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HomeMy WebLinkAbout0596 9. To deliver any sbslnct at abstncts of titk or titk insurance policy or policies rnrering the mortsa~ed ptopetry to Murtgatee or it: de~na[ed ageot, which ~all at aU times durin~ ~he lile of this mortga~e. rcmain in the pouessan o[ the Mort- ~ee and in event o the foreclosure of this mortp~e all ri~ht. titk and intercst of the Mortp~or in and lo aay wch abatuet a u'tle shall pass to the purchaset at [oceclowce. howerer, aU mott~sgee titk inwrance pdiaes shaU ~emain the pmperty ot Mort=a~ee. 10. 'Il~t no wairer ot aay corenant he~ela or in the obliptaas secured hereby slWl at any time Dereafur be hdd to b~ a walve~ of aay ot the otlwt temu hereot or ot the notei ~ecured hereby, aor may Mortjajar mly on any cou[fe of coaduM by Mort~ajee not y, required by ehis instiu~aeaa That t1~e Wo~tp~ee. without notioe. may s~ee with any pacty obl~p?ed on ss~d inde~t neu. or havin~ an iaterost ia the tecuritp described he~em, to reaew or eztead the time [or paymeat ot ary part or aU of the indcbtedoess ~ocurcd f~emAY. without la atiy ~ray aRectinj eiihet the tien hereof ot the lisbdity of any othei party. 1l. 7~at in orde~ to accek»te tAe maturity of the iadebted~wa he~eby secu~ad because o[ the f~ilure ot t1a Mortaa6or to pay any taz assasment. Ii~biUty. obliptiqa ot eacumbaqce upon said properry u heroia provided. it shall uot be aeoessary oor requisite Wat the Mort~ee shall fint pa~r tl?e nme. 12. Tlwt If the Nortp~a shaU fa~, ae~kct ot rofwe fa a pecbd ot tea (10) days t411yr aud proa~dy to pay tbe amounts cequired to be paid by the ootes hsreby ~tcuted or the iatenst tlwrcia ~pecit'~ed or any of the sums of ~aoaey hereia rele~red to or hereby secured. or otherw~i~e duly, fLlty and promptty to pedorm. execute~ corppRy with ud abide er each. every or aay d the ooreotnts. QoMiUo~ o~ stipulatloris~ot this mortp~e. tl~.promf~ory aota kereby ~ea~ed aad/or the coast~uction loaa a~reemeat. if aay. thee~ ud ia either or in any of wch eveats. rvithout notice or demaad, the uW~g te sum meatioaed 'w said pmmj:sory iales, less prevbus paymeats. if any. aud aay aad all sums menNoned herela or ~ecured he~reby shaU become dus . and payabk tbr~hwjtlt or therti[ltat at the continuins optloa of We !lort~ee as fully aad compbte~ u it sdd sgaresate wms w~en oriyaaily stipukted to be paid ai wch tlms. anythin` ia ~id promiswry aotei or heteln to the eoatruy aotwithstandin~. ~ and the Mortpsee slall be eAtiUed thereupon ot theteatter w~ithout notioe or demand to iristitute wit at lsw ot la equity to ento~ce t~e ri~ht of the l~onp,ee hereunder or under said promiuory aotes. in the event of any default or breach on tAe put of the l~iortp,~or hereuader or uader nid pwmissory aotes, the ldorqa~ee shaU fure the contir~u~Opt10f1 t0 CAfO[00 plyQlOAI of all sums secund hereby by aetioa at law ot by wjt in equity to [oreclose thls mort~e. either or oth. ooncurready or otha- ~ wise. and oae actioa or wit ~haU rwt abate or be a bu to or rvaiver of the Mort~aees's riabt to LuUtnte or maiatain tbe other. pmvided said Idorty~ee shall hare only oae paymeat aad utisfactioa o[ said indebtedness. 13-A. That ia the erent that 1Hortaa~or sluQ (1) rnnsent to the appointment of a rcaiver, hustee oc t'puidato~ of all or a substantW put of Mort6aaor's assets. or (2) be adjudicated a bankrupt or u?solvent. or fik a voluntuy petition in bankruptcy or admit in ivritins his inability to pay his debts u Wey become due, or (3) makc a Eeneral auianment for benetit of creditors. or file a petitiou or answer saking reorgaaizat"an or ananaement witl~ c~editors, or to take sdrantaEe of aay insolvency law. or (5) fik sa aniwer admittina my of the material aUegations of a petition filed against tbe l~ortaa~or in any baalcruptcy. re- orgar.ization or inwivency proceedina, or (6) artioa shali be taken by the Mortaaaor for the purpose of effecting any of the fore- going, or (7) any ordet. jud~nent ot decroe shall be eatered upon an apptication of a creditor or llortgagor by a murt of rnm- petent jurisdiction approvina a petition seekina appointment of a receiver or trusta of aU or ~.wbstantial part of the Mortpgor's assets and wd? order. ladSment or daxee shall continue uasayed ud ia effect fa any period of thirty (30) contecutive daYs. the MortEs~ee mar declare the notes hereby xcurod forthwith doe snd payable. whereupoa the principal of and the iataest accrued on t6e notes and all other wms l~ereby ucured shall become forthwith due and payabk as if all of the said sums of money were o mliy stipulated to be paid on wch day- and thenupon the Mortgagx without notioe or demand may prosaute a suit at law a~d~or in equity u if all monies secure~ hercby had matuied prior to its institution. . 13-B. Thafin the ereat the ptemices hercby mottgagod. or any patt hereof. shall be mndemned and taken tor public use s under the power of eminent domain, Nortgagee shall hare the tight to require that aU dunages awacded for the taking of or damage to said prcmises shall be paid to the Mortgagee. not to exceed t6e then unpaid balanae ot this mortgase md any sum securod thereby, and at the option of the Mortgagee wch amounts may be .applied upoa the payment or paymenu last payabk - hereon. (n the eveat it becomes necemry for the fiort~ee to employ rnuasel to protect its interest at any conderpq~tion t pro.,~cedingt, the llortaagor shall immedutoly upoa demand reimburse the Mortga~ee for all reasombk expenses and atfomeys' fees thus incuned~ and all such wms shaU be deemed sa~ured by the lien of this mortgage. U. 77ut the Mortgagee or any person autharized by .the Mortgagce shaU have the right to enter upon and 'mspect the mortgagod premises at aU rasonable limes. . IS-A. That to further securo payment of the indebtedness of the Mortgsgor to the Mortgagee, tl~e Mortgagor does henby ~ xll, auign, tnnsfer and set ove~ unto the Mortgagee aU ot the rcnts, issues, and profits of the mortgaged premises, and Moripgee may at its option delay enforcing this asxisnment until any default•beiag made by the Mortgagor under the ternu of this mortga~e ~ the notes xcured hercby, aad such assignment in any event shall remain in full force and effect so lon6 ai any default oontinues to ezist in the makinE of any of the payments or the pedormana of any of the covenants of this mortgabe or the notes secured ~ hereby, and the MortEsEee shall have the right to eater upoa the premises and cdlect sart~e direcUy frpm persons in pouestion Mortgagor agees to execute any furtlur documents evideacing wch assignment as Morte,a6a may ttasonably reques[ from time to time. l5-B., That in the eyent that at the beginning of or at any time pending any suit upon thit mortgage~or to forecbse it, or to rcform it, and/or to enforce payment of any claims hercunder, said Mortgaga shall apply to the cowt having jurisdictan thercof for the appointment of a Receiver, wch coud•shall forthwith appoint a Receiver of uid mort~ged property all and singulu. including all and singulu rents, income. proCts, issues, and revenues from whaterer soura derived. each and every of which, it being exprasly undentood, is hereby mort6aged u if speci6caUy set forth and described in the 6ranting and habendum ~ dauses hereof, or any exhibits hereto, and such Receiver shall hare aU the -broad and effective functions and powen in anywise ; entrusted by a court to a Receiver, and such appointment shall be made by wch court u an admitted oquity and a matter of ab- ~ ~ solute right to said Mortgagee. and without reCeronce to the adequacy or inadequacy ofany remedy at !aw or of the adequxy or ~ inadeqwcy of the value of tlx property mortgaged or ~to the solvency or insolvency of said Mortgagor or of any or al! of the da i fendanu, and that such rents, profits, income, iswa and revenues shall be applied by such Receivet aceording to the lien and/or - ~ oquity of said Mortgsgee and the pnctice of such court. ~ - 16. To pay all and singular the costs, chataes and expenses. including reasonabk lawyer's fees and fees for appeUate w~ork and costs of absttact of titk, incurred ot paid at any time by said MortaaEee because andJor in the eveat of the failun on We ~ part of the said Mortaagor to duly. promptly and fuUy perform. discharge, execute, effect. oomplete, comply with and abide by each and every the stipulations, agteements, eonditions and oovenants of said promissory notes and this mortgage, any ot either. and said costs, c6uges and expenses, ach and erery. shap be immed'ntety due and payable. whether or aot there be notia, demand, attempt to coUect or suit pending; and the full amount of each and every such payment shall bear interest from the date thereof until paid at the same rate u is specified. in the notes secured hereby, u payable afta default in payment of uid notes and all said costs, charges and expenses so incurred or paid, together with snch interest, shall be secured by the lie~ of this mongage. - 17. That Mortgagor will not permit any other liens, mortgages or encumbrances against the u~d pnmises, and if any wch - ~ liens, mortgages or encumhrances are incurred, whether puamoant or subordinated to this mortgage, Mortgagor will cause such f liens, mortgaga or encumbrances to be discharged immediately. Without limiting the foregang, should there be a lien superiot in dignity to the lien of this mortg~e with Mortgagee' consent, it is convemnt and agroed that should the tetms of a lien ~ superior in dignity to that of this mortgage be modified, altered or varied without the v~~ritten consent of the Mortgagee hercin, ~ 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 indebtednas secured by this mortgage and declare the same to be all due and payabk i w~thout notice to Mortgagor or any other person. ~ 18. Mortgagee shall have the right to chuae any of Mortgagor's accounts with Mortgagee for any sums payable u pro- ` vided herein or in the promissory note secured hereby u such becomes due. 19. If the Mortgagee requests. Mortgagor wiU furnish the Mortgagee annwlly from the date of this mortgage instrumen~ ; unleu some other date is agreed to between the parties in writing, a oertified audited financial statement of the Mortgagor a ' ~ annual complete statements of Mortgagor. !f the Mortgagor's fucal calendar yeu shall not coincide with the date herein speci~ed, ; ~ then the date which the Mortgagee shall specify shall be conuo0ing. Mortgagor shall supply Mortgagee with wch other financial ~ sUtements as Mortgagee may from time to time request. ~ 20. No right or remedy prcvided herein for the Mortgagee or provided for the Mortgagee in the note securcd hercby shall - be cumulative and severable. . ~ 21. It is understood and ~greed that this mortgage is given to securc, in addition to the note or obligation attached hertto, ' ~ any additional loans or future advances made within the term of this mortgage loan to said Mortgagors or any successor in tide of s said Martgagon of the property hereby conveyed; provided that the tota7 unpaid balance of the indebtedness secuted hereby at any one time shall not exceed $41 ~ . plus inierest theron plus any disbursemtnts made br the ` ~ Mortgagee fot the payment of taxes, kvies, insunnce or other clurges on the propetty encumbered hereby. with interest on wch = ~ disburxments, court costs and attomey's fas, includina fees for appeqate worr. = ~ 22. Ihu mort,6age is subject to the terms, provisions and conditions of that cenain Constnution Loan Agnement dated ~ ' - - - - - ~ ~ - - - ~ and said Construction Loan Agrament is by reference incorporated hercin and = made a put hereoL Default in the terms of the Construction Loan Agrcement shall constitute a default under the mort6aga -i i rY - ~ _ - . ~ g~Qx 302 ~A~E 596 i ~ . . . - _ _ _ _ _ ~ ~ , _ - ~ ~ :z - {r~~= .