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HomeMy WebLinkAbout1568 9. To deliver any abstract or abstracts of lick or title insurance policy ur policies covering the mortgziccd pluprrty to Mortgagee or its designated agent, which shall at all times during the hfe of this mortgage, remain in the possession of the Mort- gagee and in event of the foreclosure of this mortgage all rigl?t, title and interest of the Alurtgagor in and to any such abstract or title shall pass to the purchaser at foreclosure, however, all mortgagee title insurance policies shall tem~in ehe property of Mortgagee. : 10. That no waiver of any covenant herein or in the obligatans secured hereby shall at any time hereafter be held to be a waiver of any of the other terms hereof or of the notes secured hereby. nor may Mortgagor rely on any course of conduct by Mortgagee not specifiaUy required by this instrument. That the Mortgagee, without notice, may agree with any party obligated on said indebtedness, or having an interest in the security described herein, to renew ur extend the trine for payment of any part or all of the indebtedness secured hereby, without in any way affecting either the lien hereof or the liabi&ty of anY other party. 11. That in order to accelerate the maturity oC the indebtedness hereby secured because of the ftiiure of the Alortgagur to pay any tax assessment, liability. obligation of encumbrance upon said property as herein provided, it shall not be necessary nor requisite that the Mortgagee shall first pay the same. , 12. That if the Mortgagor shall fail, neglect or refuse for a period of ten (10) days fully and promptly to pa}• the amounts rcq~ired to be paid by the notes hereby secured or the interest therein specified or any of the sums of money herein referred to or hereby secured. or otherwise duly, sully and promptly to perform, execute, comply with and abide by each, every or any of the covenants. conditions or stipulations oC this mortgage, the promissory notes hereby secured and/or the construction loan agreement, if any. then, and in either or in any of wch events, without notice or demand, the said aggregate sum mentioned in said promissory notes, less previous payments, it any, and any acid all sums mentioned herein or secured hereby shall become due and payable forthwith or thereafter at the continuing option of the Mortgagee as fully and completely as if said aggregatt: wins were originally stipulated to be paid u such time, anything in said promissory notes or herein to the contrary notwithstanding, 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 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 continuing option to enforce payment of all sums secured hereby by action at law or by suit in equity to foreclose this mortgage, Tither or both, concurrently or o-then- wise, and one action or suit shall not abate or be a bar to or waiver of the Mortgagee's right to institute or maintain the other, provided said Mortgagee shall have only one payment and satisfaction of said indebtedness. 13-A. That in the event that Mortgagor shall consent to the appuinunent of a receiver, trustee or liquidator of all or a substantial part of I1lortgagor's assets, ur (2) be adjudicated a bankrupt or insolvent, or file a voluntary petition in bankruptcy ur 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) Gle a petition or answer seeking reorganization or arrangement with creditors, or to take advantage of any insohency law, or (5) file an answer admitting any of the material allegations of a petition fled against the Mortgagor in any banktuptc}•, re- • organization or insolrency proceeding, or (ti) action shall be taken b}• the Mortgagor fur the purpose of effecting any of the Core- going, or (7) any order, judgment or decree shall be entered upon an application of a creditor or Mortgagor by a court of com- petent jurisdiction approving a petition seeking appointment of a receiver ur trustee of all or a substantial part of the Mortpagur's assets and wch order, judgment ur decree shall continue unstayed and in effect for any perad of thirty (30) consecutive days, the Mortgagee may declare 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 forthsstith due and payable as if all of the said sums of money were originally stipulated to be paid un such day: and thereupon the Mortgagee without notice or demand may prosecute a suit at law and/or in equity as if all monies secured hereby had matured prior to its institution. 13•B. That in the event the premises hereby mortgaged, ur any part hereof, shall be condemned and taken fur public use under the power of eminent domain, Mortgagee shall have the right to require that all damages awarded for the taking of or damage to said premises shall be paid to the Mortgagee, nut to exceed the then unpaid balance of this mortgage snd any sum secured thereby, and at the option of the Mortgagee wch amounts may br applied upon the payment or payments last payable hereon. In the event it becomes necessary Yoe the Mortgagee to employ counsel to protect its interest at any condemnation proceedings, the Mortgagor shall immediately upon demand reimburse the Mortgagee fur all reasonable expenses and attorneys fees thus incurred, and all such wins shall be deemed severed by the lien of this mortgagr- 14. That the Mortgagee or any pcrwn authorized by the Mortgagee shall have the right to enter upon and inspect the mortgaged premises at all reasonable times- IS-A. That to further secure payment of the indebtedness of the Mortgagor to the Mortgagee, the Mortgagor does hereby sell, assign, transfer and set over unto tl?e lfortgagee all of the rents, issues, and profits of the mortgaged premises, and Mortgagee rruy at its option delay enforcing this assignment until any default being nwde by the Mortgagor under the terms oC this mortgage the notes secured hereby, and such assignment in any event shall remain in full force and effect so long a. anv default continues to exist in the making of any of the payments or the performance of any of the cor•enantc of this rrtortgage 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 agrees to execute an}• further documents evidencing such assignment as Mortgagee may reasonably request from time to time. 15-B. That in the event that at the beginning of or at any time pending any suit upon this mortgage, or to foreclose it, ur ~ to reform it, and/or to enforce payment of any claims hereunder, said 4lortgager shall apph•. to the court having jurisdiction thereof fur the appointment of a Receiver, such court shall forthwith appoint a Receiver of said mortgaged property all aril singular, including al! and singular rents, incornc, profits, issues, and rzvznurs Crum whatever source derived, rack and every of which, it being expressly understood, is hereby mortgaged as if specifically set forth and described in ihr granting and habendum clauses hereof, or an}• exhibits hereto, and such Receiver shall have all the broad and et7ective functions and posvrrs 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 ao- solute tight to said Mortgagee, and without reference to the adequacy or inadequac}• oC any remedy at law ur u! the adequacy or inadequacy of the value of the property mortgaged or to the solvency or insolvency of ~iid Mortgagor nr of any or all of the de- fendants, and that such rents, profits, income, issues and revenue. shall be applied by wch Receiver according to the lien and;'or equity of said Mortgagee and the practice of such court. 16. To pay alt and singular the costs, charges and expenses, including reasonable lawyer's (ees and lets for appellate work j and costs of abstract of title, 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 Cully perform, dixharge, execute, effect, complete, comply with and abide by 1 each and every the stipulations, agreements, conditions and covenants of said promissor}• notes and this mortgage, any or either, and said costs, charges and expenses, each and every, shall be immediately due and payable, whether or not there be notice, demand, attempt to collect or suit pending; and the full amount of each and ever}• such payment shall bear interest Crum the - date thereof until paid at the same rate as is specified, in the notes secured hereby, as payable after default in pa}•ment of ;aid ~ notes and all 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 said premiers, and if any such a liens, mortgages or encumbrances are incurred, whether paramount or subordinated to this mortgage, Mortgagor ss•dl cause such 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 Mortgagee' consent, it is coneenant and agreed that should the terms of a lien superior in dignity to that.of this mortgage be modified. altered or s•arird without the written consent of the Mortgagee herein, or should any lien superior in dignity to that of this mortgage be or become in default, then and in such 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. - I8. Mortgagee shall have the right to charge any of blorteagor's accounts with ~bsitgagrr for any sums payable as pro- vided herein or in the promissory note secured hereby as such becomes due. 19. If the Mortgagee requests, Mortgagor will furnish the !lfortgagee annually from the daft of this mortgage instrument, unless wine other date is agreed to between the parties in writing, a certdied audited financial statement of the Uortgagor and annual complete statements of ~fartgagor. if the ~lortgagur's fiscal calendar year shall not coincide with the date herein specified, then the date which the Mortgagee shall specify shall be controlling. Mortgagor shall supply Mortgagee with such other financial - statements as ~lortgagre may from time to time regaest. 2Q. tin right or remedy pre•vidrd herein for the lfortgagee ur provided fur the :lfortgagee in the note secured hereby shall be cumulative and severable. , 21. It is understowd and agreed that this mortgage is gis•en to secure, in addhiun to the note or obligation attached hereto, any addinunal loans or future advances made within the term of this mortKagr loan to said Mortgagors or any successor in title of said Mortgagors of the property hereby conveyed: provided that the total unpaid balance of the indebtedness secured hereby at " any one time shall not exceed N~A plus interest therm plus any disbursements made by the Mortgagee for the payment of taxes, levies, insurance of other chars:es on•thr proprrt}• encumbered hereby, with interest on such disbursements, court costs and attorney's fees, including Lees for appellate work. 22. ThisN;r~tgage is subject to the terms, provisions and conditions of that certain Construction Loan Agreement dated , and wid Construction Loan Agreement is by reference into:posted herein and made a part hereof. Default in the terms of the Construction Luan Agreement shall constitute a default under the mortgage. • ~ L~`. ~3Us~ :,:1568 - - _ Y - -i