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HomeMy WebLinkAbout0905 9. To delivet any a~stnct or absiracts of titk or titk insurana policy or policies covering the mortgsged ptoperty to Mortgagee or its des~nated agent, which shall at ali times during the life ot this mortg e, ~emain in the possessiort of the Mo~t- gagee and ia event of the foreclosure of this mortp ae aU ~ht, title and intercst o[ the~ortsagor in and to ~ny wcd absttaet or title ahal! pau to the purchase~ at foreclowrc, however, all morqtsaa t~ik inwrance policics shall romain the pwperty of Mort6agee. 10. That no wairer oi any covenaAt hereiu or In ihe obliptions secured herebY shaU at saY tLne heraftet be held to be a waive~ of any of the othet terms hereof or of the notes secured hereby, aor may Alortaa=a rely o~ any course of conduct by Mort~aeee aot specitkally required by this instrumen~ That the Mortp~ee. ~vithout aotice, may s~ee ~rith ~ny party obii{~ted on sa~d indebtedneu. or havuig an intere:t in the security descriEed herem. to reaev or extend the time !or psymeat o[ aay put or all of the indebtedncss ~curod hereby. ~vithout in ~py way attectins eitder lhe lien hereot or the lisbility of any other party. l l. That in order to acceknte the maturity of the indebtedneu Aercby secured because of the failun ot the Moctjagor to pay any tu assessment, liability. obUption of encumbrana upon said property u herein pmvided. it sh~ll not be necessary nor tequisite that the Mortsagx shaU fitst pay the same. 12. 'llut if the !lort~ajor shall fail. ~qlect or refwe (or s period of tea (10) dsys ful?y and prompdy to pay the amou~ts nquired to be paid by the notes hereby secured or the interest therein specifiod or aqy o[ ths wm: of moaey henin referred to or hereby secund. or othenvise duly. [uUy aad pcomptly to petform. execute. comply wdth and abide by each. every or any of • the rnrenaats, conditions or stipulations of this mort~ae, tbe promiswry aotes hereby ~ocured and/o~ the constmction ban aarament. if any. tt~en. and in either or in any oi wch ewents. ~vithodt notice or demand. ihe nid ssgesate sum mentioned in said promissory notes. less previous payments. if any. ud any and all wms meationed Ae~ein or secund henby shaU become due • and payabk forthvrith or thereaQer at the continuin6 option of the Matpaae u fuUy and compktely as if said ag~e6ate sums vrere oriainally :tipulatod to be paid as wch time. anythins in said promissory notes ot herein to the coatruy notwitlutandina, and the ~lortpgee shall be entitled theteupon ot U?ereaftsr ~vithout aotia or demand to inititute sult at la~r ot in equity to enfocce the riaht of the Mo~tpga hereundet or under said ptomissory notes. in the event ot aay defsult or brach on the part of the Nortaaaot hereunder or under said promissocy notes. the d~ortgaaee shaU have the ooatinu~option to eafo~ce payment of all wms ~cured hereby by action at law or by wit i~A equiq to f~ o Ws mortgage. either or oth. concutren8y a otha- wise, and one action or wit shall not abate or be a bu to ori~?alber of ~ Ulong~see•s right to insdtute or maintain the othu. provided said Mortgaeee shaU have only o~ paymeat and satisfiction of aid iadebtedness, ~ 13-A. Thst in the erent that Mortgagor shall consent to the appointment of a receiver, trustae or liqui~~tor of aU or a substantial put of Mortgagor i asxts. or (2) be adjudicatod a bankr~pt or insolvent, or fik a voluntaty petition in banKruptcy or admit in writin6 his imbitity to pay his debts u they become due, or (3) make a 6eneral assignment for benefit of ueditors, or (4) file a petition or answer seeking reoraanizatioa or ananaement with croditon, or to take advantage o[any insolvency law. or (S) fik an answer admitting any of the material alle6ations of a petition filed against the Mo~or in any bankruptcy, re- organization or insolrency proceeding. or (6) action shall be faken by the Mortaagor for the purpose o e[fecting any of the forc-_ going, or (7) any order. judgmeat or decree shall be enteted upon an appGcation of a creditor or MortgaEor by a court of com- petent jurisdiction approving a petition seeking appoiatmept of a rcaiver or trwtce of all or a substantial part of the Mortaagot's assets and such order, judament or decree shall coatiaue unstayed and in effect far any period at lhirty (30) consecutire days, the Mortaaaee may declue the notes hereby sceured forthwith due and payable. whereupon the principal of and the intaest accnied on the notes and all other sums hereby secund shall become forthwith due and payabk as if all of the iaid sums of money vren originally stipulated to be paid on such day; and thereupon the Mortgagee without notice oi demand may prosocute a suit at law and/or in equity u if all monies securod hereby had matured prior to its institution. l3-B. That in the event the premises hereby mortgaged, or any part hercot, shall be rnndemned and taken for public use under the power of eminent domain, Mortgagee shaU have the right to require that all damages awardcd for the taking of or damage to uid premises shall be paid to the Mortgaga, not to exceed the then unpaid balana of this mortgase and any sum secured thereby, and at ihe option o! the Mortgagee wch amounts may be applied upon the payment or paymeats tast payable hereon. !n the event it becomes necessary for the Mortgagee to empby rnunsel to protect its interest at any condemnation proc~edings, the Mottgagor shall immediately upon demand nimburst the Mortgagee for all reuonabk expenses and attorneys' Cees thus incurred, and all such sums shall be deemed s~cured by the lien of this mortp.age. 14. That the Mortgagee or any person authorized by the Mortgagce shaU have the right to enter upon and inspect the mortgaged premises at aU reasonable times. 15-A. That to further securo payment of the indebtedness ot the Morigagor to the Mortgagee, the Mortgagor does henby sell, usign, transfer and set over unto the Mortgagee all of the rents, iuues, and profits of the mortgaged premises, and Mortgagee may at its option delsy enforcing this assignment until any default being made by the Morigagor under the termc of this mortE,age - the notes secund henby, and such'assignment in any erent shaU remain in full force and effect so long as any default oontinues to exist in 1he making o! any of the paymeats or the pertornnna ot any of the rnvenants of this mortgage or the notes secured hereby, and the Mortgagee shall have the right to enter upon the premises and collect same dirccdy from penons in possession. Mortgagor agrees to execute any further documents evidencina such asvgnment as Mortgagce may rqsonably request trom time to time. IS-B. That in the event that at the beainning of or at any time pending any suit upon this mortgage,or to forerbse it, or ~ to reform it, and/or to enforce payment of any claims hereunder, said Mortgagce shall apply to ihe court having jurisdiction thereof for the appointment of a Receiver, wch court shatl forthwith appoint a Receiver of said mortgaged property all and singular, including all and singulu rents. income, profiis, issues, and revenues from whatever source derived, each and every of f which. it being expressly understood, is hemby mortgaged as iC speciftcally set forth and desctibed in the g~anting and habendum clauses fiercof, or any enhibits hereto, and such Receiver shall have all the broad and effective functionsand powen in anywise t entrusted by a court to a Receiver, and such appointment shall be made by such court u an admitted equity and a matter of ab- solute right to said Mortgagce, and without refercnce to the adequacy or inadequacy of any remedy at law or of the adequacy or ! inadequacy of the value of the property mort ~ gaged or to the solvency or insolvency of said Mongagor or of any or all of the de- i fendants, and that such rents, profits, income, issues and revenues shall be applied by such Receiver aocording to the lien and/or ~ equity of said Mortgagee and the pnctice of such court. ~ ~ 16. To pay all and singutu the costs, chuges and expenses. including rcasombk lawyer's fees and fees for appellate work and costs of abstract ot title. incurred or paid at any time by said b[ortgagee because and/or in the event of the failurc on the part of the said Mortgagpr to duly, promptly and fully perform, discharge, execute, effect, complete, oomply with and abide by each and every the stipulations, agreements, ~onditions and oovenants of said promissory notes and this mortgage, any or either. and said costs. charges and expenses, ach and every. shall be immediately due and payable, whether w not there be notice, demand, attempt to collect or suit pending; and the full amount of each and every such paymeni shall beu interat from the date thereof until paid at the same rate as is specif"Kd. in the notes secured hereby, u payable after default in payment of~said notes and al! said costs, charges and expenses so incurred or paid, together with such interest, shall be secured by the lien of this mortgage. 17. That Mortgagor will not permit any other liens, mortgages or encumbrances against the saM ptemises, and if any such tiens, mortgages or encumbrances are incurred, whether paramount or wbordinated to this mortgage, Mortgagor will cause such liens, mortgages or encumbnnces to be diuharged immed"utely. Without limiting the toregoing, sho6ld there be a lien wperior ~ in dignity to the lien of this mortgage with Mortgagce' consent. it is convenant and ageed that should the terms of a lien superior in dignity to that of this mortgage be modified, altered or varied without the written consen~ of the Mortsagee herein, ~ or should any lien superior in dignity to that of this mortgage be or become in default, then and in ~uch event the Mortgagte ~ herein may at its option accelerate the indebtedness secured by this mortgage and declare the same to be aU due and payable ~ without notice to Mortgagor or any other person. ~ 18. Nortgagee shall have the tight to cha;ge any of Mortgagor's accounts w-ith liortgagee for any sums payable as pro- ~ vided hercin or in the promissory note secured hereby as wch becomes dua ~ = 19. If the Mortg~get requests, Mortgagor will furaish the Mortgegee annually from the date of this mortgage instrument, _ unless some other date is agrced to between the parties in writing, a cettiCKd audited financial statement of the Mortgegor and annual complete statements of Mortgagor. IC the Mortgagor's fiscal calendar yeu shall not coincide with the date herein specifxd, { ~ then ihe date which the Mortgagee shall specify shaU be controlling. 1ltortgagor shall supply Mortgagee with such other financial' ~ statements as Mortgagee may from time to time request. . ~ 2t7. No right or rcmedy ptcvided hetein for the Mortpagee or provided for the Btortgagee in the note secured hercby shall _ be cumulative and severable. ~ 21. It is understood and agreed that this mottgage is given to secure, in addition to the note or obligation attached hercto, ~ _ any additional loans or future advances made within the term of this mortga~e loan to said Mortgagors or any successor in title o( ~ said Mortgagors of the property hereby conveyed; prorided that the total unpaid balance of the indebtedness secund hereby at ~ an one tirtie shall not excoed $1.2 0~0. ~0 ` Mort for the ~ P~~ interest theron plus any disburuments made b~ the gagee payment of taxes, levies, insurance or other charges on the properry encumbered hereby, with interest on such ~ disbursements, court Costs and attomey's fees, including fees Cor appellate work. ` 22. This mortgage is subject to the terms, provisions and conditions of that certain Construction Loan Agcament dated s ~ ~ I"1a~, 19 79 and said Construction I,oan Agreement is Dy reference incorponted hercin and ~ made a put hereoL Uetault in the terms of the Construction Loan Agreement shall constitute a deCault under the mortgaga i ~ ~ ~ . . ~ ~ 308 QA~E 905~ - ~ ~eoK ~ • _ ; ~ . . _ ~