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HomeMy WebLinkAbout2421 - _ ..r.- 9, To deliver any abstract or abstracts of tick or titlt insurance policy or policies covering the mortgaged property to Mortgagee or its desr~g~ated agent, which shall at all times during the life of this mortgage, amain in the possession of the Mort- gagee and in event of the foreclosure of this mortgage all right, title and interest of the Mortgagor in and to any such absuaet or title shall pass to the purchaser at foreclosure, however, all mortgagee title insurance policies shall remain the property of Mortgagee. 10. That no waiver of 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 Hots: accrued hereby, nor may Mortgagor rely on any course of conduct by 's Mortgagee not speriticaUy required by this instrument. That the Mortgagee, without notice, may agree with any party obligated on said indebtedness, or having an interest in the security described herein, to renew or extend the time tot payment of any part 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 tortgagor to pay any tax assessment, liability. obligation of encumbrance upan said property as herein provided, it shall not be necessary nor requisite that the Mortgagee shall first pay the same, i 12. That if the Mortgagor shall fall, neglect or refuse for a period of ten (10) days fully and promptly to pay the amounts required to be paid by the notes hereby secured or the interest therein specified or any 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 each, every or any of the covenants, conditions or stipulations of this mortgage, the promissory notes hereby secured and/or the construction loan agreement, it aay, then, and in eithsr or in any of such events, without notice or demand, the said aggregate sum mtntiorred in said promissory notes, less previous payments, if any, acrd any and all sums mentioned herein or secured hereby shall become due and payable forthwith or thergfter at the continuing option of the Mortgagee ss fully and corr>pktely as if said aggregate sums were uriryi:::,tly 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 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 optan to enforce payment of all wtns secured hereby by action at taw or by suit ire equity to foreclose this mortgage, either or both, concunenUy or other- ! .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 satisfaction of said indebtedness. 13-A, That in the event that Mortgagor shall (1) consent to the appointment of a re~Yiver, trustee or liquidator of all or a substantial part of Mortgagor's assets, or (2) be adjudicated a bankrupt or insolvent, or Pik 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 creditars, or f4) file a petition or answer seeking reorganization or arrangement with creditors, or to take advantage of an; ?sNtvency law, or (S) file an answer admitting any of the material allegations of a petition Gled against the Martgagor in any bankruptcy, re• organization or insolvency pra~eeding, or (6) action shall be taken by the Mortgagor for the purpose oteffecting any of the fore- going, or (7) any order. judgment or decree shalt be entered upon an application 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 substantial part of the Nvrtgagor's assets and such order, judgment or de~7ee shall continue unstayed and in effect for any per"rod 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 sums hereby secured shall become•forthwtiih due and payable as if all of the said sums of trwney were originally stipulated to be paid on such day; and thereupon the Mortgagee without notice or demand may prosecu?e a suit at law and/or in equity as if all monies secured hereby had matured pear 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 or damage to said premises shall be paid to the Mortgagee, not to exceed the then unpaid balance of this mortgage and an)• sum secured thereby, and at the option of the Mortgagee such amounts may be applied upon the pa)•ment or payments last payable herein. In the rvrnt it becomes necessary for the Mortgagee to employ counsel to protect its interest at any candemnatiun proceedings, the Mortgagor shall immediately upon demand reimburse the Alurtgagee for all reasonabk expenses and attorneys' fees thus incurred, and all such sums shall be deenrrd secured by the lien of this mortgage. 14. That the Mortgagee or any perwn authorized by the Martgagee shall have 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 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 ma)• at its option deli), enforcing this assignment until any default being made b)• the Mortgagor under the terms of this mortgage the Hates secured hereby, and such assiK~~ rent in any event shall remain in full force and effect so long as any default rnntinues to exist in the making of any of the payments or the performance of any of the covenants oC this mortgage or the notes secured hereby, and tlrc 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 such assignment as Mortgagee may reasonably request from time to time. IS-B. That in the event that at the beginning of or at any time pending any suit upan this mottgage,ur to foreclose it, or to reform it, and/or to enforce pa)•ment of any claims hereunder, said !lforigagee shall apply to the satire having jurisdiction thereof far the appointment of a Receiver, wch court shall forthwith appoint a Receiver of said mortgaged property all and singular, including all and singular rents, income, profits, issues, and revenues tram whatever source derived, res.:: gad every of which, it being expressly understcwd, is hereby mortgaged as if specifically set forth and described in the granting and habendum clauses hereof, or an)• exhibits hereta, 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 equit)• and a matter afab- solute right to said Mortgagee, and without reference to the adequacy or inadequacy of any remedy at law or of the adryuacy ur inadequacy of the value of the property mortgaged or to the solvency or insolvency of srid Mortgagor or of any or all of the de- Pendants, and that such rents, profits, income, issues and revenues shall be applied by xuch Receiver according to the lien and/or equity of said Mortgagee and the practice of such court. I6. To pay all and singular the costs, charges and expenses, including reasonable lawyer's Tres and fees for appellate work and costs of abstract of title, incurred or paid at any time by said ~fottgagee because and/or in the event of the failure on the part of the said Mortgagor to duty, promptly and fully perform, discharge, execute, effect, complete, comply with and abide by each and every the stipulations, agreements, conditions and rnvenants of said pramissory 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 their 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 pa)•ment 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 par;rmount or subordinated to this mortgage, Mortgagor will cause such liens, mortgages or encumbrances to be diuharged immediately. R'ithout limiting the foregoing, shauld there be a lien wpcrior in dignity to the lien of this mortgage w•lh Mortgagee' conunt, it is conversant and agreed that should the terms of a lien superior in dignity to that of this mortgage be modified, altered ar varied without the written consent of thc'.Uortgagee herein, or shauld 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 carne to ere all due and pa)•able without notice to Mortgagor ur any other person. 113. Mortgagee shall have the right to charge any of Mortgagor's accounts with Mortgagee fur any sums payable as pro- vided herein or in the promiswry note secured hereby as such becomes due. 19. If the Mortgagee requests, 5ortgagor will furnish the Martgagee annually from the date of this mortgage instrument, unless s<~me 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, - thrn the date which the Slortga¢ee 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 provided herein for the Mortgagee or provided for the Mortgagee in the note secured hereby shall tee cumulative and severabte_ ' 21. !t is understex>d and agreed tha! this mortgage isgisrn 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 sad Mortgagors or any wccessor in title of said Mortvagors of the property hereby conveyed: provided that the total unpaid balance of the indebtedness secured hereby at any one time shalt not exceed_ NSA 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 mortgagN~~subject to the terms, provisions and conditions of that certain Constriction Loan Agreement dated . and said Constructian Loan Agreement is by reference incurporatrd herein and made a part hereof. Default in the terms of the Construction Lawn Agreement shall constitute a default under the mortgage. f • ~R 7 P~~F 241 R 2rnlt' .