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S. T6sc in tbe evsot of a ~uic bcin~ iauituted to toralae thia roon~~e, the bion~a~_~e abail Se endtkd w applr ac ~oy cime dutias
~ucb forecbsu~e ~uit to the coun 6aviaR ju~isdiaioa tbeteOf fo~ the appointmeat of a ntei~e~ of all sod ain~ula~ the mort~a~ed propettr, aod
of di ceot~, i~aoma, profits, is:ua and reveaua t6creof, from Rdaaoever ~ource derivcd; aad thereupoo u b Sereby e:prea~ly covenaoted
and a~reed tbat ebe court ahall fo~wit6 ~ppoint suc6 ~aeiver with the u~usl povee~s and dutia of ~aeiven. io like casa; aad aid ap-
poinnneat sball be made br the court as a matter of uria ric6t to t6e Mo~aQee~ and wit6out refe~tace to tbe adequaey or insdtquary o! tbe
value of t6e propertp eercby mo or to the solvency oc insolvency of the Mon~a~or ot aay ot6e~ paKy defeadaat to sucs wit. 'I~ee
Mon~s~o~ 6ereb~ ~pccificallp wai~a t E tlgbt t0 ODjltt t0 tIl! ~pj101l1ttIItpt Of a tCttivt~ a afo~aaid and hercby ezp~essly ooaseab tAu wcb
appoiaaae~t sba! be w:de as a4 admined equity aad as a maner of abwlute ri~ht to the MortgaQee and that t6e ~ame may be done witbou~
notice to t6e Moctgaeo~.
6. That iE aqy prceeediogs tbould be iwtituted a~aiast t6e propeny co~ercd by t6is morcQt~e upou aay ot6cr lien or claim w6ethec
•upuio~ or juaior to the lien of this aartga~ the Mort~aQce may at ia optioa iraraedistrly upon institunoa of sucb suit or duria~ the pend-
ency che~cof dalare t6iu mortgaQe and the indebtednas securcd he~cb~ due and paysble forthwitb aad may at ib optioo procesd to foreclo~e
t6is aqrtrage.
7. To pay all and siagular tLe oosts~ fca, cha~a and e:pen~a of every kind. Includiag t6e cat of an abst~act af titfe to uid lande
fow?d to be oonreaieat ar e:pediet~t in connection with, any suit for tbe fo~eclosure of t6is moEtgagq wd al~o includia~, w6a6s~ t6e Mout~a~ee
is obli~sted to par same or aot~ reasonable attorne~a fecs incurred or e:peaded at any time by the Mortga~ee becawe ot t6e f~ilure of tLe
Morc~agor to perform, rnmply with aad abide bf al) or any of t6e mvenaats, coadidoas and stipuladan of ~aid promi~sory aote, o~ t6is
mortQs~e, in t~e foreclaau~e of tbia mort~age and io collecting the amount ~ecured Se~cb~ wit6 0~ wit6out IeQal proeadinp. aad to reim-
bune t6e Mo~tgagee fo~ every payment aoade or iacurred for anr suc6 ~urpose wlt6 interat f~nm date of every axh panneat :t the rate of
ei~6t per cent (l9fs) per anoum; suc6 parmeua and obligatiow, with iote~at t6erooo as aforaaid, s6a11 be ~ecured by tbe Gen bereof.
f. To kap tbe buildia~ or buildiags aow or 6ereafter oo said land iwured a~ainst loa or dama~e br fire~ extended oo~erage and
other perib~ includiag war rist io~uraace if available. ia a~um ~not laa than t6eir ful{ iosurable value at t6e cast and e:peme of tbe Mort-
gagar ia a eaapaay or oompania appro~ed by t6e Mortgagee, tbe policy or policia M be bcld by tbe Mortgagee, and ~uch policr or policies o~
insuraace s6a11 6a~e affixcd che~ao a Saadard New York Mortgaga Clause. ~nak;ag a11 loa or loues under suc6 policy or policia payable e~
che Mortgagee aa ib interest may appear. and to deliver said poticy or poticia to t6e Mortgagee wbea i~sued with the raapes foi tbe pa~-
ment of tl~e premiwn therefor; and in t6e event any swn of mo~ey becoma payable uader aucb policy o~ policies. the Mongagee s6a11 Aa~e
tbe optioo to taei~e aod apply the wne on acoount of the indebtednw securcd 6ereby or to pemut the Mongagor to raeive and ux it, or aa~
part tdereof~ for ot6er purpaaa. witLout tbercby waiving or impairing any equity. lien or rig6t uader or by virtue of this moctgage; aod
t6e Mortgagee if it deea~s aeceuacy may pim and pay for sach iasucanee~ or ai~y part thercof. witbout losio~ wai~iag or affariag Mort-
gagee's opcion to foralose for breac6 of thia ooveaau~ ot aay ',~art t6ercof, or any right or option under tbis mortgage, and e~ery sues pa~-
ment s6a11 bea~ interat fmm date t6ereof until paid at the rate of eigLt per eent (i96) per annum. and sll ~veh pay~menb wich iotsrat
aforaaid s6a11 be secured by the lieu dercof, tn the event aay lois or damage it suffered Mort~agor s6a11 aotifp Mortgagee of sueb loa or
damsge witaio forty-eight (4!) laun after the ha~peniag tLeceof; t6e failute to g~ve such notice s6a11 eomtitute • defauh and t6e Mo~a-
gee asall have t6e rigLts heteia given for all defau b.
9. To permiy oomaoit or wffer oo v~aste and to maintain the improvemcnes at all tima in a state of good repair and oondicion; aad
m do orpe rmit to be done to said premises aothiag chat ~ill alar or c6ange t6e we an6 ehsraeter of said property or in any wa~ im r or
weatm the s~curitp of said mortgage. Ia cax of the nfusal. aeglect or inabilit~ of tbe Moctgagr?r to ropair and maiatain said propcK
, the
Mon~agee map. at ia optioa. make soch repain or cause the ume to be made aad ad•atxe monia ia t6u behalf which surm shall be securcd
by t6e Gen hero~f and bear inatat sc t6e raee of ag6t per cent (196) per annum,
10. To delirer the absttut or abatncts of title eo~ering the mortgaged pmperty to Mortgagee or its de~ignated ageat~ ~c6ic6 shall at
ail times. during the lifc of tlus aartgage. remain ia the poaessioa of tLe Mortgagee and ia event of the foraloaure of this mongage or ot6er
cransfer of title~ alt rig6t~ title and interat of tbe MortQagar in snd to anr su~ch ahstrsct or abstrscts of title shall pa~s to the purchaser or
granta.
I1. That no ~cairer of aoy covenant 6ecein or in t6e obligatioo xcured 6ereb~ sball at an~ time Lerea(ter be held to be a~sai~er ot
any of the at6er terais henof or of the aote saured 6ereby.
12. T6at in order co socelerate tLe maeucity of t6e indebtedntas berebr se~wred baause of tbe failure of tAe Mortgsg~or to psy anr tu
asa~rnmt, li:bilit~. obUgation or encambrance upon said pmpert~r as 6eraa pmvided, it shap not be aece~saq oor rtqui~ite tbat tbe Mort~a~te
~hall fint par the same.
13. T6u if t6e Mortgagor ~LaU fail, neglect or refwe for a period of t6irty (30) dayY fully aad prompcty m pay the amounes re-
quired to be paid br tbt note 6cnby tecured or t6e iaterest tLerein specified or an~ of tbe sums of money 6erein referred to or 6e[eb~ ~
curcd. or otherwi~e dulr. ~uliy and pranQtly to perform, ezautq campl wit6 and abide by eacL~ e~eqr or any of the eovmants. oonditioo~ ~
or stipuluions of this moctQsgG t6e promuwry aote he~eb~ secured m~or the oonstruccion loao agreemmy if anr. then. aod in atber or ia ~
any of aucb evrnt~ witbout notioe o~ demand, the said aggregate iwn menrioned in said promissor~ aote, less previous paymenq, if any~ and
a
any aad all sums mmtioned 6erein or secured hcreby shail become due aod pa~able fort6wit6 or t6ereaher at t6e ooatinuiag opt~on of tbe
Mortgagee a fully aad eompletdr as if ssid aggregate sums wen originaUy stiputated to be paid at such time, anrtLing in said pn~nir~on
note or herein to t6e oontrar~ notwithstandin& and che 1V!octgagee s6a11 be rntitled thereupoo or thereafter wit6out aotice or demaad to io- t
~dtute wit at -law or ineq
uiqr to mforce the rig6b of t6e Moctgagee 6ereuader or ueder said praniss~rr note. In t6e ertnt of an~ ddauh }
or bnacb oo tbe part of the Mortga~nr hereunder or under said promi~or~ note, the Mortgagee s6a11 6a~e t6e coatiauing option to enforee ~
payma?t of all su~ seeured 6ereb~ b~ sctioo at law or by tuit ineq
uit~ eo foreelwe t6ia mortgag~ eit6er or botb. ooncurrentlr or atbenrisG
and oae sction or suit i6a11 na sbate or be a bu to ot waiver of the Mortgagee's right to inuitute or maiataia t6e other. pro~ided said Mort-
gagee s6a11 La~e only one paymmt and satisfaetion of said indebtedne~n.
~n
14. ~st in the e?eat that Mott~a~,~or s6a11 (1) aonunt ~o t6e appdntment of a recd~er. truttee or liquidator of atl or a~ubtmtial
part of Mort~a~~ a~ets. or (S) be ad ndicsted a bankrnpt or jndre~t. or !'ile a~oluatar~ petition ia bankruptcy. or sdmit in writins It~
iaibilit~ oo pyr it~ deba a~ t6ep bccome ~ne, or (3) make s~eoeral aui~ fot t6e be~'it of erediwrs~ or (4) file a petition or a~wer
uekie~ reor~aaisation or amo~auent wltL crediton, or to tate adranta~e of anr in~oi~mep law, or (S) fite aa aoswer admittin~ tbe ma-
terial dle~nons of a peatioo fited s~iu~t tbe Mortsa~or in any bwkrupte~. reorQanisation or inahwc,y Proceedin~ o~ (6) ation a6d1 be
taiceo b~ t~e Mort~a~or for t6e purpae o~ effatin~ aay of t6e fore~oin~ or (7) anr order. judament or darce sLdl be entered npon ao
applicstion of a creditor or Mo~t~or b~ a oourt of oompetent juri,dleaon spprov;ns a peeidoo xetdns appoiannenc of a reca~er or trwtse
of ~11 or a sub~tanaal put of the Mort~or9 aaet~ and suc6 order, jud~neot or daree shall oonrinue u~ta cd and in effea for aa~ period o~
t6irq (30) oomecu8re day~. tLe Mortaa~ee mq dalare tbe aote hereb~ uwred fonhwtt6 due and pa~ab~e~ w6ereupon che priaelpal of and
t6e Interat aarued on the note aad ~11 aber ~umi herebr ~ecured sL~ll beoome forthwitL due and pa~able as if dl of t4e said sum~ of maoey
were orisiaally stipulued to be paid on tnc6 da~; aod tDereupoo t6e Mortsa~ce without ootiee or demand ma~ proiecute a suit at taw and/or
in equit~ as if all moaia ~eeura~d 6ec+eb~ 6ad matnred peio: o~ ib inrdtuei~.
IS. T1ut t6e Mort~aQce or aay penou aut6ortud br tbs Mortp~ee ~6ap ban t6e ri~bt to mter upon aad inspect tLe mortpscd
premius at all renonablt tima.
16. T6at any sum or ~ums whkh tnay be loaned or ad~a~ed by the Mort~aQee to the Mort~a~or at any dme wit6in tea (10) yean
from t6e date of tbis indeature, to~ether vit6 interat t6ereoa u t6e rate s~reed upon at the time of suc6 lwn or ad~anc~ shall be eqnal)r ~r
cured wit6 and 6a~e tbe same prbdtr at t6e orS~ind indebtednep and be ~ub'ax to all t6e tcra» and pro~isiau of this mort~a~e: pro~ded,
t6at tbe a~e~te amount of~riacipd outrtaadin~ u ao~ dme sball not ~ an ~mount equal to a~e hundced ~nd fift~ per cent (]S09fr) of
t6e pd~tpat amount oei~iasifr ueuad 6enby.
r7. T6ay if reqnired b~ Mo the wld Mort~~rr will ~q aata tbe Mortra~ ou ebe fira d~y of eae6 and e•ery ooo•ecnd•s
montb, a wmeqnsl to one-ewelft6 of~aonnal uaount nseeMar~ eo pa~ ~11 •tasa and ara~mena a~aimt the ~cid mortg~~ed Pra~us, aid
monc6ly ~um to be euim:ted aletr b~ Mo aad calculated ~o be an amount ewt la~ thaa ehe iuao~at of tasa a~ercd a~ia~ uid mort-
Qa~ed pcemirp ior tbe pre~lont ftar, and~furt6et reqwred br Mort~a~ee to pq ~Il iosurwa premiuaa In manaer and form iu pro~ided
herein for the pa~ment of, tsze~ and ara~menb.
1~. Tbu in the e~eat c6e ban wbie6 tbi~ mort~t b si~en to ~ecare is made for t5e pnrpae o! finandn~ dtLK c6e ~ao
of new bdldtop or tbe aoatrucdon ot iwp~emeaa and/or itddttion~ oo ~tie~ bailldin~ t6e Mortp~r. ifttqnired b~ tbe Mortpja,
csprealr ~~ets to depaif~ wtt6 t6e Mott~ee or ia dai ated asent an aenouat of monq pud eo t6t difhrmce betweea tbt net pt~ooeed~
of ebe lo~n and the cotal amouny u determ{eed br tbe ~Iortsaise~ ccqntrsd to fally oompi~ wid oou~u~cdoo !n aooordaaa witL ths piao~
and ~pedfleatioa~ berstotor~e ~ubmitttd br t6~ Mort~or and a~pprond by ttN Mocep~e. Sdd ~monnt of m~e~ ~hall be pl~xd b~ t6e •
Mort~a~ce in a"I,oua in ProaM Acaount" ia t6e name of t6e Morc~a~or~ aed the wn~ ~hall be wed b~ t6e Mort~a~e t~ Pq tbe oo~b.
cbaraes aed espen~a iacurred in eooaecdon witb ufd eoomocdo~ pdor to dt~bardO~ of tbis loaa. It u furtber a~reed t6u in tbe e~ent
~aid ooostn~cdon is not failr oompleted on or befon tb~ date wted tn the C'omtroctip~ Loan A~eanenc or ia c6e e~ent tLu the wort o0
iaid ooanrnctlon ~6a11 cwe before full oompIeHon aad aucL caueiou ~hd) oont~nue for a period oI ten (10) da or-if ~aMt~ndal aoodauow
~s, a
Pro~a~ r6a11 aot be made tn ioeb oonacnudoq tLm and io ~ny ~neb e~eot t6e ~atd a~egate tum, Principal aad interert. mendooed in ~sid
prani~orr not~ and all mooia ~ecured 6ereb7~ ~6a11 beoane due ~nd pa~able fort6rrith or thereaftcr at tbe option af said Mort~a~ee: and in =
the eveot of sucb eea~doa of w~ort u ~aid ooostructioa for • period of oeo (10) dap„ or If au~st~otial oon8uoow progre~s ~6a11 na be '
made in ~ucL aomtruccion. s~ aforaai~c~e Morc~ee ma~ u fa opdan rnter into aad npon t6e mortgaged premi~p a~?d complae said can- ~
aructian jn ax6 maaaer as it deeros adri~able without ~n~ interfeKnee froeo t6e Mort~a~or; tbe ~aid Mort~agnt 6ereb7 ~~t ~ i~dni
to t6e Mort~agee full power and autboriqr to make snch eatr~ iato and npoo ~aid raort~ed pranisa, to eater into wc6 cootraas or u• f
ran~anenn as may be naaur~ co oowplae ~a;d oonscnkcioo~ and m e:pend an~ moa;a reroainiog tn ~aid "Loa~ in Proeea Aooouot" and
;o ~dditioo aa~ sum~ of rr.oaer aaYaary co complae uid oon~croecioa; and an~ and all monia espended by the Mortgagee ia oonneeHon i
with sucb complerioo of aa~stn~ction in e:cess of t6e monia ia said '2wm in proces Aooount" ~6aU be :dded to the said priocipal debt and
ihall draw interat at t6e rate pro~ided ia said praniswry note, and i6ai1 be secured by this wort~tge, and t6a11 be pa~able b~ tbe Mo~r
on aemanA.
eooK ~55 238
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