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HomeMy WebLinkAbout3008 9. To deliver any abstract or abstracts of title or title insurans~e policy or policies covering the mortgaged property to Mortgagee or its des' red agent, which shall at all times during the life of this mortgage, remain in the possesswn of the Mort- gsgee ared in event of the forrclowre of this mortp~e all right, title and interest of the Mort4a~or in and to any wch abstract of tiQe shall pea to the purchaser at foreclowte, however, sU mortgages rick inwrance pdretes shall remain the proparry of Mortgagee. 10. That rw waiver o[ any covenant herein or in the obligations secured hereby stroll at any time hereafter be held to be a waiver of any of the other terms hereof or of the notes segued,hereby, nor may Mortgsgor rely on an~r course of conduct by Mortgagee not r required by this instrumsnt. That the Mortp~ee without aotice. may ajtee wrth nary party oblipted on said indebt ness, or havir?s an intertst in the security described herein. to renew or extend the time for payment of any part or all of the iodebtedstess secured hereby, without in any way affecting either the lien hereof or the UabUity of any other party. I1. That in order to accelerate the maturity of the indebtedness hereby secured because of the failure of the Mortgagor to pay any tax assessment, liability, obligation of encumbance upon said property as herein provided, it shall not be necessary nor requisite that the Mortgagee shall first pay the soave. 12. That if the Mortgagor shall tall, steglect or refuse for a period of tcn (10) days fully and promptly to pay the amounts required to be paid by the notes hereby secured or the interest therein spet3tkd or any of the wms of money herein referred to or hereby secured. oc otherwise duly, fully and promptly to perform, execute, comply with and abide by each, every or any of the oovettants, conditions of stlpulatans of this mortgage. the prombsory notes hereby secured and/or the construction loan ' agreement, if any, than. and in either or in any of wch events, th t c demand, the:aid aggregate sum mentioned in said promissory stoles, lass previous payments, if any, and any and herein or secured hereby shall become due asd payable forthwith or thereafter at the continuing option of tfie or as ally and eornpkte~ as if said aggregate wms were originally stipulated to be paid as such tune, anythistg in said promissory rates or herein to the contrary notwithstanding, and the Mortesgee stroll be entitled thereupon or thereafter without n4lke or demand to isstitute suit at law or in equity to enforce the right of the Mortgagee hereunder or under said promissory notes. In the event of any default or breach on the part of the Mortgagor hereunder or under said promissory notes. the Mortgagee shall have the oontinuiug option to enforce payment of all wms sccured hereby by action at law or by wit in equity to foreclose this mortgage, either or both, coactrrrently or other- - wise, and one actiop or suit shall not abate or be a bu to or waiver of the Mortgagee's nght to institute or mains:in the other. - provided said Mortgagee shall have only one payment and satisfaction of said indebtedness. . ~ . 13-A. That in the event that Mortgagor shall (1) rnnsent to the appointment of a receiver, trustee or liquidator of all or a substantial part of Mortgagor's assets, or (2) be adjudicated a bankrupt or insolvent, or file a voluntary petition in bankruptcy or admit in writing his inability to pay his debts as they become due, or (3) make a general assignment for benefit of creditors, or (4) fde a petition or answer seeking reorganiution or arrangement with creditors, or to take advantage of any insolvency law, or (S) rile an answer admitting any of the material allegations of a petition filed against the Mortgagor in any bankruptcy, co- organization or insolvency proceeding, or (6) action shall be taken by the Mortgagor for the purpose of effecting any of the fore- going, or (7) any order, judgment or decree shall be entered upon an appliation of a creditor-or Mortgagor by a court of com- petent jurisdretion approving a petition Seeking appointment of a receiver or trustee of all or a substantial part of the Mortgagor's assets and wch order. judgment or decree shall continue unstayed and in effect for any period of thirty (30) consecutive days, the Mortgagee may dedue the notes hereby secured forthwith due and payable. whereupon the pristcipal of and the interest arxrued on the notes and all other wms hereby secured shall become forthwith due and payable as if all of the said sums of money were o rally stipulated to be paid on such day; and thereupon the Mortgagee without notice or demand may prosceute a suit at law ardor in equity as if all monks secured hereby had matured prior to its institution. - _ _ 13-B. Thst in-the erent the premises hereby mortgaged, or any part hereof, shall be wndemned and taken for public use - under the power of eminent domain, Mortgagee shall have the right to require that all damages awuded for the taking of or damage to said premises shall be paid to the Mortgagee, not to exceed the then unpaid balance of this mortgage and any sum secured thereby, and at the option of the Mortgages wch amounts may be applied upon the payment or payments last payable hereon. In the erent it becomes necessuy for the Mortgagee to employ counsel to protect its interest at any condemnation proceedings, the Mortgagor shall immediately upon demand reimburse the Mortgagee for all reasonable expenses. and attomeys fees thus incurred, and all such wms shall be deemod secured by the lien oC this mortgage. 14. That the Mortgagee or any person authorized by the Mortgagee shall have the right to enter upon and inspect the _ mortgaged premises at all reasonable times. 15-A. That to further secure payment of the indebtedness of the Mortgagor to the Mortgagee, the Mortgagor does hereby sell, assign, transfer and set os~er unto the Mortgagee all of the rents, iswes, and profits of the mortgaged premises, and Mortgagee may at its option 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 remarn 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, and the Mortgagee shall have the right to enter upon the premises and collect same directly from persons in possession Mortgagor agras to execute any further documents evidencing wch assignment as Mort&rgee may reasonably request from time ~ to time. 15-B. That in the event that at the beginning of or at any tune pending any suit upon this mortgage, or to foreclose it, or to reform it, and/or to enforce payment of any claims hereunder, said Mortgagee shall apply to the court having jurisdiction thereof Cor the appointment of a Receirer, such court shall forthwith appoint a Receiver of said mortgaged property all and singular, including all and singulu rents, income, profits, issues, and revenues Crom whatever source derived, each and every of which, it being expressly understood, is hereby mortgaged as if specifically set forth and described in the granting and habendum ~ douses hereof, or any exhibits hereto, and wch Receirer shall have all the broad and effective functions and powers in anywise entrusted by a court to a Receiver, and such appointment shall be made by such court az an admitted equity and a matter of ab- solute right to said Mortgagee, and without reference to the adequacy or inadequacy of any remedy at law or of the adequacy or inadegwcy of the value of the property mortgaged or to the solvency or insolvenrcy of said Mortgagor or of any or all of the de- Pendants, and that such rents, profits, income, issues and revenues shall be applied by such Receiver according to the lien and/or ~ equity of said Mortgagee and the practice of wch court. - _ 16. To pay all and singular the costs, chuges and expenses, including reasonable lawyer's fees and tees for appellate work t 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 with and abide by each and every the stipulations, agreements, conditions and covenants of said promissory notes and this mortgage. any or either, and said costs, chuges and expenses, each and every, shall be immedntely due and payable; whether or not there be notice, demand, attempt to collect or wit pending; and the full amount of qdl and erery wch payment shall beu interest from the t date thereof until paid at the same rate az is specified, in the notes secured hereby, az payable after default in payment of said notes and all said costs, charges and expenses so incurred or paid, together with such interest,-shall be secured by the lien oC this mortgage. C 17. That Mortgagor will not permit any other liens, mortgages or encumbrances against the card premises, and if any such liens, mortgages or encumbrances are incurred, whether puamount or subordinated to'this mortgage, Mortgagor will cause such liens, mortgages or encumbrances to be discharged immediately. Without limiting the foregoing, shoirkl there be a lien superior in dignity to the lien of this mortgage with Mortgagee' consent, it is conrenant and agreed that should the terms of a lien superior in dignity to that of this mortgage be modified, altered or varied without the written consent of the Mortgagce herein, or should any lien superior in dignity 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 this mortgage and declare the same to be all due and payable without notice to Mortgagor or any other person. 18. Mortgagee shall have the right to charge any of Mortgagor's accounts with Mortgagee for any sums payable as pro- vided herein or in the promissory note secured hereby as such becomes due. .s !9. If the Mortgagee requests, Mortgagor will furnish the Mortgagee annually from the date of this mortgage instrument, unless some other date is agreed to betwcen the parties in writing, a certified audited financial statement of the Mortgagor and r~ annual complete statements of Mortgagor. If the Mortgagor ~ fiscal calendar yea shall not coincide with the date herein specified, then the date which the Mortgagee shall specify shall be controlling. Mortgagor shall supply Mortgagee with wch other financial =R statements as Mortgagee may from tune to tune request. 20. No right or remedy prcvided herein for the Mortgagee or provided for the Mortgagee 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 said Mortgagors of the property hereby conveyed; provided that the total unpaid balance of the indebtedneu secured hereby at , any one time shall not exceed nn0 nn plus interest theron plus any disbursements made by the Mortgagee Cor the payment of taxes, levies, insurance or other charges on the property encumbered hereby. with interest on such disbursements, court costs and attomeys fees, including fees for appellate work. 22. This mor ge is sub'ect to the terms, provisions and conditions of that certain Construction Loan Agreement dated ;4areh ~ 2~, 199 ,and said Construction Loan Ageement is by reference incorporated herein and made a put hereof. Default in the terms of the Construction Loan Agreement shall constitute a default under the mortgage. ax R 305 -~~~~3002 30G+c . _ _ ,