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9. To deliver any abstract or abstracts of title or title insurance policy or petioles covering the mortgaged property to ~
Mortgagee or its des~nated agent, which shall at all times during the life of thu morgage, mmain in the possessron of the Mort-
gagee in event of the foreclosuro of this rnortpge all right, title and interest of the Mortttggaaggoor in and to any wch absttaet a
title pass to the purcltasor at foreclosum, however. all morgagee tick inwraace pdicia shall romaia the property of
Mortgagee. -
10. Tltat ao waiver of way covenant laemin a is the obligatbns secured hereby strati at way tune hereafter be held to b
a waiver of arty of the other terms hornet or of the notes secured hemby. ne may Morgaga m1y on way course of conduct by
Mortgagee not sp~t[~iy requirod by this iastrtrmeat. Tint the Mortpgee. without notice, may agroe wiW way Party obUgated
on aid indebtedness. or having sa interest in the security described heroin, to meow or extend the time for p~yraeat of any part
or all of the indebtedness secured hemby. without is way way atfectiag either the lien hereof a the IiabWty of any other party.
11, That is order to aooekmte the maturity of the indebtedness hemby secured beause of the failum of the Mortgage
to pay any tax assessment, Wbi4ty, obUption of encumbrance upon asid property as hernia provided, It shall not be necesary
rrt: r
~+:±dte that the Matgageo shall Mt pay the carne.
12. That if the Mortgages shall fail. aegbct or infuse fa a period of tea (10) day: ~ and promptly to pay the amounts
mquued to be paid by tbs notes hsmby secured a the interest themio apedtled a way of the sums of money heroin interred to
or hereby secured. or otherwise duly. nruy wad promptly to perform, exoctrte, comply with and abide by each. every a way of
the oovenaats, coaditlorts a stipulations of th6 mortgage. the promisary notes hemby secured aad/or the construction ban
agreement, if any, then, and i4 either or in any of wch events, wlthoYt:notke d ,the said aggegate sum mentioned is
said promiswry notes, less ppmvbus payments, if any, and aay'and all tiurrts resew herein or secured hemby shall become due
and payable forthwiW or thereafter at the oontiauing optba of rho Mortgagee ss fully wad eompktely u i[ acid ag~egate wins
w+em originally stipulated to be paid ss wch limo, anyWiag is said promissory notes or heroin to the contrary rrotwithstaadirq,
and the Mortgagee shall be entitled thereupon or theroatter without notice or demand to institute wit at law or fn equity to
enforce the right of the Mortpgee hemurder a under said promissory notes. In the event of any default or brooch on the part
of cite Mortgage hemuadet or under said promissory notes, the Mortgagee shall have the coaWtuiag optbn to enfaoe paytrtent
of all wins secured hereby by action at law a by wit m equity to fomdose this mortgage, either or both, concurrently a other-
wise, and one action a suit shall not abate or be a bu to ur waiver of the Mort~rgee's right to institute or maintain the older,
provided said Mortgagee :hall hares only one payment and atisfactbn of said indebtedness.
13-A. That in the event that Mortgagor shall (l) consent to the appointment of a receiver, trustee or liquidator of all q
or a substantial put of Mortgagor's assets, or (2) be adjudiated a bankrupt a insolvent. or ftk a voluntary petition in bankwptcy
a admit in writing his inability to pay his debts as they become due. or (3) make a general assignment fa benefit of txeditors,
or (4) fde a petition or answer seeking redrganiution or atrarrgement with creditors, or to take advantage of any insolvency law,
or (S) ftk an answer admitting any of the material allegations of a petition filed against the Mortgagor in any bankruptcy, re-
organization or imolvency proceeding, or (6) action shall be taken by the Nortgsgor for the purpose of e[[ectiag any of the fora
going, or (7) any ceder, judgment or decme shall be entered upon as appliation of a creditor or Mortgagor by a court of corn-
potent jurisdiction approving a petition seeking appcwnteaent of a mceiver or trustee of all or a wbstaatial part of the Mortgagor's
assets wad wch ptder, judgment or decree shall continue uastayed and in ettttt fa any perbd of thirty (30) consecutive days.
the Mortgagee may dedue the notes hereby secured forthwith due and payable, whereupon the principal of and rho interest ,
acerued on the notes utd all Qther wins hemby secured shall become forthwith due and payable as if all of the said sums of
money wtrc originally stipulated to be paid on such day• and thereupon the Mortgagee without notice a demand may prosecute
a suit at law and/or in equity as if all monies secured hemby hod matured prior to its institution.
13-B. That in the event the premises hereby mortgaged, or any part hereof, shall be condemned and taken for ppublic use
under the power of eminent domain, Mortgsgee shall have the right to require that alt damages awuded for the takiag of or ~ i
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 wch amounts mayy be applied upon the payment or payments last payable
hereon. In the event it becomes necessuy for the Mortgagee to empby counsel to protect its interest at way coademnatwn -
proceedings, the Mortgagor shall immediately upon demand reimburse the Mortgagee for all reasonable expenses and attorneys' .
fees thus incurred. and all wch wins shall be deemed secured by the lien of this mortgage.
14. 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.
IS-A. That to further secure payment of the indebtedness of the Mortgagor to the Mortgagee, the Mortgagor does hemby .
sell, assign, transfer and set over unto the Mortgagee all of the rents, issues, and profits of the mortgaged premises, and Mortgagee ~ -
may at its optan delay enforcing this assignment until any default being made by the Mortgagor under the terms of this mortgage. a
the notes second 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 performanoa of any of the oorenants of this mortgage or the notes secured .
hereby, and the Mortgagee shall have the right to enter upon the premises and collect same directly frpm persons in possession. -
Mortgagor agrees to execute any further documents evidencing wch assignment as Mortgagee may reasonably request from time
to time.
_ 15-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, and/or to enforce payment of any claims hereunder, said Mortgagee shall apply to the court having jurisdiction
thereof for the appointment of a Receiver, wch court shall forthwith appoint a Receiver of said mortgaged property all and
singular, includirg all and singulu rents. income, profits, issues, and revenues from whatever sours derived, each and every of
which, it being expressly understood, is hereby mortgaged u if specifically set forth and described in the granting and habendum
clauses hereof, or any exhibits hereto, and wch Receiver shall have all the broad and effective functions and powers in anywise -
entrusted by a court to a Receiver, and such appointment shall lx made by wch rnurt u an admitted equity and a matter of orb-
solute right to said Mortgagee, 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 des
fondants, and that such verso, profits, income, issues wad revenues shall be applied by wch Receiver aeoording'to the lien and/or
equity of said Mortgagee and the practice of wch oourt.~ ,
16. To pay all and singulu the costs, chins and expenses, including reasonable lawyer's fees and Lees for appellate wont
and costs of abstract of title, incurred or paid at any time by said Mortgagee because and/or in the event of the failure on the
part of the said Mortgagor to duly, promptly and fully perform, discharge, execute, effect. complete, comply with and abide by
each and every the stipulations, agreements, Conditions and oovemnts of said promissory notes and this mortgage, any or either,
and said costs, chuges and expenses, each and every, shall be immediately due and payable, whether a not there be notice,
demand, attempt to rnUect or wit pending; and the full unount of each and every wch payment shall beu interest from the
~ date thereof until paid at the same rate u is specified, is the notes secured hereby, u payable after default in payment of said
E notes and all said costs, charges and expenses so incurred or paid, together with wch interest, shall be secured by the lien of this
~ mortgage.
17. That Mortgagor will not permit any ocher liens, mortgages or encumbrances against the said premises, and if any such
liens, mortgages or encumbrances are incwred, whether puamount or wbordinated to this mortgage. Mortgagor will pose such
~ liens, mortgages or encumbrances to be dischuged immediately. Without limiting the foregoing; shoiiW there be a lien wperior
in dignity to the lien of this mortgage with Mortgagee'- consent, it is conversant and agreed that shoWd the terms of a lien
superior in dignity to that of this mortgage be modified, altered or varied 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 may at its option accslerate the indebtedness secwed by this mortgage and declue the carne to be all due and payable ;
without notice to Mortgagor or any other person.
~ I8. Mortgagee shall have the right to chuge any at'„lortgagor's accounts with Mortgagee for airy sums payable as pro-
~ vided herein or in the promissory note secured hereby u wch 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
1 annwl complete statements of Mortgagor. If the Mortgagor's fiscal alendar you shall not coincide with the date herein specified,
then the date which the Mortgagee shall specify shall be controlling. Mortgagor shall wpply Mortgagee with wch other financial ~
4 'statements as Mortgagee may from time to time request.
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20. No right or remedy prcvided herein for the Mortgage or provided for the Mortgagee in the note secured hereby shall
be cumulative and severable.
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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 nude 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 indebtedness scarred hereby at
( any one time shall not exceed~~l$T~QQ , QQ plus interest theron plus any disbursements made by the
1 Mortgagee for the payment of taxes, lleases, insurance or other charges on the property encumbered hereby. with interest on wch
disbursements, court costs and attorney's fees, including fors for appellate work. 3
n 22. This mortgage is wbject to,the terms, provisions and conditions of that certain Construction Loan Agreement dated
and said Construction Loan Ageement is by reference incorporated herein and
made a put hereof. Default in the terms of the Construction Loan Agreement shall rnnstitute a default under the mortgage.
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