HomeMy WebLinkAbout1179 9. To deliver any abstract o~ abstracts of tilk or utk insurance policy or policies coverinit the mottgaaed propetty lo
Mortgagte or its des~nated agent, which shall at aU times du~ing the life of tAis mortgage, remain in the posuuion of the Mort-
gagee and in erent of the forcclosure of this mort~Wge all right, title and intetest of the Mortgagor in and to ~oy wch abstact w
title shall past to the purchaser at foteclosuce. however, all mortgaaee titk inwrance policies shaU remain 1he property o[
Mortgagee.
l0. That no waiver of any covenant hercin or in the oDligatans secured hereby shaU at any time heceafter be held to be
a waivr~ of any of the other terms hereof or of the notes secured hereby. nor may Mottgaea tely on any course o[ conduct by
MortgaEee not specili~~aUy required by this instrument. That the Mortpeee, without notice. may s=ree w~ith any party obligated
on uid mdebtedness, or having an intecest in the security dexribed herein, to ~enew or extend the time for payraent of aay put
or all of Ihe indebtedness secured hereby, without in aoy way al'fectinE eithet the tien heteof ot the liability of any other party.
1 l. That in arder to acceknte the maturity of the indebtcdncu hereby secured because of the failure ot tbe Mor~gagw
to pay any ux assessment, Inbility, obligation of encumbnnce upon said property as herein provided, it shall not be necessary
nor reQuisite thal the Mortgaltee shaU fust pay the same.
12. That if the Mors~or shall fail. neskct or ~efuse for a period of ten (l0) days fully and promptty to pay the amounts
required to be paid by the notes hereby secured or the interest therein specified or any of the wms of money herein referred to
or hereby secured. or otherwise duly, fuUy and promptly to perform, execute, comply with and abide by each. every or any of
the coremnts. conditions or stipulations of this mong~ae. the promissory notes hercby secured and/or the constcuction loan
agreement, iC any. ihen. and ia either or in any of such events, without notice or demand, the said sagegate sum mentioned in
raid promissory notes, less previous payments, if any~ snd any and aU sums mentioned hercin or secured henby shall become due
and payable forthwith or thereaftet at the oontinuin~ option of the Mortgagee as fuUy and compktely u if uid aggesate sums
w^ere oriainaUy stipulated to be paid as wch time, anythina it~ said pmmissory notes ot herein to the rnntrary notwithstandina.
and the Mortaaaee shall be entitled thereupoa or thereaftet without aotice or demand to idstitute wit at law or iu equity tu
entorce the rqtht of the Mortpgee hereunder or under said promissory notes. ln the event of my defsult or breach on the part .
of the Mortgagor henunder or under ssid promissory notes. the Mortgasee shall have the continui~ option to entorce payment
of aU wms securcd hereby by action at law w by sult in equity to foreclose this mortgaae. either or both, concurrendy or other-
wise. and one action or suit shall not abate or be a bu to or waiver of the Mortgagee's right to institute or maiAtain tl~e other,
provided said Mottasaee shaU have only one payment and satisfactan of uid indebtedneu.
13-A. 71ut in the event that Mortg,agor shall (1) consent to the appointment of a receirer, trusta or Iquidstor of all
or a subatantial put ot Mortga~tor's asxts, or (2) be adjudicatod a bankrupt or insolvent, or Cde a voluntuy petition in bankruptcy
or admit in writing ha inability to pay his debts as they becortx due, or (3) make a general assignment for benefit oi creditors,
or (4) fde a petition or answer seeking rcorganization or artangement with cteditors, or to take advantage of any insolvency taw,
e: t5? fslt sn sss~xsr ~sait!iar anY nr n:ste:is! z!!rrssizaz ~f s cates:^n ars:r.:s 4lu:!rsra: iz saY lss.^.kse=l~r. :t- _
or~anization or insolvency proceeding, or (6) action shall be taken by the Mortgagor for the purpose of effecting any of the fore-
going, w(7) any otder, judgment or decree shall be entered upon an epplication of a creditor or Mortgagor by a court of com-
pete~t jurisdictiwn approving a petition seeking appointment of a receiver o? trustee of all or a su~stantial part of the-Mottgagor's
assets and wch order. judgment or deaee shaq continue unstaytd a~ in effcct for any period of thirty (30) consecutive days,
tht Mortgagee may declare the notes hereby secured forihwith due and payable, whereupon the principal of and tbe interest
acciued on the notes and all other wms hereby xcuted shal! become forthwtith due and payabk u if all of the said sums of
money w~ere oripnaUy stipulated to t+e paid on such day; a~d ihereupon the Mortgagee without notice or demand may prosxute
a suit at law and/or in equity as if all monies secured herrby had rtutured pr'ar to its institution.
13-B. That in the event the premises hereby mortgaged, or any part hereof, shall be condemned 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 ta aaid Qremises shall be paid to the MortgaEee, not to exceed the then unpaid balance of this mortgage and any wm
secured-tl~errby, and at the option of the Mortgagee wch amounts may be applied upon the payment or payments last payabk
hereor. In the event it becomes necessuy for the Mortgagee ta employ counsel to protect its intenst at any condemnation
proceedingc~ the Mortgagor shall immediately upon demand reimburse the Mortgagee for all reuorubk expenses and attomeys'
fees thus incurted. and all such sum~ shall be deemed securcd by the lien of this mortgage.
14. That the Alortgagee or any petson authorized by the Mortgagte shatl have Ihe right to enter upon and inspect the
mortgaZtM prcmises at all rrasonable times.
IS-A. 71ut to further secure paymrnt of the indebtedness of the Mortgagor to the :1longagee, tht Mortgagor does hereby
srll, assign, transfer and set o~~er unto the Mort~ee all of the rents, issues, and profits of tha mortgaged premises, rnd Mortgagee
rtuy at its optan delay enforcing this assignment uniil any default being made by the Mortgagor under the tetms of this mortp,ase
the notes securtd hereby, and such assignment in any event shall remain in full force and effect so long as any dcfault rontinues
~ to exist in the making of any of the payments or the performance of any of the covemnts of this mortgage or the notes ucured
i hereby, and the Mortgagee shall have the right to enter upon the premises and cotltct same directly from persons in possession.
Mongxgor agrees to execute any funher documents evidencing wch assignment as Mortgagee may reasonably roquest from time
to time.
15-8. That in the event that at the brginning of or at any time pending any suit upon this mortgage,or to foreclose it, or
to reform it, andior to enforce payment of any claims hereunder, said Mortgagce shall appl~~ to the court having jurisdiction
thereof for the appointment of a R~ceiver, wnc ~ourt shall forthKith appuint a Rcceivec of said mortgaged property aU ard
singular, includirtg all and singular rents, income, ptofits, issues, and revenues from w~hatever souta derived, each and every of
which, it being exprcssly understood, is hereby mortgaged as if specifically set Corth and desctibed in the gnnting and habendum
rlauses hercof, or any exhibits hereto, and such Receiver shall have all the broad and effective functions and powers in anyw•ise
entrusted by a court to a Receirer, and such appointment shatl be made by such court as an admitted equity and a matter of ab-
snlute tight to said Mortgagee, and without re(erence to the adequacy or inadeguac>- of any remedy at law or of the adequacy or
inadeqwcy of 1he ralue of the property mort~ged or to the wlvency or insolre'n~y of vid Rlortgagor or of any or all of the de-
fendants, and that wch rents, rofits, income, iswes end revenues shall be a lied b surh Receiver accordin to 1he lien nd
P PP Y a /or
equity of said Mortgagee and the practice ot such court. g
16. To pay alt and singular the costs, chuges and expenses, including reasonabk lawyer's fees and fees for appellate wotk
and costs of abstract of title, incuned or paid at any time by said Mortgagee be.ause and/or in the event of the failure on the
part of the said Nortga~tor to duly, promptly and. fully perform, discharge, exe~vte, effect, complete, oomply 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 eapenses, ach and every, shaU Ae immediately duc and payable, whether or not therc be notia,
demand, atiempt to collect or suit pe~in~; and the full amount of each and every such payment shall bear interest from the
date thetcof until paid at the same rate as is spetiPied, jn the notes secured hereby, u payable aftet default in payment of said
notes and ~Il said costs, charges and ex{+enses so incutred or paid, together w•ith such intercst, shall be secuted by the lien of this
mortgage.
17. That lturtgagur w-ill nut permit any other liens, murtgages or encumbranca against the saM prcmises, and if any such
liens, mortgages or encumbrances are incurred, whether paramount or subordinated to this mottg~ge, Mottgagor will cause such
liens, mortgages or encumbrances to be discharged immediately. ti1'ithout limiting the fotegoing, should thete be a lien superiot
in dignity to the lien of ihis mott~te with Mortgagce' consent, it is convenant and ageed tfiat should the ttsms of a lien
superior in dignity to that of this mort~t~e be m~~dified, altered or varicd withuut the written consent of the Nortgagee herein,
or should rny lien suprrior in dign~ty to ihat of this mortpage be or becume in default, Ihen and in such event the Mortgagee
herem may at its option accelerate the indebtednece ucured by thic mortgaRe and declare the sartx to be all due and payablt
Mrthout notice to lNortEraXor or any other percon.
18. ~fortp,agee shall ha~•e the right to charge ~ny ef Nurtgagor's accounts with ~turtgagee for any sums payable as pro-
vided herein or in the promissory nou secured hereby as such becomes due.
19. If the iNorigagee requests, blortgagor will furnish the Mortgagee annually from the date of this mortgage instrument,
unless some other date is agmed to between the patties in writing, a cernf~ed audited tinancial statement of the MortRa~eot and
annual complete statements of !?fortgagor_ If the Nort~agor i fisca! calenJar year shall not coincide with the date herein specifiad,
then the date whirh the ~furtgagee shaii specify shall be conuolling. Nortgagor shall supply !?lort~gee with wch other financial
statements a~ ~tortgagee may from time to time requesf. -
20. No right or remedy prrvided herein for the Mort~ager ur prov~ded for the ~tortpagee m the note se~ured hercby shall
be cumulaur•e ~nd seve:able.
21. It ic uMierst~wd and a~reed Ihat this mortg~c ~s grven to secure, ~n ~dd~t~on to the note or obligation attached hercto,
any add~uunal loans or future adv~nces rtude w•rthin the term of this mortgage loan to sad Nortgagors or any successor in titlt of •
said Mottgagors of the ptoperty hereby conveyed: prov~ded that Ihe total unpaid balance of the indebtedneu secuted hereby at
any one time shall not exceed 5143 , . plus ir~tetest theron plus any disbursements made b~ Ihe
Nortgagee for ihe payment of taxes, leviex, insunnce or other charges on the property encumbered hereby, with interest on such
d~sbursements, court costs and attorney's fees, including fees for appellate work. .
22. This mortgage is subject to the terms, provisions and conditions of th~t ~Yrtain Construction Loan Agrcement dated
__Jllri~ 26 ~ 19 79 and s~id Construction I.oan ARrsemrnt is by reference incorponted herein and
m~de a pu! hereof. Default in the terms of tht Construction Loan Altrcemrnt sb~ll constitule a default undet the mortgage.
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