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HomeMy WebLinkAbout1308 9. To deUver any abstract or abstract: o[ title or titM iasutanoe policy or policks coveting the wortga~e~ pt tq? to Mortgagee or its reel agent, whidt shall at s4 lima eluting the life o[ this mortgage. rsmain is the possesdoa o[ the Mott• pga and is evaat o the toredown of this ~~ostpge all right. Utk and Uttere:t o[ the Morrttgg~ss~~or is sail to any aeh abstact or title :ball pass to the purchaser at foreclosure. however, all mortgagee title iawraaa poUdes shay remain the property of Mortgagee. 10. Thtt no waiver o[ say cotenant benia or in tM obUptioas tttKUCed ltarebY shall at say tints hereafter be heW to Oe a waiver of aa~y of tM other terms benot Ot o[ the onto socttred hereby, nor may Yort~gcr rely on asy coarse of conduct by ~ Mortgagee rtota~odtiaUy required by this ituttwaea>. That the Portpps. without notice. may agree with say Party obtipted p oa said tadebt nee, or having cep interest Lt the secnrltY described herelu. to renew or extaod the time [or paytueat of say Part { or all of the irdebtedtteas :Barred hereby, without ~ any way a[fictiq eitMr the Ikn hereof a the Wbility of say other party. i 11, Tlal is order to aaxkrau the maturWr o[ the it?debtednesa hereby secured because of the [allots of Use Mortgagor to pay say tax sssessrnent. IiabiUty obUptbn of eaarmbraaoe upon said propetq? u lterebr provWed, R shall not be r?eoesary nor requisite that the Yortpgee shad first poly the same. + 12. That if the Mortgagor shall fail, negMct or refuse for a period o[ tan (10) day: [W(y std ptoropdy eo pay the amounts ceq~ired to tie paid by the notes lrereb :Booed err the intare:t tltaeiu rpedtled a say o[ the seas of matey herein ro[etred to or hereby :Barred, or otherwiss duly. and promptly to perform, exearU, compy with std :bide by eadt, every a say of the covartants, aonditiats or :tipulatbas o[ fhb mortgye, the promiaory notes hereby secured and/or the coastructioa boa - sgreematt, if say. then, sod in either or is any of w events, without aotia3 of demand. the saW aqe to suet mentioned is said promissoey notes, feu pgyaaats, if ay.and say sad all sums mentioned I?asia or warred herby shall becoate due aril payable forthwiW or ~t :t the oontiaauing option o[ the Mortgagee u tltlll? aril oompktely u if said aggregate wnu , were o stipuLted to be paid u arch time, anything is said promissory notes or herein to tbs ooatrary ao~~ sod the~gagee shall be eatitied thanttpon or thereafter without notice of demand to it>ititute suit at law or ht eq~i~y to enforce ihs right o[ the Mortpgea hentmdar or under said proati:sory notes. In the event of soy default or breach on the part a[ the Yatggor hetauadet or under said pro notes, the Yatgape shall have the nonce optba to enforce payment of ail sumt seau~ed Mreby by salon at law or byw t , eOuijy tq fotnclaa this martgaga. either or-6oth, ooaaumndy or other- wise, and one action or suit shall not abate or be a t4 oo~~__t~lirgc.of the Yortpgee's tight to institute or anintaia the other, provided said 1ortgagee shall have Daly one payrrtent atkfasKion oT said indebtedness. 13•A. That is the anent that Yo r thali (1) a>nsent to the appointment of s tecaivet. trustee or liquidator of ail - or asubstantial part of Mortgagor's anal:, or 2) bo adjudiated a bankrupt a insolvent, or [t7e a voluntary petition is bankruptcy or admit is writing his inability to pay his debts u they beconsa doe, or (3) mate s general assignment for beuafit of creditors. or (4) file a petition or answer seeltiag reorgauiutioa or arrsngemeat with creditors, or to take advantge of any insolvency law, a (S) file as answer admitting aqy of the material alkgatiotas of a petition tUed sgainst the 1[o r is say bankruptcy. n- ' a~,aoir:tioa or imolveucy ptooeeding, or (6) acllon shag be fates by the Mortgagor for the purpoas-o[efftctiag any of the fora ~ goutg, or (7) say order, judgment or decree shall be eateted upon an application of a creditor or Mortpgot by s court of nom- petent jwisdictioa approriag a pegtioa seeking appointment of a irodver or trustaa of all or a substantial part of the Mortgagor s assets sad arch order, judgment or decree shall continua uastayed aril in effect far oar perbd of thirty (30) amsecutive days. the Mortgagee may dedare the notes hereby secured fordwith doe aM payable. whereupon the principal of and the interact aocnred oa the notes std all other wau hereby :Barred :hap become foclhwiU? doe aM payabb u it all of the said sum: of money wen Originally stipuUted to be paid oa such day: and thenrtpoa the Mortgagee without notice a deauad may p[osecute _ a snit at law sad or in equity u if all monks secured hereby bad matured prior to its institution. 13-B. That is the event the premises hereby mortgaged. or any put hereof, shall be oorilamned and taken for ppuublic ace under the power of eminent domain, Mortgagee shall have the right to cequtrp that all damages awarded for "the tatmg of or damage to said premises shall be paid to the Mortgagee, not to exceed the then unpaid baWta: of this mortgage and any wm secured thereby, and at the option o[ the Mortgagee such amounts may be applied upon the payment or payments last payable hereon, In th_ a enrol it baoomes oaeessary for Wa Yortgsget to empby oounsei to protect its interest at say condemnation proceedings, the Yoitgagor shall immediatety upon demand reimburse the Mortgagee-for-aU.reasoaabk ettpe_nses-and attonteys'_ foes thus incurred, and all such sums shall be deemed secured by the lien of this mortgage. 14. That the Mortgages or any person authorized by the Mortgagee shall have tht right to enter upon and iaspoct the mortgaged Premises at all reasonable times. 15-A. That to further secure payment of the indebtedness of the Mortgagor to the Mortgagee, the Mortgagor dos hereby sell, assign. transfer and set over unto the Mortgages all of the rents, issues, and profits of the mortgaged premises, sad Mortgagee any at its option delay enforcing this assignment untU soy default being made by the Mortgagor under the terms of this mortgage the notes secured 6enby, and ouch assignment in any event shall remain in full force sad effect so bag as any default eoatinues to exist in the making of any of the payments or the petformanet of any of the oovernats of this mortgage or the notes secured hereby, aril the Mortgagee shall hate the right to enter upon the premises and collect same directly ttpm persons in possession. Mortgagor agree to execute any further documents evidencing such assignment u Mortgagee may reasonably request from time to time. _ IS•B. That in the event that at the beginning of or st say time periling any wit upon this mortgage,ot to fotedose it, or to reform it, and/or to enforce payment of any daims hereunder, said Mortgagee shall apply to the court having jurisdiction thereof for the appointment of a Receiver, such court shall forthwith appoint a Receiver of said aortgaged property all and singular, indudirtg all and singular rents, income, profits, issues, and revenues from whatever source derived, each and every of which, it being expressly urderstood, is hereby mortgaged u if specifically set forth and described is the grating:red haberilum douses hereof, or any exhibits hereto. and such Rea:iver shall bare 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 an admitted equity std a matter of ab• t solute right to said Mortgagee, and without retereaa: to the adequacy or inadequacy of say remedy at law or of the ad uacy or inadequacy of the value of the property mortgaged or to the solvency or insoiver?cy of said Mortgagor or of any or all of the do- tendaats, and that such rents, profits, income, iswes aril revenues shall be applied by sddr Receiver aaaording to the lien and/or equity of said Mortgages aril the pnctia of such nowt. 16. To pay all and singular tine costs, crruges area ci?j:cus~s. u."w''IT.j r-z.s;,, Lbw ice-aryt€'s f%~!e a!!~! f~ for appeUata wort and costs of abstract of title, iaatrred or paid at uty time by said Mortgagee beause aril/or in the event of the fat7ure on the part of the said Mortgagor to duty, promptly and fully perform, dischsrge, execute, effect, oompiete. comply with and abide by each and every the stipulations, agreements, Conditions and covenants of said promissory notes and this mortpge, any or either, and said acts, drarges and expenses, each and every, shall be iramediatety due and pay:bk, whether az no! then be notice, demand, attempt to collect or suit pending; and the full amount of each and every wch payment shall bear interest [ion the date thereof until paid at the same rate as is specified, in the notes secured hereby, as payable after default in payment of aid motes aril all said acts, charges and expenses so incurred or paid, together with wch interest, shall be segued by the tkrt of this mortgage. 17. That Mortgagor will not permit any other liens, mortgages or encumbranax against the said premises, and if any wch liens, mortgages or encumbrana:s are incwred, whether paramount or wbordinated to this mortgage, Mortgagor wrll cause such liens, mortgages or encumbrances to be discharged immediately. Without limiting the foregoing, should then be a lien wperior in dignity to the lien of this mortgage with Mortgagee' consent, it is conversant and agreed that should the reran of a lien superior in dignity to that of this mortgage be modified, altered of varied without the written consent of the Mortgagee herein, or should any Ikn 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 aaxkrate the indebtedness second by this mortgage and declare the same to be all due and payable without notice to Mortgagor or any other person. 1 & Mortgagee shall have the right to chuge any of Mortgagor's accounts with Mortgages tot say wms payable u pro- vtded herein or in the promissory note secured hereby as wch becomes due. 19. If the Mortgagee req~ats. Mortgagor will furnish the Mortgagee annually from the daft of this mortgaggee instrument unless some other date is agreed to between the parties in writing, a certified audited financial statement of the Mortgagor and annual complete statements of Mortgagor. If the Mortgagor's fiscal akndar year shall not coincide with the date herein specified, then the date which the Mortgagee shall specify shall be amtroUing. Mortgagor shall supply Mortgagee with such other financial statements u Mortgagee may from time to time request. 20. No right or remedy prevailed herein for the Mortgages 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 attsct?ed hereto, any additional loans or future adrarsces made within the term of this mortgage loan to said Mortgagors of any waxssor in title o[ said Mortgagor of the property hereby ainveyed• provided that the total unpaid balance of the irdebtedaeas secured hereby at any one time shall not exaxd • 00~ • Q~ plus interest theron plus any disbursements made by the Mortgages for the payment of fazes, levies, insurance or other charges on the Properry encumbered hereby, with interest on wch disbursements, avert costa and attorney's fees, including fess for appellate work. 22. This atortgage is wbject to the terms, provisiais and conditions of that certain Construction Loan Agreement dated N/A ,and said Construction Loan Agreement is by rcferertee incorporated herein and made a part hereof. Default in the terms of the Construction Loan Agreement shall constitute a default under the mortgage.