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9. To deliver any abstraM or abstracts of tick or title insurance polity of policies covoriag the nrortga~ed pr rty to
Me a~itd in event of rite foraalowrehof thiwmo all tie ~s during the life of this mortgage, remain in the posaassron of Uw Mort-
~,a~ee rtp~e right, titb std interest of the 11[ortp~or is sad to any suds abstract ar
Utle shall plus to the purchaser at foreclosure, hotrrevsr, all taortpjee title inwrance polcks shall remaLr the pmpergr of
Mortgagee. .
10. That ao waiver of any rnveaaat heroin or is the obligatbas secured hereby shall at say fiats hereafter be held to be
a waiver of argr of the other terms hereof or of the notes secured be»by, nor may Yortgagot rely oa anr course of conduct by
Mortgagee aota~requited by chit irisirittaent. Thee the Mortgages, without notice, may sgree with say party obligated
oa ssaaiidd iadebt asst, or virrg as interest is the security described hereiian, to renew of extend the time tot payment of any part
or all of the iadebtedaew secured ltarebY. without in say wsiy alfoctiag either the list bereof or the Uability o[ any otter party.
11. That to order to sweekrate the maturity of the indebtednea hereby secured because of the faUure of the Mortgagor
to pay an tax assessment, UabUity, obligstioa of eacumbraace upon said property u herein provided, it shall not be rreoessary
nor requisi:e that filar llortgajee shall rust pay the same.
12. That it the Mortgagor shall fall, aegkM or retwe for a period of tea (10) days tally sad proa~tty to pay the amounts
tequirod to be paid by the notes herb secured or the iatere:< therein specified or say of the soot: of money herein referred to
or hateby secured, or otbaiwlss dolt. and promptly to perforat. execute, comps with and abide by each. every a say of
the ooveaaattt, toaditlont a sdpulatioas of this atortppr, the promissory notes hacby secured sad/or the construction ban
sgteeraeat, it say, thee, sad is either or is any of wdt events. without notice or demand, the said aggregate sum meatioaed in
said PAY votes, lea J ~
us prgytneats. it as .and say sad all wore meatioasd herein or tacured hetebY shall become due
cud payabb forthwith or t1 ear at the ooatinu~ optbn of the Mort~ee as fulq? sad ootnpktety as U raid ag~epte sums
wets origiasUy stlpirlated to bs paid as snob time. avythiag is said promissory note: or herein to the contrary twtwiUutaadiag.
and the Mortgagee Mall be entitled thenupoa or thereafter without aotke or demand to ins<itute toil at law or bra equity to
enforce rtes right of the Mortgagee heretrvder or order raid promissory notes. Iv the eruct o[ say detaWt or breach ov the part
of the Mortgtgor hereunder or under slid promissory notes, the Mortgagee shall have the contiouioa option to enfaroe payment
of all sums secured hereby by action at law or by suit is equity to foreclose this mort;sge, either or orb, ooncurteady a other-
wbe, :rid one scNoa or salt shall not abate or be t bar to or waterer of the Mortgagee's right to institute or maintain the other,
provWed said Mortgagee shall have only one payment sad satisfaction of said indebtedness.
13-A. That is the event that Mort shall (1) consent to the appointment of a receiver. trustee or liquidator of all
or a wbstaatial put of Mortgagor's assets, or 2) be adjudicated s bsnkrupt a insdvent, or fUe a voluntary petitbn is bankruptcy
or admit iv writing his itability to pay his debts as they become due, or (3) mate a general assignment for benefit of creditors.
of (4) file a petition or answer seeking reorganizatba or arrangeareat with creditors. or to take advantage of any insolvency law,
ce (S) tits as answer sdmittias any of the aateriai alkgatbrt: of a petition fried sgainst the Mortgagor in any baniccuptcy, m
orgaaintioa or itisolveacy proceeding, or (6) action shall be ratan by the Mortgagor for the purpose of effecting any of the fore-
going. or (7) say order, judgrrreat of decor shall bt: entered sport an appllatbn of a creditor or Mortgagor by a court of com-
petent jurisdiction approving a petition seeking appointment of a receiver or trustx of aU or a wbstantial part of the Mortgagor's
assets and suds order, judgment of decree stall covtiaue unstayed sad in effect for any period of thirty (30) sefytive days,
the Mortgagee may dedue the notes hereby secured forthwith due and payable. whereupon the principal of sad tDe interest
accrued ov the notes sad all other sums hereby secured shall become torthwiW due and payable as if all of the said sums of
money were o stipukted to be paid on wdr dsy; aM thereupon the Mortgagee without notice a demand mar prwecutQ
a suit at law sad or in equity ss U W monks secured hereby had matured prior to its iastitutiar.
13-B. That in the event the premises hereby mortgaged, or any put hereof, shall be condemned and taken for public use
order the power of eminent domarn, Mortgagee :hall hate the right to require that all 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 >od any sum
secured thereby, and at the option of the Mortgagee such amounts may be applied upon the payment or payments last payable
hereon. In the event it becomes necessary for the Mortgagee to empty counsel to protect its interest at any condemnation
proceedings, the Mortgagor s1raU immediately upon demand reimburse the Mortgagee for all reasorrabk expenses and attorneys`
tees thus incurred, and all wch wms shall 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 reawnabk times.
15-A. That to further secure payment of the indebtedness of the Mortgggot to the Mortgagee, tbe__Mortgagor does hereby
sell, assign, transfer and set over unto the Mortgagee all of the rents, issues, and profits of the mortgaged premises, and Mortgagee
may at its option delay enforcing this assignrrrent unpl say default being made by the Mortgagor under the terms of this mortgage
the rates secured hereby, and such assignment is any event shall remain in full fora sad effect so long as any default continues
to exist in the making of say of the payments or We perfotnraace of any of the covenants of this mortgage or the notes secured
hereby, and the Mortgagee shall have the right to enter upon ttre Premises turd_colled sans directly frpm persQas in possession.
Mortgagor agrees to execute any further documents evideacirrg wch assignment as Mortgagee may reasonably request from time
to time.
15-B. That in the event brat at the beginning of or at any bare pending any wit upon this mortgage,or to foreclose it, or
to reform it, and/or to enforce payment of any claims hereunder, said Mortgages shall apply to the court caving jurisdiction
thereof for the appointment of a Receiver. wch court shall forthwith appoint a Receiver of said mortgaged property all and
singular, including all and singulu rents, income, profits, iswes, and revenues from whatever source derived. qch and every of
which, it being expressly understood, is hereby mortgaged as if specifically set forth and described in the granting and habendum
clauses hereof, or say exhibits hereto, and wch Receiver shall have all the broad and effective fuoctbns and powers is 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
inadegwcy of the value of the property mortgaged or to the solvency or insolvency of said Mortgagor or of any or all of the de-
fendants, and that wch rents, profits, inrnme, issues and revenues shall be applied by wch Receiver according to the lien andJor
equity of said Mortgagee and the practice of wch court.
16. To pay all and singular the costs. charges sad expenses, including ressombk lawyer's fees and fees for appellate work
sad costs of abstrset of tick, insured or paid at any time by said Mortgagee bepuse and/or is the event of the far7urc on the
part of the said Mortgagor to duly. promptly aM fully perform, discharge, execute, effect, oomptete, comply with_and abide by
each and a*ery the stTpulaYans, agreeutents, renditions and oovemnts of said promissory notes and this mortgage, any of either,
and said costs, charges and expenses, qch and every, shall be immediately due and payable, whether or not there be notice,
demand, attempt to collect of wit pending; and the cull amount of each sad every such payment shall beu interest front the
date thereof untH paid at the same rate as is specified, in the notes secured hereby, as payable after default in payment of said
notes aM all said costs, charges and expenses so incurred or paid, together with such interest. dull be secured by the lien of this
mortgage.
17. That Mortgagor will not permit any other liens, mortgages ar encumbrances against the sand premises, and if any wch
liens, mortgages or encumbrances are incurred, whether puamount or subordinated to this mortgage, Mortgagor w01 cause such
liens, mortgages or encumbrances to be dischuged immedutdy. Without limiting the foregoing, shoirW there be a lien wperror
in dignity to the lien of this mortgage with Mortgagee' consent, it is convenaat and agreed 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 that of this mortgage be or become in default, then and in such event the Mortgagee
herein may at its option accelerate the indebtedness secured by this mortgage and declue the same to be all due and payable
without notice to Mortpgor or any other person.
!g. Mortgagee shall hart the right to charge any o! Mortgagor's accounts with Mortgagee for any wore payable u pro-
vided herein or in the promissory note secured hereby as wch becomes due.
I9. If the Mortgagee requests, Mortgagor will furnish the Mortgagee annually from the date of this mortgage instrument,
unless some other date is agreed to between the panics in writing, a certified audited financial statement of the Mortgagor and
annual complete statements of Mortgagor. If the Mortpgor's fiscal calendar yea shall not coincide with the date herein specified,
then the date which the Mortgagee stall specify shall be controlling. Mortgagor shall wppty Mortgagee with wch other financial
statements u Mortgagee may from time to time request.
20. No right or remedy prcvided herein rot 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 made within the term of this mortgage loan to said Mortgagors or any wcoessor in title of
said Mortgagors of the property hereby conveyed; provided that the total unpaid balance of the indebtedness secured hereby at
any one time shall not exceed N~A plus interest [heron plus any disbursements made by the
Mortgagee for the payment of fazes, levies, insurance or other charges on the property encumbered hereby, with interest on wch
disbursements, court costs and attorney's fees, including fees for sppellate work.
22. This klrtgage is wbjeM to the terms, provisions and conditions of that certain Construction Loan Agreement dated
and said Construction Loan Agreement is by reference incorporated herein and
made a part hereof: Default in the terms of the Construction Loan Agreement shall constitute a default under the mortgage.
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a~~x3~.5 PEE 749