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HomeMy WebLinkAbout0641 • 9, To deliver any abstract or abstracts of title or title insurance policy or policies covrring the mortgaged property to Mortgagee or its desl~gnated agent, which shall at all 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, title and interest of the Mortgagor in and to any such abstract or title shall pass to the purchaser at foreclosure, however, all mortgagee title inwrance policies shall remain the property of Mortgagee. 10. That no waiver of any covenant herein or in the obligatans secured hereby shall at any time hereafter be held to Oe 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, tray ages 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 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 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 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 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 said aggregate sum mentioned in said promissory notes, less previous payments, if any, and any and all wms mentioned herein or secured hereby shall become due and payable forthwith or thereafter at the continuing option of the Mortgagee as fully and cornpktely as if said aggregate sums 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 suit at law or in oquity 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 wms 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 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 Mortgagor shall (1) consent to the appointment of a receivror, 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 creditor, or to take advantage of any insolvency law, or (S) 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 (6) action shall be en ~ I~t Mote fir rApt~tpeffecting any of the fore- going, or (7) any order, judgment or decree shall be ente~idA' ~1Fa o gagor by a court of com- petent jurisdiction approving a petition seeking appointment ofsi rice or b I part of the Mortgagor's assets and such ordei, judgment or decree shall continue ttgstaye~alad N effed ~ y (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 prosaute a suit at law and/or in equity as if all monies secured hereby had matured prior 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 eminrnt domain, Mortgagee shall have the right to require that all damages awarded for the taking of ur 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. In the erent 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. Thst tFIP Mnrtonopr nr anv nPrcnn ~„thnrisarl by rM Arn.ro~o.w ch•.11 h~vo rho ....hr o.,rs. , .,A : rh. nwrtgaged premises at all reasonable times. 15-A. That to further secure payment of the indebtedneu of the Mortgagor to the Mortgagee, the Mortgagor does hereby sell, assign, transfer and set over unto the Mortgagee all of the rents, iuues, and prut~is 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 rnntinues to exist in the making of any of the payme,as 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 an}• further documents evidencinti wch assignment as Mortgagee may reasonably request from time to time. 1 S-B. That in the event that at the beginning of or at any time pending any suit upon this mortgage, or to foreclose it, ur to reform it, and/or to enforce payment of any claims hereunder, said Mortgagee shall appl}• to the court having jurisdictan i thereof for the appointment of a Receiver, such court shall forthwith appoint a Receiver of said mortgaged propert}• all and f 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 hereby 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 atr solute right to said Mortgagee, grid without reference to the adequacy or inadequacy of an}• remedy at law or of the adequacy or ~ inadequacy of the value of the property mortgaged or to the sotvenc}• or insolvency of said Mortgagor or of any or all of the de- fendants, and that such tents, 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. I a 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 fully perform, discharge, execute, effect, complete, comply with and abide by each and every the stipulations, ageements, conditions and rnvenants of said promissory notes and this mortgage, any or either, and said costs, charges and expenses, each and every, shall be immediately due and pa}•able, 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 p 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 if any such liens, mortgages or encumbrances are incurred, whether paramount or wbordinated 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 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 I without notice to Mortgagor ur any other person. 1S. Mortgagee shall have the right to charge any of Mortgagor's amounts with Mortgagee fur any sums payable as pro- vided hereih or in the promissory note secured hereby as such becomes due. 19. If the Mortgagee requests, Mortgagor will furnish the llfortgagee 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. Mortgagor shall supply Mortgagee with such other financial 3 statements as Mortgagee may from time to time request. i ~ 20. No right or remedy prcvided herein for the Mortgagee ur 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, I any additional loans or future advances made within the term of this mortgage loan to said Mortgagors or any successor in title of I said Mortgagors of the property hereby conveyed; provided that the total unpaid balance of the indebtedness secured hereb}• at any one time shall not exceed N /A 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 Luan Agreement dated N /A and said Construction Loan Agreement is by reference incorporated herein and : made a part hereof. Default in the terms of the Construction Luan Agreement shall constitute a default under the mortgage. - 641 ' t BOOK c~l~ PEE 1