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5, .rhu in I)le event ot . .uit bejl1~ ioslilufl:d lu turedOle IIll. lUortll:a\:t, Ibe !I1ort\:"bee sball l.,e 'eolilled to appl) ~l an)' l:me Jorin~
,"eb 10r("(:I,..ure suil to tht court ta\'jng judi51liclion Ihertot tor lhr appointment of a r~eiver "f all and singular the 1U0It~a~ed property, and
of all renl!, i III OlD", pro,.litt, inu" and rrVenu" thereof, from "ba~ever lOurc. deraved; and thereo..lpon it is bereb)' expressly covenanted
and a!:reed that the court sball fortbwitb appoint lucb rc.:eiver witb tbe u,up.1 powen aod dutiN of rC'Ceiv.n in lilo:e case.; and said ap-
poinlllleDl Iball be ruade by tbe court u a lOaller of urict riii:bt to the Mortiaire, and witbout referenc. to tl1e ade'luacy or inade'luacy'of tbt
value ot tbe property bereby mort&agcd, or to tbe solvency or imolnncy of tbe Mortiaior or an). olber rarty defendant 10 sucb .uil. The
MOrl!:I:(Or berrby lpecifically waiv" th. rigbt to obj~t 10 the appoiD,meDI of a reninr at atorenid and hereby expr...ly conlenl. that ,ucb
Ilppointmelll .ball b. made a. an admill.d e'luity and.. a matter of absolute riibt to tbe Mortia".. and that the ume may be done wilhoul
notice to tbe MortiaiOr,
6, ThaI if any pr...:eedillgl Ihould be inslituted again.t tbe propert)' cover.d b)' tbil 1D0rtgage upon any othtr lien or claim ..-buber
>uperior or junior to tbe lien of Ibil morlgage, the Mortiaite may at ils option immediately upon ill5titlJl1on of IUC" suit or during the pend,
ellCY thereof dedare tbil mortiage and Ihe indebwlnen lecured bereb, due and pa)'able forthwilb and may al il. option proceed 10 foredOle
lhi. mortgaie,
7, To pay all and lingular tbe co.tl, fe", cbarg.. and expenl~a of every kind, including the cost oi an ab.lraLl Of title 10 u;d land.
found 10 be cun\'enieDl or expedient in connection with an)' luit for tbe foreclosure of Ihil mortgage, and al"o including, wbetber tbe Mortgagee
i. obligated to pay lame or not, reasonable attorne)'1 feCI incurred or expended at an)' time by tbe Mortgagee becault of the failure of the
Mortgagor to perfnrm, co:nply \\ ith and abide by all or an)' of tbe connant., conditionl and stipulations of uid promihory note, or tbil
murtgage, in the foredosure of tbis morlgage aDd in coHectinlil the amount lCCured bereby wilb or wilhoul leial pro<.ceding., and 10 reim,
bll"e the :-'Iortgagee for every pa) ment made or incurred fu any .ucb purp<>>e nith inter~st from date of ever)' .uch payment at the rale of
eigbt per cent (8'70) p.r annum; .ucb paymenll and obligations, wilb interest .hereon as afor"aid, sball be lecured by the lien berrof,
8, To hep Ib: building or buildinl,;s now or bereafler on l!.id land illlured agaimt loss or damaKe b) fire, extended co\'erage and
other peril. in a 'um not Ie.. tban tbeir full insurable \'allle at the COSl snd eIpeHle of tbe !'.10rtgagor in a company or companies apprond by
the :-'Iortgagee, Ibe policy or policies to be beld by tbe Mortgagee, and lucb policy or polici., of imural\cc .hall han affixed thereto a Stan,
.lard New York Mortgagee Clallse, maling all Iou or louel under luch polic)' or polici" payable 10 tbe ~Iorlgagee at its intere.t may appear,
and to deliver uid policy or polici" to tbe ~10rtgagee when iuued witb tbe receipu for tbe pa)mCllt of the premium therefor; and in the ennt
any .um of money becomes pa)'able under lucb po I iC)' or policies, tbe Mortgager. sball hl"e tbe oplion to ll't'eive and apply the same on account
of Ihe indebtedne.. secured hereby or to permit tbe Mortgalilor to recel\'e an~ Ult ii, or any part tbell.of, for olher p,'rl'O'cs, without tbereb:
\~aiving or impairinii: Ion)' equit)', lien or riibt under or by virtue of tbil mortg.ge; and tbe Mortgagee it it dcem. r",e..ar) may pille and p.'
for .uch iIllurance, or any part Ibereof, without losing. waivini or affecting Mortgagee'l oplion 10 foreclo.t for brea,.h of Ihis (onnant, or an'
part Ihereof, or any right or oplion under tbia mortiage, and every luch pa)'ment Iball bear interet! from date thereof until paid at tbe rate of
eight per ('ent (89'0) per annum, and all loch paY':Jenu ,with Intrr"t .. afor..aid Ihall b. secured b.." the lien hereof. In the event an) Iou or
damage il luffered Mortgagor aha II notity Mortgagee of auch lOll or damage within forty-eigbl (U) hOllr! alter th. happening t"Heef; lhe
failure to gi\'e .uch nolice shall conl'itute a default and tbe Mortia~e aball ban tbe rights herein given for all defaulu,
9, To permit, co:nmit or .uffer no \V&I.' and to mainlain the improvemenu at all times in a state of good repair and LOnd;t;otl; and
to do or permit to be done to uid premi.el nothini tbal will alter or cbange tbe ule and character of uid property or in an' ,u' impsir (H
'....alo:en tbe .ecurity of laid mortgage. In case of the refunl, neilect or inabilit)' of the Morlga!;or to repair and ""intain !3id properl), the
~lortga6ee ma)', at ils oplion, make luch repain or caule the nme to be made and advance moni., in tbat behalf which ""Ill shall be ,<<,,"ed
by tbe lien herrof and bear inlerest at the rate of eight per cent (1%) per annum,
10, To deliver the abstract or aMtraclI of tille covering the mortgaged propert)' to Mortgagee or its designaled a"elll, \\ hi,h sh.lI .:
all linr~, during tbe life of tbis mortgage, remain in tbe pos."sion of the Mortgagee and in nenl of tbe forecl",ure of this murl".;.::e or o:bcr
tratl.fer of tille, all rigbt, title and inter"t of the Mortgagor in and to an)' such ab.lracl or ab.lrloCU of title shall pa" tu lhe purch~er or
grantee,
11, Tbat nO waiver of any coycnant berein or in tbe obliiation lecured hereby Ihall at any time hereafler be held 10 be a "ai"r 01
any of tbe other terml bere('f or of the note secured berebr,
12, Tbat in order to accelerate tbe maturity of tbe indebtednell bereby sccured bC'Cauoe of tbe failure of the MOrlKaj1;Or to pay an)' tn
a>se>smeol, liabilit)', obligation or encumbrance upon uid property u herein provided, it Ihall not be nC<'euary nor requ;.ile Illat lhe :-'10rt"agte
shall firal pa)' tbe lame.
13, Tbal if tbe Mortgagor .ball fail, neglcct or refule for a period oi tbirty (30) da). (cily and promplly to pay the amounu re'
'il,ired '" be paid by tbe nole bereb)' lecured or the inter"t tberein Ipecified or any of the lum. of mane)' herein referred to or hereb)' te'
cured, or olberwi.e dul)', fully and promptl)" to perform, execute, complr witb and abide by each, every or any of the co', <nanlS, conditionl
or stipulations of tbil mortgage, tbe promlnor)' note bereby lecured andlor tbe conttruction loan agreement, if any, then, and in eitber or in
any of sucb ntnl., witbout notice or demand, the nid a"regAle lum mentioned in IBid prominory note, Ie" previous payments, if any, and
any and all .ums mentioned berein or ,eeured hereby sball become due and payable forthwitb or thereafter at the continuing option of the
Mortga!;te .. fully and complelel)' as if nid aggregate lum, were originall)' ltipulatcd to be paid at such time, an),thin& in said prominor,'
note or hertin to the contrary notwilhstanding, and the Mortgagee Ihall be entitled thereupon or thereafter without notice or demand to in,
stitute suit at law or in equil\' to enforce the rights of tbe Mortga~ bercunder or under said promiwHY note, In the event of anr default
or breach on the part of tbe ~10rtgagor bereunder or nnder uid promi...,r)' Dote, Ihe Mortgagee shall ha\'e the continuing option to enforce
paymenl of all .ums .ecured herebr by action at law or by luit in equitr to forecl",e thil mOrl!;a!;e, either or both, concurrently or otherwise,
and one action or .nit shall not abate or be a bar to or waiver of tbe Mortgage~'s righl to inslitute or mailllain the other, provided uid Mort,
gagee .hall have only one payment and ..ti.faction of aaid indebtedness,
14, That ill the eVent tblot Mortgagor Iball (1) coment to tbe appointmenl of a receiHr, lr",tee ur li'luidator of all or a substantial
part ui :-'lortgagor'l assetl, or (2) be adjudicated a bankrupt or inlOlvcnt, or file a voluntary pelition in ban:'rup:cr, or admit in writing it.
inability to pay ilS debu as tbe)' become due, or (l) make a general asaignment for tbe benefit of credito,", or (~) file a petition or amwer
.eeling rrorl;anizalion or arrangement with creditors, or to talo:e advanlage of any insolvenC)' law, or (S) file an anlwer admitting the ma-
terial allegation. of a pelition tiled against the Mortgagor in anr bankruptcy, reorganization or in50lvency proceeding, or (6) action Ihall be
taken by the Mortgagor for the purpose of effecting /lny of the foregoing, or (7) any order, judgment or d~ree .hall Je entered upon an
application of a creditor or Mortgagor b)' a courl of competent jurisdiction approying a petition .eeking appointment of a recei\'er or trustee
oi all or a substantial part of the Mortgagor', aSleu and .uch order, judgment or d~ree Ihall continue llllstay'ed and in effect for any period of
thirty (30) cons~ulive daya, tbe Mortgagee may declare tbe note bereby sC'Cured forthwith due and pa"able, whereupon Ihe principal of and
the interest accrued on the note and all olher lum. hereby s~ured Ihall become forthwitb due and payable a. if all of Ihe uid ,L.TI. ('f money
were originally Iti;>ulated to be p..id on lucb day; and Ihereupon tbe Mortgagee witbout notice or demand mar prolecute a auit at law and/or
in e'iuity aJ if all moni" ,.cured hereby had malured prior to itl instilution,
IS, That the Mortgagee or anr person aulhorized by tbe Mortgagee Ihall bave the right to enter upon and impect tbe mortga'ged
premises at all reasonable timel,
16, Thai anY sum or sum. wbicb mar be loaned or advanced by tbe Mortgagee to Ih: Mortgagor at any time within leD (10) years
from the dale of thi; indenlure, logelher witb interelt thereon at the rate agreed upon at the time of such loan or advance, .hall be equally Ie'
cured \\ith and havc Ihe .ame priorit) 31 tbe original indebtedn"'Ss and be lubj~t to all the terms and pro\'i.ions of this mortgage; provided,
that the aggngate amvunt of principal oUlstanding at any rime sball Dot nceed ?,n amount equal to one hundred and fift\' per celli (lSO%) of
tbe principal amount originally ,ceured hereby',
17, Tbat, if required by Mortgagee, tbe said Mortgagor will pa)' unto the Mortgagee, on the fir.t day of each and every cOlllecut;H
month, a sum equal to one-twelfth of the annual amount nce....ry to pay all tax~ and ,asse..ments agaimt, lhe <aid mortga~ed premisC1, sai,d
menthh sum to be estimated and calculated on the amount of Iu" uscued against said mortgaged premllC1 for the prevrou! year, and If
further re(luir~d by :-'1ortgagee to pay' all insurance premium. in manner and form at provided herein for the payment of laxes and ..se..ment.,
18, Tn!!t in the event the loall "bich tbi. mortgage il gi':en to secure is made for the purpose f)f financing either the construction
of new buildings or the construction of improvements and/or additions 10 e:!ti.ting buildin!:" Ihe Mortgagor, if required by the Mortgagee.
exprcs.h' agrees to deposit witb the Mortgagee or ils designated agent an amount of money equal to the difference between the n~ proceeds
of the luan and the total amount, .. determined by the Morti:agee, ICquired to fully complete 53id construction in accordance with the plall!
and specificalioi1' heretofore submitted by the Mortgagor and approved by the Mortgag<<, Said amOt:II! of money sball be placed by the
:-'lortryagee in a "Loans in Process Account" in Ibe name of the \10rtgagor, and tbe same Ihall be lIsee! by Ihe Mortliagee to pay tbe cO!t..
charg~ and expen'e1 incurred in conncction with said construction prior to dilbuf5ing of this loan, It i. furlher agreed thaI in the event
said comtl'lction i. not fully completed or. or before the date .taled In the Construclion .J,oan Agreement or in Ihe eHnl thaI the work on
,~id con'lruction sh~1I Ceast bef",e full completion and such ('usalion shall continue for a period of ten (10\ days, or if sl,b51anlial conlinuou.
pro,;r..s .hall not be made in .uch constructron, then and in any such event Ihe said aggregate sum, principai and interesl, rnentic,ned in IBid
promissory not', and all (T,oniel '~'"ed hereb\', shall b<<orne due and payable f0l1hwith or tbereafler, at the option of .aid MortgAgee; and in
tbe e\"tnl of such ceualion of work upon said conatruction for I. period of ten (10) days, or if llIbstantial continuom progre.. .hall not be
made in .uch construction, as aforesaid, the Mortgage. may at ila option eoter into and upon Ihe :-'1ortgaged premises and complete nid cor,'
struction in ,uch manner as it deem. adviuble \\ithoul any inlerfereDCe from the Mortgagor; Ihe said \Iort~agor hereh\' briving and gralltin~
to Ihe Mo,tj(agee full p.:l\\'tr and authorilY to rn~ke luch enlry into and upon uid mortgaged premise;, to enler illto s~('h canlract. or ar,
rangeJn~nt! a~ lna.\' ht' Ofcessary to (O!nplere !:lid {onstruction, and fo expt'nd :.tn~' n1onit! rtillJinioz ill :';Jid "1 I,:I~I~ ill Proct''!;!'' :\ccount" and
in addilion an\' .ullll of ,none. neee"an to complete !aid construction; and an~' and all moniC! expended by tbr ~Iortgagec in lonne(;iolJ
,,,;th ",,'h completion of constr;]Clion in Hce.. oi the monie. in !aid "Loans in PrOC(lS Acco'Jflt" shall be ~dr!erl 10 the said principal debt a'le
,hall draw inlere.t it the rale provided in said promi.sory nole, and shall be Itcured by thil mortgage, and ,hall be pay'able by the Mortgagol
on dtmand,
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