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HomeMy WebLinkAbout0951 9, ~(o drl~~tr any rbstt~ct or :I~ftldCli O~ IIIIt ur hUr ~nw~~n.Y Fx,l~ry ur pu6r~es ruvr~ing 1he mongaged ptope~ty to ~turt~;:~rr or its dru •nated eKtnt, w•hi.li th~ll at all umes during the lifr uf this m~~rtgage, rcmain m the posseuion of the Mart- gagrr md m eran~ c~~ ihe furcclusurc uf this murtgage atl r~h~, utir and interc~t uf the Mo~tg~gur in ~rxf to any wch abstnct ut uUe shall pass to the pur.haser at furcclusure, huw•ever, all murtKa~cee utle ~muran.e policies sAall remain the property ot Nortgagee. 10. 71u~ no wa~Ye~ ot ~nf cove~~nt herein o~ in lhe obli~atiuns securad he~eby shall at any time hereafter be held to be a waivet of any of the uthe~ terms hereuf ar .of the nutes secured hereby, nor may Mortgagot rely un any coucse of co~ducl by , Mor[$ayce oot specifKaUy roquiced by this instrument. That the Mortp~eer, withuut notice, may agree with any party obligated on sa~d indebtalneu, o~ having a~ inrere:t in the security desc~ibed herein. to renew ur extsnd the time for payment of any put or all of tAe indcbtedneu setiured hereby. wilhout in any way affecting eithet the Itrn hereof w the liability oi any other party. 11. That in order to accelerate the maturi~y o[ the indebtedness hereby secured because of !he failure of 1he Mortgago~ t~~ pay any tax assessment, lubility, obligation of encumbnnce upon said proper~y as herein p~ovided, it shall not be necessary nor aquisite that the Mort6aga shall Gnt pay the ume. ~ 12.~ That if the INortaaaor shaU fall. neglcet ot re[ute fot a period of ten (10) days fuUy aad prompUy to pay the amounts rcquirod to be paid by the notes hereby secured or the Interost therein specified or any of the wms of money hercin referred to or hereby securcd, or otherw~ise duly, fuUy and promptly to perform. execute, comply with and abide by each, every or any of the coremnts, eonditions or stipulations of th[s mortp~e. the promissory notes hereby secured and/or the construction loan ngrrement, if sny, Ihen, and in eithet or in any of such events. without notice ot d~m~nd, the said aggepte sum mentioned in said promissory notes, Itss previou: payments, if any, ~nd any and aU sums mentioned herein or secured heteby shaU become due and payable forthwith or thercafter at the continuir~ option of the Mortgagee as fuUy artd compktely as if said ag~egate wms were originaUy stipulatod to be paid u such time, anythi~ in said promissory notes or he~eia to the contrary notwith:tanding. and the 1Nortgagee shatt be entitled thereupon or thereafte~ without notice ot demand to iristitute suit st law or in equity to enfwce the right of the Mort~a6ee hereunder or under uid promiuory notes. In the event of any default or bresch on the part of the INortgagor hereunder or under said pmmisso~y notes. the Mortga6ee sfuU have the contiaui~ optao to enforce payment of all :ums secu[ed heroby by action at law or by suit in equity to foreclose this mortgage, either ot both, concurreody or othet- wise, and one act'an or suit shall not abate or be a bar to or waivet of the Mortgagee's right to institute oc maintain the other. provided said Mortgagee s1uU have only one payment and satisfaction o[ uid indebtedrKSS. 13•A. That in the event thot Mortgagor sha0 (l) consent to the appointment of a receiver, trustee or tquidator of all or a substantial part of Mort~tor i assets, or (2) be adjudicatod a bankrupt or insolvenl, or fik a voluntary petition in bankruptcy or admit in writing his inability to pay his debts u they become due, or (3) makc a general assignment for beneft of creditors, or (4) file a petition or answer seeking reorganization or artangement with creditors, or to take adranuge of any insolvency law, w(S) fik an answer admitting any of the material aqegations of a petition filed aqtainst the Mortgagor in any bankruptcy. re- organintion or insolvency proceeding, or (6) action shaU be taken by the Mortgagor for the purpose of effecting any of the forc- going, or (7) any order, judgment or decree shall be entered upon an application of a creditor or Morigagor by a court of com- petent jurisdiction apptoving a petition soekina appointmeot oC a receiver or trustre of all or a substantul part of the Mortgagor's assets and wch order. judgment or deaee shaU coatinue unstayod and in effect for any perad of thirty (30) consecutive days, the Monaaaee rtny declarr the notes hereby securod forthwith due and payable. whereupon the principal of and the interest accrued on the notes and all other wms hereby secured shall become Corthwith due and payabk as if aU of the said sums of money wrrc ori~pnally stipulated to be paid on such day: and ihereupon the Mortgagee without notice or demand may prosecute a suit at law• and/or in equity as if all monies secured hereby had matured prior to its institution. 13-B. That in the e~rnt the premises hereby mortgaged, or any part hereof; shall be condemned and taken for public use under the power of eminent dort~in, Mortgagee shall hare the rtght to require that all dam~tes awarded for the taking of or damage to said premises shalt be paid to the Aiortgagee, not to exceed Ihe then unpaid balance of this mortgage and any sum secured thercby, and at the option of the lllortgagee such amounts may be applied upon the payment or payments last payable hercon.- In the erent it becomts rKcessary fot the Mortpagee to employ cuunsel to protect its interest at any condemnation procecdings, the Nortp,agor shall immediately upon demand rcimburse thr \tortgagee (or aU reasonabk expenses and attomeys' fres thus incurre~i, rnd all wch sums shall be deemed secured by the lien of this mortp,age. 14. That the Mortg~ce or any person authorized by Ihe Mortgagee chaU ha~-e the right to entet upon and inspect the mortgaged prcmises at aU reasonable times. 1 S-A. That to further secure payment of ihe indebtedness of the Mortgagor to the ~tortgagee, the Mortgagor dces hereby sell, 3scign, transfer ard set over untu the !?lortgagee rll of the rents, issurs, and profits of the mortgaged premises, and ~lortgagce may at its option delay enforcing this assignmeot until any default being made by the Mortgagor under the terms oC this mortgage the notes secured hereby, and wch assignment in any event shall remain in full force and effect so long as any default mntinues to exist in the making of any of the payments or the pedorrtnnce of any of the covenants oE this mortgage or the notes secured hereby, and the Mortgagee shall hare the right to enter upon the p~emises and collect same directly from persons in possessioti- Mortgagor agrers to execute any further documents evidencinE such assignment as :lfortgagee may reasonably request from time to tima IS-B. That in the event that at the beginning of or at any time pending am• suit upon this mortgage,or to foreclou it, or ro reform it, andJot to enforce payment of any claims hereunder, said Murtga~ee shall apply to ihe court having jurisdiction thereof for the appointment of a Recei~-er, such court shall forthwith appoint a Receiver of said mortgaged property all and singulu, including all and singular rents, income, profits, iuues, and rer•enues from whatever source detived, each and every of w~hich, it being expressly understood, is hereby~ mortgaged as if specifically set forth and described in the granting and habendum clauses hereof, or am~ e~hibits hereto, and such Receiver shall have all the broad and effective functiors and pow~ers in anywise entrusted by a court to a Re~iver, and such appointment shall be made by such coun as an admitted equity and a matter of ab- ~ solute right to said N~rtgagee, and w~ithout reference to ihe adequacy or inadequacy of any remedy at law ot of the adequacy or inadequacy oC the valua of the property mortgaged ur to ihe wl~~ency or incol~•ency of said Nortgagor ur of any or all of the de- i fendants, and that-such rents, profits, income, issues and re~~enues shall be applied by wch Rereiver according to the l~en and(or equity~ of said Atort~agee and the practice uf such court. ~ 16. To pay all and singular the custs, chuges and expenses, including reasonable lawyer's Ctes and fees for appellate work and costs of absUact 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 fuUy perCorm, discharge, execute, effect, complete, comply w~ith and abide by ~ each and every the stipulations, ageements, conditions and covenants of said prumissory 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 therc be notice, - ~ demand, attempt to collect or suit pending; and the full amount of each and e~ery wch payment shall bear interest froEn the ~ date thereof until paid at_thc s-rme rate as is specified, 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 ~ mortp,agr. ~ 17. That !1lortgagor w~ll not permit any other liens, mon~ages or encumbranres agains~ the sa~d premises, and if any such ~ liens, mortgages or tncumbranres are incurred, whether puamount or subordinated to this mortgage, !liortgagor will cause such ~ liens, mortgages or enrumbrances to bt discharged immediately~_ Withou! limiting the foreguing, should there be a lien superior ~ in dignity to ihe lien of thjs mortgage w•i!h Morigagee' consent, it is conrenant and agreed that should the terms of a lien ~ supenor in dignity to that of this mortgage be muditird, a(tered or varied w~ithout the written consent of the Mortgagee herein, or should any lien superior in dignity to that of this mottp.age be or become in def~ult, then and in such event the Mortgagee ~ hercin may at its option accelerate the indebtedneu secured by thi~ mortgage and declare the same to be all due and payable * without notice to ~ioriEqgor or any other person. ~ ~ I8. Murlpagee shall have the right to charge any of Mortgagor's accounts with Mortgagee for any sums payable as pro- F vided hemin or in Ihe promissory note secured hereby as such becomes due. ~ 19. If the Nort~agee requests, Mo!tgagor wiU furnish the Mortgagee annuatty from the date of this mortgage instrument, ~ unlzu some other date is agrced to between the parties in writing, a:ertif~ed audned tinrncial statement of the Mortgegor and annual complete statements ot titortgagor. If the ~turtgagor's fiscaTcalendar yeat shall not roincide w•ith the date herein specified, ~ then the date w~fi~ch the ~fortgager shal! specifq shall be controUing. ~fortgagoz sh~ll supply Nortgagee with such other financia! .q statements as WortgaRee may from time to timt !equest. 20. ho np_ht or remetiiy prcv~ded herein for the Mortgagee ur pro~ided for thc Muri¢a~ee m thr note secured hereby shall - be rumulau~-e and uverable. - 21. It is underst~wd and a¢reed that this mortgage is gi~~en to cecure, in addition to the note or obligation attached heteto, any additional loans or future advances made w~thin the term of this mortgage loan to said ttortgagurs or any successor in title of said Mortgagors oC the property heceby conveyed; provided that the total unpaid balance of the indebtedneu secured hereby at _ any one time shatl not exceed --'-~20 , 000 • 00----- ptus interest theton plus any disbursements made br the ~tortgagee for the payment of taxes, levies, insurance or other charges on the properry encumbered hereby, with intercst on such disbursements, court costs and attorney's fees, including fees for appellate work. 22. This mortgage is subject to the tetms, provisions and conditions of that cettain Construction Loan Agreement dated ~O'~ appl ieable and said Constructiun Loan Agreement is by referrnce in.orporated herein and made a part heceoL Default in the terms of the Construction Loan Agreement shall constitute a default undet the mortga~e. - a ~ ~ Gk R~~JK ~Ui f~; 951 ~ - ~ ~ : - _ ~ h~~ ~ 'TM3M"~ 'rc. 5~"~.r>..s,c ...G _ ~-='~1. 's4~~~~ ~~F.~r ~ ~-Y ~ 13'_^', ~ . . .e>~° ~