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HomeMy WebLinkAbout2082 9. To delivr? any abstract or abstracts of tick ur uUr insurance puLcy or policies covering the mortgaged property to Mortgagee ur its designated agent, which shall at all times during the life of this murtgage, remain in the possesuun of the Mort- gagcee and in event of the fortausure of this moregage all right, title and interest of the Mortgagor in and to any such abstrsM 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 notes secured hereby, nor may Mortgagor rely on any course of conduct by Mortgagee not specifinily 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 for payment of any put or all of the indebtedness secured hereby, without in any way affecting either the lien hereof or the Uability 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, lability, obligation of encumbrance upon said property as herein provided, it shall not be necessary nor requisite that the Mortgagee shall first pay the time. 12. That if the Mortgagor shall fail, neglect or refuse for a period of ten (10) days fuQy 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, WUy 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 consttuctan loan agreement, if 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 sums mentioned herein or secured hereby shall become due and payable forthwith or thereafter at the continuing option of the Mortgagee as fully and completely as if said aggregate wms wrorc 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 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 sums secured hereby by action at law of by suit 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 Bright -to institute or maintain the other. provided slid Mortgagee shall have only one payment and satisfactan of said indebtedness. 13-A. That in the event that Mortgagor shall (1) consent to the appointment of a receiver, trustee or liquidator of all or a substantial part 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 (31 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 inwlvency 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 of a creditor or Mortgagor by a court of com- petent jurisdiction appronng a petition seeking appointment of a receiver or trustce of all or a substantial part of the Mortgagor's assets and wch 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 _ asserted on the notes and all other sums hereby secured shall become forthwith due and payable as if all of the said sums of money w•erc originally stipulated to be paid on such day; and thereupon the Mortgagee without notice or demand may prosecute a suit at law andlor in equity u 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 dom:+in, 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 stem 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 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' fPec rhos 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 Mortgagee 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 ptefits 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 Aortgagee nay 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 morigage,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 Receiver, ouch 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, rash and every of which, it being expressly understowd, is hereby mortgaged as if specifically set forth and described in the granting and habendum siauses hereof, or an}• exhibits hereto, and such Receiver shat) have all the broad and effective functions and powers in anywise I 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 I inadequacy of ihr valor of the property mortgaged or to the solvency, or insuhency of said Mortgagor ar of any or all of the de- fendants, and that such rents, profits, income, issucs 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 and/or in the event of the failure on the part of the said Mortgagor to duly, promptly and full}, perform, discharge, execute, effect, complete, comply with and abide by each and every the stipulations, agreements, conditions and covenants 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 there be notice, demand, attempt to collect or suit pending: and the full amount of each and every such payment shall bear interest from the date thereof until paid at the same rate as is specifced, in the notes secured hereby, u payable alter default in payment of said notes and all said costs, charges and expenses sn incurred or Paid, together with such interest, shall be secured by the lien of this s mortgage. 17. That Mortgagor will not permit any other Erns, mortgages or encumbrances against the said premises, and if any such liens, mortgages or encumbrances art incurred, whether paramount or subordinated to this mortgage, Mortgagor will cause such ~ liens, mortgages or encurnbrrnces to br discharged immediately. Without limiting the foregoing, should there be a lien superior ~t in dignity to the lien of this murtgage with Mortgagee' consent, it is conversant and agreed that should the terms of a lien ~ superior in dignity to that of this mortgage be modified, altered ur vaned without the written consent of the Mortgagee herein, or should any lien superior in dignity to that of this murtgage be ur 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 ssmt to be all dot and payable " without notice to Mortgagor or any other person. q IR. Mortgagee shall have the tight to charge any of :~lortgagur's accounts with Mortgagee for any sums payable as pre- sided herein or in the prumiswry 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 venting, 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. Mortgagor shall supply Mortgagee with such other financial ctatementsas Mortgagee may tram time to time request. 2U. lYo right or remedy, prcvrded herein fur the Mortgagee or provided far the Mortgagee in the note secured hereby shall be cumulative and severable. 21. It is understood and agreed that this mortgrge is given to secure, in addition to the note or obligation attached hereto, any rdditiunal loans or future advances made within the term of this mortKage loan to said Mortgagors or any successor in title of said Mortgagors of the property hereby conveyed; provided chat the total unpaid balance of the indebtedness secured hereby at any one time shall not exceed AOA@ plus interest theren plus any disbursements made by the Atortgagec far the payment of taxes, leviee, insurance or other charges tin 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 I1~8 ,and said Construction Loan Agreement is by reference incorporated herein and made a part hereof. Uefrult in the terms of the ('onstruction Loan Agreement shall constitute a default under the mortgage. , I•~ non M~tr