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9. To deliver any abstnct or abstracts of titk or title insunnce policy or policies coreting the mortgaged property to
blortgagee or it: de u~gnated agent, which shall at all times durina the life of this mortgage, remain in the possessiun ot the Mort-
pgee and in eve~t of the foreclosure of this mottp~e aU right. titk and intercst of the l~fortgagor in and to any wch a~uact or
utle stull pau to the purchaser at fortclosuro, howevsr, aU mortgagee titk inwnna polirics shall temain the property of
INortga=ee.
10. 'llat no wairer of any corenant herein or in the obli~atans secured he~eby shall at any time hereafter be held to be
a waive~ of any of the other terms hereof or oi the notes secured hereby. nor may Mortgaga rcly on sny couru of conduct by
Morlgasee not speciticaUy tequired by this instrument. That the Mortp¢ee, without notice, may agee with any patty obligated
on said ~ndebtedness, or having an interest in the stcurity described he~em, to renew or extend the time for payment of any part
or all of the indebted~ess secured hereby, without in any way afTectina either the lien hereoi or the liabilily of any uther party.
11. That in order to accelente the maturity of the indebtedness hereby secured because of the failure of the Mortgagor
to pay any tax assessment, liability, ob?iaation of encumbnnce upon said property as herein provided, it shall not be necessary
nor requisite that the Mortgagce shaU first pay the same.
12. That it the Mort6aso~ sluU fail, ~eglect or nfuse for a period of ten (10) days fuUy and prompdy to pay the amounts
required to be paid by the notes hereby secured or the intercKt thercin specified or any of the wms of money hercin referred to
or hereby secured, or otherwise duly. fuUy and prompUy to perform. execute. comply with and abide by each, every or any of
the covenants. conditions or stipulations of this mori6,age, the promissory notes hereby secured and/or the construction loan
a6rame~t. if aay, then. and iA either or in any of wch events, wlthout notice or demarid. the said aggegate sum mentioned in
iaid promissory nota. less previous payments, if any, and any and aU wms mentioaed hercin or secund hercby shall become due
and payable [orthwith or the~eafter at the continuin6 option of the Mortgagee as fuUy and compktely u if said aggegate sums
rrere odBnally sliputated to be paid u wch time. anythina in said promiuory ~otes or herein to the contrary notwithsuading.
and the Mortpgee shall be entitled thereupon or thereafter without aotice or demand to iristitute suit at law or in oquity to
enforce the riaht of the Mortpaee hercunder or uoder said promissory notes. In the ereat of any default or brach ~n the part
of the Mortgsaor hereundei or under said pmmissory notes, the Matgagee shaU have the coatinuing option to enforce payment
of all wms secured hereby by action at law or by wit in equity to toreclose this mortgage, either or both. concunendy or other-
wise, and one action or suit shaU not abate or be a bu to or waiver of the Mortpgx's right to institute or maiatain the other,
provided srid Mortgaaee shall have only one paymeat and satisfaction ot said indebtedness.
13-A. That in the erent that Mortgagor shall (1) conscnt to the appointment o[ a roceiver. trustee or liquidator oF all
or a substantial put of Mortgagor's assets, or (2) be adjudicated a bankrupt or insolrent, or fik a voluntory petition m bankruptcy
or admit in writing his inability to pay his debts as they become due. or (3) make a genenl usignment for benefit of aeditors,
or (4) file a petition or answer xeking reorganization or arrangement wfth creditors, or to take adwantage of any insolvency law~
or (5) file an answer admitting any of the material alkgations oC a petition filed against the Mortgagor in any bankruptcy, re-
organiration or insolrency proceeding. or (6) aclion shaU be taken by the MortRagor for the purpose of effecting any of the forc-
going, or any order. judgment ot decree shall be entered upon an application of a creditor or Mortgagor by a court uf com-
petent jurisdiction approving a petition seeking appointment of a receiver or trustce of aU or a subsuntial part of the Mortgagor's
assets and wch ordet. judgment or decree shall continue unstayed and in•effect for any period of thirty (30) consecutive days,
the Mortgasee may declare the notes hereby socured forihwith due and payable, whereupon the principal of and the interest
aceruod on the notes and all othet sums hereby sscuted shall bernme forthwith due and payabk as it all of the said sums of
money were originally stipulated to be paid on such day; and theceupon the Mortgagee without notice or demand may prosecute
a suit at law and/or in equity u iC all monies secured hereby had maturcd prior to its institution.
13-B. That in the erent the premises hereby mortgaged, or any part hereof, shall be condemned and taken for public use
under the power of eminent dortuin, Mortgagee shall have the rigfit to require that atl 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 opfion of the Mortgagee such amounts may be applied upon the payment or payments last payable
hereon. In the event it becoma neceswy _for the MortgaAce to employ counsef to protect its interest at any condemnation
proceedings, the Mortgagor shall immediately upon demand reimburse the Mortgagee for al! reuonabk expenses and attomeys'
fees thus incurted. and aU such sums shall be deemed securod by the lien of this mortgage.
14. That the Mortgagee or any person authorized by the Mortgagee shall have the right to enter upon and inspect the
mortgaged premises at all reasonable times.
15-A. That to fnrther secure payment of the indebtedness of the Nortgagor to the Mortgagee, the Mortgagor dces hereby
sell, assign, transfer and set over unto the htortgagee all of the rents, iswes, and profits of the mortgaRed 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 heroby, and wch assianment in any erent shaU remain in full force and effect so long as any default continues
to exist in the making of any of the payments or the pedormance of any of the covenants of this mortgage or the notes secured
hereby, and the 1ltortgagce shall have the right to enter upon the premises and coUect same directly from persons in possession.
Morig~gor agrees to execute any _further documents eridenci~t such assignment as Mortgagee may reasonably request from time
to time.
I S-B. That in the e~~ent that at the beginning of or at any time pending any suit upon this mortgage, ot to foreclose it, or
to reform it, and/or to enforce payment of any claims hereunder, said Mortgagee shall apply to the court having jurisdirtion
thereof for the appointment of a Receiver, such court shall forthw~th appoint a Receiver of said mottgaged property atl and
` singu{u. including all and singular rents, income, profits, issues, and revenues from whatever source derived, each and every of
! which, it being expressly understood, is hereby mortgaged as if specificatly set forth and described in ihe granting and habendum
clauses hercof, or any exhibits hereto, and such Receirer shall have a!1 the broad and effective funetions and powen in anywise
C entrusted by a court to a Receiver, and such appointment shall be made by such cuurt as an admitted equity ~nd a matter of
ab-
~ solute right to said Mortgagee, and without refercnce to the adequacy or inadequacy of any remedy at law or of the adequacy or
inadeqwcy of the value of the property morigaaed or to the solvency or insolvency of said Mortgagor or of any or all of the de-
, tendants, and that such rents, profits, income, iuues •rnd revenues shall be applied by such Receiver according to the lien and/or
equity of said Mortgagce and the practice of such rnurt.
~ 16. To pay aU and singulu the costs, chuges and expenses, including reasomble lawyer's fees and fees for appellate vvotk
3 and costs of absUact of title, i~curred or paid at any time by said Mortgagee because and/or in the event of the failure on the
part of the said Mottgagor to duly, promptly and fully perform, discharge, execute, effect, complete, comply with and abide by
each and every the stipulations, agreements, condilions and covenants of said promissory notes and this mortgage, any or either,
and said costs, chuges and expenses, each and every, shall be immediately due and payable, whether or not there be notice,
demand, attempt to collect or suit peoding: and the [ull amount of each and every wch payment shall beaz interest froFn the
k date thereof until paid at the same rate u is specified, in the note~ secured hereby, as payable after default in payment of said
~ notes and all said costs, charges and expenses so incurred or paid, together with such intercst, shalt be secured by the lien of this
mortgage.
~ 17. That Mort~agor w ill aot permit an~• other lirnc, morlgages or encumbranres :~ainst the said ptemises, and if any such
liens, mottgages or encumbrances are incurred, whether paramount or subordinated to this mortgage, Mortgagor w•ill cau~e such
- liens, mortga~tes or encumbrances to be dixharged immediately_ Without limiting the foregoing, shoald there be a lien superior
~ in dignity to the lien of this mort~age w•ith !liorteagee' con~ent, it is ronvenant and agreed that should the terms of a lien
~ superior in dignity to that of this mortgage be modified, altered or varied w~ithoui .he written ronsent of the ~lortgegee herein,
~ or should any lien superior in dignity to that of this mortgage be or become in defauit, then and in wch e~ent the Murtgagee
~ herein may at its option accelerate the indebtedness secured by this mortg~ee and derlare the same to t?e all due ;~nd pay~abfe
~ a~ithout notice to Mottgagor or any other person.
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18. Mortyagee shall ha~~e the right to charge any of Norteagor's accounts w~ith ~furtga~ee for any sums payable as pro-
g vided.herein or in the promissory note secured hereby as wch becomes due.
' 19, if the Mortgagee requests, ~1ortRagor will furnish the ".Nortgagee annu:~lly from the date of this mongage instrument,
unless wme other date is agreed to betw~een the parties in ariting. a rertified audited tirwncial statement of the_ \tortgagor and
~ annual complete statements of ?1lortgagor. If the :lfortgagor i fiual calendar year shall not coincide with the date herein specified,
- then the date w~hich the ~iort~agee chall speriEy shall be conirolling. biortgagor shall wpply ~tort~agee with wch other financial
f statements as Jlortgagee may from time to time request.
z 20. No right or ramedy prcvided herein for the ~fort~a~ee or provided for the Nortga~ee in the nute secured hereby shall
be cumulatn•e •rnd severable.
~ 21. It is understood and aFreed that this mongage ~s gicen to secure, in addition to the note or obligation attached hereto,
~ any additional loans or future advanres m~de withm ihe term of this morteage loan to said Nortgagors or any successor in tiUe of
` said Mortgagors of the property hereby conveyed; provided that the total unpaid balance of the indebtedneu serured hereby at
~ any onc time shall not exceed N~A plus interest theron plus any disbursemenis made by the
Mortgagee for the payment of taxes, levies, insurance or other charges on the proper~y encumbered hereby, with interest on such
~ disbursements, conrt costs and attorney's fees, including fees for appellate work.
22. 'Riis N~t~age is subject to the tetms. provisions and conditions vf that certain Construction Loan ~reement dated
~ A ~nd said Constructiun Loan Agreement is by reference incorporated herein and
~ made a part heteof. Uefault in the terms of the Construction Loan Agreement shall constitute a dcfault under the mortgage.
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