HomeMy WebLinkAbout2273 9. To deliver any abstract or abstracts of titk or title insurance policy or policies covering the mortgaged property to
Mortgagee or its deu' reeled agent, which shall at cell times during the life of this mortgage, remain in the possettion of the Mort-
gagee and in event o[ the foreclosure of this mortgage all right, titlr and interest of tl,e Mortgagor in ar?d to any such abstract of
title shall pass to the purchaser at foreclosure, however, all mortgagee title inwrance policies shall remain the property of
Mortgagee.
10. That rro waiver of any covenant herein or in the obligatans secured hereby shall at any time heteatter be held to be
a waiver of any of the other terms hereof or of tlw 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 agrce with any party oblipted
on card indebtedness, or hanng an interest in the security described herein, to renew or extend the trine for payment of any put
or all of the indtbtednett secured hereby, without in any way affecting either the lien hereof or the liability of any other party.
11. That in order to accelerate the maturity of the indebtedness hereby secured because of the failure of the Mortgsgor
to pay any tax assessment, liability, obligation of encumbrance upon said property ss herein provided, it shall not be necessary
nor requisite that the Mortgagce shall tint pay the same.
12. That it the Mortgagor shall fail, neglect or refuse for a period o[ ten (10) days lolly and promptly to pay the amounts ,
required to be paid by the notes hereby secured or the interest therein specified or any of the wins of money herein referred to
or hereby secured, or otherwise duty, fully and promptly to perform, execute, comply with and abide by each, every or any of
the covenants, conditions or stipulations of this morigage, the promissory notes hereby secured and/ot the construction loan
agreement, if any, then, and in either or in any of such events, without notice or demand, the said aggegate sum mentioned in
said promissory notes, less previous payments, J any, and any and all wins mentioned herein or secuned hereby shall become due
and payable. forthwith or thereafter at the continuing option of the Mortgagee as fully and oompktely u if said aggregate wins
were originally stipulated to be paid as such tierce. anything in said promissory notes or herein to the contrary notwithstanding. t
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 promiuory notes. in the event of any default or breach on the pari
of the Mortgagor hereunder or under said promissory notes, the Mortgagee shall have the continuing option to erU'oroe payment
of all wins secured hereby by action at law or by suit in equity to foreclose this mortgage, either or both, coneutrenUy ar other-
wise, and one action or suit shall not abate or be a bar to or waiver of the Mortgagee's right to institute ar maintain the other,
provided said Mortgagee shall have only one payment and satisfactan of said indebtedness.
13-A. That in the event that Mortgagor shall (1) consent to the appointment of a receiver, trustee or Iquidator of all
or a substantial part of Mortgagor's assets, or (2) be adjudicated a bankrupt or insolvent, or file a voluntary petition rn bankruptcy
or admit in writing his inability to pay his debts as they become due, or (3) make a general assignment for benefit of aeditors,
or (4) file a petition or answer seeking reorganization or arrangement with creditors, or to take advantage of any insolvency law,
or (5) file an aruwer admitting any of the material allegations of a petition filed against the Mortgagor in any bankruptcy, re-
organization or insolvency proceeding, or (fi) action shall be taken by the Mortgagor for the purport of effecting any of the fore-
going, or (7) any order, judgment or decree shall be entered upon an application of a creditor or Mortgagor by a court of com-
petr~l jurisdiction approving a petition seeking appointment of a receiver or trustee of all or a substantial part of the Mortgagor i
assets acrd 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 and payable. whereupon the principal of and the interest
accrued on the notes and all other wins hereby secured shall become forthwtith due and payable as if all of the said sums of
money were originally stipulated to be paid on such day; and thereupon the Mortgagee without notice of 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, or any part hereof, shall be condemned and taken tot public use
under the power of eminent domain, Mortgagee sha?1 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 Mortgagee such amounts may be applied upon the payment or payments last payable
hereon. In the event it becomes necessazy 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 teasonabk expenses acrd attorneys' ~
fens thus incurred, and all such sums shall be deemed secured by the lien of this mortgage.
14. That the Mortgagee or any person authorize) 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 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 bring trade by the Mortgagor under the terms of this mortgage
the notes secured hereby, 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.
IS-B. That in the event that at the beginning of or at any time 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 for the appointment of a Receiver, such court shall forthwith appoint a Receiver of said mortgaged property all and
singular, including all and singular rents, income, profits, issues, and revenues from whatever souice derived, each and every of
E 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 wch Receiver shall have all the broad and effective functions and power in anywise
r 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-
solute right to said Mortgagee, and without 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 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 acrnrding to the lien and/or
equity of said Mortgagee and the practice of such court.
16. To pay all and singular the costs, charges and expenses, including reasonable lawyer's fees and ices for appellate work
u 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, ageements, conditions and covemnts of said promissory notes and this mortgage, any or either,
and said costs, charges apd 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 such payment shall beaz interest from the
date thereof until paid at the carne 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 secured by the lien of this
mortgage.
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 paramount or subordinated to this mortgage, Mortgagor will cause such
liens, mortgages or encumbrances to be discharged immediately. Kithout limiting the foregoing, should there be a lien superior
in dignity to the lien of this mortgage with Mortgagee' consent, it is conversant and ageed that should the terms of a lien t
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. Mortgagee shall have the right to charge any of Mortgagor s accounts with Mortgagee for any sums payable as pre-
sided herein or in the promissory note secured hereby as wch becomes due.
19. If the Mortgagee requests, Mortgagor will furnish the Mortgagee annually from the date of this mortgage instrument,
unleu some other date is agreed to between the parties in writing, a certified audited financial statement of the Mortgagor and
annual complete statements of Mortgagor. If the Mortgagor i 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 Mortgagee may from time to time 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 successor in title of
said Mortgagors of the propert~hereby conveyed: provided that the total unpaid balance of the indebtedness secured hereby at
any one time shall not exceed ~f~. eo plus interest theron plus any disbursements made by the
1?lortgagee for the payment of taxes, levies, 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
~lA" and said Construction Loan Ageement is by reference incorporated herein and
made a part hereof. Default in the terms of the Construction Loan Agrcement shall constitute a default under the mortgage.
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