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HomeMy WebLinkAbout0034 yaw. 9. To deliver any abstract or abstracts o[ title or title insurance policy or policies covering the mottga~ed property to ) Mortgagee or its d red sgent, which shall at all times during the life of this mortja~e, remain in the possesaoa of the Mort• ~ and in Brent o the [oreclowrc of this mortpg~ sU right, title and interest of the Monp~or in and to any wch abstract or ti a shall pass to the purchaser at torectowce, however, all mortgagee title inwrana poGctes shsU remain the property of Morigagee. i 10. 71st no waiter of any covenant herein of is the obllptioas secwed hereby shall at say time hera[ter be held to be a waiver of any of the other terms bettor or of the notes secured hereby, not may Mortgsgor,rdy oa say course of conduct by Mortgagee not spocltiaRy required by fhb iasttumaat. That tlrs Mortgagee, without notice, may sgtes with say party oblipted on ssaaiid indebt ranee, or having an interest in the security described herctn. to renew or extend the tune for payment of any part or all of the indebtedness secured hereby, without in any way affecting either the lien hereof a Ilse liability of say other party. 11. That in order to aoceknte the matwity of the indebtedness hereby secured because of the failure of the Mortgagor to pay any tax assessment, liability, obligation of encumbrance upon said property as herein provided, it shall riot be necessary nor requisite that the Mortgagee shall tint pay the same. l2, That if the Mortgagor shall fail, neglect or retux for a period of ten (10) days fully and promptly to pay the amounts req~~red to be paid by the notes hereby secured or the interest therein rpecifted or any o[ the sums of money herein referred to or hereby secured. or otherwise duly, fully sad promptly to perform, execute, comply with and abide by each, every of any of { the oovernants, conditious or stipulations of this mortgage, the promissory notes hereby secured and/or the construction ban i agreement, if say, thee, and is either or is say of such events, without notice or demand, the said s~regate sum mentioned in ~ said promissory notes. less previous payments. it say. std any ;nd all morns mentioned herein or secured hereby shall become due std payable forWwith or thereafter at the ooatinuirtg option of the Mortgagee as fully and rnmpktety ss if said aggregate wms were origina!!y sttpulated to be ~ as such time, aaythirtg to said promissory notes or herein to the contrary notwithstanding. 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 Mortpge hereunder or under said promissory notes. la the tvent of any dehult or breach on the part ! of the Mortgagor hereunder or under said promissory notes. the Mortgagee shall have the rnatinuing option to enforce payment of all wms secured hereby by action at law or by suit in equity to foreclose this mortgage, either or both, concurrently a other- wise, and one action or wit shall not abate or be a bar to or waiver of the Mortgage's right to institute or maintain the other, provided said Mortgagee shall have only one payment and satisfaction of said indebtedness. 13-A. That in the event that Mortgagor shall (1) consent to the appointment of a receiver, trustee or liquidator of all # or a substantial put of Mortgagor s assets, or (Z) be adjudicated a bankrupt or insolvent. or file a voluntary petition in bankruptcy a admit to writing his inability to pay his debts as they become due, or (3) make a general assignment for benefit of creditors, of (4) fde a petition or answer seeking reorganization or arnngetnent with creditor, or to take advantage of any insolvency law, or (5) file an answer sdmitting any of the material-aUegstions of a petition filed against the Mortgagor in any bankruptcy, re- organiration or irnsolvency praxcding. or (6) action shall be taken by the Mortgagor for the purpox of effecting any of the fore- , going, or (7) any order, judgment or decree shall be aerated upon an appliption of a creditor or Mortgagor by a court of come potent jurisdiction approving a petition seeking appointment of a receiver or trustee of all of a substantial part of the Mortgagor's assets end wch order. judgnxat or decre shall continue unstayed and in effect far any period of thirty (30) consecutive t!ays, the Mortgagee may dedue the notes hereby secured forthwith due and payable, whereupon the principal of and the iate:est accrued on the motes and all other wms hereby secured shall bernme forthwith due and payable as if all of the said sums of money were on naUy stipulated to be paid on such day• and thereupon the Mortgagee without notice or demand may prosecute a suit at law andsor in equity as if all monks secured hereby had matured prior to its imtitution. 13-B. That in she event the premix: hereby mortgaged. or any part hereof, shall be condemned and taken for public ux under the power of eminent domain, Mortgagee shall have the right to require that a!I damages awarded for tht taking of or damage to said premises :lull 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 Mortgsgee wch amounts may be applied upon the payment or payments last payable hereon. In tM event it becomes necessuy 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 ieasonabk expenses and attorneys' fees thus incurred, and all such sums shalt be deemed secured 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. IS-A. That to further secure payment of the indebtedneu of the Mortgagor to the Mortgagee, the Mortgagor does hereby sell, assign, transfer and set over unto the Mortgagee all of the rents, iswts, and profits of the mortgaged 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 hereby, and such assignment in any event shat) remain in full farce and effect so long as any default continues to exist in the making of any of the payments or the petfornnnce of any of the rnvemnts of this mortgage or the notes xcured hereby, and the Mortgagee shall have the right to enter upon the premises and collect same directly from persons in posxssion. Mortgagor agrees to execute any further documents evidencing such assignment as Mortgagee may reasonably request from time to time. 1 S-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 daims hereunder, said Mortgagee shall apply to the court roving jwisdiction thereof for the appointment of a Receiver, wch court shall forthwith appoint a Receiver of said mortgaged property all and singulu, including all and singulu rents, income, profits, issues, and revenues from whatever sours derived, each and every of rshich, it being expressly understood, is hereby mortgaged as if specifically xt forth and described in the granting and habendum dauses hereof, or any exhibits hereto. and such Receiver shall have all the broad and effective functions and powers in anywise 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 solvenncy or insolvency of said Mortgagor or of any or all of the de- fendants, and that such rents, profits, income, issues and revenues shall be applied by such Receiver according to the lien and/or ~ equity of said Mortgagee and the practice of such court. t 16. To ay all and si Wu the costs, chu sand ex axe, indudin reasonable la s p rag f;t pe g wyer's fees and fees for appellate work and costs of abstract of irk, incurred or paid at any time by said Mortgagee because and/or in the event of the failure on the part of the said Mortgage- !o duly, promptly and fully perform, discharge, execute, effect, complete, comply with and abide by each and every the stipu..~ions, agreements, Conditions and covenants of said promissory notes and this morigagt, any or eithtr, and said costs, charges and expenses, each and every, shall be immedntely due and payable, whether or not there be notice, demand, attempt to collect or suit pending; and the full amount of each and every wch payment shall beu interest fronr+ the date thereof until paid at the same rate u 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 xcwed try the lien of this mortgage. 17. That Mortgagor will not permit any other liens, mortgages or encumbrances against the sand premises, and if any such liens, mortgages or encumbrances arc incurred, whether puamount or subordinated to this mortgage, Mortgagor will cause such liens, mortgages or encumbrances to be dischuged immediately. Without limiting the foregoing, should them tre a lien wperior in dignity to the lien of this mortgage with Mortgagee' consent, it is conversant and ageed that should the terms of a lien 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 trot of this mortgage be or become in default, then sad in wch event the Mortgagee herein may at its option accelerate the indebtedness xcured by this mortgage and declue the same to be all due and payable without notice to Mortgagor or any other person. 18. Mortgagee shall ha~ro the right to charge any of Mortgagor's accounts with Mortgagee for any sums payable as pro- vided herein or in the promiuory note secured hereby as wch becomes due. l9. If the Mortgagee requests, Mortgagor will furnish the Mortgagee annually from the date of this mortgage instrument, unless some other date is agreed !o between the parties in writing, a certifxd audited financial statement of the Mortgagor and annual complete statements of Mortgagor. If the Mortgagor i fiscal calendar you shall not coincide with the date herein specified, then the date which the Mortgagee shall specify shall be contrdling. Mortgagor shall supply Mort~gee 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 nude within the term of this mortgage loan to said Mortgagors or any wccessor in title of said Mo?tgagors of the property hereby conveyed; provided that the total unpaid bahnce of the indebtedness secured hereby at any one time shall not excced N/A plus interest theren plus any disbursements made by the Mortgagee for the payment of taxes, levies, insurance or other charges on the property encumbered htrcby, with interest on wch disbursements, court costs and attorney's fees, including far for appellate work. 22. This mortgage is subject to the terms, provisions and conditions of that certain Construction Loan Agreement dated N/A ,and said Construction Doan Ageement is by reference incorporated herein and ma a put hereof. Default in the terms of the Construction Loan Agreement shall constitute a default under the mortgage. ritlj l>C ~t3 P~cE 34