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HomeMy WebLinkAbout2371 - .r _ _ _ .___a____r__ i 9. To deUver any abstract or abstracts of title or tick inwnnce policy or policies covering the mortpgaggeed pr rty to Mortgagee or its des' noted agent, which shall at all times during the life of fhb mortgage, remain is the possession of the Mort- gagee ared in Brent of the toreclosuro of this mortggaaggee all right, title and interest of the Morippggoor in and to any wch abstract or title shall pass to tlse purchaser at fonclown, however, all mortgagee tick inwrana policks shall remain the property of Mortgagee. 10. That ao waiver of any covenant herein or le the obligations secured hereby sfsall at any time lrena[ter be held to be a waiver of any of the other terms hereof or of the notes secured hereby. nor may Mortgagor rely oa any course of conduct by Mortgagee not fkaUy required by this instrument. That the Mortgagee, without notice, may epee with any party oblipted on sad indebte~isess, or having an interest in the security described herein, to renew or extend the time for payment o[ any part or all of the indebtedness secured hereby, without in any way affectirsg either the lien hereof or the liability of any other party. I1. That in order to acceknte the maturity o[ the indebtedness hereby secured beause of the failure of the Mortgagor to pay any tax assessment, liability, obUption of eacumbntsoe upon said property as herein provided. it shall not be necessary nor requisite that the. Mortgagee shall [ant pay the same. 12. That u the Mortgagor shall fall, aegkM or nftue for a period of ten (10) days fully and promptly to pay the amounts req~r~ed to be paid by the notes hereby secured or the interest therein specified ar any of the sums of money herein referred to or hereby secured, or otherwise duly. fWty and promptly to ppeerform, execute, comply with and abide by each. every or any of the covenants, caditiora or stipulations of this mortgage. the promissory notes hereby secured and/or the construction loan agreement, if any. then, and in either or in any of sudr events. without notice or demand, the said agpegate sum mentioned in said promissory crates, less precious paYmeats, tt any, and any and all wms mentioned herein or secured hereby siuU become due and payable forthwitlr or thereafter at the continuing option of the Mortgagee as fully and rnmpktejy as if said aggregate swan were originally stipulated to be paid as such time, anything in 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 is equrty to enforce the right of the Mortgagee hereunder or order said promissory notes. In the event of any default or breach on the part of the Mortgagor hereunder or under said promissory notes, the Mortgagee shall have Ilse continui~ option to enforce prtyment of all wrra secured hereby by action at law or by suit in equity to foreclose this mortgage. either orboW, ooncurnndy or other wise, and one action or wit shall not abate or be a bu to or waiter of the Mortgagee's right to institute or maintain the other, provided said Mortgagee shall hate only one payment and satisfaction of said indebtedness. 13-A. That in the event that Mortgagor shall consent to the appointment of a receiver, trustee or liquidator of all or a substantial part of Mortgagor's assets, or (2) be adjudiated a bankrupt or insolvent, or fr7e a voluntary petition ra bankruptcy or admit in writing his imbilsty to pay his debts as they become due, or (3) make a general assignment for benefit of creditor, . or (4) file a petition or answer seeking reorganization or arrangement with croditon. or to take advantage of any insolvency law. or (S) [tie an answer admitting any of the material allegations of a petition filed against the Mortgagor in any bankruptcy, co- organiration or insolvency praxeding, or (6) action shall be taken by the Mortgagor for the purpose of effecting any of We fore- going, or (7) any order, judgment or decry shall be entered upon an app4ption of a creditor or Mortgagor by a court of com- petent jurisdiction approving a petition seeking appointment of a receiver or trustee of all or a wbstaatial part of We Mortgagor s assets and wch order, judgment or decree shall coatinue unstayed and in efkct for any period of thirty (30) consecutive days, the Mortgagee may declare the notes hereby secured foriharith due and payable, whereupon the principal of and the interest accreted on the notes and all other wms hereby secured shall become forthwith due and payable as if all of the said sums of money wen o Wally stipulated to be paid on wch day:and thereupon the Mortgagee without notice or demand may prosecute a suit at law aad~or in equity as if all monies secured hereby had matured prior to its institution. 13-B. That in the event the premises hereby mortgaged, w any part hereof, shall be rnndemned and taken for public use under the power of-eminent domain, Mortgagee shall here the right to require that all damages awarded for the taking of or - darnage to said premises shall be paid to the Morigagce, not to exceed the then unpaid balance of this mortgage and any wm secured ihenby, and at the option of the Mortgagee wch amounts may be applied upon the payment or payments lot payable hereon. in the event it bernmes rsecessary 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 reasonable expenses and attorneys fees thus incumd. and all such 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 reasonable times. IS-A. That to further secure paynsent of the indebtedness of the Mortgagor to the Mortgagee. the Mortgagor does hereby sell, assign, transfer and set over unto the Mortgagee all of the rents, issues, and profits of the mortgaged premises, and Mortgagce 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 wch assignment in any event shall remain in full force and effect so long as any default continues to exist in the making oC any of the payments or the performance of any of the rnvemnts of this mortgage or the notes secured bereby. and the Mortgagee shall here the right to enter upon the premises and collect same directly from persons in possession. Mortgagor agrees to execute any further documents evidencing wch assignment as Mortgagee may reasonably request tram time to time. IS-B. That in the event that at the beginning of or at any time pending any suit upon this mottgage,or to foreclose it, or to reform it, and/or to enforce payment of any claims hereunder, said Mortgagce shall apply to the court having jurisdiction thereof for the appointment of a Receiver, such rnurt shall forthwith appoint a Receivtr of said mortgaged property all and Ali singular, including aU and singulu Hots, income, profits, issues, and revenues from whatever source derived, each and every of which, it being expressly undertood, is hereby mortgaged u if specifically set forth and described in the granting and habendum I douses hereof, or any exhibits hereto, and wch Receiver shall have ail the broad and effective functions and powers in anywise entrusted by a court to a Receiver, and wch appointment shall be made by such rnuri 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- Pendants, 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 pnctics of wch rnurt. 16. To pay all and singulu the costs, chu®es and expenses, including reasonable lawyer's fees and foes for appellate work l and rnsts of abstract of tick, incurred or paid at any time by said Mortgagee because and/or in the event of the failure on the pll put of the said Mortgagor to duty, promptly and fully perform, disdsarge, execute, effect, complete, comply with and abide by each and every the stipulations, agreements, conditions ud covenants of said promissory notes and this mortgage, any or either, ~ and said costs, charges and expenses, each and every, shall be immedintely due and payable, whether or not there be notice, demand, attempt to collect or wit pending; and the full amount of each and every wch paynsent shall beu interest from 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 wch interest, shall be secwed by the lien of this mortgage. 17. That Mortgagor will not permit any other liens, mortgages or encumbrances against the sad premises, and if any wch liens, mortgages or encumbrances are incurred, whether puamount or wbordinated to this mortgage, Mortgagor will cause such liens, mortgages or encumbrances to be discharged immediately. Without limiting the foregoing. should then be a lien superior in dignity to the lien of this mortgage with Mortgagee' consent, it is conversant 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 wch Brent the Mortgagee herein may at its option accelerate the indebtedness secured by this mortgage and declare the same to be all due and payable without notice to Mortgagor or any other person. g 18. Mortgagee shall have the right to charge any of Mortgagor i accounts with Mortgagee for any wms payable as pro- vided herein or in the promissory note secured hereby as such becomes due. 19. If the Mortgagee requests, Mortgagor will furnish the Mortgagee annually from the date of this mortgage instrument, unless some other date is agreed to betwcen the parties in writing, a certified audited financial statement of the Mortgagor and annual complete statements of Mortgagor. If the Mortgagor's focal calendar yea shall not coincide with the date herein specified, then the date which the Mortgagee shall specify shall be controlling. Mortgagor shall wppiy Mortgagee with wch other financial statements u Mortgages may from time to time request. 20. No right or remody prcvided herein for the Morigagce 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 wccessor in title of said Mortgagor of the property hereby conveyed; provided that the total unpaid balance of the indebtedness secured hereby at any one time shall not exceed ~ plus interest theron plus any disbursements made by the Mortgagee for the payment of taxes, kries, insurance or other charges on the property encumbered hereby, with interest on wch disbursements, court costs and attorney's fees, including fees 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 Loan Agreement is by reference incorporated herein and made a put hereof. Default in the terms of the CoroUuction Loan Agreement shall rnnstitute a default under the mortgage. Bg7K ~ ; ` "315 PA~~ . .