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HomeMy WebLinkAbout1347 9. Tu drhver any abstract or aDsuarts of utk or rule insunncr pulley or policlrs covering the mortgaged property to Mortgagee ur its des?gnatrd agrnl, which shall at all times during the life of this mortgage, remain in the posxssion of the Mort- gagee and in event of the [oreclusure of this mortgage all right, title and interest of the [1lortgagor in and to any such abstract or title shall pass to the purchaser at foreclosure, however, all mortgagee title inwrance 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 s cifiraUy required by this instrument. That the Mortgagee, without notice, may agree with any party obligated s on said indebtedness, or having an rnterest in the security described hereto, to renew or extend the titres for payment of any part i or all of the indebtedness secured hereby. without in any way affecting either the lion hereof or the liability of 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 ghat) not be necessary nor requisite that the Mortgagee shall tint pay the same. l2. That if the Mortgsgor shall fail, neglect or refuse fur a period of ten (10) days fully and promptly to pay the amounts required to be paid by the notes hereby secured or the interest therein specified or any of the stunsof money herein referred to or hereby secured. or otherwise duly, fully and promptly to perform, execute, comply with and abide by each, every or any of _ the rnvenanu, condidorts or stipulations of this mortpge, the promissory notes hereby secured and/or the construction ban agreement. if any, then. and in either or in any of such events, wrthout notice or demand, the said aggregate sum mentioned in said promissory notes, less previous payments, if any, and any and all sums mentioned herein or secured hereby shall become due and payable forthwith or thereafter at the continuing option of the Mortgagee as fully and cotnpktely u if said aggregate wms were originally stipulated to be paid u such tune, anything in said promissory notes or herein to the rnntrary notwithstanding. and the Mortgagee shall be entitled thereupon or thereafter without notice or demand to institute suit at law or in equity to ? enforce the eight of the Mortgagce hereunder or under said promissory notes. In the event of any default or breach on the part ~ of the Mortgsgor hereunder or under said promissory notes, the Mortgagee shall have the continuing option to enfotoe payment of all wms secured hereby by action at law or by wit in equity to foreclose this mortgage, either or both, rnncurrently or other- wise, and one action or suit shall not abate or be a bu 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. ~ !3-A. That in the event that Mortgagor shall (1) conxnt to the appointment of a receiver, trustee or tquidator of all or a substantial pall of'Mortgagor's assets, br (2) be adjudicated a bankrupt or insolvent, or file a voluntary petition in bankruptcy t or admit in writing his inability to pay his debts as they become due, or (3) make a general .assignment fpr. be~(St oj` cretii{ore;, • or (4) file a petition or answer seeking reorganization or arrangement with creditors, or to take advantage of any tnsolvebcy law. or (S) fde an answer admitting any of the materul allegations of a petition fled 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 sha)1 be entered upon an application of a creditor or Mortgagor by a court of com- petent jurisdiction approving :petition seeking appointment of a receiver or trustee of all or a substantial part of the Mortgagor's asxts and such order, judgment or deace shall continue unstayed and in effect for any period of thirty (30) consecutive days, the Mortgagee may declue 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 (orthwith due and payable as if all of the said sums of i money were originally stipulated to be paid on such day; and thereupon the Mortgagee without notice or demand may prosaute ; 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 event the premises hereby mortgaged, or any part hereof, shall be condemned and taken for public use under the pewee of eminent domain, Mortgagee shall have the right to require that all damages awarded for the taking of or damage to said premixs shall be paid to the Mortgagee, not to exceed the then unpaid balance of this mortgage and any sum xcured 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 shalt be deemed xcured by the lien of this mortgage. i a 14. That the Mortgagee or any person authorized by the btortgagce shall have the right to enter upon and inspect the k mortgaged premixs at all reawnaEle times. 15-A. That to -further xcure payment of the indebtedness of the Mortgagor to the Mortgagee, the Mortgagor does hereby sell, assign, transfer and xt 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• 1?fortga or under the terms of this mortgage the notes xcurcd hereby, and such assignment in any event shall remain in fuU 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 mortgagg or the notes secured hereby, and the Mortgagee shall have the right to enter upon the premixs 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. t 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 1 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, including all and singular rents, income, profits, issues, and revenues from whatever source derived, each and every of which, it being exprcssl}• understood, is hereb}• mortgaged as if specifically xt forth and described in the granting and habendum j clauxs 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- wlute right to said Mortgagee, and without reference to the adequacy or inadequac}• of any remedy at law or of the adequacy or f inadequacy of the value of the property mortgaged or to the solvency or 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 Receivtr according to the lien and/or i equity of said Mortgagee and the practice of such court. 16. To pay all and singular the costs, chuges and expenses, including reasonable iawyen's fees and foes for appellate work and costs of abstract of title, incurred or paid at any tune by said Mortgagee becaux and/or in the event of the failure on the ~ part of the said Mortgagor to dul}•, prompt)}• and Cully perform, discharge, execute, effect, rnmplete, comply with and abide by ~ each and every the stipulations, agreements, conditions and rnvenants of said promissory notes and this mortgage, any or either, s and said costs, chazges and expenxs, each and every, shall be immediately due and payable. whether of not there be notice, demand, attempt to collect or wit pending; and the full amount of each and every such payment shall beu interest from the date thereof until paid at the same rate as is specified, in the notes xcured hereby, u payable after default in payment of said f notes and all said costs, charges and expenxs 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 liens, mortgages or encumbrances against the card premixs, and if any such liens, mortgages or encumbrances are incurred, whether paramount or subordinated to this mortgage, Mortgagor will cause such liens, mortgages or encumbrances to be discharged immediately. Nithout limiting the foregoing, should there be a lien superior in dignity to the lien of this mortgage with bortgagee' conxnt, 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 conxnt 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 i herein may at its option accelerate the indebtedness secured by this mortgage and declare the same to lx 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 :1lortgagee for any sums payable as pro- - vided herein or in the promissory note xcured hereby as such becomes due. ~ 19. If the Mortgagee requests, mortgagor will furnish the Alortgagre annually from the date of this mortgage instrument, a 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 Sortgagor. 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 wch other financal = statements as Mortgagee may from time to time request. 20. No right or remedy prcvrded herein for the Mortgagee or provided tot the Mortgagee in the note xcured hereby shall be cumulative and xserabk. 21. It is understood and agreed that this mortgage is given to xcure, 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 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 $15.00 • ~~'--_Y_ -plus interest theron plus any disburxments made by the 1ltortgagee for the payment of taxes, levies, insurance or other charges on the property encumbered hereby, with interest on such disburxments, 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 NUV~T . 1.978 ,and said Construction Loan Agreement is by reference incorporated herein and made a part hereof. Default in the terms of the Construction Loan Agreement ,hall constitute a default under the mortgage. a~~K 3U1 f• ~E~3~2