HomeMy WebLinkAbout2517 9. To deliver any abstnct or abstracts of titk or title insurance policy or policies corering Ihe morlKaged prope~ty to
Mortgagee or its desy'
~nated agent, which shall at all times during !he lik ot this mortgage, remain in the possessiun of the Mort- i
dagee and i~ event of the forcctosure of this mo~tgage aU right, titM and intecest of the Mortgrgur in and tu any such aDst~aet or
title shaU pass to the purchaser at foreclosuro, however, aU mortgaget title insurance policies shall remain the property of
Mort6agte:
10. That no waiver of any coreoant herein o~ in the obligatans secured hereby shaU at any time hercafter be held to be
a waive~ of any of the other terms hereoi or of the notes secured hereby. no~ may I?tortgaaor rely on any cou~se of conduct by
Mortsaaee notspec~ f~caUy required by this instrument. That the M~rtpgoe, with~ut notice, may agee with any patty oDligated
on said indebtedness, or harina an interest in the xcurity described hercin, to renew ot extend the time fo~ payment of any part
ot aU of the u}isbtedness secured hereby, without in any way affectina either the lien hereof or the liability of any other party.
! l. That in order to acceknte the maturity of the indebtedness hereby socured because o[ the failure of the Mortgagor
to pay any tax asussment, liabitiry. obligation of encumbnnce upon said property as herein ptovided, it shail not be necessary
nor requisite that tAe Mortgagee shall fint pay the same.
12. That if the INortaagor shaU fail, neglect or rofuse for a period of ten (10) days fuUy and prompUy to pay the amounts
requirad to be paid by the notes hereby securcd or the intecest therein specified or any of tl~e wms of money herein referred to
or hereby secured, or othervvise duly. fuUy and promptly to pedorm. execute, compty w~ith and abide by each, every or any of
the covenants. condidons or stipulations of this mortg,age. the promiuory notes hereby secured andJor the construction loan
agreement. if any, then. and in either or in any of wch events. v~nthout notice or demand. the said aggegate sum mentianed in
uid promiuory nota, less previous payments, if any, and any and all wms mentioned herein or secured hercby shall become due
and payable fotthwith or thereafte. at the oontinuins option oC the Mortga6ee as fuUy ~nd compktely u if said aggegate sums
were origmally stipulated to be paid u such time, anylhin6 in said promissory nous.pt berein to the contrary notwithstanding,
and the Mortgagee shall be entitled theteupon or thereaftet without nq4~e a~ lko~ld. to institute wit at law or in equity to
enfotce the right of the Mortgagee hereunder or under said promissory notes. In ihe event of any default or bceach on the Qari
ot tMe Mortgagor hereunder or under said promissory notes~ the Mortgagee shall have the continuing optan to enfor:Y payment
oi a0 sums secured hereby by action at law or by wit in equity to forcclose this mortga6e. either or both. rnncurrendy or other-
wise, and one action or suit shall not abate or be a bu to o~ waiver of the Mortgagee's right to institute or ma+ntain ttk other,
_ pmvided said Mortgagee shall have only one payment and satisfactan of said indebtedness.
13-A. 17ut in the event that Mortgagor shall (1) consent to the appointment of a receirer, trustee or liquidator of all
or a substantial put of Mortgagor's assels, or (2) be adjudicated a bankrupt or insolvent, or P~Ie a voluntary petition in bankruptcy
or admit in wTiting his inability to pay his debts as they become due, or (3) make a general auignment for benefit of creditors,
or (4) file a petition or answ•er seeking reorganization or anangement with creditors, or to take adwantagi of any insolvency law,
or (S) file an answer admitting any of the material aqegations oi a petition flled apainst the Mortgagor i~ any tsnkrupic~, re-
organi~ation or insolvency proceeding, or (6) action shaU be taken by the Mortgagor for the purpose of effecting eny of the Core-
goi~g, or (7) any ordet, judgment or decrre shall be entered upon an appliratiun of a creditor or Mortgagor by a court of com-
petent jurisdiction appronng a petition seeking appointment of a receiver or trustee of all or a substantul part et the Nortgegar's
assets and wch order, judgment or decree stull continue unstayed and in effect for any period of thirty (30) consecutive days,
the Mortgagee may dectare the notes hereby securod forthwith due and payable, w•hereupon the principal of and the interest
accn+ed on the nota and all other sums hercby secured shall become Corthwith due and payabk as if all of the raid sums of
money wece ociAnally stipulated to be paid on surh day: and thereupon the Mortgagee without notice or demand may prosrcute ~
a suit at law and/or in equity as if all monies secured hereby had rt?atured prar to its institution.
13-B. That in the event the premises hereby mortgaged, or any part hereof, shall be condemned and taken for pubtic use
under the power of eminent domain, \tortgagee shall have the right to require that all damages aw•arded for the takinR of or
damage to said prrmises shall be paid to the Mortgegee, not to exceed the then unpaid balance of this mortgage and :~np sum
secured thereby, and at the option of the Mortgagee such amounts may be applied upon the payment or payments last pa~~able
hereon. In the event it becomes necessary for the ~tortgagee to employ cuunsel to ptotect its interest at any condemnation
proreedings, the Mortgagur shall immedsately upon demand reimbursr the Mortga~e for all re•rsonable ezpenses and attorneys'
fees thus incurred, and all such sums ~Sall be deemed secured by the lien of this mortgage.
l4. That the Mort~tagee or an~- petson authorized by the A1urt~gee 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 Nortgagor to the ~tortga~cc, the Nortgagor dces hereby
sell, assi~n, transfer and set over unro the Mottgagee all of thc rents, issues, and profits of the mortgaged premises, and >furt~eee
may at its option delay enforcing this assignment until any default being made b~• the \fortpagor under the terms of this mortga~
the notes secured hereby, and such assignment in any erent 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.
!?lortgagor agrees to execute any further documents evidencing such assignment as Mort~gee nuY reasonably request from time
to time.
IS-B. That in the e~~ent 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 daims hereunder, said Mort~;agee shall apply to the coutt ha~~ine jurisdiction
thereof for the appointment of a Receiver. ~uch court shall Corthwith appoint a Receiver of said mort~rged ptoperty all and
; singular, including all and singular rents, income, profits, issues, and rc~~enues from whatever source derived, earh and ever~• of
which, it being expressly understood, is hereby mortgaged as if specificall~• set forth and dextibed in the gtanting and habendum
clauses hereof, or any exhibits hereto, and wch Receirer shall have all the broad and rffective functions and powets in an}•K ise
~ entrusted by a court to a Rereiver, and such appointment shall be made by such court as an admitted equity and a matter of ab-
solute right to said Mortgegee, and w~ithout referent~e to the adequacq or inadequacy of ~ny remedy at law~ or of the rdequxy or
i inadequacy of the value of the property mortgaged or to Ihe solvency or insolvency of said Atortgagor or of an}~ o: all of the de-
fendants, and that such rents, profits, income, issues rnd revenues shall be applied by such Ren:iver according to the lien and/or
rquity of said Mortg:~gee and the practice of such court.
¢ 16. To pay all and sirtgular the costs. ~hazges and expenses, including reasonable lawyer's fees and fees for appellate w•ork
and costs of absUact of title, incurted or paid at any time by said ~tortgagee because and/or in the event of the failure on th~
j part of the said Mortgagor to duly, promptly and Cully perform, discharge, exerute, effect, complete, rnmply w~ith and abide by
~ each and every the stipulations, ageements, conditions and rnvenants ot said promissory notes and this mortgage, any or either,
' and said costs, char~tes and expenses, each and every, shall be immediately due and payable, w~hether or not there tx notice.
~ demand, attempt to rollect or suit pending; and the full amount of each and every such payment shall bear interest from the
date tfiereof until paid at the.same rate as is specified, in the notes ~ecured hereby. as payable after default in payment of said
notes and all said cosis, charges and expenses so inrurred or paid, to~ether w•ith such interest, shall be secured by the lien of thi~
@ mortgage.
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17. That ltorlgagur w•ill not permit any other liens, morty,ages or encumbrances against lhe sa~d premises, and if any such
~ liens, mortgages or encumbrances are incurred, whether paramount or cubordinated to this mortgage. ~lortg~gor w ill cause wrh
~ liens, mortgages or encumbrances to be diuharged immediately_ Without limiting the fore~toing, should there be a lien superior
~ in dignity to the lien of ihis mon~tage w•ith !ltortgaRee' conaent, it is com•enant and agreed ihat should the termc of a lien
s superior in digniq~ to that of this mortRaRe be muJifted, ~Itered or ti•anM w~ithout the w~ritten roncent of the ~lortgagee herein.
~ or should any lien superior in dignily to that of thic mort~zage be or become in default, then and in wch event the Mort~agee
herein may at its option accelerate the indebtedness se.ured by this mortga~te and derlare the same to be all due anJ p~yable
w~ithout notice to Nortpgor or any other person.
~
18. Mort~agee shall have the right ro rharge sn)' of ~torigagor'~ accounts wiih Alortgagee Cur any sumc pa}able a~ pro-
g rided herein or in the promiuor~• note secured hereby as such becumes due.
? 19. If the Aiortpagee requests, Nortgagor will furnish the :?tortgage~ annuall}• from the dale of this mortgage irotrument.
~ unless wme othet date is agreed to betw~een the parties in w•riting. a certified audited tinancial statement of ihe ~iort~aeor and
~ annual complete statements of 51ort~a~or. If ihe ~fort~agor's fiscal ralendar }•ear sh~ll not roinride w~iih the date herein .perificd,
~ then the date which the ~tortgagee chall sperif)~ sh:+ll be conUOlling. ~lortgagor shall supply ~torteagee with wch other finan.ial
~ ~tatements as ~1ort~agee ma}• from time to time requea.
20. No right or remc~iy prcvided herein for the ?1o!t~a~ee ur providcd far the Af~~rtgaeee in the note secured hereb> .hall
be cumulative and sevrrable. ~
21. It is understcx~d and agreed that thic mongage ic gicen to ~erure. in addition to the note or obli~ation attached hereto.
~ any additional loans or future advances made within the term of this mortcage loan to said tlortEagors or any wccessor in title of
; said ~fortgagors of the property hereby con~•eyed; provided that the total unpaid balance of the indebtedness se.ured hereby at
~ any one time shall not e~~eed $~-~00.00 plus interest therun plus am• disbursementc madc by the
Mortgagee for the paymenl of taxes. levies, insurance or other charges on the property encumbered hereby, w•ith interest on such
~ disbursements, court casts and attotney's fees, including fees for appellate wotk.
~ 22. This morigage is subject to the terms, provisions and conditions of that rertain Construclion Loan Agreement dated
~
~ N~A , and said Construrtion Loan Agreement is by refere~ce incurporated herein and
' made a part hereof. Uefrult in the terms of the C~~nstrurtion Loen ~~reement shall c~nstitute a defaul! under the mortRa¢e.
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