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HomeMy WebLinkAbout1945 _ . . _ _ _ - . _ . , ~ 9. To detiver any abstnct or ~bstncts o[ Ntk ot titk uuunna poliry or pollcies coverinj the mort~a¢ed ptope~ty to Ulortga~es or itt desi=aated agent. ~vhich ~all at all times dutina the llfe ot thk mortas~e~ rcmain in the pos~asswn of the INwt- p~e u~d in eveat of the foreclown o[ this mortp~a all ri6ht. titk and intercst of tM Mortptor in and to u?y wch abausct or .title shall psn to ths pncrhs~er at fo~eclowro. ho~rer. aU mort~~a titk insuranoe policies sh~ll remain the property of liortp~ee. . 10. '1Uat ~o waiwr ot any corenant hereio or in the obliptaas securod hereby duU at aay time bereafter De held to M • w~aiver ot aay o[ the other tetmt hereof or of tde notes ~ecuted heceby. nor may Mort~or rely oa aay coune ot conduct by ~ Mort~a~e aot~e~a ytequired pY thts iastrume~~ That the Mottp~ee. w~ithout aotice. auy a~ee rlth any party obUpted on sa~d indebtedaas. oruhavinj aa iatemt in tAe iecurity described hereui. to re~w or extend the time tor p~ymeat of any part or all oi tha udebted~ess :ecured MrebY. wiWout ia any way af~ectin~ either the lien heceo[ ot the ti~bilitY ot my other puty. l l. That in order to acookate the maturity o[ the indebtodaeu hereby secured becau~e oi the [ailuro o[ the Mort~agw - to pay any tax astessmeat. Wbility, oblqqulan of encumbia~we upoa said property u henia pwvided. it :hall n~t be aecessary nor requisite tAat tbe Yortaa~ee :hall Mt pay the same. lZ. Tlrt lt the Yort~a ~{I tail, ae~M~.K or ntwe [or a period o[ un (10) days ful~ and pcom~dr to pap ths amouats reqwred to be paW by tbe aotes hereby ~red or tl~e iaterest therein speafied or my of tlk wnu of moaey herein referred to or hereby socured. ot othe~w~i:e duly. [uUy aad prompdy to perform. exavte. cornpbr writh and abide by each. every or any of the ooreas~ts, noadltions or stipulatioai of ihb mortp,e, the promb~ory aotes h~eby ~ecured ~nd/or the cauttucUoa baa a~reement, it any, thea. and in eitbar or ie aay o[ wch events, w~ithont notice ot demand. the ~aid aEgepte wm meatbaed In iaid prombsory aota. less previow paymeats, if any. aad aay aad aU wms mentioaed Derein or securod hereby ~U became due and payable forthwnth or thereaRec at tl~e ooatiauins option of the l~lorf~aaee as 1LIbr and oouQbtety u if dd a~resate wms wem oti~inaUy stipulated to be Faid ai such time~ aaythius in ~aid pt~omissocy notes or Aeraa to the ooatraty aot~rith:tandity. aad the Mortp=ee sdaU be ent~tled Utereupon a~ theteaRet w~Wout aotioe or demand to iaititute wit at law or in equity to eaface the riaht of the Nortpaee hereundec or under said Qromi~ory aota. Ia tla eveat ot any defwlt or brach oa the put ot tbe Yortp`or herawder or under szid promis~ory aotes. the Matgasee shall have the contiauia~ option to entoroe paymant ot ail wms secuted heteby by actioa at la~r or by wit ia equlqr to foc~do~e~s mortga~e, either or both. ooncuirendy or other- ~rise, aad oae actioa a wit shall not abate or be a bu to at ~lret di tAe Mort~aee's right to inrtitute or maintaia the otha, pmvided ~id Mottaaaee shall bave a~y one paymeat and satiifaction of ssid indebtedaess. 13-A. That ia the ercnt that Mort~or shail p) consent to the appointment of a receirer, trustee or liquidator ot all or a substaatial part of ~lortaagor's assets. or (2) be adjudicated a bankrupt or insolrent. or fik a voluntuy petition in bankruptcy ~ or admit in writin~ ha inability to pay his debts as they become due, or (3) make a genenl assianment for benefit of creditors, or (4) tUe a pztition or ansvrer sakinE rwraanizatan or ananaement with crediton, or to take advantaae of any insolvency law. or (S) fik an amaer admittina any of the material aUeptions of a petition t~ted agai~st the Mortaagor in any bankruptcy, re- organiration or iroolvency proceedine, or (6) action shall be ~hken by the Mortgagor for the purpose of eftecting any of the fore- 6oinE. or (7) any order. jud6ment or decrce shall be entered upon an appliatioa of a creditor or Mortgaaor by ~ court of com- petent jurisdictior~ approvin6 a petition seeking appoiatment of a rcceiver or trustee of aU or a substantia! part of the Mortg~gor's asaets ud wch order, judament or deaee slull coatinue unstayed and in effect tar my period of thirty (30) oonsecutive days. the Mortpaee may declare the aota hereby ~ecured tortharith due and payaWe. ~rhereupon the principal af and the intaat acciued oa tbe aotes aad all otNer wms hereby secured shaU become [orthvrith due and payabk as if all of the said sums of aaney w~ere o nally ttipulatod to be paid on wch day• and thercupon the Mortgagee without notia or demand may prosecute - a tuit at law ani~or in equity u if all monies secwed hereby had matured prar to iu institutioa. !3-B. That in the erent the prcmises hercby mortgaEed, or any part hereof. shaU be condemned and taken for pubtic use under ihe power of eminent domain. Vort~agee shall have ihe right to require that ap damages awarded for the taking of or damage to said premises shall be paid to the Mortaagee, not to exceed the then unpaid balancx of /his mortga6e and any snm secured thereby, and at the option of the Mortgagee such amounts rtuy be applied upon the paymsnt or payments lut payabk hereon. In ihe erent it beoomes necessary Cor the Mortgagee to employ counsel to protect its interest at any condemnation prooeedings~ the Mortgagor shall immed'utely upon demand reimburse the Mort~gee tor atl reasonabk ezpenses and attomeyi fees thus incurred, and atl such wms stull be deemed secured by the lien of this mortgage. - 14. That the Mortgagee or any penon authorizod by the Mortgagee sha0 have the right to enter upon and inspect the mortgsged premites at aU reasonabk times. 15•A. 71ut to further securo payment of the indebtedneu of the Mortgagor to the Mortgagee. the Mortaagor does hereby sell, assign, transter and set orer unto the Mortgagee all of the rents. iswa, and profits of the mottgsged premises, and Mortgagee rtuy at its option delay enforcing this assignment until any default being made by the Mortgagor under the terms of this mortgage lhe notes ncured hereby, aad wch auianment in any eveat shaU remain i~ full force aud effect so lona as any defauit oontinues to exist in the makina of any ot the payments or We pedormanae of aay of the rnvenants of this mortga~e or the notes securod hereby. aad the Mor~ s1uU hare the right to enter upon the premises and coUect same directly trom persons in possessioa Mori~or asroet to execute any furthet documents evidencin6 wch auignment as Mortg~see.rtuy rcuonably request trom time , to tlrtle. ~ ; 15-B. 'llut in the event that at the beginnina of or at any time pending any suit upon this mortgage,or to foreclose it. or ~ to roform it, and/or to enforce payment of any claims hereunder, said Mortgagee shall apply to the court harina jurisdiction j thereof for the appointmeot of a Receiver, such court shatl forthw~th appoint a Receiver of said mortpged property all and ~ singulu, includin6 atl and singulu rents, income, protts, issues, and revenues from whatever source derived, ach and every of ; which. it bein6 eaprcssly undentood, is hercby mortgaged as it specifically set forth and described in the granting and habendum ~ clauses hercof, or any exhibits hercto, and wch Receirer shall hara all the broad and effective functions and powron in anywise ~ entrusted by a couR to a Receiver, and such appointment shall be made by wch court as an ~dmitted equity and a matter of ab- ~ solute ri~ht to uid Mortgagee. and aithout rckrcnce to the adequacy or inadequacy of any remedy at law~ or of the adoquacy or inadequacy of the n!x of the property mortgaged or to the solvency or insolvency of said Mortgagor or of any or all of the do- ~ fendants, and that such rents, profits. income, iswes and revenues shall be applied by such Receiver according to thc lien andJor ; equity of said Mortaa6ee and the pnctice o[ wch court. 16. To pay all and singulu the costs, chuges and expenses, including reuonabk lawyer i kes and fees for appeUate work and rnsts of abstract of titk. incurted ot paid at any time by said Mortga6ee beause and/ot in the event of the failure on the put of tht ssid 6tottsagor to duly, promptly and fully perform, discharge, execute. effect, complete. oomply with and abide by wch and every the stipulations, ageements, condidons and oovenants of said promissory notes and this mortgage. any or either, and said costs, chu6es usd expenses, ach and every, shall be immed'ntely due and payable, whether a~ not there be notia, demand, attempt to collect or wit pendin6; and the full amount of each and every such payment shall beu interest ftom the ~ date thereof until paid at the rame nte u is specit7ed. in the notes secured hercby, as payable aftu default in p~yment of said notes and all said costs, charges and expensts so incurred or paid, together with such interest, shall be secured by ihe lien of this ~ ~n6~~ 17. That Mortgagor will not permit any other liens, mortg~ges or encumbrances against the sa~d premises, and if any such liens, mortgaEes or encumbrances are incurred, whether puamount or subordinatod to this mortgage. Mortgagor wiU cause such liens, mortga6es or encumbnnces to be dischuged immediately. Without limiting the foregoing, should there be a lien superior in dianity to the lien of this mortgaEe with Mortgagee' consent, it is convenant and agreed that should the terms of a lien . ~ supenor in dignity to that of this mortgage be modited, altered or varied withoui the written consent of the Mortgagee herein, or should any lien s6perior in dignity to that of this mortg~ge be or become in default, then and in wch event the Mortgagee ~ herein may at its option accelerate ihe indebtedness secured by this mortgege and declare the same to be all due and payable without notice to Mortgagor or any other person. G; y 18. Mongagee shall ha~t the right to charae any of Mortg~gor's accounts with Mort~agee [or any sums payable as pro- ~ vided herein or in the promissory note secured hereby u wch becomes due. ~ 19. If ihe Mottga6ee requests, Mortgagor wiU furnish the Mortgagee annuaUy from the date of this mortgage instrument, ~ unless some other date is agreed to between the partia in writing, a certified audited financiat statement o( the Mortgegor and ~ annual compkte statements of Mortgagor. if the Mottgagor i fiscal calendar year shall not coincide with the date herein specified, then the date which the MortgaEee stull specify shaU be conuolling. Mortgagor shall supply Mort~gee with wch other financul ~ sUtertxnts as Mortgaaee may from time to time tequest. ~ 20. No riltht or remedy prcvided herein for the Morlgagee or provided for the Mortgagce in the note secured hereby shall ° be cumulative and severable. ~ ~ 21. !t is uriderstood and agreed that this mortgage is given to secure, in addition to the note or obligation attached hercto. • ' any additional loans or future advances rrude within the term o! this mortgage loan to said Mortgagors or any wccessor in title oC ~ said Mortga6on ot the property hsreby conveyed; provided that the total unpaid bahnce of the indebtedness secured heroby at ~ ~ any one time shall not exceed Sl-4~ , nno _ oo plus intercst theron plus any disbursements made br the Mortga~a for the qyrtknt of taxes, kvies, insurance or other charges on the property encumbered hereby, with interesi on wch ~ - d'ubursements, court costs a~d attomey's fas, ituluding tees (or appellate work. ' ~ 22. 'fhis mortgage is wbject to the terms, prorisions and conditions of th~t certain Construction Loan Agreement dated ~ Jtme 26 . 19 79 and said Construction Luan Agreement is by reference incorponted herein and ~ rrnde a put hereof. Default in the terms of the Construction Loan Agreement shall constitute a default under the mortgaga ~ a~ ; ; ~ ~~'~t 311 , ~ A ~ 9 C : rAC ` ~ i.~ ~'f ~ ~ .