HomeMy WebLinkAbout0602 9. To deliver any abstract or abstncts of tick or title insurance policy or policies covering the mortgaged property to
Mortgagee or its destjnated agent, which atoll at all times during the life of this mortgage, remain m the possesswn of thr 1(ort-
and in Brest of the foreclosure of this mortpge all tight, title and interest of the Mortgagor in sad to any such abstract or
ti a shall pau to tM purchaser at foreclosure, however, all mortgagee title inwrance policies shall remain the property of
Mortgagee.
10. That no waiver of say covenant Mtein or in rile obUgataas secured hereby shall at any time hereafter Oe hsM to be
a waiver of say of the oWet terns hereof or of the notes secured herby, nor may Mottgsga :ely on any coutss of conduct by
Mortgagee not spxitlauy required by this itutrualent. Tlut the blortgape. without notice. tray agree wiW any Patty obligated
on said tndsbtdness, or loving an intstst is the security described harem, to renew or extend the time foe payment of any put
or all o[ the irdebtednesa secured hereby, without a say way affecting either the lien hsrrof or the IitbilitY of any other party.
1l, Tlut is order to socekate the maturity of the indebtedness hereby secured beausr of the failure of the Mortgagor
to pay any tax assessaieat, liability. obligation of eacumbraiios upon said property u herein provided. it shall trot be neoessary
nor requisite that the Mortgagee shall first pay rile same.
12, That if the Mortgagor shat fail, neglect or refuse for a period of tea (10) days fully sad promptly to pay the amounu
teq~ired to be paid by the notes hereby secured or the interest therein specified or say of the sums of mosey herein refereed to
or hereby securod, or othetsvise duly. titUY and promptly to perform, execute, comply witb sad abide by each. esrory or any of
the covenann, caiditioas or stipulationu of this mortgage, the promissory notes hereby secured and/or the cotuttuctan loan
agrestneat. if say, thee, and in either or fn any of such ereau. without aotios or demand. the raid aggrepte sum mentioned in
said proirtisaocy antes, less preraus paymsnts, it any, sad any and all sums taentioned herein or sscursd hereby shall become due
and payabk [orthwiW or theteaRer ac the wntinuiag option of the Mortgagee as fully and compkrely u ff said aggregate sums
acrd ~
~y stipulated to bs paid as such time. aaythiag iu said promissory notes oc tacein to the contrary notwithstaadiag.
er>loros ~ p~esfr~ liMorttatitled thsceupoa a thereafter without notice or demand to institute stet at law or in equity to
~ the M tiglt 6egee herewider or wider said promiswry notes. Ia the Brent o[ say default or breach oa the part
of all auras ~hrursb r b actioar a~ ti or b n ~ ~ M ~ M~ ~ ~nttnutag option to enforce payment
Y Y equity to fotedose this mortgage, either or both. cottt.~trrently oc other-
wies, sad ow action of salt shall not abate or be a bu to or waiver of the Mottgtiges's right to institute or rnaintaia the other,
Provided acid Mortgages shall haw Daly ores. payment and satisfictioa of said indabtedaase.
l3-A. That in the Brent that Mottgtgot shall (1) rnnseat to the:ppointtaent of a teceirer, trustee or liquidator of all
a a substantial part of Mo 's assets, or (2) be adjtidiated a bankrupt or insolvent, or (t'le a voluntary petition in bankruptry
ar admit in writing his inability to pay his dcbu as they become due, or (3) make a gearral assgnment for benefit of creditors,
or ~4) file a petition or answer seeking reorganiution or artaagemeat with creditor, or to take advantage of say iasolveticy law,
a (S) Erie as answer admitting say of the material allegations of a peutioa filed against the Mortgagor is any bankruptcy, re-
organization or iasoltnency proceeding, or (6) action shall be taken by the Mortgagor for the purpose of effecting say of the fora
going, or (7) any ceder, judgment or decree shall lee catered upon an apptitxtioa of a creditor or Mortgagor by a court of rnm-
petent jutisdietioa approving a petitiat seeking appointment of: receiver or trustee of all or a wbstaatnl put of the Mottgagor's
assets and such order, judgment or detxee shall continue uastayed creel in effect for uty period of thirty (30) consecutive days,
the litortgagps may dedare the notes hereby sscured forthwith due and payabtr. whereupon the principal of and the interest
accrued on the notes sad oil other sutra hereby secured shall become forthwith due and payabk u if all of the said sums of
.money irpe o y stipulated to be paid oa such day: and thereupon [lie Mortgagee without ratite a demand may prosecute
' a suit at lair std or fn equity as if all monies secursd hereby had matured prior to its institution.
13-B. That is the event the premises hereby mortgaged. or any put hereof, shall be condemned sad taken for public use
order the power of emirieat domain, Mortgagee shall Aare the right to require that all damages awarded for the taking of or
damage to said promises 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 payabk
hereon. [a the event it becomes necessary for the Mottgagee to empty counsel to protect its interest at any condemnation
proceedings, the Mortgagor shall immediately upon demand reimburse the Mortgagee for all reasoiiabk expenses and attomeyi
fees thus incurred, sad aU such wins shall be dames secured by the ilea of this mortgage.
l4. That the Mortgagee or any person authorized by the Mortgagee shall have the tight to enter upon and inspect the
mortgaged premiss at all rasonable times
IS-A. That to further secure payment of the indebtedness of the Mortgagor to the Hortgaga, the Mortgagor does hereby
sell, assign, transfer and act over unto the Mortgagee all of the rents, issue, and profits of the mortgaged premises, and Mortrpges
may at its option delay enforcing this assignment until any default being made by the Mortgagor under the terms of this mottgage
the rats secured hereby, and such assignment in any event shall remain in full fora and effect so long as any default rnntinus
to exist is the making of any of the payments or the performance of any of the covemnts of this mortgage or the noes secured
hereby. creel the Mortgagee shall bare the right to eater upon the premises sad collect same directly from persons in possession
Mongagor agrees to execute any further documents evidencing such assignment as Mottgagee may reasonably request from tithe
to time.
l5-B. 'liar in tM event that at the beginning of or at any time pending say suit upon this mortgage, or to fomlose it. or
to reform it, and/or to enforce payment of any dsims hercurder, sad Mortgagee shall apply to the court baring jurisdiction
thereof [or the appointment of a Receiver, wch court shall forthwith appoint a Receirtr of said mortgaged property all creel
singular, including all sad sirigulu tents, income, profits, issues. acrd rtrnnus from whatever sours derived, each creel every of
which, it being expressly understood, is hcrcby mortgaged u if specifically set forth acrd described in the gnnting and habcndum"
clauses hereof, or say exh3irs hereto, and such Receirtr shall bare all the broad and effective fuoctioas and powers in anywise
entrusted by a court to a Receiver, creel such appointment shall be made by such court u an admitted equity and a matter of ab-
solute right to said Mortgagee, and without reference to the adequacy or imdequacy of any remedy at bw or of the adequacy or
inadcgtiacy of the value of the property mortgaged or to the sohency or insolvency of said Mortgogoror of aey or all of the de-
fendants, and that such tents, profits, income, issues and revenues shall be applied by such Receiver accoafing to the lien arsine
oquity of said Mortgages creel the pnctice of such nowt.
16. To pay all and singular the oosu, drugs and expews. indtidiag reasonable lawyer's•fes and fees for appellate work
and costs of abs*sact of title, incurred or paid at any time by said Mortgagee bepuse sad/or in the erect of the failure on the
part of the said Mortgagor to duly, promptly creel fully perform, discharge, execute, effect, complete, ooraply with and abide by
each and every tlx stipulations, agreements, conditions and covenants of said promissory pots sad this mortgage. any or either.
sad said costs, chuges and expenses, each and every, shall be immediately due and payabk, whether or not there be notice,
demand. attempt to rnpect or suit pending; aM the full amount of each and every wch payment shall hear intaresi frart•. t::t
date thereof until paid at the same race as is specified, in the rots secured hereby, as payable after default in payment of said
Hots creel all said costs, charges and expenses so incurred or paid, togetlitr with wch interest. stall be secwed by the lien of this
mortgage.
17. That Mortgagor will not permit any other liens, mortgage or encumbrances against the sera premises, and if any such
liens, mortgage or encumbrances are incurred, whether puamount or wbordinated to this mortgage, Mortgagor will cause loch
liens, mortgages or encumbnaces to be discharged immediately. Without limiting the foregoing, should there be a lien superior
in dignity to the lice of this mortgage with Mortgagee' consent, it is conrenant and agreed that should the terms of a lien
superior in dignity to that of this mortgage be modified, altered or vaned without the written consent of the Mortgages herein.
or should 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 aecelente the indebtedness secured by this mortgage and declue the same to be all due and payable
without notice to Mortgagor or any other person.
lg. Mortgagee shall have the right to chugs any of Mortgagor's accounts with Mortgagee for any wins payable as pro-
reeled herein or in the promiswry note secwed hereby as wch becomes due.
19. If the Mortgagee requsts. Mortgagor will furrlisli the Mortgagee annwlly from the date of this mortgage instrument.
uNess some other date is agreed to betwreen the parties in writing. a certified audited iunncial statement of the Mortgagor std
annual complete statements of Mortgagor. If the Mortgagor's fiscal calendar you shall not coincide with she date herein specified.
then the date which the Mortgagee shall specify shall be convoUirig. Mortgagor shall wpply Mortgagee with wch other finance!
statsments u Mortgagee may from time to time request.
20. No right or remedy prcnded herein for the Mortgagee or pronded for the Mortgagee in the note secured hereby ,hall
be cumulative and severable.
2l_ [t is understood and agreed that this mortgage is given to secure, m addition to the note or obli3ation attached hereto.
any additional loans or Cuturc advances made wuhin the term of this mortgage loan to sad Mortgagors or any wccessor m title of
said Mortgagor of the property hereby caaveyed; provided that the total unpaid balance of the indebtedness secured hereby at
any one time shall not exceed+~25 • ~QQ • plus interest theron plus any disbursements made by the
Mortgagee for the payment of taxes, levies, insunntx.or other charges on :he 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 Corutructiat Lunn Agreement dated
l')O]'1@ and said Construction Loan Agreement is by reference incorporated hereto and
made a put hereof. Ikfault in the terms of the Construction loan Agreement shall constitute a default under the mortgage.
G~ ~1K327 ~~cE 601
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