HomeMy WebLinkAbout2168 9, To deliver any abstract or abstracts of tick or title insurance policy or policies Covering the mortgaged property to
Mortgagee or its dessi'goared agent, which shall at cell times during the life of this mortgage, remain in the possession of the Mort-
gagee and in event of the foreclosure of this mortgage all right, tick and interest of the Mortgagor in and to any such abstrsa or ~
title shall pass to the purchaser at foreclosure, however, cell mortgagee title insurance policies shat remain the property of ,
1lfortgagee.
10. That no waiver of any covenant herein or in the obligatans secured hereby shall at any time hereafter be held to be
a waiver of any of the other terms hereof or of the notes secured hereby, nor may Mortgagor rely on any course of conduct by
Mortgagee not specifically required by this instrument. That the Mortgagee, without notice, racy agree with any party obligated
on satd mdebtedrsess, 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 gay way affecting either the lien heccof or the liability of any other party, r
11, That in order to accelerate the maturity of the indebtedness hereby secured because of the fiilun of the Mortgagor
to pay any tax assessment, liability, obligation of encumbrance upon said property as herein provided, it shall not be accessary
nor requisite that the Mortgagee shall lust pay the same,
12. That it the Mortgagor shall fall, neglect or refwe for a period of ten (10) days fully and promptly to pay the amounts
required to be paid by the nt+tes hereby secured of the interest therein specified or gay of the sums of money herein referred to
or hereby secured. or otherwise duly, fully and promptly to perform. execute, comply with and abide by wch, every or any of
the covenants, conditions 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 wch events, without notice or demand, the said aggregate sum mentioned in
said promissory notes, less prevatrs payments, if any, and any and all sums mentioned herein or secured hereby shall become due
and payable forthwith or thereafter at the continuing option of the Mortgagee as fully gad completely as if said aggegate wms 1
were originally stipulated to be paid as such time, anything is said promissory notes or herein to the contrary notwithstanding,
and the Mortgagee shall be erstitkd thereupon or thereafter without notice or demand to institute wit at law or in equity to
enforce the right of the Mortgagee hereunder or under said promissory notes. In the event of arty default or breach on the part
of the Mortgagor hereunder or under said promissory notes, the Mortgagee shat! have the coatiauLtg option to enforce payment
of all wms secured hereby by action at law or by wit in equity to foreclose this mortgage, either or both, concumndy or othe~-
wise, and one action or suit shall not abate or be a bar to or waiver of the Mortgagee's right to institute or maintain the other,
provided said Mortgagee shall have only one payment and satisfactan of said indebtedness.
13-A. That in the event that Mort or shall (1) consent to the a }
gag ppointment of a receiver, trustee or liquidator of all 3
or a substantial put of Mortgagor's assets, or (2) be adjudicated a bankrupt or insolvent, or file a voluntary petition in bankruptcy
or admit in writing his inability to pay his debts as 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 (5) fde an answer admitting any of the material allegations of a petition fled against the Mortgagor in any bankruptcy, re-
organization of insolvency proceeding, or (ti) action shall be taken by the Mortgagor for the purpose of effecting any of the fore-
going, or (7) any order. judgment or decree shall be. catered upon an application of a creditor or Mortgagor by a court of com-
petent jurndictioa approving a petition seeking appointment of a receiver or trustee of all or a wbstantial part of the Mortgagor's
assets and such order, judgment or decree shall coatiaue ttnstayed and in effect for any period of thirty (30) consecutive days,
the Mortgagee tray declare the notes hereby secured forthwith due and payable, whereupon the principal of and the interest
accrued on the notes and all other wms hereby severed shsU become forthwith due and payable as if all of the said sums of
money were o rally stipulated to be paid on such day; and thereupon the Mortgagee without notice or demand may prosecute
a suit at law and/or in equity as if all monies secured hereby had matured prat to its irutitution.
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 or
damage to said premises shall 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 Mortgagee wch amounts may be applied upon the payment or payments last payable
hereon. (n the event it becomes necessary 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 incurred, and all such sums shall be deemed secured by the lien of this mortgage.
14. That the htortgag.e or any person authorized by the Mortgagee shall have the right to enter upon and inspect the
mortgaged premises at all reasonable times.
I S-A. That to further secure payment 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 Mortgagee
may at its option dehy 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 Cull 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 covemnts of this mortgage or the notes secured
hereby, and the Mortgagee shall have 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 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 forecose it, or
to reform it, and/or to enforce payment of any clair:ts 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 mortgaged property all ar?d
singular, including all and singular rents, income, profits, issues, and revenues from whatever sours derived, each and every of
which, it beirtg expressly understood, is hereby mortgaged as it specifically set forth and described in the granting and habendum
clauses hereof, or any exhibits hereto, and wch Receiver shalt 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 solvency 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.
16. To pay all and singular the costs, charges and expenses, including reasonable lawyer's fees and fees for appellate work
and costs of abstract of title, incurred or paid at any time by said Mortgagee because andJor 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 coverunts of said promissory notes and this mortgage, any or either,
and said costs, charges and expenses, each and every, shall be immediately due and payable, whether or not then be notice,
demand, attempt to collect or suit pending; and the full amount of each and every wch payment shall bear interest from the
date thereof until paid at the same rate as 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 said premises, and it any such
liens, mortgages or encumbrances are incurred, whether paramount or subordinated to this mortgage, Mortgagor will cause such
liens, mortgages or encumbrances to be discharged immediately. 1Yithout limiting the foregoing, should there be a lien superior
in dignity to the lien of this mortgage with Mortgagee' consent, it is conversant and agced 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 declare the same to be all due and payable
without notice to Mortgagor or any other person.
18, Mortgagee shall have the right to charge any of Mortgagor's accounts with Mortgagee for any sums 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 between the parties in writing, a certified audited financial statement of the Mortgagor and
annual complete statements of Mortgagor. If the Mortgagor's fiscal calendar year shall not coincide with the date herein specified,
then the date which the Mortgagee shall specify shall be controlling, lltortgagor shall supply Mortgagee 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 made within the term of this mortgage loan to said Mortgagors or any wccessor in title of
said Mortgagors of the property hereby conveyed;Rrovided that the total unpaid balance of the indebtedness secured hereby at
any one time shall not exceed ~25 + ~00 . ~V plus interest theron plus any disbursements made by the
Mortgagee for the payment of taxes, levies, insurance or 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
_ ~ - ` ` ` ` - ` - - ` ` " " and said Construction Loan Agreement is by reference incorporated herein and
madr a part hereof. Default in the terms of the Construction Loan Agreement shall constitute a default under the mortgage.
as'?x 320 Pact ~1fi4
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