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HomeMy WebLinkAbout2960 9. To deliver any abstract or abstracts of tick or title insutana poUcy or policies coverirtg the mortgaged property to Mortgagee or iu designated agent, whkh shall at all tunes during the life of this mortgage, rcmsin in the possessson of this Mvrt• Magee and in event of the forcclowrc of this mortgage all right, title and interest of the Mortppggoor in and to any wch abstract a title shall pass to the purchaser at foreclosure. however, all mortgagee title insurance policies shall remain the property of Mortgagee. -10. That to waiver of say covenant herein or Y the obligatbns secured hereby shall at say time hereafter be held to be a waiver o[ any of the other teethe hersof or o[ the notes accrued hereby. nor may Mortgsgor rely on w ~ any Pam obligated Mort~gee not required by this instrument. That the Mortpga without notice, stay on said indebt nest, or ving as interest in the security ~i~ ber0iiaa, to ta°ew or extend the tithe for paYn'?ant of any part or all of tM iadebtedrsea secured hereby. without is any way d'f«tirti either the lkn hereof or the liability of any other party. 11. That is order to accelerate the maturity of the indebtedness hereby secured because of the [allure of the Mortgagor to pay any tax assessment, IiabUity, obliptton of eacumbranoe apes :aid property as herein provided, it shall not be necesary nor requudte that the Mortgagee shall first Pay the state. - 12. That if the Mortgagor shtU tall. rseglect or refuse for a period of ten (10) days fully and prosrrpdy to pay the amounts required to be paid by the notes hereb~r secured a the interest therein specifkd or say nth and abide by~~. mrory or any of or Uereby secured, or otherwise du4r. iWty acrd Promptly to profit ~.issxury aote~s h~eroby secttted and/or the construction ban the covenants. cassditions of st3pulatioas of this mortgage, the p agreetneat. if aaY. thee. aril in either or iA say of such events. without notice or demand, the said aggregate sum mentioned in said proatiaory notes, lea pprevbus payments. it say, std say and all sums mentioned herein or secured hereby shall become due sad payable forthwith or thereafter at the contu?uiag option o[ the Mortgagee as fully and eoropbtely u it said aggregate sums were originally stipulated to be paid as such tune. aaythinig in sad promissory notes or Iserem to the contrary notwithstanding, sail the Yorigayee shall be entitled thereupon of thereafter without notice of demand to institute suit at law or in airy to enforce the right of the Mortgagee hereunder or under saW promissory notes. ~ the event of arty default or breach oa the part of the Yortgrigor btxeuMec or under aid promissory notes, the Mortgagee shall have the oontiau~ option to enforce payment of all wms secured hereby by action at law or by suit m equity to foreclose this mortgage. either orboth, ooaasrrcntiY or oWer- wise, aril one action or suit shall not abate of be a bar to of waiver o[ the Mortpges's right to institute or maintain the other. provided slid Mortgagee shall have only one.paY~nt and satistactan o[ said indebtedness. ' 13-A. 'prat is tlse event that Moripgor shall (1) consent to the appointment of a receiver, trustatitioo in~bankruptcy or a substantial put of Mortgagor's assets, of (2) be adjudkated a bankrupt or iasdvent. or file a voluntary pe or admit in writing his rnability to pay hh debts as they become due, or (3) make a general assignment for benefit of creditors, of (4) file a petition or answer seeking reorgutrution or attangement with creditors, or to take advantage roof; Y ban craup is e. or (S) file an answer sdmitting any of the material alkpnons of a petition filed against the Mortgage or¢awation or insolvency proceeding, or (ti) action shall be taken by the lortgagor for the purpose of effecting any of the forr- gorng, or (7) say order, judgmeat or decr« shall be catered upon an appUcation of a creditor or Mortgagor by a court of com- petent jurisdiction approving a petitioa seeking appointment of a receiver or frusta of all or a substantial part of the Mortgagor's asstts sad such order. judgment or decry shall contsaue uastayed and is effect for any Pew of thirty (30) consecutive days. the Mortgages may dedue 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 shsp become forthwith due'rrartsdh WYE ~ «demand may prosxutef money were o y stipulated to be paid on wch day: and thereupon the Mortgagee a wit at law and or is equity as if all monies secured hereby had matured prior to its institution. 13-B. 'Zest 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 rrght to require that all damages awarded for the taking of or damage to said premises shall be paid to the Mortgages, not to exceed the then unpaid balance of this mortgage and any sum secured thereby.-and at the oplioir of the Mortgages such amounts may be applied upon the payment or payments last payable hereon. In the event it becomes necessary for the Mortgages to employ rnunsel to protect its interest at any condemnation proceedings. the Morigsgor shall immediately upon demand reunbutse the Mortgagee for ail reasombk expenses and attorneys' fees thus incurred, sad all wch sums shall be deemed secured by the lien of this mortgage. 14. That the Mortgage or any person authorized by the Mortgage shall have the right to enter upon and inspect the . mortgaged premises at all reasonable times. - - 1S-A. That to further secure payment of the indebtedness of the Mortgagor to the Mortgagee. the Mortgagor does hereby sell, assign, transfer std set over unto the Mortgage all of the rents, issues, and profits of the mortgaged premises, and Mortgages may at its optan delay enforcing this assignment until any default being made by the Mortgagor under the terms of this mortgage the notes secured hereby, and wch 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, soil the Mortgagee dull have the right to enter upon the premises and collect same directly frpm persons m possession. Mortgagor agrees to execute any further documents evidennag such assignment as Mortgages may reasonably request from time to time. 15-B. That in the event that at the beginning of or at any tune periling any suit upon this mortgage, or to [oreclose it, or to reform it, and/ot to enforce paY~nt of any claims hereunder, sad Mortgag« shall apply to the court having jutis~ and .thereof for the appointment of a Receiver, wch court shall forthwith appoint a Receiver of said mortgaged p pe Y singular, including aU and singulu rents. income. profits, issues, aril revenues from whatever source dernYd, each and every of which, it being expressly understood, is hereby mortgaged u 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 powrors in anywise entrusted by a court to a Receiver, and wch appointment shall be made by such court u an admitted equity and a matter of air . .solute right to said Mortgag«, and without reference to the adequacy of inadequacy of any remedy at la's' or of the adequacy or ~ inadegwcy of the value of the property mortgaged or to the solvency or insolveriey of said Mortgagor or of any or all of the do- Pendants, and that such rents, profits, income. issues and revenues shall be applied by such Receirer according to the lien and/or equity of said Mortgagee and the practice of wch court. 16. To pay all sod singular the cons, charges and expenses. including reawnabk lawyer's Pas and Pas for appellate work and costs of abstract of tick, 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, comply withaandord her each and every the stipulations, agr«ments. conditions and covemnts of said promissory notes and this mortgage. Y and said costs, duuges and expenses, each and 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 wch Payment shall beu interest from the date thereof until paid at the same rate u is specified, in the notes se~vred hereby, u payable after default in payment of said notes and all said costs, charges and expenses so mcurrcd or paid. together with wch interest, shall be secured by the lien of this moriga®e. 17. That Mortgagor will not permit any other liens, mortgages or encumbrances against the sail premises. and if any such liens, mortgages or encumbrances are incurred, whether puamount or wbordinated to this mortgage, Mortgagor will cause such liens, mortgages or encumbrances to be dischuged immediately. Without limiting the foregoing, should there be a lien wperior in dignity to the lien of this mortgage with Mortgag«' consent, it is conversant and agreed that should the terms of a lien wperior in dignity to that of this mortgage be modified, altered or varied without the written consent of the Mortgage herein, or should any Isere superior in dipiity to that of this mortgage be or become in default, then and in wch event the Mortgagee herein may at its option accelerate the indebtedness secured by thu mortgage and declare the same to be all due aril payable without notice to Mortgagor or any other person. - 18. Morigag« shall have the right to chuge any of Mortgagor's accounts with Mortgagee for any sums payable u pro- vided herein or in the promissory note secured hereby as wch becomes due. T 19, 1f the Mortgagee requests, Mortpgot will furnish the Mortgages annually from the date of this mortgage instrument, unless some other date is agreed to betwen the parties in writing, a certified audited financial statement of the Mortgagor and - then the dauewhich fhe Motgageetshailrspec fy shall be contraUing. Mortgagor shall wpply Mortgage with wch tirer~fienanc~iai statements as Mortgag« may from time to time request. 20. No right or remedy prcvided herein (or the Mortgage or provided for the Mortgag« 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 said Mortgagors or any wccessor in title of aid Mortgagors of the property hereby conveyed; provided that the total unpaid balance of the indebtedness secured hereby at any one time shall not excced S'7n non nn plus interest theron plus any disbursements made by the btorigag« for the payment of taxes, levies, insurance or other charges on the property encumbered hereby, with interest on wch disbursements, court costs and attorney's f«s, including fas for appellate work. 22. This mo tjage is wbject to the terms, provisions and conditions of that certain Construction Loan Agr«ment dated ]i1t7t S~~C~~-e and said Construction Loan Agreement is by reference incorporated herein and made a part hereof. Default in the terms of the Construction Loan Agr«ment shall constit ~le.a(~efault under the Tr?ortgage. ' ~ ~ ° ~ 303 255 Bl'CK F4!'E . - - ~ ~ - -