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j: .-n.-~I ill Ibe e.eol ul a luil bcilljj; iluriluled I':' toW1JQ~ '1~,JUW.l&""~ Jbe.JrtQll'aicc sball be cDtillcd to appl)' al a"y tilDe durin.
,u<:h lorcdvsure suil 10 ~h~ CC~tl baying judi.diction :hcr.CV/')f\., lW~.1 ., . ~\.l 01 all and sin~l..r lhe monaa~ propeny, and
01 all renls, Ilh:omct, prolals, u.uts and renllUct Ibere-o~ '"... ~L III ILK __ lkn. r". "land Ibereupon It ia !le:eby nprenly covenanted
an'" agreed Ih&! the l'OUrt ,hall forlhwith appoilll luch roceinr wi,1I tbe ulual po,vcn and dulitl 01 rcccinn ill like CllS". and said .p-
poilllment 11:&11 be made by Ihe l'Oun U Il matter of slrict ria!,l to the Morllalft and witbout refereace to the adequacy or in~dequacy "E t!le
\'alu~ of Ihe propeny Il~~eb)' mort~'ied, or ~ tbe IOlv,ency o~ illJOh~ of tbe MOr\iaa:or or any ocber pal1)' defendant to l:Jcb luit. The
MOllgagor hereb) 1pt<'lflcally "'anct the nabt to object tl) tbe appoinlment of a leceinr II afore..id and berdly upre"I)" connn!l Ihlt luch
appoinllnenl shall be mlde as an admitted equity and as a malter of &bIolute riiht to the Mor,,&&<< and tbac the same mil" be done ,.ithout
nOlice 10 Ibe Mon,aaor, .
,6, T~al. if an)' pro.;eeJiul;' ~hould be iOlliituled li"in.ol Ihe properly covned b)' this mon,aae upon au)' other lien or claim "betber
.apeClor or JunIOr 10 t~e hen of Ihll morlia,e, the Mortaagee m..y at ill option immediatel)' upon inltitution of luch luit or durini the pend-
tn,cy It.fuof dedare IhlS mortgajj;e Ind the indeblednn1 lec..red hereby due and p..yaLle fonhw;lh and ma)' al i,- oplioD prlAeed to foredose
thl1 IBortg_Ce.
:, To pay all and liniular !be r01t.. fees, charict and UpeDsel of every kind, iacludins: the coat oE aD abtlrlKt of .ille to laid I,and.
10und,lo bt l'onHrienl 0; cxp:dienl in <:onllection with any suit tor the for~IOIure of thil mortiaie, and abo includini. ,..hether Ihe Morliaiee
n obl1l;at<d 10 pay same or not. reasonable auorne)", feel incunN or expeDded at an)' time by the Mort~aa:cc becauee of Ihe failure of Ihe
~Iorl!:"!:or 10 perform. comply \\ ilh and abide b~' all or any of tl]e co'"enanll, condilions aDd Ilipulltiofil (Of said promiuor)' nOle. or thil
1ll11llhagt. ,in Ihe foreclOlure of thil morti:age .nd in collect in, Ibe amounl secured hereby wilh or ,.itooul leial proceediDg.. and to reim-
I>,ll"f Ihe .~10Itgagee for eYer)' pa~menl made or incurred for an)' luch purpose wilb interelt from aile of e'"ery luch paymelll III tbe rate of
e.gbl per cenl (80/,,) per annum; luch pa)'menll and obligalions, with Internl Ihereon as aforesaid, Ihlll be MeUrN by the lien here-of,
8, To keep Ihe building or building. now or hereafter OD laid land inJurN aiaillJt 1011 or dam-.:e by fire, ulended coverage Ind
olh~r perils in a lum "~ Ictl Ihan tbeir f,,1I inlurable value It the COlt aDd expenle of the Monga&or ID a company or compaDies approved b)'
the ~lolll;al;ee. Ihe pohcy or policies 10 be held by Ihe Mortgagee, Ind lucb polic)' or polidct of in,urance Ihlll haH affixedlhereto a Stln-
,lard Ne\\' \'orl.: Mortgagee Clame. mal.:ing all lOll or lo,.u under luch policy or polidct payable to the Mortgagce al ill inlertlt may ap~ar.
and 1(\ deliver ..id polic)' or policies 10 the Martita gee when iNued wilh the receipll for Ihe payment of th~ premium thuefor; and in the evenl
an~ sum 01 money bccomn payable under luch policy or policies, the Mort,iIlJee shall hU"e the option 10 recdve and apply the ..me on accuunl
of Ihe indthledne. lecured hereb)' or 10 permit tbe Moniagor to receive aDd Ult it, or IIDY pan tbereof, for ocher purposes, wlthoul thereby
\\ai"ing or impairing In)' equil)'. lien or right under or b)' vin"e of thil mortiage; aDd the Mortg.iee if il deems necessary may pllce and va~'
lor ,,,eh insurance. or any pari thereof. wilhout losinK, waivin, or affecting Mortgagee'l option to foreclose for breach of thil covenant, or aD)'
'>,111 Ihneof. or aD>' riiht or option under thil monga~, and ....ery luch pa~nt Ihall bear inlernt from dlte thereof until paid III tbe rile of
elghl per cenl (8%) per aDnum. and all luch p"ymentl with'in:ertlt II afortlaid Ihall be lecured by Ihe lien hereof. In Ihe event any ION or
<Iamal;e i. suffered Mortli:agor Ihall nOlil)' Mort,aice of lucll Joe. or damage within fort)'-eiiht (48) houri afler Ihe hap~Ding thereof; Ihe
failure 10 giH such notice shall comtitule a ddault aad the Mortialft lhall have Ihe rill:ht. herein &Iven for all ddaul,-.
9, To permit, commit or suffer no w"le and to maintain Ibe improvementl at all lilDes in a Illte of guod repair and \:ondilion; Ind
to do or permit 10 be done to Jlid premises nothiog tbat will alter or cban,e Ihe Uf~ and characler of uid propert)' or in any way impair or
wea~en the lecurit~, of Jlid mortgage, In cale of the refusal, nell:lect or inability of the Mortgagor 10 repair and maint~in laid propert)', the
Mortl;aj;et ma)', al ill option. make such repain or caUK tbe lame to be made and advance moni" in tbJI behalf which InIDI Ihall be lecurN
by Ihe lie" hereof and bur interest at the rate of eigbt per cmt (I") per annum.
10. To deliver Ihe Ibstract or abstracts of title covering the mortia~ property to Moniagee or itl de..ignalN agent. wbich shall at
all times. during Ihe life of Ihil mortgl!ie, remain in Ihe pou...ion of the Moniaice and in event of the foreclosure of thil mortiaie or oIher
Iramler of title. all rigbt, title and inlerelt of th~ MO:1gaiOr in and to an)' luch abstracI or abstractl of lille Ihall pan to the purcbuer or
grantee.
I J. Tbat no wainr of any <:ovenanl berein or in the GhU,atl'.)n lecured bereb)' shill at any lime hereafter be held to be a waiver 01
allY of the olher terml bereof or of the note lecurN herdl)'.
12. Thai in order to accelerale the maturity of Ibe indebtedne. hert'by lecured I><<&u.. c.f thl failure of th~ Mongaa:or to pay any 10
aS5f Hmenl. liabililY. obli~l!ion or enrumbrance upon ..id propeny u herein provided, it Ihall not be necnury nor requisite that tbe Morlga~ec
.hall first pay Ihe same,
13, Th&.t if Ihe MOrlK_Kur .hall fail, neilcct or refule for a period of Ibirty (30) daYI full\" and I'romptl)' 10 pay Ihe amounll re-
quired to b~ paid by the no!e hereby lecured o~ tbe interest therein IpcciflN or aD)' of lhe luml o{ Tl'oney herein referred 10 or hereby ..-
cured, or olherwise duly, full)' and promptly to perform, eIecute, complv with and abide by each, enry or any of the COvenanll, condilion,
or slipulaliollJ of Ihil mortgllge, Ihe promrllor)' note hereb)" lecured and/or the conltruction loan agreement, if an)', tben, and in eitber or in
all)' of such events, without notke or demand, the said auregale lum menlioned in J3id promissory note. lesl previoul pa)11\entl. it any. and
any and all ,urns menlioned herein or secured hereby Ihall become due and pa)"able forth,,;t11 (!r Ihereafter at the conlinuini oplion of the
Mortgagee II fully and complelely as if said a"reglle luma were originally .tipulated to be paid It such lime. anything in said promilsor~'
note ,)f herein 10 Ihe conlrar)' nOlwilhllandinK, and the Mongagee Ihln be entitled thereupon or thereafter without nolice or demand 10 in-
.Iilute .uil al la\\ or in equit), 10 enforce the rlib,- of the Mong..gec bereunder or under said promilsory nole, In tbe evenl of Iny default
or breach on Ihe pari of Ihe Morlglgor hereunder or under said promi.sory note. tl e Mortgagee Ihall have Ihe continuing oplion to enforce
pannenl of all .ums lecured hereby by Ilclion at la'" or by Iuil in equity to foreclose Ihil mortgage, either or both, concurrenlly or ocherwile.
and one action or luil ,hall not abale or be a bar to or waiver of the Mortll:agee'lright to inltilute or mainlain Ihe other, provided uid Mo"t-
gagee Ihall have onl~' one pa)'mrnt and "Iillaction of laid indebtNn....
14. Thai in Ihe event thl! Mortgagor Ihall (1) conlent to tbe ..ppoinlment of a receiver, trullee or liquidalor of all or a substanlial
part of Mortgagor's a.etl, or (2) be adjudicated a bankrupt or insolvent, or file a yohmlary pelilion in blnkruplcy. or admit in wriling ill
inabililY to pay it- debt. as they become due, or (3) make a general Issignment tor the benefit of credilors. or (4) file a pelilion or IllJwer
'ee~ing reorganization or arrangemenl with credilors. or 10 la~e advlnlage of an)' insolvency law, or (S> file an anlwer admitting the ma-
lerial ..:Iegalion, of a pelilion filed against Ihe Mortgagor in any bankruplC)', reorganization or insolvency proceNing, or (6) aclion Ihall be
taken hy Ihe Mortgag.1C for Ihe purpose of effecling any of Ihe foregoing, or (7) any order, judgment or decree shill be enlered upon an
applicalion of . creditor or Mortgagor by a court of competent jurildiclion appro\'inf; a pelition seeking appointmenl of a receiver or truslU
of all or a ,ubstanlial part of tbe Morlgago~'1 as,etl and such order. judgment or decree Ihall conlinue UnSII)'ed and in effect for any period of
thirl~' (30) consecutive daYI, the Morlgagee may declare the not! hereby lecured forthwith due and pa~'able. whereupon the principal of and
Ihe inlere.1 accrued on Ihe note and all olher ,urns hereby secured Ihlll become forthwith due and payable II if all of the ..id lum, of money
were originally stipulated t3 be paid on such dl)'; and thereupon !he Mortgagee without notice or demand ma)' pros<<ule a luil al law and/or
in equily as if all moni<< secured hereby had malured prior to itl iostitution.
IS, Thai Ihe Mortgagee or an)' penon authorized by the Mon'ilgee Ihlll have the ri&hl 10 enler upon and inlpect the mortgaged
premi,e, al III relUOnable times,
16. That any sum or sum. which may be loaned or advaoccd b)' the Morlt;agee to the Mongl&or at an)' ti:r.e wilhin ten (10) ~'ea"
from lhe ctale of Ihi, i"denture. logether wilh 'nlerut there-on al Ihe rate agreld upon at the time of lueh loan or ad,"ance, Ihlll b~ equally le-
e!ired wilh and have !'.e same priority a, Ihe oribrinlll indebledncss and be lubjec' 10 all the lerm. and pro\'ilionl of thil mortgage; providN.
Ih"llhe al;gregale anJ!lunt of princip?.1 ootstanding at any time Ihlll nOI exceed an amount equal 10 one hundred and fifty per cent (1S0%) of
Ihe prillcipal >:mou'll originlllly l.:cured herehy,
Ii, That. if required by Mortgagee. Ihe .aid Mortgagor will pa)' unl.) Ihe Mortgagee, au Ibe firsl day of each and every consecutiH
Iil'Hlth, :I ,,,m equal 10 one-l\~elfth of Ihe l!unual amount neceuary to pay all t..xes and auessmenll againlt Ihe said mortgaged premilH. ..id
monlhly "JlTI 10 be eslimalN aOld calculated on the amount of IUtl ..sased against uid mortgllged pr~iltl for the previous year. Ind if
further re'luired by ~Iortgagee 10 pa' all in,urance premiums in milliner 2nd i'orm as provided herein for tbe pa)11\CDt of taxe, Ilnd assM,ments,
)8, That in Ihe eHIlI Ihe loan which Ihi, mortgage is "hen 10 lecure i. mlde for Ibe purpose of fj""ncing either Ihe conllruction
of IltW building. or Ihe conslruclion of improvemenll and/or additions to exisling buildin"" the Mortglgor. if re'luired by the Mortgagee,
expH"'''' agre.. 10 deposil wilh the Mortgagee or ii' designated agent au amount of money equal to tbe difference between tbe r.et proceed.
of Ir.e loan and Ihe lolal amounl, a, dettrmined by Ihe Mortgagee. required to fully complete laid conSlfllctlOn in sccordance ,~ilh the plaO!
and specification, heretofore subrnilled by Ihe Mortgagor and apprond by the M!lr!gagec, Said amount of money Ihall be pllced by Ihe
\10rt>:agee in a "Loans in Proce.. Acco'JIll" in II.e name of the Morteagor. .\lId the same Ihlll be used b\' the Mortgagee 10 pa~" the cost.,
char;:e, and expense, incurred ill connc~tjon wilh said cOll!lruclion prior to disbursing of this loan, It i, further agreed Ihat in the event
-aid CO!l\Il\!l'lion is not fully completed on or before Ihe dale "ated In the Construction Lc:\lI Agreement or in the evenl thlt the work on
'.lid COllSln:'-lion shall cease befHe hll completion and sUI'h cClution Ihall conlinue for a period of ten (lOl day', or if ,,,h"antill continuou,
IHugre,s ,hall not be made in ,nch com:ruction. then ,~nd in any luch event the laid aggregate "1m, principal and int~reSl. mentionN in said
I'romi,sory note. and all mon;.. secured here'-", sh311 b~ome due Ilnd payable fonhwilh or theruffer. &! the oplioll of uid Mortgagee; and in
the ('\'wt of,ueh Ce"3lion of wor, UpOll ,aid comtruction for a period of Ie,) (10) days, or if subllantial colllinuou. progrei1 ~ball .lOt b~
made i,. ,,' 'h "'JI"truclion, a. aforesaid. the Morlj;tagee ma)' at itl option enlt< into an1 ujX'n the Monga~~d premisC1 and complete said con-
qrCJcli'J11 i'l such m~nncr as it deem' ad,'isablt wilhout allY inrerference from Ihe Mortgagor; the said Mongagor hereb~' giving and granting
Ic) Ihr \10rll(el;e~ f..1I ~wer anll alJrhority 10 Illal,e ,ucb rnlr)' into aDd upon said mollgaged premises. '0 enler illf') ,"ch cenHacls or ar,
r;Jllgrrllent~ ;l' n1a~. bf nrcf~:,~i. III ,.ornplttr !'ai(t consuHctin!l. :lnd (0 f'rpt'nd 3tl~. Inonit'! rtnlaining in ~:J.id IlJ.n':Ul' in PrOCtl! .~(,,(,o\lnt" and
,11 2dl'irinn an:.- >emu of m'me) nt,'",al;' 10 complet~ ~aid ((,n.tlllction; and any and all moniet e>>pended b)' the l\lortgag(e ill conneclion
'.- :Ih ;d.-h complelion of comlruclivn in excc;s oi Ibe monic~ .n Slid "I..oar.s in Prol'C!!1 AccoClnt" ,hall be added 10 Ihe .aid principal d(bt and
,hall dra,. inUre'l 011 Ih~ rale pro\'idrrl in said plomissory note, an.! .hall <>e !ecured by Ihil mortgage, and ,hili be Plyable b~' Ihe Mortgagor
')11 dlman:!,
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