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.tt~, ulltdbl too dIIt .. ~ u r~ La flat took lOt ,",
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Tho" ,. tM ,~ tiW loan fOhtch tht. f/t'Ortgo-gf/l t 8 9 t v'#n trr
..cur. 14, IIIiOIf#I JtW tlw purpo.. of It1t4Mt,..., .tth#r tM c.on.1!ttr-uct.ion
of ,..w bt.trl~t".,. or t1W cout.ruct ton 01 t.pro~"Mcm.t~ ant/./o r
add it tom; eo ....l.~ lHJ.lld tng., eh4- Ihrtgagcr, if r. qu I r.d by
t~ Mbrtgwg.., 'APr,.,ly 4gr.~. to d<<po.tt with ehe Mortga~e6
or i e. d#slg1t4ted Q~' 411 QJlIIOlPlt o/llt01\SW .qua.l to t1w d i/Jer-4r.ct!
b~t_.ntM 'Wt oroc..d3 "f th~ loan and t~ total iL'IIl()UJlt, {"]8
deteJ"'fntMd by the JIortg4g<<4f, r.qut,.~ tb tu.111j co..plete sa td
constructton 1ft aceordanc1f tt>tth tM plans artd fJp4fciltcattona
Jj1!rctofort ~ub~itt.,d by tMWortf}(Jgor a.nd apP"o\J~d by th.e
Mortgagee. SaId ~"""lt 01 ~O'h!Y sr.al1 be pl(ltad by tM
Vortgag$e t" a ~ta~ In prcc~s$ Acccunt~ in th~ ~ oj tr.~
Mort.gagor~ a.nd eM 8~ "holl Of! U-flN by eM liort9agi'~ to p;.tV
UUf cell' t~, CMr-g6S and e.xp4!NI.. fnc'Ur-rifd in COn.!'h! c t t on wi th $a let
cor.structicn pdorto diBbuFsing oj this l:Hl~ It lli further
'I.g,..e~d thot in the eu~nt Ba.id con~tructfon is not lully cOMpl(Hed on
or nelors the date $tat.d in t~~ Co~struction Loan Ag,~e~nt or
in th~ .u.n.t that UUf we"" on 3aid COMt.ructior. shall O(!aIU be/ore
lull co."l$tt071 and $UCh ~iHH!o.tt;;m. ahal1 oontt,rtU4 lOr a pt1"'iot!
of ...."..&.....0'" da'ls~ or if Ilfubseofttto.) contiru.wua progri!E!8
8h.a.11 not b~ ~e in such con.structien!. th~n and in any such
gUflnt tM said <J,qgr~9o.ttf. $1 w.'"'l 1 tJr-inctpaJ and interest, ~nUoni!d
in ~a/d prO~i8$cry not~ and all ~Dr.it8 8ecur~d h~reby? shall
b~oo~ d~ a114 PGY'abltf torti't1itJtth or Ut8r~aJ'ttr, at :h.tt opt iGn
of sa fa 110 rtgd!;iUJ ; and in th€ ~v.nt 01 likeh c.,.itttt ion f>t' ~"-) rk
!Jj)1..H''l $. fa cnt~tructton. .for a pcrrlt:>d 01 ....\!l H" H.' H dayaJj
or i/ ftub$tcntial cont tnuoUlf progress shall not be ..-!1}:1d~ in
iBuch oorUJtf"""..tetion. aa afor-,ea.ld. tM Mcr-tf14g.s "'lay t':lt Us
0vGiQn ~ntcr tntc ~~~ ~pcn th~ fflartgGg~~ pr~~t~~8 and ca.~jl~te
saia e:01Vt r-uct; ten in !Hieh A\Qr;]ier afJ it d4f(i!NI oof.dsab16 i.d th'Jwt
any t~t~rf~r~~e fro. :~ ~rt4Q9orl tAe .oid ~rtgagor her~by
9ivtng and gNne.ing to thil Mbrtpgcti .fWJP!.1feEr t;ind Gl.lthor-it!j
tt;, ~$,~ su-ch .n.tr-V illto- am up~.m, 34td 1It(}rtf}rJg~ nrft!~i$"$~ to
~?dttr Into ~:nic'1t ~"ntrae'3 or a'f'1"'S~~_ft.i. a.9~Y be fhfCe!Wnr-y
(.<) cO!tfplet. S4id cQn.truction~ Q,fld to ~Zpdnd. ~tlY !lft.(Jfdti! reff#Q.tn.tn-}
€1t ..I. *~ fft, ~_ del1""'.-- .... tn..tlftltAt t ion a!t~ guRUi' oJ
=~~. ~==3 i; V.;~,:;;~ ~:n:;=::i:~ ~~h(J~~C~nd any
e<Japlfft flU" fit' l!IoJttUJl1IJltClo:ft tfl.~._ .1' $11# !1ti,mlffB in. sa id
"~1.1~ t11 Prt1e1f. A~g.wU"" .-.z1 be ~tI tQ t1w #!;td .tJr.tr~;(pal
d~iH and .Mil fi~mt.r'i!~f; at tM r.,h~ p1""f:~td4d Ifr. t;,'cid .
plP;:f1!lCiWflOriJ Mi1i" ~ ~1 k ...~.~ .&f . tilt. ~ptgcf~ i' at~
e;tw:t1 1 h<< ~1U. tjt$"'.l"t...,r 4m 4#.~ i>