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HomeMy WebLinkAbout2253 9. To drl?ver any abstract or abstracts of tick or title insurance policy or policies covering the mortgaged property to I?furtgagee or its designated agent, which shall at all times during the life of this mortgage, remain in the possesses of the Mort- gagee and in event of the foreclosure of this mortgage all right, title and interest of the Mortgagor in and to any such abstract or title shall pass to the purchaser at foreclosure, however, all mortgagee title insurance polices shall remain the property of Mortgagee. !0. That no waiver of any covenant herein or in the obligations 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 otcorduct by Mortgagee not specifically required by this instrument. That the Mortgagee, without notice, may agree with any party obligated on said ?ndebtedness, or having an interest in the security described herein, to renew or extend the tithe [or payment of any put or all of the indebtedness secured hereby, without in any way affecting either the lien hereof of the Uability of any other party. 11. That in osier to accelerate the maturity of the indebtedness hereby secured because of the failure of the Mottgsgor to pay any tax sssesstnent, 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 u the Mortgagor shall fail. neglect or refuse for a period of ten (!0) days fully and promptly to pay the amounts rcyuired to be paid by the notes hereby secured or the interest therein specifted or any of the wms of money herein referred to or hereby secured. or otherwise duly. fully and promptly to perform, execute. comply with and abide by each, every or any of the covenants, conditions or stipulations of this mortgage. the promissory notes hereby secured and/or the construction ban agreement, if any, then, and in either or in any of such events. without notice or demand. the said aggregate sum mentioned in said promissory notes, less previous payments, if any, and any and all wms mentioned herein or secured hereby shall become due and payable forthwith or thereafter at the continuing option of the Mortgagee as fully and completely u if said aggregate wms were originally stipulated to be paid u such time, anything in said promissory notes or herein to the contrary notwithstanding, r and the Mortgagee shall be entitled thereupon or thereafter without notice or demand to iririitute suit at !aw or in equity to enforce the right of the Mortgagee hereunder or under said promissory rwtei. 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 continuitg epees to enforce payment of all wms secured hereby by action at law or by suit in equity to foreclose this mortgage. either or both, concurrently or other- wise, and one action or suit shall not abate of be a bu to or waiver of the Mortgagee's right to institute or rttaintairt the other, provided said Mortgagee shall have only one payment and satisfaction of uid indebtedness. - 13-A. That in the event that Mortgagor shall (1) consent to the appointment of a receiver, trustee or liquidator of all or a substantial put 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 reorganization or arrangement with creditors, or to take advantage of any insolvency law, or (S) file an answer admitting any of the material aUcgations of a petition filed against the Mortgagor in any bankruptcy, re- organization or insolvency proceeding, or (ti) 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 appliceten of a creditor or Mortgagor by a court of com- petent jurisdiction 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 declare the notes hereby secured forthwith due aril pa>•able, whereupon the principal of and the interest accrued on the notes and all outer wms hereby secured shall become forthwith due and payable as if all of the said sums of money were otigittally stipulated to be paid on such day: and thereupon the Mortgagee without notice or demand may prosecute a suit at taw and/or in equity as if all monies secured hereby had matured prior to its institution. l3-B. That in the event the premises hereby mortgaged, or any part hereof, shad be condettu?ed and taken for 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, not to exceed the then unpaid balance of this mortgage and any sum secured thereby, and at the option of the Aortgagee such amounts may be applied upon the payment or payments last payable hereon. In the event it becomes necessary for the Mortgagee to employ counsel to protect its interest at any condemnation proceedmgs, the Mortgagor shall immediately upon demand reimburse the Mortgagee for all reasonable expenses and attorneys' fees thus incurred, and all such sums shall be deemed secured by the lien of this mortgage. 14. That the Mortgagee or any person authorized by the Aortgagee shall have the right to enter upon and it?spect 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 the Mortgagee all of the rents, issues, 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 hercby,-and wch assignment in any event shall remain 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 agrees to execute any further documents evidencing such assignment as Mortgagee may reasonably request from time to time. I S-B, That in the went that at the beginning of or at any time pending any suit upon this mortgage, or to foreclose it, of to reform it, and/or to enforce payment of any claims hereunder, said bortgagee shall apply to the court having jurisdiction thereof for the appointment of a Receiver, such court shall forthwith appoint a Receiver of said mortgaged property all and singular, including all and singulu rents, income, profits, issues, and revenues from 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 clauses hereof, or any exhibits hereto, and such Receiver shall have all the broad and effective functions and powers in anywise entrusted by a court to a Receiver, and such appointment shali.be made by such court as 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 !aw or of the adequacy or, inadequacy of the value of the property mortgaged or to the sohency or insolvency of said Mortgagor or of any or ail of the de- l 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 such court. ' lei. To pay all and singular the costs, charges and expenses, including reasonable lawyer's fees and fete for appellate work ! 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 fully perform, discharge, execute, effect, complete, comply with and abide by i each and every the stipulations, agreements, conditions and covenants of said promissory 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 every wch payment shall beaz interest from the date thereof until paid at the same rate as is specified, in the notes secured hereby, u 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 secuued by the lien of this mortgage. r ~ 17. That Mortgagor will not permit any other liens, mortgages or encumbrances against the saM premises, and if any such liens, mortgages or encumbrances are incurred, whether paramount or subordinated to this mortgage, Mortgagor will 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 conversant 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 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. 18. bortgagee 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. I 19. If the Mortgagee requests, Mortgagor will furnish the Mortgagee annually from the date of this mortgage instrument, s unless wme other date is agreed to between the parties in writing, a certified audited financial statement of the Mortgagor and s annual complete statements of Mortgagor. If the Mortgagor's fiscal calendar year shall not coincide with the date herein specified, then the date which the Aortgagee shall specify shall be controlling. ~tortgagar shall supply M_ ortgagee with wch other financial statements as Mortgagee may from time to time request. 20. No right or remedy pnvided 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 obligatan attached hereto, any additional loans or future advances made within the term of this mortgage 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 plus interest theron plus any disbursements made b~ the Mortgagee for the payment of taxes, evies, insurance or other charges on the property encumbered hereby, with 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 certain Construction Loan Agreement dated NSA and said Construction Loan Agreement is by reference incorporated herein and made a part hereof. Default in the terms of the Construction Loan Agreement shall constitute a default under the mortgage. . • • ~oQr 3U8 PA~t-2253 a , _ 'fit` L vb. s.l~ ~