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HomeMy WebLinkAbout2414 9, To deliver any abstnct or abstracts of title or title insurance policy or policies covering the mortgaged property to Mortgagee or its designated agent, which shall at all times during the life of this mortgage. remain in the possessian of the Mort- gagee and in event of the foreclosure of this mortgage all rgtht, title and interest of the Mortgagor in and to any such abstract o? title shall pass to the purchaser at foreclosure, however, all mortgagee title insurance policies shall remain the property of Mortgagee. l0. That no waiver oC any covenant herein or in the obligations 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, may agree with any party obligated on srid indebtedness, 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 way affecting either the lien hereof or the liability of any other party. _ 11, That in order to accelerate the maturity of the indebtedness hereby secured because of the failure of the Mortgagor to pay any tax assessment, liability, obligation of encumbnr?s-e upon said property as herein provided, it shall not be necessary nor requisite that the Mortgagee shall first pay the same. 12. That if the Mortgagor shall fail, neglect or refuse for a period oC ten (10) days tufty and promptly to pay the amounts required to be paid by the notes hereby secured or the interest therein specified or any of the wms of money herein referred to or hereby secured. or otherwise duly, fully and promptly to perform, execute, comply with and abide by each, every or any of the rnvenants, conditions at stipulations oC this mortgage, the promissory notes hereby secured and/or the construction loan agreement, tf any, then, and in either or in any of such events, without notice or demand, the said aggregate sum mentioned in said promissory notes, less previous payments, if any. and any and all wms tnentiortt;d herein or secured hereby shall become due and payable forthwith or thereafter al the continuing option of the Mortgagee as fully and rnrrtpktely as iC said aggregate wms were originally stipulated to be paid as such time, anything in said promissory notes ur : s:cirt to the conttuy notwithstanding, ! and the Mortgagee stall be entitled thereupon or thereafter without notice or demand to institute suit at law or in equity to enforce the right. of the Mortgagee hereunder or under 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 the continuing option to enforce payment of all sums secured hereby by action at law or by wit in equity to foreclose this mortgage, either or both, concurrently or 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 slid indebtedness. 13-A. That in the event that Mortgagor shall (1) consent to the appointment oC a receiver, trustee or liquidator of all 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) file an answer admitting any of the material allegations of a petition filed against the Mortgagor in any bankruptcy, re- organization or insolrency proceeding, or (6) 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 entered upon an application oC a creditor or Mortgagor b}• a court of com- petent jurisdiction approving a petition sceking appointment of a receiver or trustee of all or a substantial part of the Mortgagor's assets and such order, judgment or da~ree 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 accrued on the notes and all other wms hereby secured shall becorne forthwith due and payable as if all of the said sums of money were originally 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 prior to its institution. F 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 Cor the taking of or damage to said premises shat! be paid to the Mortgagee, not to exceed the then unpaid balance of this mortgage and any sum ' secured thereby, and ai the option of the Mortgagee such amounts may be applied upon the payment or payments last payable hereon. In the event it bernmes necessar for the Stott i y gagee to employ counsel to protect its interest ai any condemnation proceedi!!gs, the Mortgagor shall immediately upon demand reimburse the Mortgagee for all reasonable expenses and attorneys c fees thus incurred, and all such sums shall be deemed secured by the lien of this mortgage. ~ 14. That the Mortgagee or any person authorized by the tfortgagce shall h^ve the right to enter upon and inspect the mortgaged premises at all reasonable times. IS-A, That to further secure payment of the indebtedness of the Mortgagor to the pfortgagce, 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 Mort~gee - 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 of any of the payments or the performance of any oC the covenants 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 i Mortgagor agrees to execute any further. documents evidencing wch assignment as Mortgagee may reasonably request from time i to time. t 15-B. That in the event that at the beginning of or at any time pending an}• suit upon this mortgage, or to foreclose it, or to reform it, and/or to enforce payment of any claims hereunder, said llfortgagce 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 a0 and singular, including all and singular rents, income, profits, issues, and revenues from whatever source derived, each and every of which, it being expressly understood, is hereb}• mortgaged as if specifically set forth and described in the granting and habendum clauses hereof, or any exhibits hereto, and such 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 as an admitted equity and a matter of ab- solute tight to said IMortgagee, and without reference to the adequac}• or inadequacy of any remedy at law or of the adequacy or inadequacy of the value of the propert}• mortgaged or to the solvency or insolvency of srid Mortgagor or of any or all of the de- fendants, and that such rents, profits, income, issues and revenues shat! 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 acrd/or in the event of the failure on the part of the said Mortgagor to duly, promptly and fully perform, discharge, execute, effect, rnmplete, comply with end abide by each and every the stipulations, agreements, conditions and rnvenants of said promissory notes and this mortgage, any or either, and said costs, charges and expenses, each and eveq•, shall be immediately due and payable, whether or not there 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 card premises, and if 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. Without limiting the foregoing, should there 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 !hn superior in dignity to that of this mortgage be modified, altered or varied without the written consent of the 111ottgagee herein, or xhould aAy lien superior in dignity eo 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 b)• this mortgage and declare the same to be all due and payable without notice to ~iort~gor or any other person. 18. Mortgagee shall have the right to charge any of Mortgagor's accounts with Mortgagee fur any sums payable as pro- sided herein or in the promissor} 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 bortgagor. If the Mortgagor's fiscal calendar year shall not caincide with the date herein specified, then the date which the Mortgagee shall specify shall be controlling. Mortgagor 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 5fortgaget or provided for the Mortgagee in the note secured hereby shall be cumulative and severable- ' 21. !t is understowd 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 Mort¢agors or any successor in tide 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 theron plus any disbursements made by the Mortgagee for the payment of rages, levies, insurance or other charges on the property encumbered hereby, with interest-un 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 b}• reference incorporated herein and made a part hereof. Default in the terms of the Construction Loan Agreement shall constitute a default under tfre mortgage. "x3~i PsG~24~1 - 3~~K