HomeMy WebLinkAbout0740 9. To deGve~ rny abctrrrt ur ab,t~a.is ~f titk or title insur~n~Y puGry or p~~lic~rs covrn»g the mort~rged pn~+rrty to ,
Nung:~ae or its deugnated agrnt, whi.h ~t?:?11 a1 sU tin~s durin~ thr I~fe of this murtgage, temam ~n the pussrs~wn ut,thr Nu»- .
gagte and ~n event of the fi~reclusure of this murtgagt all right, UUr and intercsl of Ihe Aluttga~r in and tu any such ~bsuact or
uQe stwll pass to the purchaser at foreclosure, FIOWCVtf, all mortgaKee tiUe insuranre polirirs shall rrmam the propeny of
Nottgagre.
~p, That ~o waiv~r ot any rovenant herein o~ in the obligatwns sccured heraby shall at any time hereafter be held to be '
a waive~ of any of the other terms hereof ur of the notes srcured hereby, nor may Mortgagot rely on any cuurse uf conduct by
`lortgattee not specifi~Uy requircd by this instrument. That the Murtpgee, without nutice, may aRree with any panY obli~ted
on s:+~d ~ndebtadness, or having an interest in the security describrd herein, to renrw• ar exiend the time lor paymrnt ot any part -
ur all uf the indebtedness securcd hereby; vvithout in any way afl'erting eithe~ the lien herrof or the liabili~y of any other party.
11. 7'hat in onier to accelente the maturi~y of the indebtedness hereby secured because of the failure uf the Mortgagor
orrrqu ilte Ihat he forigagre~s~haU Cust
pay th~ same.mbran~~e upon said property as he~ein provided, il sh:~ll nut be necessaq'
12, That if the Mortgagor shall fail, nc~tlecl or [eCuse for a periud ot ten (10) days fully and prumpUy to pay the amuunts
requued to be ptid by the notes hereby seru~ed or the interest therein specified or any of the sums of money herein referred to
or hereby secured. or otherrvise duly, fully and prompUy to perform, execute, romply w~th and abide by each, evtry or any of
the covrnants, conditions or stiputations of this mortg~~ee, the prom~ssory notes hercby secured and/or the constructidn loan
agreement, if any, then, and in either or in any of such events, w~theut notice or demand, lhe said aggregate sum mentioned in
said promissory notes, less previous payments, if any, and any and aU sums mentioned herein or securcd hereby ihall become due
and payable forthwith or thereafter at the continuing option of the Mortgagce as fully and completely as iC said aRgregate sums ~
w~ere originally stipulated to be paid as su~h time, anyth~ng in said promissory notes or herein to the contrary notwythstanding,
and the Mortgagee shall be entitled thereupon or thereafter without notice or demand to institute suit at law or in equity to
enforce the right of the Mortgagee hereunder or under said promiuory notes. In the event of any default or breach on the part
of the Mortgago~ hereunder or undar s~id promissory notes, the Mortgagee shall have the continuing opt'an to enforce payment
of aU sums secuced hereby by action at law or by suit in oquity to foreclose this mortgage, either or both. concurrenUy or other-
wise, and one action or suit shall not abate or be a bar to ot waiver of the [?fort~gce i right to institute or maintain the othcr,
provided said Mortgager shall have only one payment and satisfaction of said indebtaviness.
13-A. That in the event that Mortgagor shall (1) conient ta the appointment of a receiver, trustc~ or Iquid.itor of all
or a substantial put of ~fortgagor's acsets, or (2) be adjudicated a bankrupt or insalvent, or fJr a valuntary petition m bankruptcy
ur admit in wTiting his ir?abilit}• to pay his debts as they become due, or l3) make a general assignment for benefit of creditors,
or 14) file a petition or an~wer seeking reorganization or arrangemenl with creditors, or to take advant;~ge uf any insolvency law,
or (S) file an answer admitting any of the m~teri~l allera:ions of a petition filed against the Atorty,agor in any bankruptcy, re-
organit~tion or inuilvency proceeding, or (6) action shall be taken by the Atortg•rgor for the purpose of effecting any ot the f~re-
goinK, or (7) any order, judgmrnt or decree shall be eniered~ upon an applicatiun of a creditor or Mortgagor by a court of com-
petent jutisdiction apptonng a petition seeking appointment of a receiver ot trustee of rll or a substantial part of the \fortgagoi s
assets and such order, judgment or decrer stw11 continue unstayed and in effect for any period of thirty (30) consecutive days,
the Mortgagee may declare the notes hereby secured forthwith due and p~yable, w•hereupon the principal of and the interest
accrued un Ihe notes and all other wms hereby secured shall berome forthw~ith due and payabk as if all of the said sums of
rtwney were originally stipulated to be paid on such day; and thereupon the Atortgagee without notice or demand may prose~'ute
a suit at law and/or in equity as if all monies secured hereb)' had matured prior to its institution.
1}g, Th:~t in the event the premises herrby mortga~;td, or any p~rt hereof, chall br cundemned and taken fur publir use
under the povrer ot eminent domain, \tortga~e chall hare the right to reyuire that all dam:+gec awarded for the taking of or
dam~te to said premises shall be prid to the Mort~gee, not to exceed the then unp~~d balance of this mortgage and am• sum
se~ured thereby, and at thc option of 1he \tortgagee wch -rmounts may br applird upon the p~yment or paymenls last pr~~able
hereon. In the event it beromes ne.esaar}• for the- Atorteagee to employ rounsel t~ prottrt uc interest at any condrmnauon
proceedings, the ~tortgagor shall immediately upon drmand reimburse the ~tortgagee for a0 reasonable expenses and auorneys'
iees thus incurred, and all ,urh sums shall be deemed tiecured by Ihe lien of this mort~aer.
14. That the Nortgagee or any {~er.on ;+uthunted b~• Ihe ~lortga~ee shall have the right to rnter upon and mcpect the
murtEaged prerrises at all reasonablr times_
IS-A. 'iliat to further serure pa> mem of ~hr indebtcdness of the ~tortg:~ur tu the ~turt~gce, the \tortgagor does hereby
scll, assign, lrrnsfer and srt o~er unto the !NurtgaKee alt uf the rrnts, issues, and profits of the mortgaged premises, and ~tortgrgee
nu~ at its option delay enfurcing this assignment until any det•rult beinR made b~• the Nortgagor undrr the terms of this mort~rge
the notes secured hrreby, and wrh auignment m any eti~ent shall remain in full furce :~nd effect w long as any default ~rontinues
to exist in the making of any of the p:+yments or the performance of any oC the co~•tnantc of this mortgage or the notes secured
hereby, and the Mortgagee shall have the right to enter upon the premises ~nd collect same directly from persons in possession.
' !?turtpagor agrees to execute an~• further documents evidencing such assignment as Mortgagee may reasonably reques~ from time
to time.
~ IS-B, 71iat in the event that at the tx~innin~ of or at any time pending an}• wit upon this mortg~ge,or to £orerlocr it, ur
I to rcfarm it, and~or to eniorie pryment of any cla~ms hereunder. saed ~tortYagee shall apply to the court ha~ine jurialiction
E thereuf for the appuintment o( a Reiricer, cu~h routt ~hall forthaith appuint a Receiver of wid mort~~d property' all arxi
singular, includin~t all and sin~ular rents, inrume, profits, ~ssues, arxi revenues frum w~hrtrver suurce derir•rd, earh and e~try of
I which, it t+eing e~preccly undrrstood, is hrrcby mortg;yted as if sperifiially set forth and drx~ribed.in the granUn~ ~nd h:~b~ncium
clauus hereuf, ur •rny exhibits hereto, and +uch Recriver shall ha~e all the broad and effective funetions and powers in an~~w ise
~ entrusted by 3 l'OO~I fU 3 Rerei~er, and surh :+ppuintment SI13II bC fi1~dC h)' SUl'Il COUfI JS 8R JdIi111IfA C'QUII~' :IRd f11:1IIP! O~ :Ir-
; sulute right to said Mort~a~ee. ~ed without reference to the adequac}~ or inadequar>~ uf any- remedy at law~ ur uf the adequar>~ .~r
~ inadequacy of the value of ~he propert> mongaged or tu the solvency or intol~•ency of said ~tori~agor ur of any or all of the de-
fendrnts, and ihat wch rents, protits, inrom~, issues and re~eaurc ~h.~ll b~ applied by such Receiver a~rording to the lien and;ur
~ equity of saiJ Nortga~tre and the prarUce of surh ruurt.
k 16. To pay all and singular ihe costs, chuges and expenses, includinK reasunable lawyer's fees and fees for appellate w•ork
~ and costs of abstract of title, incurred or paid at any time by s~id ~lottga~ee because and/or in the e~ent of the failure un the
part of the uid Mortgagor to duly, prompUy ~nd fuUy perform, dixharge, execute, effect, complete, comply K~ith and abide by
~ each and every lhe stipulations, agreements, ronditions and co~•enants ~f said promissory notes and ihis morteage, rny or eiiher,
~ and said rosts, chuges and erpenses, each and rvrry, shall be immedirtel~• due and pa}~able, w•hether or not there be notice.
~ demand, attempt to collect or suit prnding; and the full amount of each ~nd every wch payment shall bear interest from the
~ date theteof until paid at the same rate rs is specitied, in the notes secured hereby, as payable after default in payment of s:iid
nutes and all said rosts, thar~es and e~penses so inrurred or paid, together w•~th such interest, shall be secured by~ the lien of this
~ m~tt~age.
t 17. That ~tort~~~or uill nol permit em uthet 6ens, murtgrgts or rncumbrance. sgainst the sa~d premises, and if am• cu:h
liens. mortgages or en:umbranres are mcurred. w~hether paramuunt ur +ubordinrted tu this murtg:ige, ~lorteagor K dl .~usr surh
=a liens, mort~ages or enrumhrancec to be dicchar~ed immediately_ 1ti'ithout limiun~ the foregoing_ should thrre be a lien ±upen~~r
in diKnity to the lien of this mort~a~e w'ith ~tort~agce' consent, it is ronvenant and aereed that shuuld the terms of a~icn
'3 wperior in dignity ro that of this murt~•rge be mudified, altered or ~aned w~ithout the wr~tten conxnt of the ~tort~g~ herem.
ya or chuuld any lien suprri~~r in dignit~• tu that of this m~~rt~age be or berome in def~ult, then and in such e~ent the 1lortgaere
~ herein ma} at it~ optiun arrelerate the indebtrdnrcc Krured b}~ thic mortYa~c and derlare the s:ime tu be aIl due and pa}able
- w~ithout notice to ~turt~~tur ~~r an} other persun.
IR. ~tort~aree chall ha~e the nrht tu rhar~e any uf Nortti3ec~r'. ~rruunt+ ~c~th ~lurt~ager f~~r 3~>' ~um~ pr>'.~hle a+ pr~r ~
~idrd herein ur in the ptomi.wr} nute x.urcd hereb~ ~s wrh t~ecumec du~. ;
19. If the ~tort~a~re requests, ~I~~rtfaEur will furnish the \1vrt~aEre annwU~ from the datr of thi~ mort~:age m~trumrnt.
t.;~ unless come other date i. a~reed to hetKeen the partie+ in uritin~. a rertitied audrt~d hrwnriat ~t~tement of ihe ~~OfiF1Y~~f dfHl
annudl complete statementc of ~1<~rt~aeor. If the ~tortg:+gor~S IISIdI ralendar ~~ear sh~ll nut coin:icie with the date herein ,perif~~d,
then the datr w'hich the ~~Uf[~.'JgZC ~h~ll tpe.if}• chell be controlling. ~loriga~or +hall wpply ~lortgagee with euch other financial
c- ~
_ ctatement~ rti Nort~a~:ee ma}' 1?am time tu time rryuect.
20. PIo nght or remedy~ prr~ided herem l~~r the ~t~~rt~agee ur pro~ided for the \tortw¢ee in the nutc u~ured hereh~• .hall
~ be cumulatne and se.~errble. ,
"'s 21. It is undentuud and a~reed that thic mortg:~e ~c given t~~ .e~u:e, in addnion to the note or obligation attached hereto,
rny eddtUunal loans or furore advances made wrthin the term of this mortca~e !wn tu caid ~1ortEagorc or any wcceccor in ;itle uf
'°`v' vid ~1ort~agors of the propetty heteby come>•ed: provided [hat the tutal unpaid balanre of t6e indrbtednesc secured hereb> at
°~=F any une ume shall not exceed ~2~ ~ ~~n pluc interest theron plus any disbutcemeote made by tht
Nort~agee for the paymrnt of tazes, leviec, insurance ot other rturgec un the pr~~{+erty rncumhered hereby, W ith interect ~~n su.h
disbursements, court costs and attorney's feec, including fees for appellate work.
22. This mortRaRe is subject to the terms, provisions and conditivns uf that cerain Construction Luan AFrcement detrJ
n[~4- a~t)1 i eahl E? . and c:~id ('onstructiun Luan Agreement ic hp reference incorpontrd herein rnd
made a part hereof. Defaull in the terms uf the Cunstructiun Loan Agreement shall constitute a default under the mort~are.
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