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HomeMy WebLinkAbout1343 9. To drhvrr any abstract or abstracts of title ur rule insurame puh:y or policties covering the mortgaged property to Mortgagor ur its designated agent, which shall at all times during the life of this mortgage, remain in the possession of the Mort- gagee and in sutra[ of the foreclosure of this mortgage all rrght, title and interest of the Mortgagor in and to any such abstract or title shall pass to the purchaser at foreclosure, howtver, all mortgagee title insurance policies shall remain the property of Mortgagee. 10. That no waiver of any covenant herein or in the obligations secured hereby shall at any time hereafter be held to be a waiver of any of the other terms hereof or of the notes secured hereby, nor may Mortgagor rely on any course of conduct by Mortgagee not specifically required by this instrument, That the Mortgagee, without notice, may agree with any party obligated , on sa?d rndebtedness, or having an interest in the security described herein, to renew or extend the time for payment of any put or all of the indebtedness se:,ured hereby, without in any way .affecting either the lien hereof or the liability o[ any other party. 11. That in 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 first pay the same. 12. That if the Mortgagor shall fail, neglect or roftrse for a period of ten (10) days tuUy atd promptly to pay the amounts required to be paid by the notes hereby secured or the interest therein specified or any of the sums of money herein referred to or hereby secured, or otherwix duly, fully and promptly to perform, execute, comply with and abide by each. every or any o[ the covenants, conditions or stipulations of this mortgage. the promissory notes hereby secured and/or the construction loan • agreement. if any, then, and In either or In any of such events, without notice or demand, the said aggregate sum mentioned in said promissory notes, less previous payments, if any, and any and all sums mentioned hertin or secured hereby shall become drre and payable forthwith or thereafter at the continuing option of the Mortgagee as nrny and completely as if said aggregate sums wire originally stipulated to be paid as such time, anything in said promissory notes or herein to the contrary notwithstanding, and the Mortgagee shall be entitled thereupon a thereafter without notice or demand to institute suit at law or is equity to enforce the right of the Mortgagee hereunder or under said promissory notes. !n 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 wms secured hereby by action at law or by suit in equity to foreclose this mortgage, either or both. cortcurrenNy or other- wise, and one action or wit shall not abate or be a bar to or waiver 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 receiver, trustee or Iquidator of all or a substantial put of Mortgagor's assets, or (2) be adjudicated a bankrupt or insolvent, or file a voluntary petition in bankruptcy or admit in writing his imbility to pay his debts as they become due, or (3) make a general assignment for benefit of creditors, or (4) [ile a petition or answer seeking reorganization or arrangement with creditors, or to take adnntage of any insolvency law, or (5) file an answer admitting any oC the material allegations of a petition fded 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 ap applicetion of a creditor or Mortgagor by a court of com- - petent jurisdiction approving a petition seeking appointment of a receiver or trustee of all or a substantial part of the Mortgagor's assets and such order, judgment or decree shall continue urutayed and in effect fa 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 sums hereby secured shall become forthwith due and payable as If all of the said sums of money were originally stipulated to be paid on such day: and thereupon the Mortgagee without notice or demand may prosecute a suit at law and/or in equity as if all monies rrecuted 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 for public use under the power of eminent domain, Mortgagee shall have the right to requue 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 ?ast payable hereon. In the event it becomes necessuy for the Mortgagee to employ counsel to protect its interest at any condemnation i proceedings, the Aortgagor 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. ~ 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 hereby ~ 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 option delay enforcing this assignment until any default being made by the Mortgagor under the terms of this mortgage the notes secured 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 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 egrets to execute any further documents evidencing wch assignment as Mortgagee may reasonably request from time to time. IS-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, such court shall forthwith appoint a Receiver of said mortgaged property all and singular, including all and singular rents, income, profits, issues, and revenues from whatever source derived, each and every of which, it bring expressly understood, is hereby mortgaged as if specifically 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 power in anywise entrusted by a court io 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 of inadequacy of any remedy at law or of the adequacy or inadequacy of the value of the property mortgaged or to the solvency ur insolvency of said 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 and/or equity of said Mortgagee and the practice of such court. 16. To pay all and singular the costs, charges and expenses, including reasonable lawyer's fees and foes for appellate work 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, raomply 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 acid 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 such 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 any other liras, mortgages or encumbrances against the card premises, and if any such liens, mortgages or encumbrances arc incurred, whether paramount or subordinated to this mortgage, Mortgagor will cause such liens, mortgages or encumbrances to be discharged immediately. Without limiting the foregoing, should there be a lien superior in dignity to the lien of this mortgage with Mortgagee' cotrsem, it is conversant and agreed 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 Mortgagee herein, or should any lien superior in dignity to that of this mortgage be or become in default, then and in such event the Mortgagee herein may 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. I8. Mortgagee shall have the right to charge any of Mortgagor's accounts with Mortgagee for any sums payable as pro- 4,. vided herein or in the promissory note secured hereby as wch becomes due. ~ 19. If the Mortgagee requests, Mortgagor will furnish the Alortgagee 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 specify shall be controlling. Mortgagor shall supply Mortgagee with such other financal statements as Mortgagee may- from time to time request. ~ 20. No right or remedy prcvided herein for the Mortgagce 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 sasd 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 $139 ~ 450.00 plus interest [heron plus any disbursements made by the Mortgage[ 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. This 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 made a part hereof. Default in the terms of the Construction Loan Agreement shall constitute a default under the mortgage. BG~K 3U1 ~ 1338 -