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HomeMy WebLinkAbout1657 • 9. To de6vrr any abstract ur abst?acts of title or Utle insurance policy or policies covering the mortgaged property to Mortgagee or its designated agent, whkh shall at cell times during the life of this mortgage, remain in the possession oC the Murt- gagee and in event of the foreclusurr of this mortgage all tight, title and interest of the Mortgagor in and to any such abstract or title shall pass to the purchaser at foteclosurc, however, all mortgagee title insurance policies shall remain the property of Mortgagee. l0. That no waiver of any covenant herein or in the obligations secured hereby shall at any time hereafter be held to be a waiver oC 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 agee with any party obligated on said indebtedness. or having an interest in the security described herein, to renew or exter?d the tune for payment oC anv Dart or oC .`c ir,:cbic~r.:~.::,r.u:cu' hetaoy. without in any way atiecung 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 encumbrance upon said property as herein provided, it shall trot be necessary nor requisite that the Mortgagee shall terse pay the same. a 12. That if the Mortgagor shall fail. neglect or refuse for a period of tt'h (10)~days fully and promptly to pay the amounts re wired 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 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 raid aggregate sum mentioned in said promissory notes, less previous payments, if any, and any and all sums mentioned herein or secured hereby shall become due and payable forthwith or thereafter at the rontinuirrg option of the Mortgagee as Cully and oompktely as it said aggregatt wms were originally 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 wit at law or in equity to enforce the right of the Mortgagee hereunder or under said prottassory 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 suit in equity to foreclose this mortgage, either or both, concurrently or other- wise, and one action or suit shall not abate of 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 consent to the appointment of a receiver, trustee or liquidator of all or a substantial put of Mortgagor's assets, or (2) be adjudicated a bankrupt or insolvent, ur 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 14) 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 insolvency proceeding, or (ti) action shall be taken by the Mortgagor for thepurpose 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 seeking appointment of a receiver or trustee of all or a substantial part of the Mortgagor's assets and such order, judgment or decree 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 become 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 avid/or in equity as iC all monies secured hereby had matured prior to its institution. 13-B. That in the event the premises hereby mortgaged, or arty part hereof, shall be condemned and taken for public use under the power of eminent domain, Mortgagee shall hays the 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 such amounts may be applied upon the payment or payments last payable hereon. In the event it becomes necessary tot the Mortgagee to employ counsel to protect its interest at an}• condemnation proceedings, the Mortgagor shall immediately upon demand reimburse the 1?torteaeee for all reasoruhk r:nenvc ~.ai ~irr,m.~~• :.,.a ic:.::~.eal, ar~d all such sums snail UC deemed secured by the lien of this mortgage. 14. That the Mortgagee ur any person authorized by the Aortgagee shall have the tight to enter upon and inspect the mortgaged premises at all reasonable times. 15-A. That to further secure payment of the indebtedness of the Mo»gagor 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 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 of 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. Mortgagor agrees to execute any further documents evidencing wch assignment as Mortgagee may reasonably request from time to time. 15-8. That in the event that at the beginning of or at any time pending any suit upon this mottgage,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 Receisrr, such court shall forthwith appoint a Receiver of said mortgaged property all and singular, including all and singular rents, income, profits, issues, and revenues from whatever source derived, each acrd every of ~ which, it being expressly understood, is hereby mortgaged as if specitical{y 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 power in anywise intrusted 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 adequac}• or inadequacy of any remedy at law or of the cedeqquacy or j inadequacy of the value of the property mortgaged or to the solvency or insolvency of said Mortgagor or of any or all o(the de- fendants, and that such rents, profits, income, issues and revenues shall be applied by such Receiver according to the lien and/or i equity of said Mortgagee and the practice of such court. 16. To pay all and singular the costs, chuges and expenses, including reasonable lawyer's fees and fees for appellate work 4 and costs 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 i each and every the stipulations, agreements, conditions and rnvenants of said promissory notes and thu mortgage, any or either, and said costs, chuges and expenses, each and every, 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 such payment shall beu interest from the date thereof until paid at the same sate as is specified, in the notes secured hereby, as payable after default in payment of said f notes and all said costs, charges and expenses so incurred or paid, together with such interest, shall be secured by the lien of this g mortgage. i {7, That mortgagor will not permit any other bens, mortgages ur encumbrances against the card premises, and d any su.h liens, mortgages or encumbrances are incurred, whether paramount or subordinated to this mortgage, Mortgagor will cause such liens, mortgages or encumbrances to l+e discharged immediately. 11'ithuut limiting the foregoing,.should there be a Tien superior in dignity to the lien of this mortgage with Mortgagee' consent, it is convenant and agreed that should the terms of a lien ~ superior in dignity to that of this murtgattr be modified, altered or varied without the written consent of the Mortgagee herein, ur should any lien superior in dignity u. that of this mortgage be ur become in default, then and io such event the ~fortgageo herein may at its option acceleute the indebtedness secured b}• this mortgage and declare the same to be al{ due and payable without notice to Mortgagor or any other person. 18. Mortgagee shall hale the right to charge any of Mortgagor's accounts with Mortgagee for any sums payable as prv- vided herein or in the promiswry note secured hereby as wch becomes due. 19. If the Mortgagee requrctc, Mortgagor will furnish the Mortgagee annually from the date of this mortgage instrument, unless some other date is agreed to between the parties in venting, a certified rudited financial statement of the Mortgagor and annual complete statements of Mortgagor. If the Mortgagor's fiscal calendar year shall not coincde with the date herein specified, then the date which the Mortgagee shall specif}• shall be controlLng. Mortgagor shall supply Mortgagee •~•ith such other financial statements ac Mortgagee may from time to time request. 2il• No right or remedy prcv?ded herein for the Mortgagee ur provided for the Mortgagee in the note secured hereby shall be cumulative and severable. ' 21. It is underctrN+d 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 ca id Mortgagor or any successor in title of said Mortgagors of the property hereby conveyed:RRrovided that the total unpaid balance of the indebtedness secured hereby at any one time shall nut exceed $157 • 500 • V~ plus interest thcron plus any disbursements made by the mortgagee for the payment of taxes, levies, insurance of 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 f f - - - ~ - - - - - - ' ' - - ~ - - ,and said Construction Loan Agreement is by reference incorpora red herein and made a part herec+f. I>efault m the terms of the Construction Loan Agreement shall constitute a default under the mortgage. , ~