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>. 1•hat iu the event of a suit Lriug ~nstitutrJ to furccloae this utungaa;e, the bloc[ a •e~ ~ha4l~- tlpp~ rt~tlQ~~f1..~~{{ ~t~rpf}! e~ au}' uwt durit,g
suit: furcclosuce suit to the :our[ having jurilStfiction thereof fl,r the appointment of a recd •tr of dl'aed t¢ingrdttE'llfe mb tgaged property, and
of all rcats, incomes, profits, issues and revenues thereof, from whatweyer source denved; and thereupon it is hereby ezptessly covtnauted
and af;retd that the court shall forthwith aplroint sucn receiver +yith the usrial po++•era and duties of rreeivera in like cases; and said a -
puinta;ent shall be made by' the court as a matter of strict right to the Mortgageq and without reference to the adequaq• or inadequacy of the
value of t•it property hereby mortgaged, or to tae aolvtncy or insolvency of the hlortgngor or any other party dtfcndant to such swt. 'f'he
Mortgagor hereby specifically' waives the right to objet to t're appoiutmcnt of a rtcriyer as aforesaid and hereby ezoccssl}' consents that such
appointment shall be [Wade as an admitted equip' and as a metier of absolute right to the blortgagee and that the same may he done without
notice to the Mortgagor.
ti. TFat if any' proceedings shouh! be inatiarted against tht property covered by' this nwrtgage upon any other lien or claim whcthec
~upcrior or junior to the lien of this mortgage, the Mortgagee may at its option immediacely upon institution of such suit yr during the pend-
ency thereof declare this mortgage and the indebieduesa snored tertby due and payable forthwith and may a; its option proceed to foreclose
this moregage.
7. •I'o pay- all and singular the tests, fees, charges and tzpenses of every Lind, including the cost of an abstract of title to said lands
found to be convenient or expedient iu connectivn with any suit for the foreclosure of this mortgage, and also including, whether the blortgagee
is obligated to pa+' sarne or not, reasonable attunuy''s fees incurred or expended at any tithe by the `,fertgagce because of the failure of the
bfortgagor to perform, Comply with and abide by all or any of the covenants, conditions and stipulations of said promissory note, or this
n,urtgage, is the foreclosure of this mortgage and in collecting the amount secured hereby' with or without legal proceedings, and to reim-
i~~.u,e the hlongagee for every' payment made or incurred for any such purpose with interest from date of every such payment at the rate of
eight per tout (890) per annum: such pzcments and obligations, •.+it6 interest thereon as afvresaid, shall be sauced by the lien hereof.
8. 'I'o keep tae building or buildings now or hereafter on said land insured against loss or damage by fire, eaended coverage and
other perils in a gum not Ins than their full insurable value at the cost and expense of the Mortgagor in a company u: companies approved by
the hiortgagte, the pclicy or politics to be held by tie hiortgagte, and ruch policy or policies of insurance ahi~l hart affixed thereto a Stan-
dard here fork Mortgagee Clause, ma5.ing all loss or dosses under such policy or policies payable to the Mortgagee as its intr.est may appear,
and to deliver said policy or policies to the blortgagee +vhen issued with the receipts for the payment of the premium therefor; and in the event
guy sum of money becomes payable under such policy or policies, the Mortgagee shall have the option to receive and apply the same on account
of the iudrbtcdne~s secured hereby or to permit the btortgagnr to receive and use it, or any part thereof, for other purposes, +cithout thereby
waiving or impairing any equity, lien or right under or by virtue of this mortgage; and the Mortgagee if it deems necessary may place and pay
for such insurance, or any p_rt thereof, without Icsing, waiving or affecting blortgagee'a option to foreclose for breach of this covenant, or any
part therrcf, or an • right or option under this mortgage, and every Both payment shall bear interest from date thtrcof until paid at the rate of
eight per cent (890) per annum, and all such payments with interest as afornaid shall be secured by the lien hereof. In the event any loss o-
damage is suffered Mvrtgagor shall notify blortgagee of such loss or damage within forq•-eight j48) hours after the happening thereof; the
failure to give such notice shall constitute a default and the Mortgagee shall have the rights herein given for all defaults.
9. To permit, commit o: suffer no waste and to maituaiu the improvements at all times in a state of good repair and condition; and
to do or permit to he done to said premises nothing that will alter or change the use and character of said property- or in any way- impair cr
weaken the aauriq- of said mortgage. In case of the refusal, neglect or inability of the Mortgagor to repair and rnalntaiu said property, the
bfortgagee ma}', at its option, make such repairs or cause the sarne to be made and ad+•ance monies in that trrhalf which sums shall he secured
by the lien hereof and bear interest at the rate of eight per cent (8%) per annum-
10. To deliver the abstract or abstracts of title covering the mortgaged proprrn to blortgagee or its designaad agent, which shall at
all times, during the life of this mortgage, remain in the possnsion of the Mortgagee and in event of the foreclosure of this mortgage or other
transfer of title, all right, title and intern[ of the bfortgagor in and to any such abstract or abstracts of title shall pass to the purchaser or
grantee.
il. "That no waiver of any covenant herein ur in the obligation xcur-d hereby shall at any time hereafter be held to be a waiver of
any of the oche: terms hereof or of the note secured hereby'.
12. 'c'hat in order to accelerate the maturity of the indebtedness hereby secured because of the failure of the Mortgagor to gait' any tax
a~...:>sment, liability, obligation or encumbrance upon said property is 6ertin provided, it shall not he necessary nor reynisite that the hiortgagte
shall first pay the seine.
13. That if tht hlongsgor shall fail, neglect or refuse for a period of thirty (30) Jaya fully and promptly to pay the amoulrts re-
yuired to be paid by the Bete hereby secured or the interest therein specified or any of the sums of money herein referred to or hereby r-
curcd, or otherwise duly, fully and promQtly to perform, ezaute, comply with and abide by each, ever}' or any of the covenants, conditions
or stipulations of this mortgage, the promtswry note hereby secured and/or the construction Loan agreement, if any-, then, and in tither or in
any of such r+•ents, without notice or demand, the said aggregate gum mentioned in said promiswry note, less previous payments, if any, and
anti' and all s~,ms mentioned herein ur secured hereby shall become due and payable forthwith or thereafter at the continuing op[ion of the
bforigagee as fully and completely as if said aggregate sums vs'ere originally stipulated to be pzid at sucE time, anything in said promissory
note or herein to the contrary notwithstanding, and the bfortgagee shall be entitled thereupon or thereafter +y-ithout notice o: demand to in
otilu[c s~ii at law Jt in equity- to enforce the rights of the Mortgagee hereunder or under said promissory note. In the event of any' default
or breach en the part of the bfortgagor hereunder or under said promissory note, the bfortgagee shall have the continuing option to enforce
payment of all sums secured hereby by action at law or by- suit in equity to foreclose this Inortgagq either or both, concurrently' or otherwise,
and out action or suit shall not abate or be a bar to or waiver of the Mortgagee's tight to institute or maintain the oti~er, provided said blort-
gagee shall hart only one payment and satist~ctiun of said indebtedness.
l4. 'Chat in the event that bfortgagor shill (1) consent to the appoiuunent of a rcceicer, trustee or liquidator of all or a substantial
part of bfortgagor's assets, er (2) be adjudicated a bankrupt or insolvent, or file a voluntary petition in bsnkruptcy, or admit in writing its
,nahilin' to pay its debts as they become due, or (3) rpake a general assignment fur the benefit of creditors, or (+) file a petition or ansrccr
seeking rh~rganization or arrangement with creditors, or to take advantage of any insolvency law, or (5) file an ans+ser admittint; the ma-
terial allegations of a petition filed against the bfortgagor in any bankruptcy, reorganization or insely-ercy proceeding, or (6) actron shall be
taken lw- the blortgagee fot the purpose of effecting any of the foregoing, or (7) any order, judgment or daree shall he entered upon an
application of a creditor or Mortgagor by a court of competent jurisdiction approving a petition seeking appointment of a receiver or tnutee
u( all or a substantial part of the Mortgagors assets and such order, judgment or decree shall continue uustaved and in effect for env period of
.thirty- (30) consecutive days, the Mortgagee may' declare the note herebr• secured forthwith dot and payable, whereupon the principal of and
the interest accrued on the note and all other sums hereby secured shall become forthwith due and payable as if all of the said awns of money
wire originally' stipulated to be paid on such da+•; and thereupon the bfortgagee without notice or demand may prosecute a suit at law and/or
in eyuin- as if all monies sauced hereby had matured prior to its in>.titutian.
li. That the blortgagee or any person authorized by the Mortgagee shall Gave the right tv enter upon and inspect the mongaged
prernists at all reasonable times.
lei. That any sum or Burns which [nay' bt loaned or advanced by the Mortgagee to the Mortgagor at any time within ten (f0~ tears
tro:u the date of ttiis indenture, together with interest thereon at the rate agreed upo*r at the time of such loan or advance, shall be equally sr
cured with and have the same priority as the original indcotedress cud be subject to aii me terms and pro+-isious of this mortgage; provided,
that the aggregate amount of principal outstanding at any time shall not exceed an amount equal to one hundred and fifty- per cent (150`"0) of
the principal amount originally secured hereby'-
I". That; if required by blortgagee, the said Mortgagor rcill pay cntu the Mortgagee, or; the fist day of ezrh and every consecutive
month, a sum equal to one-twelfth of the annual amount necessary to pay all tazn and asscssmrnts against the said mortgaged premises, said
rnonthlc su,n to be cstirnated and calculated on the amount of razes assessed against said mortgaged premise<. fa the previors year, and it
further required by bfortgagee to pay all insurance premiums ir, manner and form as provided herein for the pay-mcnt of fazes and asscssrnents.
!8. 'T'hat in the event the loan which this mortgage is gi>.en to secure is made for the purpose of financing either the ccrs:r.,etion
~f new buildings or the construction of improvements and/or additions to tzisting buildings, the bfortgagor, if required by the hlortgatiee,
expressly agrees to deposit with the hiortgagce or its designated agent an amount of money equal to the difference between the net proceeds
of the loan and the total amount, as deterrninrd be the bfortgagee, rtqulred to fulh• complete said construction in accordance with the plans
and specifications heretofore submitted by the blorrgagor and approved by the bfortgagee. Said amuw,t of rn~ney shall be plsced br. the
btortkai;ec in a "bans in Psitcess .Accvcnt" in the name of the bfortgagor, and the same shall be useJ br the bfortgagee to pay the cats.
rLarges and expenses incurred in connection .rich said construction prior to disbursin}; of this loan. It is further agreed that in the event
.aid cunstr.~ttion is not fully completed on or before the date stated in the Construction Loan Agreement yr in the event char the crock on
maid constn,ctien shall cease before full completion and such cessation shall continue far a period of ten (10) cat's, or if substantial continuous
progress shall not be made in such cunsvuc;ion, than and in env such event the said aggregate Burn, principal and interest, mentioned in said
promissory nett, and all monies sec,~rcJ l,erebc, shall become due and payabre forthwith or ,hereafter, at the opdou of said `furtgagce; and in
the eeen; of such r-essation of ••rori: ie~w~n said construction ;or a period of ten (10) days, or if rabsrantial continuu.~s progress shall not be
made in sorb construction, as aforesaid, i'~e htortt;agte may at its option enter into and upon the bfortgaged premises and cwnplete said con-
struction in such manner ac it deems advisable v.i:heut any intcrfurr,ce from the Mortgagor; the paid bfortgagor !tereb,' giving and granting
to the btvrtgagrr (a1L' pow•.r and authority ro ,.ra4-e s,:c6 entry into and cpon said mortgaged premise, m enter into each rontraets or a:-
,augr,urntl as ma~. Le naes,a,, r:, n,mplrtc •aid runstruuion, and to expend am monies remaining in ,ai.i "Loan. in Pra_rss Acrn.;n!" and
in addition an: sl:rns of moor-. torts-ar to rou;p!rtr said construction; and at;y and aC monies ezpu,dtd b} the bfortgagee in cunr.ectiou
:its, tu:h completion of construction in exet:s of the monies in :aid "Loans in Process Arco ,tit" shall he added to the said pr,ncipal debt an.'
ahail drary interest at nc~ rate provided In said promissory note, and sha!I bt secured by this mvrtgage, and shall be parable by the btortgagot
an demand.
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