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S. TDat iA tDe tvent of s suit bcin~ inuitutcd to foreclwe chis monQa~q t6e blortQ:~ee tOaU be eatitlcd to apply at aoy time durio~
tuch fo~etlwuce •uit to the court having juri~diction tsercqf for the appointmcnt of a raeivcr of all and singutar the mon~a~td pmpettr. aad
of ait reats, iacome~, profits. issues and ~evenua ehereof, from tich~tsoever source derived; and t6e~eupoa it i~ 6e~eby e=prasly COYCpiUttd
aad a~~eed that tbe court shall fonh~~it6 appoint sucb caeiver witb the usual poken aad dutia of receiven. in like cases; and said ap-
pointment s6a11 be madc by t6e coun u a matte~ of at~ict right to t6e 11longaree, and wit6out refereace to the sdequscr or iaadequur of t6e
ralue of the propeny bercby mort¢aged. or to the wlvency or inwlvency of the Monga~or ot any ot6e~ party detcndant to suc6 suit. The
Mon¢a~or hucbr specifically waives tAe rig6t to objcct to the appoiatment of a ~cceiver as aforesaid and hereby e:preuly uonsenb tbst ~ucb
appoiatment shall be made u an aJmitted equity and u a matter of absolute riQht to tht MortgaQa and that t6e same may be done witbout
aot~ce to the I~lortea~o~.
6. '1'bat if any proccedinga ~bould be iostituted agaioat the property oove~ed by chi~ mongage upon aay ot6er lien or clum ~hetse~
~uperio~ or juaior to tbe liea of thi~ mortgage, t6e Mortgagee may at id optioa imtatdi:tely upon ia~tituuoo of autb auit or during tbe pet?d-
ency thueof dalare this mongase and the indebtednas secuted 6uebr dut and payaDle fortswith and may at iq option procecd to focalae
tAis mort~age.
7. To pa~• all and siogulac the costs, fces, cbarga and ezpeaus of every kiod, including the cost of ao aburact of title to uid laeda ;
found to be rnovenient or espedient in connecdoa vsith.aoy ~uit for t6e forecio~ure of t6is mo~t~age~ and also iucludiaQ. w6aher tl~e MortQa~ee
is obli~ated to pay same or not. reuonable attoraey's fces iocurred ot espeaded at anr time br the Mortga~ee because of t6e failure of tbe
I~tortgagor to perform~ coropty ~sith and abide by all or an~• of the mvenana, eonditiaa and stipulations of uid promissory aotq o~ this
rtartga~e. in the foreclosure of t6is mortgage aad in collating tde amount secuced eerebr wic6 or wit6out lega) procttdinga~ sod to reim-
burx tbe Mo~tgagce for even pa~~mcnt made or ineurred for any such ~urpoae Kitb interat fr»m datt of erery tuc6 payment at tbe nte of
tea per eent (l09b) per snnum: such payments aad obligatioas, xit6 mterat tLer~on o afocaaid. ~hall be ~ecured by tLe Gen 6ercof.
To kap t6e building or boildiags now or 6creaite~ oa said land insured ~aiat loss or dunage by Cr~ e:tmded coverage and
other perils, iaeluding war rist iaaunnce if available, in a pum not lesa than their full imurable value at t6e cast aod e:pense of t6e Mort-
gagoc in a canpaay or companies appmvcd by t6e Mortgagee~ the policy or policiea to be 6eld by the Mortgagee. and suc6 policy or policia of
insurance shall dave aftixed tse~cto a Standard New 1'ork Mongagee Clause, making all bm or lo~se~ under sueh policr or policiea payable to
the Mortgagee u its interest may appear, aad to deiiver said policy ot policia to the Mortgagce whrn iuued witb t6e raeipts for tAe pap~-
meat of ~he prcmium t6ercfor; and in the evcnt an~ sum of money becomes payable unde~ such policy or policies, t6e Mortgagee s6a11 Aa~e
tse option to receive and apply the same oa account of tbe indebtedness secured 6ereby or to pennit the Mo~tgagor ro receive and use it. or an~
part thercof, for other purposes~ Kit~out thereby isaiving or iropairing tpy equiry, litn or rigbt undcr or by virtue of t6is mortgage; and
the Mongagee if it deems naessaq• may place and pay for such insurante, or any part t6etcof, ~••it6out losing. waiving or afiecting Mort-
gagee's optioo to foreclose fo~ breach of t6i~ eoveaaar, or any part thercof, or any rig6t or option undcr tbia r~o~tgage, and every sucb pay-
ment shsll bear interat from date thereof until paid at t6e rate of tep per cent (1096) per aauwq and all sac6 pa~-menb wit6 intereat as
aforaaid s6a11 be secured by tbe lien 6ercof. In t6e eveat aaq loss or damage ia auffered Morcgag~or s6a11 uotify Mortgagte of sue6 !oa or
damage within fort~--eight (4E) bours after t6e happening thereof; tbe failure to give such notice shall conscitute a default and che Mort~a-
gee ahall h-ave the rig6n herein given for all defaults,
4. To pennit. commit or suffe~ no wute aad to miiatain tbe improvemenq at all tima in a state of good repaic aad oondition; aad
m do or permit to be done to ~aid premisa not6ing that will alter or change t6e we and character of siid property or io any way impair oc
wesken the security of said ~rtgage. In cue of e6e refwal, neglect or inabilitr of t6e Mo~tgagor to repair and maiatain uid pmpeny. the
Mortgagtc may~ ac iu option~ make such repain or cause the saroe to be made and advance rtwnia in t6at bebalf which suma ahall be secured
by the licrt hereof artd btar iaterat at thr rate of tm per cent (10'970) per annum.
10. To deliver the ab~tract or abstrscb of title eoveri~g t6e moctgaged pmperty to Mortgager or its desigoated agcnt. ~~hic6 a6a11 at
all times. during t6e life of thi~ mortgage. remaia in the po~session of t6e Mortgagee and in erent of the foreclo~urc of this mortgage o~ aher
tramfcr of titlq att rig6t, title and interat of ehe ~?fortgagor in aod to ao~ auch sbstract or sbstracts of title s6a11 pa~a to the purchaser or
grantce.
lI. T6at no a~aiver of any rnvenant 6erein or in the obligation secured Lerebr ~ball at any time 6ereafte~ be held to be a~~aiver of
any of the other terma hereof or of :6e note saured 6crcbr.
12. T6at in ordcr to accelerace the maturicy of t6e indebtedness 6ereby secured because of t6e failare of tbe Mortgag~or to pa~ any taz
auasmrnt. liability. obligation or cncumbrance upon iaid pmperty as 6erein pw~ided, it ~hall not be ncceuary nor requi~ite that t6e Monga~ee
~hall ~nt psy t6e same.
13. T6at if the Mortgagor shall fail~ acglcct or refwe for a period of thirtp (30) days fally and promptly to pay the unounes rt-
quired to be paid by the natt hereby securcd or t6e intere~t tLerein specified or any of the aums of money hereia teferced to or 6ereby ~e-
cured, or othe~~tiu duly. fullq and promptly to perform, e:ecute, tomply witb and abide by eac6, e~ery or any of the rnvenanb~ coaditiow
or ~tipulationa of this mo~tgagq the prwnisson aote hereby secured aad/or the conatnxtioa loan agreemrnt, if any. tben. and in either or in
any of suc6 ercnta, wit6out zwtice or demand~ the aaid aggregate sum mentioned in said Qromissory oote, tps prcviow paymenta~ if any. and
any and aU sums mcntioned hercia or xcured 6erebg s6a11 become due and parable forthwit6 or thereaher at t6e oontiauing optcon of t~e
Mo~tgagee as fullp and completely as if said aggregate sums wcre originslly sripulated to be paid at suc6 tiraq anything in said proraiswr~
note or herein to the contrar~ aotwit6standing, and t6e 1~tortgagee s6a11 be rntitled tLereupon or thereafter without aotice or demaad to eo-
stitute suit st la« or ia equity to enforce the rig6b of t6t Mortgagee 6ereunder or under ~:id promis~ory note. In tne e~ent of ao~ default
or brexh on t6e part of the I?iortgagor 6ereunder or uoder said promissory oote, tLe Mortgagee shall 6sve the rnntinuing option to enforce
paymcnt of all sums sccured hereby by attioo at law or by suit ia uuy to forec{ose t6is mortgagc, either or Eoth, cooturrrntly or otherwix,
eq ot
and one action or auit shall aa abate or be a bar to or waiver of tbe Mortgagee's riQht to institute or maintain the aher~ provided uid Mort-
gagee ahall 6ave onl~ one payment and sati~fsccion of uid indebtednas.
14. T6at in tbe event t6at Mortgago~ s6a11 (1) oonxot to tbe appoinnneat of a raei~er. trustee or liquidator of all or a ~ubs~mdal
part of Mortgagor's asets~ or (2) be adjudicsted a bantrupt ar iosol~rny ar filt :~oluntar~ petitioa ia bankrup~cr~ or admit in writiog it~
inability to psy ib debts as the~ become duc~ or (3) make a general assignmeat for tbe bcne8t of erediton, or (4) file a petition or inswa
seeking reorgaoization or arrangemeat with creditors, or to take advtatage of aar in~oiveoc~ law~ ot (S~ ~le an amwer :dmitting the ma•
teriat ailegatioas of a petiaoa filed agairut the Mortgagor in anp banlcrnptcy. reo~gaaisadon or in~ol~eocy proccedin~ or (6) acteon a6a11 be
talcen br t6e Mortgagor for t6e purpose of effecaog an~ of the foregoia~ or (7) anY order. jud~nrnt or daree a6a11 be cntered upon an
application of a creditor or Mottgagor by a murt of rnropeteat jurisdictioo approvin~ a petition seeking appoiotment of a recei~er or ttvstee
of all or s substantial part of the Mortgagor'e auets and suc6 order, judgment or daree s6a11 ooptinue unstayed and in effect for an~ period of
:hirty (30) consecutive daps, the Mortgagec maq dalare c6e note 6ereb~ secured fortLwitL due and parabl~ w6ereupor? tbe principal of snd
the interat accrued oo the aote and all other sums hcreby securcd shall becane fortLwit6 due aad pa~able as if all of t6c sa;d sums of money
were originally stipulated to be paid on ~aeb day; and tLeceupon the Mortgagee wit6out noaee or demind map proxcute a auit ac lae~ and/or
in ecluity as if all monia secured 6ereby 6ad matured prior to in inititution.
15. That t6e Mortgagee or any person authorizcd by the Mortgsgee sLs11 6a~e the rig6t to enter upon and iaspect the mongajed
, prcmises at all reasonable timn.
l6. That any sum or sums v~hic6 ma~ be loancd or advanced by t6e Mortgagee to the Mortgagor at aay time withio trn (10) yean
from the date of this indenture~ together aeit6 interat t6ereon at t6e rate agreed upon at c6e time of wc6 loan or tdvance~ s6a1) be equall~ se-
cured with and have thc same priority as the orig;nal indebtednas and be subjat to all t6e tcrms and provi~ions of t6is mortgage; pro~ided.
chat the asgregate amount of principal outstanding at any time s6a11 oot ezeeed an amouot equat to one hundr~d and fifty per cent (iS096) of
t6e priacipal amount originalfy xcuttd 6ercby-.
17. T6at, if required by Mortgagee. tse ~aid Mortgsgor will pay nnto tLe Mortgage~ oo tbe fint dap of eu6 and evcry ~oti~e
mooth. a sum cqual to one-t.~elftb of t6e annual aawunt necasary to par all tua and aaseemmb agaimt t6e ~aid mortgsged premisea~ said
monthly sum to be estimated sololy by Mortgagee aod calculated to be an amouv~ not ias than th~ amouat of tua aueucd against said mort-
gaged premises for the Qrevious ycar, and if further required by Mortgagee to pa~ all imurance praniums ia manner and fortn as prn~ided
herein for the pa~ment of tazes and asseeamcnts.
I8. T6at in tbe event tLe Iwn wbic6 this mortgage is gi~en to secure is made for tbe pnrpae of finuxing at6tr t6e oonstructian
of new buildings or c6c rnwtruction of improvemcnt~ and/or additions to acistioQ buildiag~. tLe Mort~gar, if required by the Mortga~ee,
rzpressl~ agrm to depoait wit6 t6e Mortgagee or ia daignated agcnt an amount of mone~ equal to t~e differeace betweeo t6e net procctdr
of t6e loan and t6e total uaount, as determincd bq t6e Mortgagee. required to fuli~ aowpkte said aonstn~ctioa in mordaace witb tbe plan~
and specifications 6eretofore submined by tbe Mortgagor and appro~ed by the MoRga~ee. Said amount of mooer s6a11 be placed by t6e i
Mortgagee in a"I.oans in Procesa Account" in t6e name of the Mortgag~or, and tLe ume s6aU be wed b~ tLe Mortgagee to pay t6e oosts.
c6arga and e:pcnsa incurred in coanation wit6 s:id constnuaion prior to d;ibursiog of tbis loan. It is furt6er agrred that in t6e e~mt
said construcrion is not fully complaed on or before the due stated in the Construction Loan Agreemcnt or io the t~rnt t6at tLe work o0
uid conuruction ahall ceau beforc full comptaion aad such cessadoa s6all oondnue 1or ~ period of tm (t0) days~ or if sub~tantial contiauoos
pmgreu s6a1) not be m:de in sutb tonstruction, t6eo and in any suc6 e~tat t6e ~aid aggregate sum, principal and interat~ mmtioned ia said
pranimorq note, and all monia aecured hercbp, shall become due aod payable fort6wit6 or thereafter. ~t t6e option of said Mortgagee; and in
thc event of suc6 cesaatioa of vrork upon uid constructeoa for a period of ttn (f0) diys, or if substaatial oontiouous progree ~hall not be
made in such rnnstruction, aa aforaaid. t6e Mongaga msy at its option enter iato and upon tbe mortgaged pranisa and complete uid oon- ~
structiot~ io sucb manner a it decm~ advi~able wit6out anr iaterEerence ftom the Mortgagur; the ~aid Mortgagnr bereb~ ~riag and grantina '
to the Mongagee full power and autbority to make such mtr~ into and upon said mortgaged pranise~~ to enter into suc6 oontracts or ar-
raagemena as may be nccessary m complete said conuructioa, and M~pend an~ mooia reroaining in said "Loans in Procea Amount" and
in addition any aum~ of moaer aaessary to rnmplete ~aid canatnxtioo; and aay aod ill moaia e:peoded by the Mortgaga io conaeetion
wit6 such tompletion of construction in excess of t6e monies in ~aid "Loans in Prceas Acaount" shall be added to the said principal debt aod
~l~all d~aw interat at t6e rate provided in said promiuory note, and shall be secured by thi~ mortgsge. and ~hall be psyable b~ tLe Moct~a~or
ort demand,
aooK181 PACE~.137.
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