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HomeMy WebLinkAbout0949 • ..e, ti 9. To deGvsc any abunct or sharers of title oc urge iasurants poG:y of polities coronas the mottp;ed property to Nongages or its de~tateQ areal, which shall at all anus during the gale of tha tnart;a;e, tomato is the posxtswn of the Slott- p~se acrd is cre+tt o[ the foreclosure of this mottsage all t~ht.:itK and tntetest of the Slorttaeot m and to say such abstrxt or ~•pau to the putcAaset at [oralowrr. howarec. ad atottjaga trtla inwrtuNce Pelw'res sAatl relaaia the property o! !0. 71st ao waiver of aay coreaant hereto of in the obli;atans secured hsteby shalt at aay time harca[tct be hei3 to be a wairec o[ aay of the other terms hettof of of the setts secured hereby. riot may Slortsasoc tltY os any caurx of condos by Mortltagee not spectficaUy required by this instrument. That the Monpges, vrtthoui notice, may a6se with any party oolt;ated ort said indcbtcdacss, or baring as intctest in the security described berets, to resew of extend rho ume [or payatent of any part ac all of tM indebtedness rotated hereby. without in aay way stfectiag arbor the Bert hejsaf of tha liability of any other party. I1. That is order to acceknte the matwity of the indebtedness hereby secured because of the failure of the Mort;a;or - to pay any tax asseuatent. liability. obG;atwa of eacumbntwe upon said property as hercm provided, it shall not be accessary nor requutte that the Slottgagee shall tlrst pay the rams. ' 12. 'Brat if the S[ortgagor shall fall. ne;kct or relax lot a period of ten (l~'d>~~liN} and prompdy to pay the amounu rsqutted to be paid by the notes hereby rotated of the interest thereto specified a any of the sums of mosey hercinteferted io or htceby setuted. ar othetwix duly, fuuy sad promptly to perform, ezecuto. ~~ompi~i with sad abidts by each, every or any of rho wreaaats, coaditioas a stipulations of this moctgs;e, the promissory notes hereby secured sad/or the construction loan a;tteateat. if any. then. sad iri eiNer oc in aay of wch ereau. without notice of demand. the said a;gctsats sum meauoned in said promissory notes. less precious payments, if aay, sad aay and all wms mentioned herein or xcurcd hereby shag btcome due sad payable [attler.~th or thaeatter at the ce>rciauins aptioa trf' :he Mortgaged ss fu~y sad co::sple:ely :s if said atgegate sums were on;inaUy stipulated to be paid as wdt time, anythitt; :a sad promissory notes or herein to the coritruy noturtthstandiag, sad the Slontpeee shall be entitled thsrcupon of Nercafter without notice or demand to institute wit at law or in equity to =aferce tAe right of the i?tortgage. hereunder a urdx said promissory notes. la the treat of uty default nr breach on the patt_ of :he S(ortgagac hereunder or ut?der said promissory notes, t,`?e Slortga;ee shall bare tht continuirrj option to enforce payment o[ all wau xcurcd hereby by action at law ar by suit is equity to foreclose this mortgage. either or bath, concurrently a oNa- vise. sad sae action at suit shall not abate a be a bar to or waiver of the SlortQtee's tight to institute oc maintain the other, provided said Stottgagee shall lure only one paytrteat sad satisfaction of said indebtedness. -13-A. 71ut is the event that Stott:pgor shall (I) consent to the appointment of a receiver, trustee or liquidator of all or: substantial put of Mort;a;or's assets, or l2) be adjudicated a bankrupt or insolvent, a file a voluntary petition in bankruptcy or admit in waiting his inability to pay his delfts as they become due, or (3) make a general assignment fo[ benefit of creditors. _ of (4) fde a petition or ivswer seekin; ceor;anizatioa oc arrangement oath creditors, or to take advantage of any inwlvency law, a (S) fdo an answer admittin; any of the material ak;atioas of a petition filed against tltc Mona;or in any bankruptcy, re• organization or iawivett~r pttlt r (6) action shall be taken by the Stortgagor for the purpox of cffettin;any of the fote- ::.~:-.som;s•or iT~ atijl eider;, ju~r~e~ii'''bllf~ctee shall be entered upon ut appUcatioa of a creditor or JtortCragor by a coos of ~om- -pete(nst junsdictlatt a~pc~rirr~•'a.'petftioa seeking appointment of a receiver of trustee of all of a substantul part of the Mortgagor's ~f' t t~hE J~[oi rt`,eti~en~~ecl~ar~~ nom he~e~senrred forthwith du~a~ effect for aay period of thirty (30) consecutive days, _ Se payable, whett<tiooa the principal of and the interest acetued on the setts and all other-win, hereby secured shall become forthwith due and payable as it all of the said sums of looney were orinnally stipulated to be paid on such day: and Nercupon [he Mottsa;et: without notice of demand may prosecute a suit at law and/oi in equity as if all monies scouted hereby had matured prior to iu irutitutioa. • 13-B. That in the event the premiss hereby mortga;:d. or any pact Aeteof, shall be condemned,and taken for puQlic use under_ the power of eminent domam, Mort~ee shall hate the right to require that all dama~s awarded for the wkin; of or damage to said premises shall be paid to the Stortga;ee, not to exceed the then unpaid balance of this mort;a;e and any sum secured thereby, and at the option of the Marc;aget such amounts may be applied upon the payment cr paymenu lass payable - hereon. In the exert it becomes neccssaty for the Mortgagee to employ wunxl to protect its interest at any condemnation ptaceMings, the Ston;a;or shall immediatcty upon demand reimburse the Mon;a;ee for all reasonable expenses and attorneys' fees thus iaairied. and all wch wms shall bd deemed secured by the lien of this mortgage. - . 14. That the Mortgagee or any person auWorized by the Mortgagee shall love the tight to eater upon and inspect the mortgz;ed premises at ail seasonable times. _ IS•A. That to furtl:rr xctrrc payment of the indebtedness of the hlortga;or co the Stortga;ee, the Martga;or dues hereby ssU, assign. transfer and xt over unto the Sforcgatjee all of the rents. iswes. and protiu of the mortgaged premises, and Stottgaged tray at its aptaa delay enfotaa; Nis assignment-until any default beirr made by the Slottgagor under :he terms of this mortgage the notes secured hereby, sad wdt.assianmeat is any treat shall remain in full force and eiiea so tong as any default continues to exist is the making of any of the payrrteau or the performance of any of Ne corenaau of this mortgage of the notes secured - hetcby. sad the 3foct;agee shall have the right to eater upon trio premises and collect same directly from persons is posxssion. _ Mortgagor agrees to execute any further documents evidencing match assignment as Mortgagee may reasonably requr~t from time to time. - IS-B. That in the event that at the L~eannin; ci or at aay time pending any suit upon this mottgage,ar to foredose it, or to reform it. and/or eo enforce payment of any daims hereunder, said Mortgagee shall -apply to Ne-coact having jurisdiction . Nercof for the appointment of a Receiver, wch court shall fonhwiN appoint a Receiver of said mona:ed pcoperry all-and singular, indudin; all and singular rcnu, income, grouts. issues, sad revenues from whatever source derived. eadt and every of which, it being expressly understood, is hereby mort;xed as if specifically xc forth and described in the gnntin:sad habendum douses hereof. or any exhtbiu berets, and wch Receiver shall have all the broad and effective functions and power in anywise entrusted by s court to a Receiver. and such appointment shall be made by wch coon as an adatitted equity sad a matter of ab• ~ solute tt¢ht to said Slort;aEee. and rriNout reference to the adequacy of inadequacy of any remedy at law or of the adequacy of ~ ias~iegtucy of the value of the property mori~~d or to the solvency or insolvency of said Slon;a;or or of :ny or all of the de- fendants. and that such re-u, prouu, income, iswes and revenues shall be applied by such Receiver actotding to the lien anahr equity of said Sortgagee and the pnctice of wsh wort. - - - 16. To pay all and sirulular the costs, chards and expenses, indudine ieasonabk lawyer's fens and fees for appellate work and costs of abstract of title, incurred-or paid at aay time by said Mortgagee bepttse and/or in Ne event of the iatlurc on :he part of the sad Slott;agor to duly, promptly and fnUy perform, dischat;e. execute, effeet..romolete, comply with and abide by each and every the stipulations, a~eemenu. conditions sad wrenanu of said promissory notes and th=s mortgage, any or either. and said costs, charges and expeaxs, each and every, shall be immodiatety due and payable, whether of not .[here be notice,- demar_d, attempt to collect or wit pending; and the full amount of each and every wch payment shall bear interest from the - date thereat anti! paid at Ne same race u is specified, in the notes xcuted hereby, as payable after defanlt in payment of said notes arni :Il said costs. charges aM expenses so incurred of paid, together wiN wch iatercs:. shall be srcwed by the lien of this trwttgage. 11. That Mortgagor will not permit any other liens, mortgages or encumbrances aniast the said premises, and if am such liens, mortgages or encumbnnces are incurred, whether pu~motsnt or subordinated to this men;a;e. Siottgagor will cause such liens. mortgages or encumbrances to be discharged immedutely. Without limiting the foregoing, should Nete be a giro wpe:ict - in dignity to rite lien of this mortgage with Mottsntee' wnsent, it is wnrenant and agreed that shau!~i the toms of.a lien supc:iot in dilniity to that of this mortgage be madctied, altered at varied without the written consent of the Slortsyagee herein. _ ar should any lira superior is dignity to that of this mortgage tie or become in default. then and' in wch event the Stott;ages ~ herein may at its optiaa accelerate the indebtedness secured by this mortgage sad declare Ne same to be all due sad payable ~ without notice to Stortgagor or aay oNer person. i3. S(ortgaEce shall have -the right to durge any of Mortgagor's accounts wiN Stang_+gee far any wms payable as pro- ~ Tided herein or is the promsswry note secured hereby u such becomes due. 19. !f the ylotcgagee requests. Siort~gor will furnish the Mortgagee annually from the date of this monga;e instrument, nriless some other date is a:reed to between Ne parties in +iritin:, a certified audited financial statement of Ne Mort;attor and annua corsotete statements of Mortyasor. If the Mort;agoi s fiscal calendar qeu shall not coincide with the date herein spenfied. then the date khich the Stott;ogee shall specify shall bt coattolline. Jdortga;w shall wppiy ~ton~psee with wch other financial statements as Mortgagee may from bate to time request. t 20. Yo right or remedy p;evided rercin for Ne Mortgagee of provided for Ne Mangagee in the note scored hereby shall be cumulaisre and xreabie. - - 21. It is understood and agreM-that this mortgage is liven :o secure, is addition to the note or obligation attached hereto. any additional loans or future advances made within the term of Nis mortgage loan to said Slortragors or any successor m title of said Sfortea;ori of the property hereby conveyed: provided that Ne coal unpaid bahnce o~ the indebtedness soured hereby at any one three shall nee exceed ~C - plus interest theroa plus any disburxmeau made by the S1ort;aeee sot Ne payment of :axes. knes, inwnnce or other charges on the property encumoereG hereby. with interest oa such disbursements. court costs and attorney's fees, irtc:udirig fees lot appelkte work. .22. This mortga;e is wbjeet to the terms. provisions and conditions of that cocain Construction Loan Agreement dated DI~n and said Construction Loan Agreement is by reference iacorponted herein sad nude a part Aercof. Default >n the terms of the Cansvuction Loan Agreement shat wastitute a default tinder the mortgage. _ - i ~ {