HomeMy WebLinkAbout0411 9, To deliver any abstnrl or abstncls of tilk ur title insurance policy ur policirs ~o~~ering the mortg~tedproperty to
Mo~tgytee or i1s des~nated agem, which sholl at aU times during the li[e of thu mong:+~e, cemain in the posusswn uf the Nort-
gagte ~nd in event af the forcclosurt of this mortgage all right, title and intercst uf the Mortaagot in snd to any such abstrxt a
titie shall pass to the purchaser at toreclosure, however, all mortgagee titk inwnnce policies shall rrmam the ptoF+e~ty of ,
Mottgagee. •
10. That no waiver ot any cov~oant herei~ oi in the obligations secured heteby shall at any time heroafter be held to be ;
a waiver of any of the other tertns hereof or of the notes secu~ed hereby. nor may Mortaaaa relY on any course of conduct by ;
Mort~agee not speciticallY requind by this instrument. That the Mortp4ee, without notice, may agtee with any partY obliaated ~
on sa~d indebtudness, or having an interest in lhe security described hercin, to renew or extend the time for payment ot any put ;
or all of the irdebtedness secured hereby. wilhout in any way atYecting either the lien hereof or the liability of any other party. E
11. That in order to accelente the maluritY of tha indebtedctess hereDy secured t+ecause of the failure o[ the Mortgagor '
to pay any tax assessment, liability, obligation of encumbcance upon said pruperty as hercin provided. it shall aot be necessarY
nor rcquisite lhat the Mortgagee shall first pay the same.
12. 'fhat it the Mortgagor shall fail, neglect ot ~efuse for a period of ten (10) days fulty and prompUy to pay the amounts
required to be paid by the ~otes hereby secured or the interest iherein speciC~ed or any of the wms of money here~n refec~ed to
or hereby secured. or otherwise duty, fully and promptly tope rform, execute, comply with and abide by each, every or any w '
the corenants, condipons or stipulations of this mortgaae. the promissory notes hcceby secured and/or the constructi~n loan
agrament, if any, then, and in either or in sny of wch events. wtthout notice or demand. the said aggegate sum mentioned in
said promissory notes, leu previous payments, if any, and any and all sums mentioaed heni~ or secured hereby shall become due
and payable forthwith or the~eafter at the rnntinuing option of the Mortgagee as fully and cor~ktey as it said aggegate wms , ~
wero oriBinally stipnlated to be paid u such time, anYthin6 in said rromiisory notes or herein to tne contruy notv~ithstandina.
and the Mortgagee shal! be entitlcd thereupon or iheroafter witho~t notia or demand to iristitute suit at law or in equity to
enforce the right of the Mortg~gee hereunder or under said promissory notes. la the erent oC any default or breach oa the put
o[ the I?fongaaor hereunder or under said pmmissory ~otes, the MortgaBee shail have the continui~ option to enfora payment
of aU wms secured hereby by action at law or by suit in equity to tore~~lost this mortgaae, either or both, rnncurrenqy or other-
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wise, and one action or wit shall not abate w be a bu to or waiver of the Mortg~ga's right to institute or maintain the other,
provided said Mortgagee shall have oniy one payment and satisfactan of said indebtodneu. .
13-A. That in the event that Mortg~gor stuli (1) consent to the appointment of a receiver, trustee or liquidator of all
o; a sahslantia! p~t of MoitgaBor's anets, or (21 be adjudicated a bankrupt or insolvem, or fik a Yoluntary petition in bankruptcy ;
or admit in w~iting his inabilily to pay his debts as they beeome due, or (3) make a geneni aaai~~ment tor bzne~t of credi!ors,
or 14) file a petition or answ~er sceking reorganization or urangement with creditors, or to take advantage of any insolvency law, >
or (S) fde an answer admitting any of the material aUegations of a petition filed against tlx Mortgagor in any bankruptcy, re- ;
organization or insolvency proceeding, or (6) action shall be taken by ihe Mortgagor for the purpose of effecting any of the Cere-
going. or (7) any ordet, judgment or decree shall be entered upon an application of a creditor or Mortgagor by a court of rom-
petent jurisdiction approvmg a petition seeking appointment of a receiver or trustee of all gr a substantial part of the Moctgagor's
assets and such otder, judgment or decree shall continue unsuyed and in effect for any period of thirty (30) consecutive days,
the Morigagee may declue 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 shall become forthwith due and payabk as if all of the said sums of
money w~en originallY stipulated to be paid on such day: and thercupon the Mortgagce withbut notice o: demand may prosecute
~ a suit at law and/or in equity as ii all monies secured hereby had matured prar to its institution.
13-B. That in the event the premises hereby mortgaged, or any part hereof, st?all be condemned and taken for publir use
under the power of eminent dortuin, MortPagec shall have the ri~ht to req~ire that all damages awarded for the taking oC or i
damage to said premises shalt be paid to the bfortgagee, not to e?cceed the then unpaid balance of this mortgage md any sum y
secured thereby, and at the option of the Mortgagee such amounts may be applied upon the payment or payments last payable
hereon. In the ev~nt it becumes necessary for the Mort~ger to empk>~• counsel to protect its interest at any cundemnatiun
proceedings, the Mortgagor shall immediately upon demand reimburse ihe Mortgagee for all reasonabk,expenses and attorneys'
fces thus incurred, and •rll such sums shall be deemed ucurcd by the lien of this mortg:~ge.
14. That the !1lortgagee or any perwn authurized by the Mortgagee shall have the right to enter upon and inspect the
mortga~ed premises at all reasonable times.
IS-A. "Itiat to Cutther secure payment of the indebtedness of the !lfortgagor to the !?fortga¢ee. the Mortgagor dces hereby
sell, auign, transfer and set over untu the ?1lortgagee all of the rents, issues, and proGts of ihe mort~ted premises, and Mortgegee
may at its option delay enforcing lhis assignment until any default being made by the Mortgagor under the tern:s of this mort~tage
the notes securcd hereby, and weh assignment in any event shall remain in [ull force and eCfect so long as any default continues
to exisl in the making of any of the payments or the performance of any of the covenants of this mortgage or the notes secured
hereby, and the Mo~tgagee shall have the right to enter upon the premises and colleci same directly from persons in possessaon.
Atortg~gor agrees to execute any further documents evidencing such assignment as Mortp,~gx may reasonably request from time ~
k to time. i
E 15-B. 'Riat in the event that at the beginning of or at any time pending any suit upon ihis mortgage,ot tu forcclose it, or ;
f to reform it, and/or to enforre payment of any cla~ms hereunder, said I?tortgagee shall apply to the court ha~ing jurisdiction _
' thereof for !he appointment of a Receiver, such court shall forthw~ith appoint a Receiver of said morttpged property all and
f singular, including all and singular rents, income, profits, issues, and revenues from w•hate~er source derived, each and every of
~ which, it beir?g expressly underst~wd, is hereby mortgaged as if specifically set forth and described in the gronting and habendum
E clauses hereo(, or any exhibits hereto, and such Receiver shall have all the broad and effective functeons 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 tight to said Mortgagee, and withuut reference to the adequacy or inadequacy of any remedy at law or of the adequacy or :
~ inadequacy of the value of the property mortgaged or to the solvency or insolvency of s:iid ~iortgagor or of any or all of the de- ~
[endants, and that such~ rents, profits, income, issuex and revenues shall be applied by such Receiver according to the lien and/or
equity of said Mortgagee and the pnct~ce of such court.
16. To pay all and singulu the costs, charges and expenses, including reasonable lawyet's fees and fees for appellate w•ork ~
~ " at an time b said Mort ee because andJor in the event of the failure on the
~ and costs of absuact of title, incurred or pa~d y Y Ra6
part of the said ti[ortgagor to duly, promptly and fully perform, dixharge, execute, effect, complete, comply with and abde by
~ each and every the stipulationx, ageemenis, tonditions and covenants of said promissory notes and ihis mortgage, any or either,
~ and said costs, ehuges and expenses, each and every. shall be immediatel~• due and payable, whether or not there be notice. _
~ demand, attempt to collect or swt pending; and the full amount of each and every such payment shall bear interest froFn the ~
~ date ihereof until paid at the same rate as is specified, in the notes securcd hereby, as payable after default in payment of said
~ notes and all said costs, charges and exprnses so incurred ot paid, together with such inlerest, shall be secured by the lien of this
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~ mortECage.
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~ 17. That Mortgag~r w•ill not permit any other liens, mortgages ur encumbranres agairtst the saM premises, and if any such :
~ liens, mortgages or encumbrances are incurred. whether paramount or subordimted ro this mortgage, ~lottgagor w~ill cause such
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liens, mortgages or encumbrances to be discharged immediately_ Without limiting the foregoing, should there be a lien superior
~ in dignity to the lien of this mortgage with ~tortg~gee' consent, it is convenant and agreed that shuuld the terms of a lien
~ suprrior in dignity to that of this mortgage be modified, altered ur varicd without the written consent of the ~lorigagee herein,
or should any lien superiar in digniry to that of this mortgage be or become in default. ihen and in such event the blortgagee
S herein may at its option accelerate the indebtedneu secured by this mortgrge and declare the same to be all due and pa~~able
~ w•ithout notice to Mortpagor or any other pezson.
18. ~iortpaeee shall hare the ri~ht to charge any of ~fort~¢agor's accounts w~ilh \tortgagee for any sums payable as pro- ~
vided herein or in the promissory note secured hereby as such becomes due.
19. If the Mortgagee requests, ~tort~gor wi0 furnish the Mortgag~e annually from the date of this mortga~e instrumenL ,
unless some other date is agreed to betw~een the partiec in w•riting, a~~ertified audited f?nancial statement of the Nortgagor and
,~5 annual complete statements of 1lortgagor. (f the Nlortgagor's fiscal calenJar ytar shall not coincide w~ith ihe d~te herein specifiQd,
then the date w~hich the hiortgagee shall spe:ify shall be controlling. ?Nortgagor shall supply Nortgaeee with such other flnancial
ctatements as \tort~agee may from time to time request.
20. No right ot remedy prc~ided herein for the Mortgagee or provided for the Mor:gagee in the note secured hereby chall
be cumulati~-e and severable. i
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21. It is understood and agreed that this mortg:~e is given tu secure, in addition to the note or oblieation attached hereto,
any addiuonal luans or future advances m~de within the term of this mortgage loan to said NortRagors or any successor in title of .
said Mort~tors of the property hereby conveyed: provided that the total unpaid balance of ihe indebtedness secured hereby at
any one time shaU not exceed ~0~ _ 0~ plus interest lheron plus any disbursements made by !he
~j Mortgagee for the payment of tazes, levies, msurance or other charges on the property encumbered hereby, w•ith interest on such
disbursements, court costs and attorney's fees, including fees for appellate work.
22. This mortgage is subject to the terms. provisions and conditions of that rertain Construction Loan Agreement dated
~ and said Construction Lorn Agr:ement is by reference incorporated herein and
~ made a patt hereof. Default in the terms of the Cunstruction Loan Agreement shall constitute a default under the mort~tage.
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