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HomeMy WebLinkAbout2431 9. To deliver any abstract or abstracts of title or title insunaoe policy or policies covering the mortgaged pr try to Mortgagee or its designated agent, which shall at all times during the life of this mortgage, remain is the possessors of the Mort- gagee ared is event of the foreclosure of Wis mortgage all right. title and interest of the Monppggoor in sad to any wch abstrset or . title shall pass to the purchaser at foreclowre, however, all mortgagee title insurance poUcies shall remain the property of . Mortgagee. 10. That no waiver of say covenant herein or in the obligations secured hereby shall at any time hereafter be held to be I a waiver of any of the other term: hereof or of the notes secured hereby. nor may Mortgagor rely oa any course of coaduq by Mort~trgee not y required by this tostruateat. TMt the Mortgages. without notice, may agree with any party obligated on sard irdebt ness, or having an interest in the security described herein. to renew or extend the time for payment of any put or all of the indebtedness secured hereby without in any wsy aRecting either the Uen hereof or the UabUity of any other party. } 11. Tbat is order to aaxknte the maturity of the indebtedness hereby secured because of the failure of the Mortgagor to pay any tax assessment, liability, obligation of eacumbnnoe upon said property u herein provided, it shall not be necessary nor requisite that the Mortgagee shall Cost pay the same. 12. That if the Mortgagor shall fall, neglect or infuse for a period of tea (10) days fully and pmtnptly to pay the amounts required to be paid by the notes hereby secured or the interest therein specified or sny o[ the sums o[ money herein referred to or hereby secured, or otherwise duly. tally sad promptly to perform, execute, rnmply with and abide by each, every of any of the eovettaats, conditions or stipulations of this mortgage, the promissory notes hereby savred and/or the construction loan sgreemeat, if any. then, and in either or in say of such events, wnthout notice or demand. the said sagegate sum mentioned in said promissory rates, less previous payments, if any, and say and all sums mentioned herein or secured hereby shall become due and payable forthwith or thereafter at the ooatiauiag option of the Mortgagee u fully and oompktely as if said aggregate wins were originally stipulated to be paid as such time. anything itt said promissory notes or herein to the contrary aotwithsurdiag, and the Mortpgee shall be entitled thereupon or thereafter without notice or demand to institute suit at law or in equity to entoroe the right of the Mortgagee hereurder or under said promissory notes. In the event of any default or breach oa the part of the Mortgagor hereunder or order said promissory notes, the Mortgagee shall have the coatinwag option to enforce payment of all wins second hereby by actan at law or by suit in equity to foredose this mortgage, either or both, ooncutnntiy a other- wise, and one action or suit shall not abate or be a bu to or waiver of the Mortgagee'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 o[ a receiver, trustee or liquidator of all or a substantial put of Mortgagor's assets, or (2) be adjudiated a bankrupt or insolvent, or tr7e a voluntary petition in bankruptcy or admit in writarg his inability to pay his debts u they become due. or (3) make a general assignment for benefit of creditors. or (4) file a petition or answer seeking reorganization or arrangement with creditors, or to take advantage of any insolvency law, or (S) file an answer admitting any of the material allegations of a petition fried against the Mortgagor in any bankruptcy, re- organization or insolvency ptoaeding, or (6) action shall be taken by the Mortgsgor for the purpose of effecting any of the fore- going, or (7) any order, judgment or decree shall be entered upon an application of a creditor or Mortgagor by a court of com- petent jurisdiction approving a petition sceking appointment of a receiver or trustee of all or a wbstantial part of the Mortgagor s assets and such order, judgment or deaee shall continue unstayed and in effect for any period of thirty (30) consecutive days, the Mortgagee may declare the notes hereby secured forthwith due and payable. whereupon the principal of and the interest acerued on the notes and all other wins hereby secured shall become forthwith due and payable u if all of the said sums of money wen o y stipulated to be paid on wch day- and thereupon the Mortgagee without notice or demand may protxcutt: a suit at law aM or in equity u it all monies secured hereby had matured prior to its institution. 13-B. That in the event the premises hereby mortgaged, or any part hereof, shall be condemned and taken for public use under the power of eminent domain, Mortgagee shall have the right to require that all damages awarded for the taking of of damage to said premises shall be paid to the Mortgagee. not to exceed the then unpaid balance of this mortgage and any sum secured ihenby, and at the•optan of the Mortgagee wch amounts may be applied upon the payment or payments last payable hereon. In the event it becomes necessuy for the Mortgagee to employ rnunsel to protect its interest at any condemnation proceedings, the Mortgagor shall immediately upon demand reimburse the Mortgagee for all reuonabk expenses and attorneys' foes thus incurred. and all such wins 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. 1S-A. That to further secure payment of the indebtedness of the Mortgagor to the Mortgagce, 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 Mortgagee nay at its option delay enforcing this assignment untr~ 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 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 celled same directly frpm persons in possession Mortgagor agrees to execute any further documents evidencing wch assignment as Mortgagce may reasonably request from time to time. 15-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 claims hereunder, said Mortgagee shall apply to the court having jurisdiction thereof for the appointment of a Receiver, such court shall forthwith appoint a Recen~er of said mortgaged property all and refits issues and revenues from whatever sours derived, each and every of ud' all and si ular rents income, , stngulu. rncl tng rag P which, it being expressly understood, is hereby mortgaged as if specifically set forth and described in tht granting and habendum douses hereof, or any exhibits hereto, and wch 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 u an admitted equity and a matter of ab- solute right to said Mortgagee, and without reference to the adequacy or imdequacy of any remedy at law or of the adequacy or { inadequacy of the value of the property mortgaged or to the solvency or insolvency of said Mortgagor or of any or all of the de- If Pendants, and that such rents, profits, income, iswes and revenues shall be applied by such Receiver according to the Ikn and/or equity of said Mortgagee and the practice of wch court. 16. To pay all and singulu the costs, drarges and expenses, including reasonable lawyer's fees and fees for appellate work and rnsts of abstract of title, incurred or paid at any time by said Mortgagee because and/or in the event of the failure on the part of the said Mortgagor to duly, promptly and fully perform, discharge, execute, effect; complete, comply with and abide by each and every the stipulations, agreements, Conditions and oovemnts of said promissory notes and this mortgage, any or either, and said costs, chuges and expenses, each and every, shall be immedntely due and payable, whether or not there be notice, demand, attempt to rnUect or wit pending; and the full amount of each and every wch payment shall ben interest from the date thereof until paid at the same rate u is specified, in the notes 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 interest, shall be secured by the lien of this mortgage. . 17. That Mortgagor will not permit any other liens, mortgages or encumbrances against the card premises, and if any wch liens, mortgages or encumbrances are incurred, whether paramount or subordinated to this mortgage, Mortgagor will rouse such liens, mortgages or encumbrances to be dischuged immediately. Without limiting the foregoing, should there be a lien wperior 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 coruent of the Mortgagee herein, or shoukl any lien superior in dignity to that of this mortgage be or become in default, then and in wch event 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. ~ 18. Mortgagee shall have the right to chugs any of Mortgagor's accounts with Mortgagee for any sums payable as pro- vided herein or in the promissory note secured hereby as wch 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 fiscal calendar yeu shall not coincide with the date herein specified, then the date which the Mortgagee shall specify shall be controlling. Mortgagor shall supply Mortgagee with wch other financial statements u Mortgagee may from time to time request. 1 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 made within the term of this mortgage ban to said Mortgagors or any wcassor 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 exceced N/A plus interest theron plus any disbursements made by the Mortgagee for the payment of taxes, levies. insunna dr other charges on the property encumbered hereby, with interest on such 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 Construction Loan Agrcement shall rnnstitute a default under the mortgage. .,1 h~ ~E24~ . < < ~ . ~,,~3~.~ f . ~ . , '~x~~.5 PacE X49 BU tlQ ~arrad