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S. Thu in tee evcat of s•uit bcin~ inuituted to foralwe t6;~ ~nonQaQe, the Mortga~:Y ~hall be eoti~ted co apply at aay time durin~
~uch foralosu~e suit to the court ha~ing jurisdictioa t6aeqf for the appaintmcat of a ~eceiver of all and ~in~ulat ebe mortgagcd propetty, ~od
oE all reat~ iacomes. profita. issua and ~evenua thereof, from ~chusoever wurce derived; and thcreupoo it ia hereby exp~essly rnveaaated
and a~~eed tbat the cou« s~all forth~~it6 sppoint sucb rcceiver Nieh ese usual poNen a~d dutia of raeiven. ia like casea; and ssid ap-
pointmeat shall be made b~ the court u a matter of strict ~ig4t to t6e 111ortgaga. aad wit6out refercace to the adequacy or inadequacy of the
value of the pmpe~ty 6eceby mort~aged, or to the solve~cy o~ inwivene~• of the I~iongagor o~ aar oe6e~ pany defendaat to sucb ~uit. Tl~s
111oct~a~or 6ereby speeificall~ waives t6e tigAt to object to the appointme~t of a raeive~ as aforaaid aoQ hereby e:presaly rnnsead that wc6
appointmsnt :hall be made u ao admitted tquity and as a matter of rbsolute right to the MortgaQa and t6at tbe aamt may bt done witbout
notice to t6e blortga~o~.
6. That if any proceediags ~hould be imtituttd agaiast the property oovered by t6is mongage upon aay ot6er lien or claim whetbe~
~uperio~ or juaior to the tien of this mottgage, t6t l~tottgagee m~y at ia option imraediately upon iastitutian of auch suit or during tbe peud-
ency t6ueof dalsre this mortgage and the indebtedness setu~ed 6ereby due and payable forthvcits and may at ita option pmceed to foreclae
this mo~tQage.
7. To pa~ ali and singula~ t6e casta~ fees, charga and espensa of every kind, iocluding the cost of an abstract of titte to said taad~
fouad to be coavenient or ezpcdient in connection with. aay suit for t6e foralosure of tLis mojtgage, md alw iacluding, v.besAc~ the Mongagee
ia obli~atcd to pay same o~ not, reasonable atto~aey's feea iacur~cd or e:pended at anr dme br che Mongagee becauae of the fulure of t6e
Mo~tgago~ topc rform. coraply «it6 and abide by aU or an~• of the c~ovenants, coaditions and stipulatioro of said prominoryr notq o~ t6is
mortgage, in the foreclosure of this mortgage and ia collecting the amouat stcured heceby aitb or aithout legal proceediags~ aad to ceim-
bune t6e I?fortgagee for every pa~~ment made o~ incurred for anr such ~urpose wits iaterat fwrn date of every such pa~Tneat at the rate of
ei~bt per ceat (396) per ~nnwn; such payments snd obligatioos. with ~ate~at t6er~on as aforaaid~ ahalf be setured 6p the liea bereof.
To kap tbe bailding or buildiogs aow or hereaftc~ on uid laod insured agaiwt loss or damage by iire~ erteodcd coverage and
other pcrih. induding ~~ar rist insurance if a~ailable. in a aum not lesa thao their fuil insur~ble calue at t6e coat aad e:pense of the Mort-
6agar 1ti = COSAp3tty OC t`t:!!!~ =_A::~ appmv_r! ~y !hr '?~ertgagee, tn~ ooliry or oolicie~ to be held bp the Moctgaget. and suc6 policy o~ policiea of
insurauce s6a11 have af~:ed thucto a Staadard Neis ~'orl• Mortgagee Clausq making alt loss or lossa under such polity or policia pacable to
thc blortgagee as its inte~est roa~• appear~ and to delivec said policy or poticics to the Mortg:gee when issued with tht receipb for i6e pay-
ment of the premium therefor; and io the ecent any sum of moe?ey bccoma payable u~der sueh policy or policies, the Mortgagee shall Savt
the optioa to receive and apply the saroe oa account of t6e indcbttdneas secured hereby or to permit the Mortgagor to receive and use it. or anr
part tdereof, for other purposa, KitAout t6ereby ~saiving or impairing aap equiry•. lien or right uader or by cirtue of thi~ mortgage; and
t6e Mortgagee if it deems ~cecssary may place aad pay for auch insuraace~ or at~y paK thereof, ~ritbout loaing~ v~aiving or affettiag Mort-
gagee's option to forecbx for b~each of t6ia oovmant. or any part thcrcof~ or any rig6t or option under this mongage aod every sueh psy-
ment ahall bear interest fmm date t6ercof until paid at the rate of eight per cent (i96) per annum. and all s~xb payments wit6 interest a:
aforaaid s6a11 be secured by the lien he~eof. In the event any loss or damage is auffered MoKgagor s6a11 aotif~ Mortgagee of ~uc6 kss or
damage ~ithin forty-eight (4E) hours after the happening t6ereof; the failure to gire such ootice shall rnmtitute a default and t6e Mortga-
~ee shall 6ave t6e rights herein gi~en for all defaults.
9. To permit. commit or suffer no wute aad to maintaia the impmvuneab at all tima in a state of good repair and condition; and
m do o~ permit to be done to said premises nothing t6at oeJl alter or cLaoge tbe me and c6aracter of said pmpeny or in any way impair or
weaken the security of said mongage. Ia cue of the refusal. neglect or inability of the I?tortgagor M apair and maintain aaid propertp~ t6e
Mortgagee ma~. at ib opfioa, make such repain or cause the same to be made and ad~ance monia in t6~t behalf ~hicA sums shal! be sccured
b~• the lien hereof and bear iaterat at tbc rate of eig6t per ceat (i°i6) per annuro.
10. To del'ever the abatraet or ahstracta of title eorering the mortgaged property to Mortgagce or its deaignated agene, ~.6ich s6a11 at
all times. during t6e life of thi~ mortgage, rcmaia ia t6e pouession of t6e Mortgagee and in event of the foreclo~ure of t6i~ mortgage or a6er
eramfcr of title, all rig6t~ titie and inte~tst of t6e Ilfortgagor ia and to any suc6 abatract or abstrarn of title sb~ll pus to the purchaer oc
grantet.
11. That ao s~aiver of auy covenant hereia or ia the obligation secured 6ercby sball at any time 6e~eafter be 6eld to be a~eaiver o)
:ny of tAe ot6er terms hercof or of the eote secured bereby.
12. Thnt ia order to accelerate the maturity of the indcbtedneas bertby sccured becaux of tbe failure of the Mortgagor to pay any tu
auaammt, liability. obligation or rncumbrance upon said pmpcrty as herein pm~ided. it s6a11 eot be nemsary nor requiaite that t6e Mortgaeee
shall fint pay the same.
13. T6at if tLe Mortgagor shall fail, ncgleet or refwe for a period of thirty (30) days fully and promptly to pa~ t6e armunb re-
quired to be paid by the natt 6ereby secured or t6e ioterest t6ertin ipecificd or aay of t6e sums of money bercin referred to o~ 6ereby ~
cured. or other~ise dul~. full~ and pranptly to perform. ezaute. rn~nplr witL and abide by eac6, e~ery or any of the rnvenaocs. eoaditioor
or stipulations of this mortgag~ t6e promisson note hereby secured and/or t6e coaxruction loaa agrecment, if an~•~ t6ea. and in eit6er or ia
any ot such e~rnt~ witbout aotia or demaad~ the ~aid aggregate sum meatioaed in said promiuoqr note, less previow payment~. if any. and
any aad all sums mentioned 6ereia or secured hereby shall beaome due and payable forthwith or thercafter at t6e ooutinuir.g optioo of the
Mortgagee u fullr and aompletelr s if uid sggregate ium~ vren originall~ sripulatcd to be paid at such time. anyt6inq io said praniaory
note o~ 6ercia to t6e coatrar~ notwit6standin& and the ti!ortgagce s6a11 be entitled t6ereupon or t6aeafter v?itbout aotice or demand to in-
stitute wit at la~c or iaeq
wty to eaforce the nghu of t6e Mortgagee bereuader or under aaid proreissor~ aote. Ia t6e event of anr defsult
or brescb on t6e part of the Mortgagor 6ereunder or uader said pmmiseory note, the Mortgagee s6a11 ha~e tLe continuing option to enforce
paymmt of all swns secured berebr by ution at law or by suit iaeq mtp to foreclae t6u mortaage. at6er or botb, aoncurrrncly or ot6erwis4
is
and onc sctioa or suit shsll aot abate or be a bu to or ~saiver of tLe Mortgaga's ri~6t to institute or mainain the ot6er~ pro~ided said Mott-
QaQee ~6a11 Lave only one paywmt and awfsetion of said indcbtedndt.
14. T6at in the erent tbat Mortga~or s6a11 (i) oonsent to tbe appoinanmt of a recd~er~ trwca or liquidator of all or a~ubusntial
part o~ Mortp~or~ a~ or (2) be ad udlated a b~ntrnpt or Inalrent, or file a~oluntar~ pctition jn bankruptcy~ or admit in wridns ib
insb3lItp !o pt~ ib deba u tLe~ became ~u~ or (f) make a~eaenl wi~ment for tbe bentfit of crcdiwn. or file a petiaoa or a~wa
~a1Jns reorQaaisadon or amn aneat w~th cnditon, or to take ad~aotaQe of aoy imol~ene~r law, or (S) file an ~nawer admittins the ma-
terial slle~a8ow of a petitioo ~led a~nst tbe Mort~s~or io aoy banlcrupter, re~rQaaisatioo or inal~encp proceeding, or (6) aetiaa ~6a11 be
taken b~ tbe MoctgaQor fot the purpose of effatin~ aay of t6e foregoin~ or (7) any order~ jud~nent or decrte s6a11 be entercd upon an
appliearioo of a ereditor or Morcgagor br a rnurt of ownpetrnt t'ucudiction approvin~ a peridoa ieekin~ appoiatment of a raei~e~ or trwtee
of all or a substantia) part of the MortEagor's aaets and suc6 order~ judQment or dteree shall oootiaue ~nttayed and in effeet for an~ period of
thirty (30) ooa~setud~e dar, t6e Mortgagee ma~ declare t6e aote 6ereby secured forthwitb due aod payable, wbereupon thc prinqpal of aod
the interat accrood on t6e note snd all aber aums hereby secured shall beoome forthwith due and payable a~ if all of c6e aaid ~uaa of monef
~+ere ori~inall stipulued to be paid oo iuch day; and therenpon the Mort~agee without notiee or danaad may proaecute a suit at taw and/or
n
in equiry as i all monia recnred heoeb~ 6ad maturcd prior to its ja~titution.
IS. T6at t6e Mort~a or aay penon aothoristd b~ tLe MoctQaaa ~6a11 La~e tLe riQ6t to mter upon nnd in~pect tbe mortpsed
premias at Rll reuonable tima.
16. That ta~ swn or ~um~ which may be loaned or adv~nad by tbe Mottfa~ce to eLe Mortaa~or ~t any time wit6in ten (10) ~ean
from the date of tbis indcnture~ to~et6er with interat t6ereon st tbe rate t~reed upon at the time of svc6 toan or advaace~ shalt be equall~ ~e-
cured witb and 6a~e the wne priority aa tbe ori~faal indebtedneu and be ~ubject to ~Il the tertw and pro~isions of t6is mortp~e; pm~ided,
that the a~re~ate ~aooaot of priaapal ouatandinQ at any tinoe ~hall na e~oeeed an ~mount equal co one hundred and Sfty per eeat (1S09G) of
the pdoeipat amouut ori~intllr ~ecured 6ereby.
17. Tbat~ if reqnired by Mo ths tdd Mort~or wlll pa~ unoo t6e Mort~a~ce, oe t6e fint day of eacL and erery oon~ec~ti~e
montb, a wmeq ual to aae-twelft6 o~~annual amount neeeMaq Eo pay all .tazp aad a~e~menb a~ainst t6e tcid mort~gcd premtus, ~ald
mont6ly swn to be atimated alely by MoetgaQce and ulculated to 6e an amo~ne nuc IeN t6tn t6e amount of tua auased agaimt sdd awrt-
gs~sd Premias for tbe prertona sear~ and ~f funher reqaired by Mort~sgee to pa~ all imurance preuojums ia manner ~ad form iu proridsd
herein fo~ t6e ptyment of, cazes and aMa~meatt.
1t. T6at io tbe e~mt tbe loso w6ich thi~ raortga~e `i•ea to ~ecu~e I~ made for tbe purpo~e of fiaaneing either the ~oo
of new butldinp or t6e eooicruction of impro~emean aad/or addidoas to a~an~ boildingir, tbe Mort~a~ar~ if rtqwred br tbe Mortgasee,
~praily a~ees to depoaf atth t6e Mort~aaee or jts daignated agent an amount of monep equal oo the differeace betwceu t6e net p~ocetd~
of t6e loao and t6e tot~l amount, as daermiaed b~ t6e Mor~agee, nyuired to full~ oomplete aid oonstruetioo in accordance wit6 t6e plam
and speeificationt beretofore ~ubmitted br tbe Mortgagor and sppmred by t6e MortQa~ee. Sald amouat of monet s6a11 bt placcd by tLe
Mort~aQte in a"Loam io Proee~t Aseount" in the name of t6e Mongagor~ and the ame ~hall be uud b~ the MortQaQee to pay tbe oatR
c6~raa aad ezpenra incurred ia ooanecdoa with ~aid oonstnxtioo prior to di~burain~ of tLi~ 1wa. It ii further a~reed eba tn ~6e eveat
•aid oomtn~fioa is not fully ooinpleted oa or before tLe due tutM ia t6e Co~utrnctian Loan A~reanent or in t6e e~ent that tbe wor4 on
~aid coaitruetion ~hall eeass beforo full oan~letion aud ~uch caution ~balt conaaue for s period of ten (l0) da or•if snb~tanda! aootfnuow
pro~rea ~hall noc be mide In iueb con~tnKnon, eheo ~nd in ~ay ~uc6 evun t6e sdd a~re~te ~um~ priacipal an~ Interat~ mencioaed In satd ~
praniMOrr note~ and all moaia ~ecured 6erebr, ~hall become due wd pqable foct6~rit6 or t6ercaftet at tbe option of uid Mortaa~ee; and in
che r~eot o! ~uc6 aaadon of work npon ssid oonrtruction for a period of ten (10) day~ or !f ~u~aandsl oonBn~ous pro~res sball not bs
made 1n ~uc6 oonstruction. Rs aforaaid. the Morcpta raa~ ~t ib opdon enter into aad upon the mortgagsd premius aod complece ~aid oon•
tK11CtI011 ~D ttICL ID~DOl~ a~ It dean~ ed~.s~ble without an~ foterfe~eoce irom tbe Mort~a~or; tbe ~dd Morc~a~or 6aebr d.in~ .nd ~aeda~
to tLe Mortaa~ce tull power aad aucbority to suke sncb mtr~ ioto tad upon ~aid mort~a~cd, Qremius, to enter ioto saeh contruq ot ar-
ranQemrnb n mar be naasar~ to complae aid oonstrucdon, and eo e:pend ~ny monia rema~mng Ia wd "Loa~ to Procea AooounC' aad
ia additioa aa~ ~ums of n:oaey neceaary to coraptete ~dd canmuetion; and anr and al! monia upendcd b~ tbe Mortgagee in oonoaKtoo
with ~ncb canplaioa of coastruction in accas of t6e monia in said "I,oam in Proca~ Aaount" ~6a11 be addcd to tbe said princip~l debt and
~ha11 draw iaterat at t6e rste prorided in said promissory note. ~nd ~hatl be sccured by t6i~ roorrgage, aad shdl be ptyable b~ tbt Mort~a~ot
on oem~e. BOOK PACE 388
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