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S. 1'bst in thc eveut of a tuit bein~ iauituted to forerlo~e thi~ ~uo~tQa~e, tAe Mo~a~ce thall bt eotitled to apply st aay time durin~
•ucb iorcclosu~e •uit to the coun ha~iog ju~isdiction t6ereqf !or the appointmeat of a receiver of all and ~inQuls~ the monea~eed property. and
of all nat~ iacomcs~ profits, issua and revenua ebereof, from wA:~wever wune derired; ind tLereupoo it ia ~e~c~y e:pcasly rnvesanted
aad ag~ced tAat the court shall fotth~eith sppoint suc6 rative~ witb tEe u~ual pow~en snd dutia of raeivcn. in like cucs; aod s~id ~p-
pointmtat s6a11 be made by the coun as a raatter of strict rigat to t6e l~to~tgaga~ aad wit6out reEermce to t6e adequaey or intdequur of tbe
value of tbe propert~ hereby mort~agcd, o~ to the solvency or insolvency of the Mortga~or or aor other patty defendant to tuc6 ~uit. 'I3e
Mon~a~or herebr specifically waivp t6e right to objeet to t6e appointmeat of ~ ~aeive~ as ~fo~aaid and 6e~eby e:presaty rnnsenb t4at wc6
appoiatmrnt ~hsll be made a~ an adm;aed equity and u a mstter of abwlute right to the biortgaQce acid t6at t6e same may be done qi~6ow
uotia co t6e Monga~o~.
6. T6at if any proeeediaga ~hould be iwtituted agaiast c6e pmperty coveced by thi~ mortgage upou any ot6er lien or claim wbetDer
•upedor o~ junior to the lien of this roo~tgsQe~ t6e 1~longaga may at ia optioa iauncdiately upoa i~titution of ~ucb ~uit or dutin~ tbe pend-
ency tLereof dedare this mongage and the indebtcdness secured 6enb~ due and payable fortLwith and may at ia optioo p~ocetd to fwalo~e
this mort~agt.
7. To pay all and siaRula~ the cost~ fea, c6argp and e:pcases of every kiad. iacludiag t6e coat of an abstract of title to said land~
fouad to be tonvenient or t:pcdirnt in conncction witA.aay suit for tse foreclo~uce of t6is mortQage. aad alw iacludia& whether tbe MortQa~te
is obli~ated to pay ~ame or aot, reasoaable attoroey's fecs iacurred or e:peaded at any time by tbs Mortgagce bacause of the fsilure of t6e
Mo~t~agor to cform, compty ait6 aad abide br all or any of t6e rnvenaats, conditiota and ~tipulatiana of said prani~eory natG o~ t6it
eo
rnongage, in t e foralosure of t6is mortgage and in collecting the amount secured 6erebr wit6 or wit6aut legal proceediags, and to rtim•
bune the hlortgagee for every• pa}•ment made or incurred for anJr soch ~u~paee v~itD interat fram date oE ercry suc6 paYrncnt at the ratt of
tm per tent (1096) per moum; such ptymenb aad obligadons, with mterat tbeccon as aforaaid, shaU be securtd by tLe Gm 6creof.
f. To keep t6e bwidin~ or buildings now or 6ereafter oa said laad insured a~aiast ioa or dunagr by fi~q e:tmdcd coverage and
othe~ pe~iLs~ iacludiag ~~ar risk iasurance if available, i~ a Aum aot lesa than thei~ full iasurable valuc at thc cost and e:pcnse of tht Mort-
gagor in a canpany or companies apQroved by tbe Mortgageq tbe polic~ or policia to be hdd by t6e Mortgagee, aad sucs policy or policiq of
imurance s6a11 have :ffiYed thereto a Standard New 1"ork Mortgaga Clause, makiag all loss oc (assa undcr such policy or policia payable to
the-Mortgagee u its intuest may appear~ and to detiver said poticy or policia to the Mortgagee when issucd with the meipb for t6e pa~-
ment of the p~emium therefor; and in the event anp sum of money bceomes payable under such policy or policies, t6e Mo~tgagee s6a11 6a~e
che option to receive and apply the same oo accouat of the iodebtcd~eu secured 6e~ebp or to permit the Mortgagor to racive and ux iti or any
part thercof. for other purpose~ ri•itlwut thereDy tisaiving or impairing any equity, lirn or right under or by virtue of tbis taortgage; and
t6t Mortgagce if it deems necasary may place and pay for sucA insura~q or any part t6treof, ~~it6out losing, vvaiviag or a(fecting Mort-
gagee's optioa to forcclou for breach of t4is coveoant~ or aay ~part tbercof~ or any right or option uader t6ia mortgag~ and every sucb par-
ment shall bear interest from date thercof until paid at t6e rate of nq per cent (l096) pt r annum. and all such pa~-meob a?it6 ieterat ~s
aforesaid s6a11 bc secured by the lien hereof. Io the erent any losa or damage i~ auffe~cd Mortgagor ahxli notify Mortgagee of suc6 lap or
damage wit6io fort~-tigAt (is) houn aftcr tbe happeaing thereof; the failure to give sucb aotict s6a11 coostiwte a default and tLe Mortfa-
gee s6a11 6ave t6e rigDts hercin gir•en for all defaulb. ,
9. To permit, canmit or suffer no Nute and to maintain t6e improvements at all tima in a state of goai repair aad cooditioo; and
~o do or perrnit to be doae to said premisca nothing that will alter or c6aoge t6e we aad ch:r:ctes of ~tid property or in aay way impair or
v~eatea thc security of said moagage. In ca~e of t6e refwal~ acglect or inabilitr of the Mortgagor to repair and maiatain uid pwpert~, t6e
Nongagee may. at iq option, make such repai~s or cauu the same to be made and ad~ance moaia ia that behatf w6ic6 sums ahall be serurcd
by t6e licn 6ereof and bcar interat st t6e rate of trn per cent (10%) pcr annum. .
I0. To del~ver the abstr:ct or abstracts of dtle covering the mortgaged property to Mongagee or ics daignated agcnt. ~~6ich ~hall at
all time~, Juring tee iife af thie mortgage. remaia ia t6e possasion of the Mortgagce and io event of t6e foreclasure of tLis mortgage or ot6er
transfer of ritle. all right~ title and interest of the 1liortgagor in and to aay sucb :bstr:ct or abstruts of title ~l~aU pais to che purchaser or
rnntce.
Il. T6at no ~raiver of anp rnvznant 6ercin or ia the obligation secured 6erebr ~6a11 at an~ time Lereafter be 6eld to be a naivcr of
any of the aher tenna hereof oz of :he aote saured herebs.
12. That io order to ucelerate t6e matucity of t6e iodcbtednpa hercby secured because of t6e faiture o( tbe Mortgagror co pay anr tu
wasraent, liability. obligation or encumbrance upon said property ~u 6erein pmvided, it s6a11 oot be necessary nor requisite t6at the Mortga~ce
~Aall fint pay cLc ~une.
13. That if t6e :blortgagor shall fail. neglect or refuse for a period of t6irty (30) days fully and promptly to pay t6e amounb rc-
quired to be paid by t6e oate 6creby securcd or t6e interest therein spcci~ed or anr of t6e s~ms of money 6crein referred to or 6ereb~ ~e-
cured. or ot6e~~*iu duly. fully and promptly to perform, ezetute, comptr wit6 and abide b~ eub, e~ery or any of the rnveaants, conditiow
or stipulatioas of this mortgage. thr prawuon note hereby securcd and/or t6e constructioa loao agreemtnt. if aay. tLeq and in athrr or in
any of such errna, witbout no~ice or danand, the said aggregate swo meationed iq said pmmissory oote. las prcviow paymrnts, if any~ and
anr and all sums mentioned 6ereia or securcd 6ercby s6a11 becwne due and payable fort6witL or t6ereaher at the mntianiag ophon of t6e
Mottg:gce as fulip and completety u if said =ggrega?e sur~u were origioa!!y sdpulated to be paid at such rime, aaythinq in said praniwory
note or herein to t6e contrary aotwit6standin~ aad the viongagee shall be entitled t6trtupon oc t6ereafter wit6out aotice or demand to !n-
stitute suit at la~~ or in equity to enforce t6e rig6q of the Mortgagee 6ereuodcr or under said pmmisa~ry oae. In t6e event of an~ dcfsult
or brtxh on the part of tbe Mortgagot hereunder or under said praraisaory oote, tLe Mortgagee shall have the mntinuing option to mforee
psnnent of all sums secured hercby bg action at law or by suit iaeq wqr to foreclwe t6is mortga~e, at6er or 6ot6~ coocurrently or otherwise,
and one aaion or euit s6atl oot abate or be a bu to or waiver of the Mortgagces rig6t to imtitute or maintain the at6er~ provided said Mort-
gagee ~hall 6ave only one payrnent and satisfac~ion of uid iodcbtedoas. -
14. That in the event t6at Mortga~or s6a11 (1) coment to the appoiutmeat of a mdrer~ trustee or liquidator of all or a substandal
~art of Mortgagor's aa~ets. or (2) be adjudicated a bankrupt or in~otvent~ or file a~oluntar~ petition in baakruptcy, or admit in s~ritins its
~nabilit~ m Ray ib deba a~ tbq become due, or (3) make a geaeral aaigameat for the benefit of creditors, or (i) file a pedtion or answa
seeking reorganizatioo or arrangement witb creditora~ or to take adrantage of anr imolvency law~ or (S) file an answer admittiag t6t ma-
terial attcgations of a petition filed againat t6e Mortgagor in sny bankruptcy, reorganization or inal~eacp procccdin& or (6) action shall be
tatrn b~ the Mortgagor for tbe purpose of effectiog :ny of t6e foregaing, or (7) any order~ jud~ncnt or daree eball be cntered upoa an
application of a ereditor or Mortgagor bp a rnurt of competent juri~diction approving a petitiote serking appointmrnt of a tecei~er or trustee
of all or • substaatial part of the Mortgagor's aucts aad such order, judgment or dara ahal) rnotinue umtayed aod in effeet for anr period of
t6irt7~ (30) consceuti~e day~, the Mortgagce may declare che note 6erebr aecured forthwith due and payabtq w6ercupon the pria«pa! of aoA
t6e interat aecrued oo the rate and all ot6er surn~ Lereby secured shsll beoorne foctLwitL due aad payable as if all of the uid sums of mooe~
were origiaally stipulated to be paid on sac6 day; and t6eau{wn tbe Moctgaga without noace or demand map prasecute a ~uit at law and/or
~n eqwty as if alt monia ucured hercby 6ad matured prior to in iustitudoo.
15. That the Mortgagee or sny perwn authori:ed bf t6e Mort~ee ~hall 6a~e t6r rig6t to mter upon and inspcct tLe monga~ed
premises at all reasonable timcs.
16. That anY sum or sums which may be loancd or advurced by tLe Mortgaga to the Mortgago~ at aay time wit6in ten (10) rcan
from the date of thia indenturr, together ss~itb intereec thereon at the rate agreed u}wn at the time of aucb ban or advance~ ~6at1 be equallr sr
cured witb and 6a~e the same preority ss t6e original indebtednas snd be subject to all t6e terms and prurisions of t6is roortgage; pw~ided,
that t6e asgregate ameuot of principal outstanding at any time shall na ezceed an amount equal to one hundred and fifty per ce~t (iS096) of
the principal amount origina(ly xcured 6ercby.
17. T6at~ if required by Mortgagee, the said Mortga~or will pa~ uaoo tbt Moctgagee, on t6e ~nt da~ of caeh and erery eomecutive
mont6, a sum equ~l to ooc-t.~clft6 of t6e annual unouat aeca~ary to pa~ al) taza aod aseemrnb agaiast t6e aid mortgaged premises„ said
monthly sum to be estimated solely bp Mortgagce and calculated to be an araount not las thaa tLe unouM of tua a~eased against said mort-
gaged premises for the prcvious year, and if further required by Mortgsgee co pa~ all inautance pnmiums in manner aad form as prn~ided
hercin for the paymeot of tazes and aueasmena.
lE. That in the e~eat t6e loan whic6 this aartgage is gi~co to secure is made for tbe pn of fin~uung eitAer tLe t,oostruetian
¦
of new buildings or t6e ooaatructioa of improvemcats and/or additioas to esisting baildia~ t6e rtea~or. if rtquirtd by tbe MortgsseR,
e:pcessly agrea to depo~it with t6e Mortgagee or ia daignated ageot an aawunt of moot~ equal eo t6e differeace betwten t6e net procceds
of t6e loan and the total amouot, a~ determined by t6e Mortgagee, rtquired to full~ oomplete said oonstrtKtion ip socord~nce wit6 t6t plan~
and spccifications 6eretofore ~ubmined by t6e Mortgagor and ippm~ed by the Mortge~ee. Said amount of monq sball be plsced by t6e
Mortgagee io A"Loana in Process AocounP' in tl~e name of t6c Mortgagor, aad tLe same s6a11 be nsed b~ the Mortgigee to par tbe cosb.
c6argp and e:peoxs iocurred in cw~oection ~sit6 ~aid constructioa prior oo diibuisias of t6i~ loan. It is furtDer agreed tbu in the e~mt
said construct;on ia not fully completed on or before t6e date aatcd in the Constnution Loan Asrtement or in ths t~eot that the work on
aaid construction ~hall cease before full canpletion and sucL cessation shall coatinoe for a period of tea (10) days~ or if snbstantial oondauour
progras shall not be made in sucb construction, tbm snd ia anr suc6 e~eot the said aggregate ~um, principal and ioterat~ mrntioned in uid
promiaory note, and all raonia securcd 6erebp, shall beoome due and payable fort6wit6 or tLereafter~ at t6e option of said Mortgaga; aad in
the event of sucb casatioa of ~ork u uid constrcxtion for a period of ten (10) dafs„ or if subuaatial oontinuous progrea~ ~hal) not be
h
msde in such construction, as aforesai . the Mortgagee ma~ at ib optian enter into aod upon the mortgaged premises and wmplete ~aid oon-
uructioo io sucb manner a~ it decros advuable wit6out ao~ interfereece fran t6e Mortgagot; tlu said Mortgagnr Aercb~ siving and grantins
to the Mortgagte ful! poaer and autbority to make soc6 rntq into and upoo ~aid raortgsgcd premisp, to enter into wc6 contracts or ar-
rangemena u ma~ be naasary to complae aaid constructioo, and to r:peod an~ moaia «maining in uid "I.oaro in Procas Acoount" wQ
io addition any ~um~ of moner naessary to compicte ~ud oonstnxtion; and any and all monia ~p~uded by the Mortgagee io conoection
witb suc6 completion of construction in e:cas of t6e monia in said "Loans io Proce~s AocoueP' shall be added co t6e said priacipal debt anA
sball draw interat at t6e rate provided in eaid promiuory note, and ~batl be secured br chis moRgage, and a6a11 be psrable b~ rbe Mon`a~or
on QemanA.
60QK PACE~~c~~
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