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HomeMy WebLinkAbout0157 9. To dtGver any abscnct o~ abstncts oi tul~ or ude ~nw~ince policy ur poUcies cov~arinK che mortqa~ed propeny to No~t~a~t~ its deu~natsd a;ent, which shaU at aU times ducin~ !ha life oi thu mortYa~e, remam ~n she possess~on ot the Nort- ~pte~ ind in event of ehe focedosure of ~his mo~cp~~ aU r~ht. ntle and ~nteiest of ;he ~lonsa~or ~n and co ~ny such abstract or ade shall pass to [h~ puccAaser u foreclosure, howwer, all moccp~ee [itle insurance poticies shaU remain ehe p~operty oi Wonppe. l0. That no wairtt of u?y cowtt~nt henia ot in tM oblipt~ons secuted hateby shall at any time heteafter be held to be _ ~~aiva of any of eh~ och~r terms henof or of ch~ notss ~ecuted hereby, nor may ~lo~q~or rely on ony coucs~ of coaduct by J~torqa{ta aot sp~culdly requutA br chis uuut~maa~ That th~ NoctpM. wichout aouce. may aQee with any party oblipted on sa~d indebtednest. o~ hann~ aa u~t~rest in tM security dsscnbed Rere~n, co rone.v or excend che dme for payment of any p~rt or all of [ht udebtedaess s~cucsd det~by. rvithout in aay way at7ectinf either ehe lien heceoi or the liabilicy ot any uther parsy. 11. That in ocder to scabnte tM matwity of tM indeAttdAeu hercbY sacured becausa of the fmlure ot the J~loct~agot to pay any t~x sssassment. liability~ obliptio~ of encumbrance upon uid pcoperey a herein prov~ded. ic shall noc be necessary ewr requisits that tM Mo~c~afee shiU Mt pay th~ sune. 12. That if th~ Nort~or s4a11 fa1. ne;lect or ~efwe for a period o[ ten (10) days fuUy ud prompdy ~o pay che unounu cequired to be paid by the notes hereby secuced ot the iatetest theraw specified or any ot the wms of money heroin referred to or hereby secured. ur oehecwue duly. fuUy and prompdy to pecio~m. execute, tomply vnth aad abide by each, every or zny of the cove~ants. conditiom or sflpulations of this mon~aye. the promissory notes henby secured ~ndlot the constcucaon loan a~reement. if u~y. tAea, ued in either or in any of such evenu, without nocice or demand, the said uQefate sum mentioned in ' s~id promi~sory notes.leu pre•ious paymeau. it aay. aad any and aU sums mendoned herein or securcd hereby sh3U become due aad payable forthwith or theraftec ac ehe co~unuin= opcion of che llortga~ee as fully and cort~le[ely u if u~d ag~e`ate sums weee onpnaliq stipulated co be p~id u such eime. anyehint in uid pmmissocy aoees oc hecein to the con[rary no[aichsunding, ar?d the ~IoRp~ee shall be entiUed thereupon oc theteutet wntRout notice or demand to initicute suit at law or in equity to enface the rizht o[ the ~lonp;ve hereunder oc unQer said promissory notes. l~ the tvent of zny default or breach on the part of the Mort~or hereunder or under said prortyssory notes, che ~tortpqee shail have ehe concinuin~ opcion to enPorce payment of aU wms secuted hereby by acaon at la~r or by suit in equity to foreclose thu mort~a;e, aither or both, concuctendy or other- wue, and one action ur suit shall not abate or be a bu to or wuver of che 1~to[[~isee's righc to insdtuce or maintain ~he o~her, pmvided said ~tortga;ee shall have onty one payment and sacisiaction of said indebeedness. 13-A. That in the event that ~lortgagor shall (t) consent co the appointment of a receiver, trusta or iiqu~dator of aU o~ a subscan[ial put of Mortgasor's asseu, oc ( 2) be adjudicated a banktupt or insolrent, ~r file a voluntuy pec~tion in bankruptcy or admit in wntin; his wbility to pay h~s debts as they become due, or ( 3) make a genersl au~gnment for benetit ot crcditocs, or (41 fde a pecicion ot aaswer saring reorganizaeion or ursngement wich creditors, or to nlce zdantage of aay insolvency law, or (S) tde aa ainwer admittint ~ny of c!?e macetial aUegacions ot a petition filed agunst the ~iortpgor in any banluuptcy, re- organintioa or insolvency proceedins, or (6) action shall be taken by the ~tortgagor for the purpose ot rffect~ng any ot the ton- going, or (7) any ordec, judgment or decree shaU be entercd upon an appGcauon of a cnditor or Kortgagor by i couct oi com- pecent jurisdiction appronng a petition seeking appomtment ot a receiver or tcustee oi aU or a subsantut part ot the ~lorsgagoi s asxu and surti order. judgment or deaee shall continue unstayed and in etfect fa any period of thirty (30) consecunve days, the ~lortgagee ;nay declue che notes hereby secured torthwith due and payable, whereuQon the pnncipal ai and the inceresc accrued on the notes ar.d all ocher sums he[eby secured shall become forthwuh due and payable u if all of che said sums ot money were ongnally stipulated to be paid on such day: and thereupon thc ~lortgagee without nonce or demand may prosecate a suit at taa andlor in equity as if all monies secured heteby had matu[ed prior to iu inscirution. 13-B. That in the event the premues hereby mortgaged, or any part hereot, shaU be condemned and taken for public use under the power uf tminent domam, 1lottgagee shall have the neht eo rcquire that all damages ~warded ior the taking of or damage to said premisa shall be paid to che Nortgagee, not to exceed :he then unpaid balance of this mortgage and any sum secured thereby, and at the option of the ~[ortgagee such amounts may be aQplied upon the Qayment ot payments lut paYable ~ hereon. In the event it becomes necessaty ior :he \toct~gee eo zmQloy counsel to pro[eet us +n~e:est ac any conCemnaeion proceedings. the ~lon~eor shall immedntely upon demand reimburse the ~lortgagee ior ail reuorubie e!cpenses ind attorneys' fees chus incurred, and all such sums shall be deemed secu[ed by che iien of chis mortgags. ld. That the ~tor[gagee or any person authorized by the ~torcgagee shall have ~he nght to anter upon and ~nspect the mortgaged premises st all reasonable times. ' 15-e+?. Tha[ to further ucure payment ai ;he indebtedness oi the ~ior;gagor to the ~tortgagee. the ~[ortg•rgor does hercby sell, uugn, transfer tnd set orer unto the ~tortga~ee all of the rcnts, iuues, ind protits of the moctgiqed prem~ses, and ~tortgagee may ac iu option delay eniorcin3 this assignment u~td any default beiog made by the ~tortgagoc under the cerms of *.his morc¢age the notes secured hereby, and such assi~nment in any e~xnt shall remain m iuU iorce and ettect so tong as ~ny default rnnunues to exut in the m~icins of iny oi che payments or the pertormance oi any of the covenants of this mor[gage or ;he noms secured heteby, and the rtort;asee chaU have ihe nght to enter uQ~~ rhe Qrem~ses and .ollect same direcely irom persons in possession. ' ~[ortgagor aErees to execute aay further locuments ev~dencuus such assignment as ~tortgasee rtuy ttuonably rtquest from cime j ro time. . ~ IS-B. 'Ihat in the eveat that at the be~nning of or at any cime oending any w~t ueon thu mort¢age.ur :o toceclose rt. or to refonn it, and/or to eniorce payment of any claims hereunder, said \tortgagee shall ~pply !o the court hann¢ junsd~cuon ~ thereoi for the appointment ot a Receiver, such :ourt shail iorchvn[h ~ppoint 1 RtCt1Yt[ Ol S31C tI1J[L~iQLd D(OPtfty 1II 1RA ringula, ineladittg all and singulu rents, income, protits, issues, and :evenues irom whateve~ source derived, eacn and every of ~ whtch, it be~ng exprculy undecstood, is yereby mortgaged as if specuically set forth and descnbed in :he gtanun¢ and ttabendum ~ clauses hercof, ~r .u?y achib~ts hereto, and such Rece~ver s.hall hare all che broad and eifecnve functioas and ooa•ers ~n ~nywise j entrusted by a couR to a Rece~rer, and such ippointment shal! be made by such :ourt as an adcn~tasi aquity and a mat:er of ab- i solute right to said Nortgagee, u?d wnhout nfennce to the adequacy ~x inadequacy of ~ny remedy ~t law or oi the adraux! or i inadequacy uf the value ot the property mortgaged or to the solvencv or insolvency of satid Nort¢agor or oi ~ny or ail ot ~he de- ~ fendanu, and that such :ents, pronts, income, iuues and rerenues ihall be appiied by such Rtceiver ~ccording :o the lien snd;or ; equ~ty of said ~tonea~ee and che pracdce of such ~ourt. - ~ 16_ To pay all ind su~gulas the costs, chatges and expenses, includinc :euonabie lawyer's tees znd iers :or aopellate u•ork md costs of absvact of tide, iacurred or pa~d ac any nme by sa~d ~fortgsgee because ~nd~or in :he avent of the failun on ehe ; part uf the said >fortga3or to duly, promptly and tully perform. dixhatge, axecuu. ~ifect, aompltte. ~mnly wtth and ibide oy ~ each and every the stipulanons, i~eemencs. :onditwns and rovenants ot said promissory notes and :his mort¢age, any or eicher. ~ md iaid cosu. ~hatges and expenses, aach ~nd every, shaU be immediately Cue and payable, whether or noc there be nocue. ~ demand, attempt to coilect or suit pending; ~nd the full ~ount of each and every such paymeat snall bear interat froFn the ~ date :4eteof until ~aid ~t ~he ame cace is ~s spec~ed, in tht notes stcured hercby. u payable itter detault in payment ot ~d ; aotes and all sa~d :osts. ~na:zes and expenses ~ incurred or paid. :ogecher ~+7th such ~~te:est, shall be sec:ued 'oy ~he .~en oi :h~s ; 11Jrt$1gE. ~ 1'. That ~torc¢i¢ot uriil ~ot ?e:mtt iny othet iiens, mortgages ar racumorances ~ga~nst che sa~Q ~ttm~ses. ~nd ~i any suca ' Ilt:1i. TfOttg]Qt3 J! :~cumbnncts are ~ncurr~d. whether puamount or suoord~mtai co ch~s rnortazx°. ~tortgi¢or will _~~se su.n ~ iierts, :norca3ges or ancumbrances ~o be ~is:huged ~mmrd~ately_ ~ithout :im~tm¢ che 'oregom¢, ihouid .hr.e be i~:en ;uoenor ~ :n ii¢nuy to ~he lien of ,h~s mor~ga3e w~th `tor.gagee' ~onsent, ~t s convenant and ~~eed :hat should :he ~errns oi ~:ian supenor ~n digniry to chat ai -h~s ~r:orc¢i¢e be mod~~ied, aitered .~r .anrd ~~?~ichuuc -he •x::ccen :onsenc ,~i rhr ~•IJf•.Y]Ytt :erein. : or chould ~ny lien iueenor :n .ii¢n~ty~ ro;ha[ ~f th~s mortga¢e be ~~r hecome ;n Jafiuic. cha~ ~nd in such :vent 'ht ~lor*.gs¢te :~eran may ~t its oot~on ~c:elenie cha indebtedness secured by this mur!gage znd declare ;ne same :o ~e ~ll ~~ua lnd ~ayabie .v~thout noncr to ~[ort3~gor •~r ~ny othr, pe:son. - 18. >tort¢a¢ee shalt ha~e the r:ght to chuge m~ ~i ~tor*.¢acor's accounes wnh ~lorc¢agee .'or_iny .ums ?a~abie as pro- ~.ided kerem or in :he oromissory note secwed heceby is ;uch becomes ~ua. 19. [f the `tottqa¢et requests. ~torcga¢or wiil turn~sh che ~tort¢agee snnually .'rom :he data ~f -h~s mortg3ge ~nscrumene. anless some other ia~e ii igreed to ~etween =he parties in wr~tina. a;~mtied audited :inancial st~temenc ~i :he ~tortga¢or ~na f .umual .omplete statemencs ot ~tort¢agor. ;he >(ortrigor's ~is:.~i :altnCac eat snaU ~ot .o~ncAe •x~ch :he date he:em seecuir3. chea -he da~e ~htch cne }tortgagee snall ;peciiy shall be controlling. ~~JftYltjOf snall suop[y ~tortqa¢ee wlth ;nch other :inanci3i ;tztements as ~tortgasee :nay ;:om c:me co time request. _'0. ~Io nqhc ot ~emeQy prcY~ded heretn i~r the ~tort¢~¢ee or ~rov~ded ~or ~he ~lor.gagee in ~he ncte secureQ iereby snail he cumulanve and ieverabie. ~1. It is undert;ood md .:greed :hat *h~s mortg~¢e ~s ziren ;o serare, m~dd~cion ~o the note or obligauon ittached 'ne:e;o. s ,u~y ~dditional ;oans or ~uture ~dvances made w~thm *.he term uf this mortgage toan co sa~d ~(orcg~3on or any suctessor in uck ~f 4 s~d ~4ortzasors of the property i?etebv :onvved: erov~ded that the total unpaid baiance of theh mdebted{n-e~ss securcd'nereby 3t ~ any one :tme shall notexceed_ 2~5~~ ~~advane~i,~~~~}~~~n~l~sttAy ~~r~eih~se.~fade bv !he ; >lortgagee ;or the paymeni ot taxes, lenes. insur.+nce or other ~harges on the proQerty encumbered hereby, ~~v~th incerest on such lisbursements, caurt ~osu and utorney's fees, inctuding fets for ippellate work. ~ 3?. Thu mortgage is subject to ehe terms, arons~ons and :ondicions oi ~hat ~ertam C~nstruction [aan .~,3reement iated ~ MA R~H 14 ~ 19 79 ,~nd said C~nsttuction Loan .4greement ~s by ceierence incorpora ccd henin ind ' rnade a part :~ereoi. Default in she ~erms ot :he Cons.ruction L~an :~?greesnent snall ~:onsvtute a detau(t •~nder ~he mor*.ga¢e. ~ ~ ~,k. 3U5 F ~.5? ~ ~ ~3 . . _ . . . . . . . . . - _ - .