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S. Tbu io tw; avent of a•uit beia~ iauituted w foralose tDis monQ~~e, the MortgaQ:~e ~6aU be eotitled to applr at any daae dudo~
sueh foretlosuce ~ujt to t6e rnutt havi~g jurisdiction t6ercqf for the appointtaeat of a receiver of aU and sin~ula~ the mort~s~ed propert,)r. a~ad
of all renb, iarnma. profits, issua and reve~sua thercof, from Rhacsoever wurce derived; aad thueupon tt is bereby e:pressly to~epaoted
and aQrecd that the coun shall tonh~~eth appoint tuc6 receiver a~ith the usual por`ers and dutia of raeiven. in like cues; ~tnd ~aid ap-
painnnent shall be madc by che court u a maaer of suict ~igbt ~o ebe Mor~gaga~ aad without refecence to t6e adcquacy or insdequse~ of t~e
value of the propett~ 6eceby mort~aged, or to thc ~Ivency o~ ~nsolventy of tue 11longagor or soy other patty defendant to sucb tuit. Tbe
MortQa~or hereby ~pscificall~ waira t6e :ight ta objat m the appointraent of a raeiver as aforeaaid and herebr esprasly oowcne~ that wcb
appoinement shall be made as an admitted equity and as a matter of rbwlute right to the Mongages and that t6e ssme may be doue wit6ow
notice to t6e Mottgagor,
6. Tbat iE any nrocecdiass should be instituted against the pmpeny covered by t6is ruortgage upoo any other liea or claim w6ether
tuperior or junios to t6e lieo of this mortgage, the Mongagee may at ita op:ion immediitely upon ia~titution of suc6 suit or duriaQ the pend-
ency thereof declue this mortgage and the indcbtedness sccurcd hereby due and pa~able forth~vith aod may at in option ptocetd to fo~etlo~s
t6i~ mo~t~agt.
9. To pay all and singular the costs, feta~ charga and expctrses of evsq• kind, including the eost of an abstrset of title to uid lands -
found to be oonvenicnt or e:pedient in rnrtnation wit6.aay suit for thc foreclonure of t6is mo{tgage, and aiso including, whether tAe Mort~a~e
is obli~ated to pay same oe aot, reasoaabte attorney~s feea incurred or e:pended at aay time by t6e Mortgagee because of tbe failure of t6e
Mort~agor to perform, comply witb and sbide by ~11 or an~• oE t6e covcnancs, rnnditions and stipulations of uid promiasory notq or thia
mort~aQe, in the foreclosu~e of this mortgsge and in collecting the amount secured he~eby with or wi~6out legal procttdiogs, tad to nini-
bune the Mortgagee [or every payment made or incurred for any iuch purpwe with interat fram dste of every such payment at t6e qts pf
ei~6t per cent (!96) per annum; such payments and obligations~ v~ith intuat thereoa u aforpaid~ shall be secured by tLe 4eo 6ereof.
f. To ke~o the building or butldia~ now or hereafter on said land ia~ured against los. or damage by fire, e:teadcd coverage and
otAtr perils~ iaclu~ing war risk insuranee if arailable. in a pum not taa than their fuli inaur.;ble vatue az t6e coet :nd etpeust of t6e Mort-
gagor in a oompany or oompwies spproved by the Mortgagee. cue pofic) or policies to be held by the Mortgagee, and suc6 poticy or policia o~
insunnce s6ai1 6ave af$:ed t6ereto a Standard New York htortgagee Clause. malcing all loss or lossa under such poficy o~ policies payable to
the Mottgagee as ib interat map appear~ tnd to deliver aaid poliey or policia to the 1~lortgager whea issued v~ith t6e receipta for t6e pa~-
ment of the pmnium therefo~; and in the event any sum of money becoma yayable under sach policy or policies, the Mortgagee s6a1) bave
tLe option to receive :nd apply t6e ta;ne oo accouat of the iodebtedne~ secuctd hereb}• or to permit tbe Mortgagor to receive and ux iti or any
part t6ereof. for otber rurpoaes, Kittiout thereby «aiving or impairing anp equity, lien or right unde~ or by virtue of t6is mortgage• aod
the Mortgsgee if it deems neceaaary may place and pay ior such insurance. or a~~y part thcrrof~ tivit6out :osing~ svaiving or affectiag ~1~loct
gagee's optioa to foreclose Eor brcach of tbi; mvcaant~ or any ~1art tbercof, or an~ rig6t or option under tbis mortgage, and every such py
mmt ~hall bear intenst from date t6ercvf until pa+d at t6e rcte of eig6t per ceat (E°k) per annuro, and all aucb pa~-meaa with iaterat s:
aforaaid shall be saured by t6e lien hereof. In the event any ia~ or damage is auffercd Mortgagor a6a11 aotify Mortgagee of sue6 loo or
dunage witbin fort~-eight (4E) hours after the happening t6ereof; the failure to givc such notice shall constitute a defautt and tht Mort~-
gee shall 6ave the rights hercin given for all defaults.
9. To permit~ commit or suffer no wa~te and to maiatain the impmvemenb at all tima in a state oE guod repair pnd conditioa; and
to do orpe rmit to be done to said premi~ea nahiog t6at will alttr or change !be we and c6aricter of said property or in aoy war impair ot
vreaken the security of said mortgage. Ie case of the refusal~ neglect or inabilitp of the hiortgagor to repiir aad maintain said pmpertY~ t6e
Mort~agee ma~. at its opfioa~ make ~uch repairs or cause t4e a~me to be mads and adaance moaies in t6ac bchalf cthic6 sums ~hall 1+e aecured
by t6e Gen baeof and bear interat at the rate of eig6t per crnt ( 896 )~er aanum.
10. To deliver the :
bst~act or abetrarn of title covering the mortgaged property to Mortgagce or its designated agcnt, «6ich s6a11 at
all tima. Juting the life of this rnortgagq remaia in the posse~sion of thc Mortgagee and in event of tfie forcctrnure of t~ia mongage or ot6er
traasfer of titie, all rig6t, title and interest of the Aiortgagor in snd to sny euch abstract or abstracts of ti;le ehall pass to the puTChue~ or
grantee.
Il. T6at no ~caive~ of auy rnrcnant 6erein or in t6e obligstion secured hereby sball at any time 6treafter be 6eld to be a~~aiver o1
any of t6e ather terms hereof or of t6e note sacured berebp.
12. That in order eo accelerate t6e maturity of t6e indcbtedaeea hereby secured bccause of tLe failure of t6e biortgagor to psy any tu
as~aament, Iiability. obligadoa or encumbrance upoa said property as 6erein provided~ it ~6a1! not be necessars nor requisite t6at the MortQs~ce
s6a11 Snt psy tbe sama
13. T6at if the Mortgagor ahall fail, aeglert or refuse for a prriod of thirty (30) days fully and pwmptlp co pay t6e unounb re-
quired to be paid by the aote 6ereby saured or the interat t6erein specified or any of the aum~ of money herein rcferred to or be~eb~ k-
cu~ed. or othecwi~e duly. fully and promptly to perform. ezecute, comply wit6 snd abide by eac6. everp or any of the covmanb„ oonditioor
or stipulations of tLit mortaage~ t6e promissory note hereby secured aad/or t6e conacruction loan agrecmmt, if :ny~ then, and in atbes or i~
aay of ~ut6 e?a~ts~ witbout aotice or demaod, the said aggregate sum mentioncd ia said promisu?ry aote, les~ previow payments, if an~. and
any and al) tums mentioned Leteia or recured hercby shall bernme due and payable fort6~vith or t6ereafttr at the coatiauiag option of tbe
Mott~s~ee as fully ;nd aompletely ai if aaid aggregate susns vsere originslly atipulatcd to be paid at ~uch time, aoything ia said prnatisor~
note o~ 6e~ein to the cootr~ry notwitLstwding. and the L!ongagee shall be entitled tbereupon or t4ereafter wit6out notice or demand to io-
stitute suit at law or incq ~ity to mforce the ci~hts of t6e Mortgagee 6ereunder or under ~aid promi»ory note. In t6e erent of an~ default
~ or brest6 on tbe pact of t6e Mortgagor 6ertuoder or under ~aid p~omiswry nocq the Mortgagee ahall hsve the continuing option to enforoe
pa~ment of dl tums secured he~eby bq aaion at law or by suit ineq wty to forectae r6is mortgage, ei:6e~ or boch, rnacnrreatlr or otberwipq,
and one ~oo or suit ~hall not sbate or be a bas to or waivcr of tbe Mortgagee't rig~t to institute or maiutain the other, provided uid Moirt-
Qa~ee shall hare onty oae payment aad tuisfution of said indebtednas.
14. 'Ibat ia tbe e~eat that Mortga~or shall (1) consent to tbe appoiatmeat of a reeeiver~ trwtee or liquidator of all or a~ubstsnda!
part of MoK~a~oe'~ aseb. or (2) 6e ad'udicated a baalcr~l+t or iusolvtnt, or file a~oluntary petitian in bankruptcy, or sdmit in wrido~ Ib
inabiUq to pa~ Ib debts ~s tLe~ becane ~ae, or (3) make a Qeneral aaignmwt for t6e beoefit of creditors, or (4) file a petition or ~wes
raldu~ reor~aoisatioo or atranQement s~ith creditos. or to take advaatags of any insotveney taw. or (S) fite an answer admitdn~ tbe ms•
e~ ai
teriai alt ais of s petidon fited aQainst t6e Mortga~or in any bankruptcy. reorganisation or in~olvency proctedin$, or (6) action ~hall be
takm bp tbe Moct~or for tLe purpae of effecciog any of the foregoin& or (7) any order, jud~snent or daree shall be eatered npoa aa
applicatian of a emGoor or Mortgagor bp a court of competent 1'urisdiction approvin~ a petition ieeking appointment of • saei~er or trwtes
of all or ~ tubtanti~l part of We Mortgagoc'a wets and suc6 order~ judgmeac or decree ~hali continue unstayed aad ia e(fect for an~ period o~
thietr (f0) ooo~etuti~e da~ the Mongagee may declare the note hereby secured fort6wit6 due and paqsble. w6ereupon tLe priacipal of tod
the taterat aarutd on the note and al! other ~ums hereby secured ~hall beoome foctLwit6 due and papable as if all of t6e said ~ua~s of monef
~ere od~iipatl stipulated to be paid oa such dar; and thereupon the MortgaYee witlwut potice or demand may prosecute a suit at laa aod/or
in equtt~ a~ i~all monia ~ecnred 6ereb~ bad mamred prtor to its iadcution.
1S. T6at tLe Mortga~ee or any penon autboriud by tLe Mort~aQee sLalf ha~e the right to mter upon and impect tbe mortia~ed
prcmi~a at tll ceasonable times.
l6. Thst any sum or sums w6ic6 may be loaued or advanced by tbe Mortgsgee to the Mortgagor at any time withio tea (10) years
from t6e date of tbis iadmturq wgether srit6 interat tLereon at t6e rate agreed upon at t6e time of auc6 Ioan or advaace, shail be equally to-
cured with and 6a~e t6e same priority at tbe arigina) ind~badnas and be subjcct to all the term~ and pmviaions of this mort~aage; pm~ided,
t6at the a~re~ste aawuot of priacipal outttaadiog at aay time ~hall not ezceed an amuunt equal to one hund~ed and fifty per ceat (ISO%) of
the pdneipal atnouat ori~naly secured here6y.
17. T6ay if reqnired b~ MortgaQee, t6e said Mortga~or wilt pay unto the Mortgagee, on the fint day of eac6 sed every oo~udrs
mont~ a wm ual to one-ewelfth of t6e annual amount neeeuarp to par all tasa and auermeaa sgaiaat the s::id mortgaged prerni~µ said
•
monthly swa to atimated tolely bp Mottgagee and calculsted to be an amount not las t6an tLe awoum of taza a~sesscd agaimt ~aid
~rt-
~ premi~n for.tbe prcsiona y~ear. and if furth~r required by Mortgagee to pa~ sp insuraaee pmni~ in m~uuaer and form a~ pro~ided
6ereia for the psyment of. tazet aod aacasmenb.
1=. T6u io the e~mt the, baa wbich dut mongage is gi~en to sec~n is made for the purpose of financing eicber t6e con~truetioo
of new bulldin~s or the construcqon of improrement~ and/or additiona to ezisting buitdiogi, tLe Mortgsgor. if required by dee Mortga~
apra~lr agrta to depo~it ai~b t6e Mortgagee or ia daignued agent ~n amount of money equal to the differeace between t6e net proeeed~
of t6e ban and the total amount~ as determined bq the Mort~agce, required to fully wmplete said constructioa in aocordaace wit6 t6e plam
and speeificatioa~ n~retofore :ubmitted by tLe Mortgagor and appra.ed by rhe Monga~ea Said amount of aane~ ,6a11 be ytaced br ~he
Mort~agee in a"Loan~ in Procen Aocount" in the name of tLe Mortgag~or~ and the same shall be used by t6e Mortgagee W pay t6e oo~b,
e6ar~a ~nd e:pen~a incurred in aormatlon with said oonaruction pnor to di~burain~ of t6is ioaa. It u further :greed thu ia tbe e~eat
u~d ooostruction is ~ fully completed on or before the date ~tated in the Construction Loaa Agreert~ent or in tbe event thst the work o0
uid oonstruetion shall eease before full cow~letioa aod ~ucL casation ~hall ooncinue for a period of tea (10) days, or-if eubatantial oondnuota
pr~rea sLall not be made in suc6 construttioa, t6eo and in any iueb ereat tht said aggreg~te sum. priocipal snd interat~ meatiot~td in taid ;
promiwery note, and all monia aeured 6ereby, shatl become dua ~nd psyable forth~lith or t6ereaker~ at the optioo of ~aid Mortaagee; aad io
the e~ent of ~~c6 oawrion of work u sa~d construction for a period of ten (10) d~yt, or if suMtaaa:l oondnuoui progrps a6aU not bs
made tn sncb oonstr~~m, as aforesai~the MortgaQee may at ib option enter into and upon t6e mortgaged premises and complete said ooo-
~oo in wch manner s~ it deems adrisable wichovt an~ interfe~eoce from t6e Mortgagor; t6e ~a;d Mortgagor hereby gi~ing and ~andu~
b the Martatace full power and autLority to mske sucb eatr~ into and upon said mortgaged premisa, to mter ioto such ooatraets ~ at~
no~anmes a ma~ be neoa~arp to canplete ssid oonstructioa, aad to upend wy moaia remaining in said "I.oaas in Proea~ Aaoount" aqd
~n additiou an~ ~ums of n:onep neceasary to compiete said aonatrnction; aad aay and moaia e:pended by tLe Martgagee ln comecdoo
tritL ~ueb eompletion of const~uctioo in excess of t6e monia in aaid "Loasa in Praeas Accnunt" s6a11 be added to the ~dd priacipal debt ind
~hall dra~r interat at the rate provided in ~aid promiw~ry note. and ~hatl be ucured bp thi~ mortgage~ and t6a11 be psyabie b~ tbe Mortp~or
~ a~~~d. 4 R 174 F~~ ?~9
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