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13. That any suca or sums cahich m~y be loaneci or ad~~lnced by the mor~- `
ga~ee to thc~ Mort-gagor at any time within ten (10) years from the '
date of this indenture, together with interest thereon at the
rate agre~~d upon at the time of such loan or advance, shall be
eq«ally securecl with and have the same priority as the original
indebtedness and be subject to all the terms and provisions of
this mortgage; provided, thut the aggregate an:ount of principal
outstanding at any time shall not e:~ceed an amount equal to o~?e
hundred and fifty per cent (150%) of the principal amount origi-
nally secured hereby.
14. In the event the loan secured hereby is obtained to assist in
financing building construction or remodeling, or other improve-
ments to the premises and: (a) If such improvement shall not, in
accord3nce with plans and specifications approved by Mortgagee, be
completed prior to the expiration date established by Mortgagee,
or (b) If work on such improvements shall cease before co~nple-
tion and remain abandoned for a period of thirty (30) consecutive
days, the existence of either circumstance shall constitute an
event of default under the terms of this instrument, and at any
time thereafter, the said Note ann the whole indebtedness secured
hereby shall, at the option of the Mortgagee and without notice to
Mortgagor (such noti~e being hereby expressly waived),~become due
and collectible at once by foreclosure or otherwise. In the event
of such cessation or abandonment of work as aforesaid, Mortgagee
may, at its option, also enter upon the property and complete the
improvements and Mortgagor hereby gives to Mortgagee fu11 power
and authority to ma'_~ce such entry and to enter into such contracts
or arrangements as it may consider necessary to complete th~ `same.
~ All r~loneys expended by Mortgagee in connection with completi.on of
; said improvements shall be added to the indebtedness hereby se-
; cured ar_d shall be payable by Mortgagor immediately and ti•ithout
demand, with interest at the rate of Fifteen per cent
~ 15 per annum. Mortgagee shall have the right to enter upen
~ the property at any and all times to inspect the premises.
~ The covenants herein contained shall bind, and the ben2fits--
~ and advantages shall inure L-o, the respective successors and as"si ~r.s ~
of t'ne parti_es hereto. Whenever used, the singular number sha,~:~~ ~i~+~~~-t
~ clude the plural and the plural the singular.
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IN WITNESS WHEREOF, this Mortgage has been duly e~ecut~ci ~n~: ~
~ delivered t'ne day and year first above written. -
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~ Signed, Sealed and D~livered `
~ in the Presence of : FOR`t PIE CONST CTIOI~ CORPORATION
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~ - gy ~ - p
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~ . . er president ~
elmut Siewert
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~ ~ j,~ gene F. Bie S~cretary
~ R bert K. Steuer
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~ dGGK ~U~ PAGE
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