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S. 'I'hat ia t6e eveot of s suit bein~ instituted to foralose thia roort~aQq the I?iortgagte shall be eatitled to apply ~tt aay ame durio~
~uc6 foralosure •uit to the muct 6aving jurisdiction tsereqf for tde appoincment of a raeivsr of all and sin~ula~ the mortga~ed pwpeny. aad
of sl! nats, iacomes. protits~ issua and ~evenua thercof, from ~chariocve~ sou~ce duivcd; and t6e~eupoa it is hcreby expressly COYtQipttd
and sgcccd that t6e court shall fonbwith sppoint sucb receiver Kit6 t6e usual poHen and dutia of ~eceiven. ia like cascs; and said ap-
pointment sLa11 be made by tde court u a matte~ ot strict right to tAe 111ortgagce, ~ad v~it6out refere~ce to the adequacy or inadequacy of tAe
value of t6e propaty 6ereby mo~t~agcd, or to the solvency o~ insolvcnc~ of the I?fo~tgagor o~ aar whe~ any defeodant to suc4 tuit. TAe
Mortgagor Sercby specificalty waiva t6e rig6t to object to t6e appointmrnt of s rcceiver u sforesaid anS hereby e:pressly conse~a t6at such
appoiatment shall be made u an admitted equity aad as a matte~ oE abwlute right to the Mortgaga and that tbe tame may be done ~~itsou?
notice to t6e Hiortgagor.
6. That if any proceediaga sbould be instituted agaiast t6t propeny rnvered by t6is mortgage upon aay ether lirn or daim wbether
~uperior or juaior w t6e lien of this mortgage. t6e Mongagee msy at ib option irrunediately upon iwtitution of suc6 auit or du~ing tbe pead-
eacy thereof dala~e this mortgagc and the indebtednas ~ccured hucbr due and pa~•able forthwit6 and may at ita option proceed to foreclae
this mortQage.
7. To pay all and siagular the cost~ ftes, charga and e:penses of every kiad~ including t6e coat of an abstract of title to said laads
fOUOII 10 bt COqYtlll![1[ O~ lI~ItI1~ !fl COtlptCtlOt1 Rilb.i0) suit for t6e foreclosure of thi~ moEtgage. and ilf0 IOCIUdIp$~ w6et6er ide Mortgagee
i~ oAligated to pay same o~ not~ reasonable attoraey's fees iacurred o~ e:peaded st any time by tbt Mortgtgte becaux of tLt fsilure of t6e
Mortgagor to pe~form, coraply ~.it6 aad abide by all or an~ of t6e rnvcnaats~ coaditions and stipulationt of uid promia~ory notq or this
mortgage. in the foreclo3ure of this mortgage aad in rnllecting the amouat secured 6ereby wit6 or wit6out (egal procetdin~ and to rtim-
bune the I?fo~tgagee fo~ every pa~~ment made or incurred for any such ~urpose Kich interat from date of every such pa~Tnent st t6e rate of
eiQht pcr ceat (E9fo) pe~ aonum; sucb paymeots and obligatiooa, with ~nterat thereoo u aforaaid. s6a11 be ucured by tLe tien he~eof,
To keep tbe buildia~ o~ buildings now or 6creaftcr oo said land iasured agaiwt loss or damage by ~re. ezte~ded coverage aad
ot6er perils, includiag war risk in~uraace it available. in a Aum not tas thao their full insurable value ar t6t cost and ezpcnse of the Mort-
gagor in a campaay or canpania appmved by t6e Mortgagee~ the policp or policia to Ee hcld by tbe Mortgagee. wd suc6 policy or policies of
insuraace s6a11 havc affi:cd thereto a Standard Ncw Yort bio~tgagee Clause, maluog all tos~ or tosse~ under sucb poliey or policia papable to
the Mortgagee as its interat ma}• spptar. and to deliver aaid policy or policia to the Mortgagct Hheo issued wit6 the receipq for t6e pay-
ment of tde premium t6ercfor; and io the evcnt any sum of ~noney bernma payable under such policy or policies, t6e Mortgagee shsil have
the option to receive and appty t6e same oa aoeount of tLe iodebtednc» secured hereby or to permit the Mortgagor to receive and use it. or any
part thercof~ tor other putposes. ~cit6out thercby ~vaiviag or impairing aay equity. litn or rig6t under or by viRue of thie mortgage; aad
the Morcgagce if it deems neeessary may place tnd pay for such insurance, or auy part t6ereof, ~sit6out losiag. waiviog or affccting Mort-
gagee's option to forecloae for brcach of t6i~ rnvenaat. or aoy part thcreof. or any rig6t or option unde~ this mortgagq and every• :~b wr~
ment shall bear interest fran datc thereof until paid at the race of cigLt ptr ttnt (E`Xc) pe~ annwn, aod all sac6 payYnena with inttn~t ~s
aforesaid s6a11 be sccurcd by the lien aereof. In t6e event any loaa or damage is auffered Mo~tgagor s6a11 ootifg Mortgagee of ~ueh loss or
dunage tcithin forty-eig6t (4E) hours after the happening thercof; the failure to give such aotice sball constitute a default and t6e Mortga-
gee s6a11 6ave the rig6a herein gi~en fo~ ail defaulcs.
9. To permit~ commit or suffer oo wate and to maintaia t6e impmvuncna at all dma in a st:te of good repair and rnndidon; aad
m do or permit to be done to said premisa notLing that will alter or c6angc t6e we and charaaer of said pmperty or ia any w;r impair or
weaken t6e security of said mortgage. In cax of t6e refusal, neglect or inability of the Mortgagor to repai~ and maintain said property. tt~e
Mortgagee msy'~ at its option~ mal•e ~uch npain or esuse t6e ssme to be made and advance moaia in that behalf ~ehicL eume ~hall be secured
by t6e lirn hercof and bear interat at the rate of eig6t per crnt (3%) per annum.
10. To deliver the abstract or abstracb of dtle rnvering t6e mortgaged property to Mortgagce o~ its desigoated agcnt, hich sball at
all times, during the life of thia mongage, ranain in tLe poaseuion of the Mortgagce and io ereot of tbe foreclosun of thia mortgage or ot6er
transfer of title~ all rig6t~ title and interest of t6e 1lionga,;or in aad to any sucb abstraet or abstruts of title s6a11 pass to ihe purchaser or
~antce.
Il. T6at oo ~raiver of any eoveamt herein or in the obligation secured 6ercby s6alt at any time hereaiter be 6eld co be a i~aiver ol
any of the other terms heruof or of t6e note secured hercby.
12. That in order to ucelerate tLe msturity of tLe indebtedntss 6ereby secured because of tLe failure of tLe 1ltortgagor to pay any tu
usaunrnt~ liability~ obligation or mcnmbrance upon uid pmpertr as 6erein pmvided, it ahall not be necessary nor requiaite t6at tbe Mortga~ee
shall fint pay t6e sawe.
11. T6at if t6e Mortgagor shaU fail~ neglect or refuse for s period of thirty (30) da~y fully and pranptly to psy t6e amounb re-
quired to be paid by t6e note 6ereby secured or tbe ioterest t6eraa specificd or aay of the sums of money 6erein referred to or 6eceb~ ~e-
cured~ or otherwi~e duly. fully and praaptly to perform. eucutq oanplr wit6 and abide by eu6, c~rery or aar of the oo~eeant~ oonditiom
or stipulations of this mortgagq t6e pramisson note hereby saured aad/or the con~truction loan agrecment; if anp. then~ and in dther or in
aay of ~ucb errnta, witbout notice or demand~ t6e said aggregate sum meationed in said proraisaory note, leaa previoua paymenta~ if an~. and
m
any and all su~m mmtioaed herein or aecured 6ereby s6a11 becane due aad payable fort6with or thereaher at the oootinuing opt~on of tbe
I?iort~aagee as ful[~ and oanpletel~ as if said aggregate sums wcre origiaall~• stipulatcd to be paid at suc6 time, anyt6iog ia said promiuory
note or herein to the rnntrary notwit6standing. and the Mongaga shall be enhtled thereupoq or t6ereafter without ~atice or demand to •in-
•titute suet at la~c or in equiryr to enforce t6e ng6ts of tbe Mortgagee 6ereunder or undcr eaid promis~ory note. Ia the eernt of ary default
or breac6 on the part of the Mortgagor bereunder or under uid pranisaory uote, tLe Mortgagee t6a11 6a~e the continuing option to mfom
paymmt of all smns secured 6ereby by action u law or by ~uit ioeq wt~ tu foreclaee t6is mongage, eitLer or bot6. rnncurreatlq or a6erwisS
and oae action or suit shali na abate or be a bu to or waiver of the Mortgagee's rig6t to institute or maiatain the aher. provided said Mort-
gagee shall bavc ooly ooe payanmt aod utisfaction of uid iadebtednas.
14. That in the evmt that Mortga~or s6a11 (1) wnstat to tbe appointmwt of a rcteivcr~ tnutee or liquidator ot all or a subuantial
~art of Mort~a~oPi anets. or (2) be ad'udieated a banttupt or imotvent, or file a~oluntaq petiaon in bankruptcy. or admit in writing ib
~nabiliqr oo pay ib debb a~ the~ bccome ~ue, or (3) make a general assigi~ment for tLe bencfit of erediton. or (4) fite a petition or au~wee
satciag reorganizaaon or arranganent witb creditors, ar to take ad~uuage of any irool~ency law~ or (S) file aq answer admitting t6e m~.
terial sllegadom of s petition 61ed agairot the Mortgagor in aay bankruptcy. rcorganization or io~olvency proceeding~ or (6) action s6a11 be
talcrn b~ the Mortgagor for the purpae of effccting u?y of the foreguin& or (7) aoy ordcr. jud~nent or decro sball be entercd upcm an
application of a ereditor or Mortgagor by a court of mmpetent jurisdiction approving a petition ~eelcing appointment of a raei~er or trustee
of all or a substantial part of t6e Mortgagor'~ useb aad suc6 order~ judgment or dara s6a11 rnntiaue unstaped and in effect for aa~ period of
thirty (30) ca?secutive days, the Mortgagee may declare t6e aote hrreby xcured fortbwitL due ~nd payable, w6ereupon tbe principal oE and
the iaterat sccrued on the note and all othcr sums 6erebp secured shsll beoome fort6with due and payable as if aq of che sud swas of money
were origioally stipulucd to be paid oa suc6 day; and t6er~eupon the Mortgagee without noaee or demand mav prosecute a suit at law and/or
in equit~ as if all monia secured hereby had matured prior to ib imtitution.
IS. That the MoRgsga or snp petwn autboriud b~ tLe Mortgaga ~hall ha~e the right to enter upon and iaspat t6e mort~agtd
p~emisq at all reuonable ama. '
16. T6at any ~~un or ~umr whlch may be loaned or advanced by t6e l~iort~a~ee to tLe Mort~agor at anp ame wit6in cm (10) yun
from the date of thi~ indenture, to~etber wit6 iaterat tbereoa u tbe rue a~teed upon at tbe time of wcb loan or advance~ shall be equall~ se-
cured with aad 6a~e t6e ~ame pnodtr u tLe ori~inal indebtedaa~ ~nd be ~ubjeet to all the tcrms aad prori~ion~ of t6is mortQa~e; pmvided,
chat cLe a~reQate amouot of priaeipal outstanding u any eme sbail noc CI[Cl'd i0 alOOUR~ lQU~~ ~O O~t bUAdttA and ~ifry per cem {15096) of
the prinapal amouM originally secuced herebS.
l7. Tbu~ jf required b~ Mortga~ee, t6e said MortQa~or will pa~ nnto tLe Mortgagce~ oo t6e ~nt day of eac6 aad every ooosecotire
month, a sum equal to one-twtlfth of tLe uwual auwunt neea~ary to par all tazn and asewmmb agaiust the said mortgaged prani~a. ~aid
monthly sum to be estimated solely by Mortgagse and calculated to be sn amount not las t6an t6e amount of tua asessed agaimt said mort-
Bsged premisee for t6e previous sear, and if fwrther required by Mortgagee m pay dl inaurance premium~ in manner and form a~ pm~idtd
hernn for the payment of. tua and s~sesmenes.
lE. 'Ibat in t6e e~ent the loan w6ic6 thi~ mort~a~e u~~en W~ecua is made for the purpae of finaocing atLer tbe somtruc6on
of nev? buildin~s or tLe oowtruction of imp~oremenn aad/or additioas to ezistina baildings, the Mo~Qor. if reqwrtd by t6s Mortga~e~
e:prasly a~cca to deposit witb tbe MortgaQee or Ib daiQnaced agent an amount of mooey equal oo t6e differeoce between t6e oet prioasd~
of ebe ban aad t6e total ~mouat~ ar dasrrmaed br tbe Mort~a~ee~ rcymred to full~ oompleoe uid ~on in accordaace wit6 tLe piw
and specificatioas beraofore ~ubmined br ehe Mortga~Or aad appro~ed by tbe MottsaQee. Svd amouat of moot~ ~6a11 be placed b~ t6e
Mortga~ee in s"Loua in Proca~ Aooount" fa t6e nune of tLe Morc~a~or~ and the ams ~hall be wed b~ tLe Mort~a~ee to pq tbe oons,
cbar~es ~ad apen~n incurred [n ooonax~on wit6 ~aid oon~tr~edoo pdor to di~buraios ot t6i~ loaa It G furt6er a~ad tLa in t6e e~ent
•aid oomtruetion is aot full~ eomplaed on or before the date ~catcd in t6e Coauructioo Loao Agreanent or in tbe e~ent t6at ehe work on
•aid ooaaraction shsll ccau before fui! oan~letion aad sutL ca~atioo ~6a11 oontinue for s yeriod of tea (10) da~n, or-if suMtanBal ooodnuoa~
Progras shall not be made in sueh comtnxaoo~ chen and in anr •ne6 e.e~ che ~d aggregate ~urn~ prinapal aad interat~ menaoned in sdd
prani»ory note~ and atl monia secu~ed hereby, ~hatl 6eoome due and payable fort6~•rit6 or t6enafter~ at the option of said Mortg=gee; and io
the eveot of suc6 ces~atioo of work upoo uid oonrtructioo for a period of ten (t0) daps~ or if subaanrial oontinnow pmgrea~ ~ba11 aot be
made in such aonstruction, as aforesaid~ t6e Mort~a~te ma~ at in oprioo enter iato and upon tbe mortgagcd premisa and complctc uid eon-
structioo in such m:naer t~ it deem~ ad~isable without toy interference from tLe Mortgs~or; the »id Morcga~or herebr giring and grantin~
to t6e Mortgagee full power aod autbority to make suc6 eatp into and upon said mortgaged premisn, to enter into suc6 contraas or ar-
rtngemenb as msy 6e naasary to rnmplett said oonstructioo, and to apend an~ monia remaioing in said "Loam in Procw~ Aoo~at" and
io additioa any auma of moner oaeaaary to canplae uid constnxtion; and aoy and sll nwnia e:pended b~ t6e Mortgagce in conoeetbo
witb aac6 cordpletion of constrnction in euas of t6e raonia in aaid `2oai» io Proceas Aocount" s6a11 ye added to the said priocipsl debt and
a6a11 dra~ interpt at the tate pmvided in ssid promisaory note, and rhall be srcured b~ tAis mortgage~ and ahsll be paysble b~ tbe MortQa~or
on demanQ.
_ $~uK 141 4~4
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