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'j, That'iu th, t\'tnt of a luit bdng iUKitut,,": .~).1r~t.f~i.c~ "Ik~ortsa~<< ah..1I bt totitltd to appl)' at an)' time dutin3
luch for<<IOIure luit to tbe collrt bavinS judlldiction tb~...J.iV~:h.: ""'I'.<<-q_IM' .~inr of a.JI aod alosular tbe lDortii:aStd property, aod
of "II reot.. incOlne&, profits, illuft and revenutl thenoniom 1'\'b..-..eYer 10\h'Ce derived; and thereupoa it is hereby upretlly covenanted
and a~r<<d th..t the court Ihall fortbwith appoint luch receinr \\lth the ulual powe" and dutiel of receiveN in like cues; and tlid ap-
pointment al}all be made b)' tbe \ourt u .. matter of Itrict ri~ht to the Monaaace, and without referenct to the adtituacy or inadequac)' of tht
nlue of the property bereb)' monga&ed, or to the IOlvenc)' or insolnncy cf the Mortsagor or any otber 'party defendanl to lucb luit. The
Mortiaior hereh Ipccifically \'Uivn the rlibt to obje::l to tbe appoinrml'nt !Of :; receiv~. u aforeuid Ind hereb)' expre"ly cunlentl that luch
apvoinuDent Ih,,1I bt made a, an admitted tituit)' and &I .. matter of &bIOI ute riiht to the Mortiaiff and that the lame WIl)' be done without
notice to the Mona&aor, '
6, That if a.ny proceediulll lbould bt instituted asaiusl tbe propert)' covcrw b)' thil mortaaie upon 1m)' other lien or dai," whether
".puiot or junior to the Iitn of thil mortsait, the Mortgasee may at its option immedi..tely upon institution of luch luit or during tbe pend-
ency llltreof declare tbil mortgaie and tht indtbtednts' lecurtd hereby due and payablt forthwith and ma)' lit it, option proceed 10 for<<lolt
this monaaae.
7. To pay all aud liDll~lar ,the mOll. ,f<<o, ~hargn a~d upen.el of tver)' kiud" indudini the COlt of . an ~b;nal't oi title 10 laid land.
found to bt connnient or upedltnt III l'onnectlon wlIh an)' lull for the fo;ec)wure of thll mortgait, and abo IllcludlD&, whether the Mortgagee
is obligated to pay lame or not, reasonable attorneY'1 f<<1 incurred or upended at an)' time by the Mortgagee btcau~ of the failure of tht
Mortgagor to perform. comply wilh lUld abide by all or any of the covenants, (onditionl and stipulations of laid prolOi"or)' note, or this
mortga"e, in tht forcdosure of tbis mortgage an? in collecting th: Ilmount lCCur~d ~ereby \~ith or without leial proceedings, and to reim.
hu,'se the MOl:gagee for every payment made or Incurred, for, an)' lu.cb purpose WIth lOterelt from, dllle of H'err luch pa)'ment at the lale of
ei"hl per cent (8'70) per annum; ,uch paymentl and obllgatlonl, 'Hth IOter"t thereou "I afor"ard, .hall be lecured by the lien hereof,
8, To keep the building or buildingl no'" or bereafter 00 laid land in,ured againlt Iou or damage by firt, extended coveUil:e aod
olher perils in alum aot 1"1 than their full inaurable value at the C05t and expense of the Mortsali:Or in a ':ompany or companies approved b)'
lhe Mortgagee the policy or polici" 10 be held b}' tbe Mortiagee, and luch polky or policies of in,urance Ihall have affixd therelo a Stan,
dard New Yo;k Mortgagee Clause, making all lOll or lossel ,under IU,ch polic)' o.r policics payable 10 the Mortgagee a.s ill inter<<t may appear,
and to deli"tr said policv or policies to the Mortga,.e when luued wlIh the recelptl for the payment of tht premium therefor' and in tbe eve!!t
any sum of money becomtl payable under IUC~ poliC} or politi.., tbe ~torl&ag<< Ih~lI have the option to r<<cive and apply th; samc on a<<ount
of the indeblcdneu .ecured hereb)' or to permit ,the Mortgagor 10 rCCetve and u~ It, or any, part thereof, for other purpotet, without thereb)'
waiving or imp&iring a:ay tituit)', lien or ~ia:ht und!r or br .virtue of thi~ mortgage; an,d the .Mortgagee if it deem, nec"s&ry may place and pa)'
for Such in,urance, or any part thereol, without 10~1O&. waiVIng or affecting Mortgagee I OptlOO to foreclose for breach of thil covenant. or an)'
p,art thereof; or any ri&ht or option under tbil morta~ a~d !.,.ry lueh pa)"lDe~t Ihall bear interett flom d,atc thtreof until paid at the rate of
eIght per cent (8'10) per annum, and all luch paymenll wlIh IDtereat III aforcsald Ihall be lecured by the hen hereof. 10 !he event any Iu.. or
damage il luffered MortgaiOr Ihall notify Monaagee of loch 1011 or dAlDage within forty-ei&ht (48) hOUri after the happening thHeof; the
failuu to give luch notice aIlall conatitute a default and the Mortaafet Ihall have the righla herein given for 111 defaulla,
9, To pcrmit, commit or suffer no Willie and to maintain the improvement' at all timel in a atate of good repair and \ondition; and
to dp or pernJt to be done to laid premisel nothing that will alter or change the use and characler of laid property or in any way impair or
\\'~ahn the securit)' of laid mortgage, In cue of the refusal, neilect or inability of the Mortg.gol to repair and maintain said property. the
Mortgagee may, at ill option, make luch repain or caule the lame to be made and advance monies in that bchalf which .ums Ihall be .ecured
by the lien hereof and bear inter"t at the rate of eight per cent (a%) per annum,
10. To deliver the ..bstract or abstractl of title covering the mortgaged property to Mortgagee or itl dtsignatcd agent, which shall at
all time" during the life of thi, mortgage, remain in the poIIeuion of the Mortgagee and in event of the foreclosure of this mortgage or other
Hans fer of title, all right, title and intertlt of the Mortgagor in and to an)' luch abstract or ~bstlactl of title shall pan to the purchaser or
grantee,
11, That no waiver of any tovenant herein or in the obliaation lecured hereby Ihall at anr time hereafter bt held 10 bc a waiver 01
an)' of the other terml hereof or of the note Ittured hereb}'.
12, ThaI in order to accelerate the maturity of the indebtedne.. hereby lecured beeaule of the failure of the Mortgagor to pay an)' tn
assesm;ent, liabilit)', obligation or encumbrance upon uid property u herein provided, it Ihall not b~ n...~..ry nor requisite that the Mortgagu
shall fiBt pay the ume.
ll, That if the Mortgagor Iball fail, neglect or refult for a period of thirt)' (30) da)'1 fully and promptl)' to pa)' the ..mounla rt-
quired to be paid by the note herdl)' s('Cured or the interelt therein lpecified or an)' of the lum, of mone)' ~ertin referred to or Lereby ,e-
cured, or otherwile duly, full)' and promptly to rerfonn, execute, comply "';th and abide by each. ever)' or any of lhe (ovenant!, (ondilion!
or Itipulation! of thi. mortgage, Ihe promissory note bereb)' secured and/or the construction loan agrument, if an)', then, and in eithcr or in
any of such eHlIt!, without notice or demand. the laid aggregate lurn menlioned in nid promissory note, leu previou, payments, if any, and
any and all sum! mentioned herein or lCCured hereby Ihall become due and pa)'..ble fortbnith or thereafter at the continuing option of the
~tortgagee al full)' and completel)' as if said aggregate lum, were originally ltipulated to be paid al loch time, anything in !aid promissory
note or herein 10 the contrary notwithstanding. and the Mortgagee Ihall bt entitled thereupon or thereafter without notice or demand to in,
stilute suil at law or in equity to enforce the righla of the Mortiag<< hereunder or under uid promissor)' note, In the evelll of an)' detaul!
or bread, on the pHt of the Molrtgagor hereunder or under ..id promilsory note, the Mortgagee Ihall have the continuing oplion to enforce
paymelll of all SUm! secured hereby by action at law or by luit in equity to foreclose thi. mortgage, eitber or both, concurrently or other"ile,
and one action or suit Ihall not abate or be a bar to or \\ Aiver of the Mortgagee's right to imtitute or maintain lhc other, provided uid Mort,
gagee Ih'lll have only one pa)'mrnt and ulilfaction of said indebtedn{'ll,
H, That in the event thu Mortgagor ,hall (1l consent to the appoimrnrnt of a receinr, trustee or liquidator of all or a sub,tantial
part of Morrgagor'l a.ets, or (2) be adjudicated a bankrupt or insoh'ent, or file a yoluntary petition in bankruptcy, or admit in writing il1
inahility to pay iu debu as they become due, or (3) make a general asaignmcnt for the benefit of creditor!, or (~) file a petition or anlwtr
seeking reorganizalion or arrangement with creditors, or 10 take advantage of an)' inlOlvency law, or (Sl file an answer admitting lhe ma-
terial allegations of a pelition 'filed againtl the Mortgagor in any bankruptcy, reorganization or insoh'ency proceeding. or (6) action shall be
tahn hy the Mortgagor for the purpose of effecting an)' of the foregoing, or (7) any ordel, judgmcnt or deuee ,hall be emered upon an
application of a creditor or Mortgagor b) a court of (Ompelent jurildiction appro\'ing a petition tteking app"intmrnt of a r<<eiver or lI"'te!
of all or a ~ubstantial pan of the Mortgagor's auetl and Stich order, judgment or decree .hall continue uOltayed and in effect for any period of
thirty (30) cOn!ecutive da)'1, the Mort~agee may declare the note hereby secured forthwilh due an:1 payable, whereupon the principal of and
the imertst accrued on the note and all other sum, hereby !teured shall become forthwith due and payable a! if all of the nid lum! of mone)'
wcrc originally stipulated to be paid on such dar; and thereup_n the "lortgagce without nolice or dcmand may prOiecule a luit at law andlor
in equity as if all monies secured hereby had matured prior to itl iDrotution,
IS, That the Mortgagee or an) penon authorized by the Mortgagee shall have thc right to enter upon and ;llIpect the mor;gaged
pre;ni,es at all rusonable time!,
16, That any .um or .ums whi~h may be loaned or advanced h)' the Martgagee to the Mortgagor at any time wilhin tcn (10) vears
florn lhe dat. of thi, indenture, together with intercst thuenn at Ihe rate agreed upon at the time of such loan or advance, !hall be e'lualh' It'
cured wilh and have the same prioril)' as the original indebtedness and be lubject to all the term, iind provisionl of this mortgage; provided,
rhatthe aggregate amount of principal oulStanding at any time .hall not exceed an amollnt equal to one hundred and fiftv per ccnt (150%) of
the principal amount originally lecured bereby,
Ii, That, if required by Mortgagce, the said Mortgagor will pay, \Jnto the Mortgagee, on the fi"t day of each and nery conHcutiH
month, a sum equal to one-twelfth of the annual amount necenary to pa)' ..II taxes and assessmentl against the said mortgaged prtmi,t'S, ,aid
monthh' "un to be lstimated and calculated on the amount of taxcs u!lCSsed again't uid mortgaged premises for the previous year, Ind if
furlher rcquired by :l.fortgagee to pay all insurance premium, in manner and form a! provided hctein for Ibe payment of tUt. Ind asse~sments,
1 g, That in the eHnt the loan which this mortgage i. given to secure i. made for Ihe purp<>se of financinl( eithtr the consnoction
"f ntW building. 'lr the constru\tion of improvement. and/or additionl to exilting buildin&" the Mortgagor, if required by the Mortgaget.
npre~,iy agret" 10 depo.it with the ~fortga;?:ee or it! designateci .!I~": :::: allJOUm ')i mont)' equal to ,he differen~e bet",een the net procecd,
of lhe loan and the total amount, as dctennined by th~ Mortgagee, required to full:: complete said construction in a(cordance with the plan,
and specifications herelofore submitted bv- the Mortgagor and approved by the Mortgagee, Said am'l"~t of money !hall bt placed by' the
"tnrtgagee in a "Loans in Proce.. :"ccollnt" in the name of the "1ortgagor, and the lime .hall bc med b\' the Mortgagee 10 pay tbe C01(.,
,'"arve. and CIptn~S incurred in conn<<tion "ith said cOOftruction prior to disullrsing of Ihis loan, It;, further agreed that in thc event
'aid fomtrllclion i, n'lt fully c'lmpleted on or before the date Itated in the Construction Loan Agreemrnt ot in thc eHnt that the worle 'ln
,.,id constructi'ln .hall cca!e before full completion and ou(h c..,..lion Ihall c'lntinue for a period of ten (10) day" or if s'Ibstanlial continuol!'
pro;;ress ,hall not be made in luch ,'onSTrllction. Ihen and in any such event the !aid aggregate sum, principal and inleer.', menlioned in !ai..J
pror'liwJI)' /lote, and all monies scc,"td '., reb,', shall bec'lme due and payable forthwith or thereafter, at lhe option of sai<l ~tortgagee; IInd in
tbe event of such c",ation of "'ork upon said construction for a period of ten (10) da)., or if suoltantial ComillIlOU! progrt" .hall not b,
made in such cO!l,truction, as af'lreuid. thc Mortgagee may at its option tOtcr inlo and upon the ~fortgag,d premi,es and complete said con,
<[ruclion in such mallfler as it deem! advisable "itho\lt an:,' interference from the Mortgagor; .he <aid ~Iortga~or hereh,' giving anel grantin.
to the \tortl(agte f"lI power and authority 10 ma~,e su(h entr)' into and upon uid mortgaged premi,e<, to tiltH into ,"ch contrarr, or II,
IJngti!ltOU .i rna.:. ht nt':t~sar\: fu ('{,lllpl~t~ l..Jic1 \'onsrrtIcrjon. and to tXptiltJ anv H~nits rrlllaining in ~it "JO.l!l~ to PI(l{("l..' .\C((J:iTlf" 2nd
;[1 a.ldi:iCin an;' ..HIlt of monn orfu.an' 10 ,complete said (onstrlletion; and all\" and all monies exrend~d In' the \tortgagee in '''"Heric'll
....ith ' ...h comple:i,,;) of comlrlicrio!l in ncess of Iht monic, In ,aid ''I.oam ill Prveess Acc'lur,t" ,hall be added 10 the said principal deb: aPo..!
,hall dral< inlertH al the rat~ provided in ,ai,1 prom;",)I\" note, .nd shill bt Jtcured bv this mortgage, and shall be payablt by the \fortgagoI
nn demaod,
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