That is order to accelerate the maturity of the indebtedness hereby secured because of the failure of the Mortgagor to pay any tax assessment, liability, obligation of encumbrance upon said property as herein provided, it shall not be necessary nor requisite that the Mortgagee shall tint pay the same: l2. That it the Mortgagor shall fail, neglect or refuse for a period of ten (10) days fully and promptly to pay the amounts requited to be paid by the notes hereby secured or the interest therein specified or any of the wms of money herem referred to or hereby secured, or otherwise riot;. fully and promptly to perform. execute, comply with and abide by each, every or any of the covenants. conditions or stipulations of this mortgage. the promissory notes hereby secured andJor the construction ban agreement, if any, then, and in either or in any of wch events, wntbout twtitx of Remand, the said aggregate sum mentioned in said promissory notes. less previous payments, if any. and any and all wins mentiorxd herein of secured hereby shall become due and payable forthwith or thereafter at the continuing option of the Mortgagee as fully grid completely as if said aggregate wms were originally stipulated to be paid as wch titne,.anythirig in said Promissory notes or herein to the contrary notwithstanding. and the Mortgagee shall be entitled thereupon or thereafter without notice or demand to institute wit at law or in equity to enforce the right of the Mortgagee hereunder or under said promissory notes. In the event of any default or breach on the part of the Mortgagor hereunder or under said promissory notes, the Mortgagee shall have the continuing option to enforce Payment of all sums secured hereby by action at law of by wit in equity to foreclose this mortgage, either or both, concurrently or other- wise, and one action or wit shall not abate or be a bu to or w~rver of the Mortgagee's right to institute or maintain the other, provided said Mortgagee shall have only one payment and satisfaction of said indebtedness. 13-A. That in the event that Mortgagor shall (1) consent to the appointment of a rc~Yiver, trustee or liquidator of all or a substantial put of Mortgagor's assets, or (2) be adjudicated a bankrupt or insolvent, or file a voluntuy petition in bankruptcy or admit in writing his inability to pay his debts as they become due, or (3) make a general assignment for benefit of creditors, or (4) file a petition or answer sceking reorganization or arrangement with creditors, or to take advantage of any insolvency law, or (5) file an answer admitting any of the material allegations of a petition filed against the Mortgagor in any bankruptcy, re- organization or insolvency Proceeding. or (6) action shall be taken by the Mortgagor for the purpose of effecting any of the fore- going, or (7) any order, judgment or decree shall be entered upon an application of a creditor or Mortgagor by a court of com- petent jurisdiction approvmg a petition seeking appointment of a receiver or trustce of all or a substantial part of the Mortgagor's assets and wch order, judgment or decrce shall continue unstayed and in effect far any period of thirty (30) consecutive days, the Mortgagee may declare the notes hereby secured forthwith due and payable, whereupon the principal of and the interest accrued on the notes and all other wms hereby secured shall become forthwith due and payable as if all of the said sums of " money were o naUy stipulated to be paid on such day; and thereupon the Mortgagee without notice or demand may prosecute a suit at law ard~ot in equity as if all monies secured hereby had matured prior to its institution. 13-B. That in the event the premises hereby mortgaged, or any part hereof, shall be condemned and taken Cor public use under the power of eminent domain, Mortgagee shall have the right to require that all damages awarded for the taking of or damage to said premises shall be paid to the Mortgagee, not to exceed the then unpaid balance of this mortgage and any sum secured thereby, and at the option of the Mortgagee such amounts may be applied upon the payment or payments last payable hereon. In the event it becomes necessary for the Mortgagee to employ counsel to protect its interest at any condemnation proceedings, the Mortgagor shall immediately upon demand reimburse the Mortgagee for all reasonable expenses and attorneys fees thus incurred, and all such sums shall be deemed secured by the lien of this mortgage. l4. That the Mortgagee or any person authorized by the Mortgagee shall have the right to enter upon and inspect the mortgaged premises at all reasonable times. " 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 user unto the Mortgagee all of the rents, iuues, and profits of the mortgaged premises, and Mortgagee may at its option delay enforcing this assignment until any default being made by the Mortgagor under the terms of this mortgage the notes secured hereby, "and wch 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 mortgage or the notes secured hereby, and the Mortgagee shall have the right to enter upon the premises and collect same directly from persons in possession. Mortgagor agrees to execute any further documents evidencing wch assignment as Mortgagee may reasonably request from time to time. 15-B. Tha? in the event that at the beginning of or at any tune pending any suit upon this mortgage, or to foreclose it, or to reform it, and/or to enforce payment of any claims hereunder, said Mortgagee shall apply to the cou~rt~haP n~urisdictan thereof for the appointment of a Receiver, wch court shall forthwith appoint a Receiver of said court ro rty a8 and singular, including all and singular rents, income, profits, issues, and revenues from whatever source derived, each and every of which, it being expressly understood, is hereby mortgaged as if speci[ically set forth and described in the granting and habendum clauses hereof, or any exhibits hereto, and such Receiver shall have all the broad and effective functions and powers in anywise 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 Mortgagee, and without reference to the adequacy or inadequacy of any remedy at law or of the adequacy or inadequacy of the value of the property mortgaged or to the solvency or insolvency of raid Mortgagor or of any or all of the de- fendants, and that such rents, profits, income, issues and revenues shall be applied by such Receiver according to the lien andJor equity of raid Mortgagee and the practice of such court. 16. To pay all and singulu the costs, charges acrd expenses, including reasonable lawyer's fees and fees for appellate work and costs of abstract of title, incurred or paid at any time by said Mortgagee because andJor in the event of the failure on the part of the said Mortgagor to dyly,. promptly attd fully perform, discharge, execute, effect, complete, comply with and abide by each and every the stipulations, agreements, conditions and covenants of said promissory notes and this mortgage, any or either, and said costs, charges and expenses, each and every, shall be immediately 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 bear interest from the date thereof until paid at the same rate as 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 lien of this mortgage. " 17. That Mortgagor will not permit arts other liens, mortgages or encumbrances against the said premises, and if any such liens, mortgages or eneumbnnces are incurred, whether paramount or subordinated to this mortgage, Mortgagor w•ip cause such liens, mortgages or eneumbnnces to be discharged immediately. Without limiting the foregoing, should there be a lien superior in dignity to the lien of this mortgage with Mortgagee' consent, it is conversant and agreed that should the terms of a lien superior in dignity to that of this mortgage be modi[ied, altered or r-atied without the written consent of the Mortgagee 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 tray at its option accelerate the indebtedness secured by this mortgage and declare the same to be all due and payable without notice to Mortgagor or any other person. 18. Mortgagee shall have the right to charge any of Mortgagor's accounts with Aortgagee for any sums payable as pro- vided herein or in the promiuory note secured hereby as such becomes due. 19. If the Mortgagee requests, Mortgagor will furnish the Mortgagee annually from the date of this mortgage instrument, unless some other date is agreed to between the parties in writing, a certified audited financial statement of the Mortgagor and annual complete statements of Mortgagor. If the Mortgagor's fiscal calendar year shall not coincide with the date herein specified, then the date which the Mortgagee shall spe¢iCy shall be controlling. Mortgagor shall supply Mortgagee with wch other financial statements as Mortgagee may from time to tune request. 20. No right or remedy prcvided herein for. the Mortgagee or provided for the Mortgagee 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 loans 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 it?debtedneu secured hereby at any one tune shall not exceed ~29 ~ 50~ • ~0 plus interest theron plus any disbursements made by the Mortgagee for the payment of taxes, levies, insurance or other charges on the property encumbered hereby, with interest on such disbursements, court costs and attorney's fees, including fees for appellate work. 22. Thu mortgage is subject to the terms, provisions and conditions of that certain Construction Loan Agreement dated , and said Construction Loan Agreement is by reference incorporated herein and ~I made a put ercof. Default in the terms of the Construction Loan Agreement shall constitute a default under the mortgage. nn s 6Guii ~~U ~hGE G~