Loading...
HomeMy WebLinkAbout0095 9. To daG~~r~ any abtitnct ur abstracts uf titk ot nUe ?nw~~nre pul~cy u? policKS ruverir4t the mortgaYed property to Murtga~tee or its designated agznt, whi~h shall at all timcs durins the IJe ut this murtgage, remain m the posussion of the !?lort- gagee and m event o( the [orcrlusurc ~f this mori~.+ge all r~ght, tiUe and intrres~ of the Moit~agor in and to any such sbstact a t~tle shall pass to the purchaset at foroclusure, however, all murtga~tee tilk inzurance policies shall rema~n the ptoperty of Mortgageo. 10. That no waiver of any corenant herein or in the obli~ations xcured hareby shaU ~t any time harodtet be t?~k1 to ba a waive~ oi any of the other terms hereof or of the noiss ~ecu~ed hereby, nor msy Mortgsjor iely on any cowse ot conduci Ey Murtgagee not specificaUy requirstl by this instrumenl. That the Mnrtpeee, without notice. may aQee with any pariy oblijated on svid ~ndebtedness. or havinj an interest in the sxurity described herein, to ~enew or extend the time tot payme~t ol any put or al! ot the indebttdness ucura! hotaby. without in any way aRectin~ either the tien hereof ot the liability of any other pany. I 1. That in order to accekrate the maturity of the indebtedness hercby secured because o[ the [ailure of the Idoctgsgo~ to pay any tax assessment, liability. obligation ol' encumbrance upon said property u hercin provided. it shall aot be necessary nor requisite that the Mortgagee shaU first pay the same. l2. That if the Mortja~oT shaU fail, nc`bct or nfwe for a period o( ten (10) days fuUy and prompdy to pay the amounts requirod to be paid by the notes hereby secund or the interest therein spa.~ilied or any of the sums of moaey heroin referred to or hereby secured. or otherwise duly. fuUy aad promptly to pedorm. execute, comply with and abide by euh. every ot any ot the corenants, conditiorts or stipulations ot th~ mongr~e. the promissory notes heteby secured and/or the coastruction loan a~reement, if any, then, and in either or in any ot wch erents, w~ithout notioe or ~t!mand, the said s~r~ate sum mentioned in said promissory notes, less previous payments, if any. and any and aU sums mendoneA henin or ~ecured hereby shsU become due and payable forthwith or thereaRer at the continuins option ot the Mort~ee as fuUy and compbtely u if said agge6ate sums werc odginaUy stipulated to be paid as wch time, anythina in said promissory aotes or herein to the coahary notwith:undine. and the Mortpgee shaU be entitled thereupoa ot theroafter ~rithout notice or demand to iristitute wit at law or in equity to enforce the risht of the Moripaee hereunder or under ssid promissory notes. In the event of any default or breach oa the part of the Mortgaaor he~eunder or under said promissory notes. the Moctgagee shaU have the continui~ optan to ea[ora payment ~ of all wms sccured hereby by action at law~ or by suit in equiry to foreclose this mortgage. either or both, concurtendy ot other- wise, and ooe action or suit shaU not abatc or be a bu to or waiver of the Mo~tgagee's right to institute or iaaihtain the other. provided said Mortgaaee shall have only one payment and satisfactan of said indebtedness. 13-A. Thai in the event that Mortgagor shall (1) consent to the appointment of a reaire~. trustee or l'quidator of all or a substantial pul of Mortgagoc's assets, or (2) be adjudicated a bankrupt or insolvent, or fik a voluntary petition in bankruptcy or admit in writing his inability to pay his debts as they become dve, or (3) make a genen! assignment for bene(it of creditors, or (4) file a petition or answer seeking reorganization or arranasment with creditors, or to take adranuge of any insolvency law. or (5? fk an answer admitting any of the materiat aUegations of s petition fikd aSainst the Mortgagor in any bank~uptcy, ro- or~n'uatioa or insolvency proceeding, or (6) action shall be taken by the Mortgagor for the purpose of ef(ecting any ot the foro- going, or (7) any order, judgment or decree shaU be e~teced upon an application of a creditor or Mottgagor by a court of com- petent jurisdiction approving a petition sceking appointment of a rcceirer or trusta of aU or a wbstantial part of the Mort6agor's assets and such order, jud~ment or decree sluU continue uastaydd and in effect far any period of thirty (30) consecutive days, the Nort~gee may declare the notes hereby secured forthwith due and payable. whereupoa the principal of and the interest accrued on the nota md all other sums hercby secured shall become forthwith due and payabk u if al! of the said sums of money wrere ori nally stipulated to be paid on such day; and thereupon the Mortgagee without notice ot demand may prosecute a suit at law and~or in equity u if all monies xcured hereby had maturcd prior to its institution. l3-B. That in the event the premises hercby mortgaged, or any part hercof, shall be condemnod and taken for public use under the power of eminent domain, Iliortgagee shatl have the right to requue that all damages awuded for the taking of or damage to said premises shall be paid to the Mortgagee, not to exceed the then unpaid balanoe of this mortgage and any sum secured theneby, and at the option of the Mortg•rgee such amounts may be appliod upon the payment or qyments lut payabk hereon. In the event it becomes necessary for the MortgMee to employ counsel to protect its interest at any condemnation proccedi~gs, thr Mortgagor shall immediately upon demand rcimburse the Mor~gagee for a0 reuonabk expenus and attorneys' fees thus ire~-uned, and all such sums shall be deemed secured by the lien of this mortgage. - 14. 7That the Mortgagee or any person authorized by the Mostgagee sha0 have the right to enter upon and inspect the mortgaged prcmises at all reasonable times_ IS-A. Thal to further secure payment of the indebtedness of the Morigagor to the Mortgabee, the Mortgagor dces heteby sell, assign, transfer and set over unto the Mortgagee all of ihe rents, iuues, and profits of the mortgaged premises, and Mortgagee may at its option del~y enforcing this assignment unti! any default being made by the Mortgagor under the terms of this mortga~e the notes secured hereby, and such assignment in any event sha0 remain in full force and effect so lo~ as any default continues to exist in the making of any of the payments or the performanee of any of the covenants of this mortEaae or the notes secured hereby, and the Mortgsgee shall have the right to enter upon the premises and collect same directly frpm persons in possession. Mortgagor agrces to execute any further documents evidencing such assignment as Mortg~gee may reasonably request from time to time. 15-B. 71ut 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 hereunde~, said Mortgagce shall apply to the court having jurisdiction thereof for the appointment of a Receiver, wch couri shall (orthwith appoint a Receivet of said mottgaged propetty all and singular, including all and singular rents, income, profits; issues, and revenues from whatever source derived, each and every oC w~hich, it being expressly understood, is hereby mortgaged as if specifically set forth and described in the granting and habendum j clauxs hereof, or any exhibits heceto, and such Receiver sha0 ha~e all the bro~d and effective functions and powen in anywise ~ entrusted by a court to a Receiver, and such appointment shall be made by such court u an admitted oquity and a matter of ab- j colute right to said Mortgagee, and without reference to the adequacy or inadequacy of any romedy at law or of the adequacy or inadequacy of the value of the property mortgaged or to the solvency or insolrency of said Mortgagor or of any ot all of the de- ' fendants, and that such rents, profits, income, issues and revenues shall be appl~ed by such Receiver according to the lien and{or f tquity of said Mottgagee and the pnctice of wch court. ~ 16. To pay all and sngulu the costs, chuges and expenses, including reuonabk lawyer's fees and fees for appeUate w~ork ` and costs of absuact of title, incurred or paid at any time by said Mortgagee because and/or in the event of the failun on the ; part of the raid Mortgagor to duly; promptly and fully perform, discharge, execute, effect, complete, comply with and abide by s each and every the stipulations, agreements, conditions and rnvenants of said promissory notes and this mortgage, any or either, g and said costs, charges and expenses, each and every, shall be immediately due and payable, whether or not there be notia, : demand, attempt to collect or suit pending; and the full amount of each and every such payment shall beu interest from the ~ date thereof until paid at the same rate u is speciTied, in the notes secured hereby, u 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 z mortgage. ~ 17. That Mortgagor will not permit any other liens, mortgages or encumbrances against the sa~d prcmises, and iC any such ~ liens, mortgages or encumbrances are incurred, whether paramount or subordinated to this mortgage, Mortgagor wiU cause such tt liens, mortgages or encumbnnces to be discharged ir.~mediately. Without limiting the foregoing, shouW thete be a lien wperior ~ in dignity to the lien of this mortp,age with !?fortgagee' consent, it is convenant and agreed that should the terms of a lien ~ superiot in dignity to that of this mortgage be modified, altered or varied without the written consent of the Mortgagee herein, ~ or should any lien supenor in dignity to that of this mort~ge be or become in default, then and in such event the Mortgagee here~n may at its option accelente the indebtedncss secured by Ihis mortgage and declate the same to be all due and payable ~z withuW notice to Mortpagor or any other person. ' Y l8. Nortgagee shall hare the right to charge any of biorigagor's accounts w~ith biortgagee for any sums payabk as pro- vided hercin or in the promissory note secured hereby u wch becomes due. " l9. If the Mortgagee requests, Nortgagor will furnish the Mort~agee annually from the datc of this mortgage instrument, ~ unless some other date is agreed to between the parties in writing, a ceruf~ed audited financial statement of the Mortgogor and ~ annual complete statements of Nottgagor. It the Mortgagor's fiscal calendar year shall not coincide with the date herein speciFed, ~ then the date which the Mortgagee shall specif~ shall be conuoUing. Mortgagor shaU supply Mortgagee v?ith such other financial - statements as Mortgagee may from time to time request. - 20. No right or remedy prcvided herein for the Mort~gee or provided for the Mortgagee in the note secured hercby shall be ~ umulative and se~erable. ` 21. 11 is understcx~d and agreed that this mortgage is given .o secure, in addition to the note or obligation attached hereto, any xiditional loans or future advances made w•rth~n the term of this mort~e loan to said Mortgagors or any successor in title of ; said Mortgagors of the property hereby conveyed; provided that the total unpaid balance of the indebtedness secured hereby at ~ any one time shall not exceed ~60 ~~Q QQ plus interest theron plus any disbursements made b~ the - Mortgaget for the payment of taxes, levies, ~nsurance or other cFurges on the property encumbeted hereby, with interest un such - disbursements, court costs and attorney's fees, including fees for appellate work. ='3 22. This mottgage is subject to the terms, provisions and conditions of that cenain Constructiun Loan Agreement dated ~3 JanuarY __4 . 1979 ~ and said Construction Loan Agreement is by refercnce incorpotated herein and ~ made a part hereof. Default in the tetms of the Consiruction Loan Agreemeni shall constitute a default under the mortgaga ~ 5 UR~ ~ g~flr ~01, irc~ 95 ~ ~ - - - : - -~~R ~.s~~ _ _ ~ ~~y _ . _