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3. li any mortgage superior to that of Mortgagee !s Increased pr amended, then this mortgage and the
Inckbtedness which It secures, shall be Immediately due and payabM.
4. If the real property described above Is. sold, or If the title to the property Is trans/erred or otherwise
encumbered or assigned in any way, then the mortgagee may, at iCs option, declare the entire unpaid principal
balance o/ this mortgage to be due and payable.
S. If th(s mortgage is subordinated to any construction mortgage loan, it shall become due and payable
in four installments to be paid proportionately /rom the construction draws. A failure to make payrne~nts con-
currently with the eonstnrction draws, constitute a de/au/t in this mortgage deed.
6. Mortgagor agrees to .pay the principal and Interest and all other sums of money payable because of the
.Promissory Note and mortgage or either, prompNy on the day respectively the same, they severally become due.
7. Mortgagor agrees to pay all taxes, assessments, liens, liabilities and other obligations of any nature levied
against the described real property. 1/ these items are not promptly paid, Mortgagee, iCs successors, legal rep-
- resentatives and assigns, may at any time pay them without waiving their option to foreclose or. any right under
this mortgage.
8. Mortgagor agrees to pay all costs and expenses including reasonable attorney's tees paid at any time by
the Mortgagee, iCs successors, legal representatives or assigns including reasonable Z!torneys fees in the event
of an appeal by either party because of the Mortgagols failure to comply and abide by the terms of the Prom-
issory Note and this mortgage or ~elthEt;~of them.
9. Mortgagor agrees ,to keep all buildings located on the subject real property insured for a sum of not
less than the HIGHEST INSURABE# ViU.UE both fire and extended coverage, in a company approved by Mort-
gagee and the polides held and payable to Mortgagee and in the event that any sum of money becomes pay-
able under the polities, the Mortgagee or ICs legal representatives shall have the option to apply to receive
these monies on .account of the lndebte~dness which this mortgage secures and to allow the Mortgagor to receive
and use it or any part of It for other purposes, without waiving or impairirsg the euity or rights of the Mortgagee
set forth here. Mortgagee may place and pay wch insurance without waiving or effecting iCs option to foreclose.
10. If the Mortgagor permits the property encumbered by this mortgage to detediorate or intentionally
causes damage to it, then in that event, the Mortgagee is authorized to make such necessary repairs that it deems
necessary so as to protect the security in the property and the full amount of each and every such payment .
shall be due and payable within five days after demand acid any expenses suffered by the Mortgagee shall be
secured by the lien of this mortgage.
11. Mortgagor agrees to abide by the specific terms set forth in the Promissory Note.
12. if any such sums of money are not promptly paid within flFTEEN days after they become due and
payable or if any of the provisions of this mortgage and/or Promissory Note secured by it, are not fully per-
formed, the aggregate wm mentione+d in the Promissory Note shall be due any payable immediately or thereafter
at the option of the Mortgagee iCs successors, legal representatives or assigns as fully and completely as if the
aggregate sum were originally stipulated to be paid on such day, anything-in the Promissory Note or herein to
the contrary notwithstanding.
13. My and all payments made under the terms and conditions of this mortgage by Mortgagee to protect
mortgagees security shall bear interest at the highest legal rate provided .for by law.
14. If /oreclosure proceedings are instituted under this mortgage on account of the breach or violation
of any of iCs terms, the Mortgagee shall have the right to apply for and to have a receiver take possession to
_ manage and control the property, without notice, pending foreclosure proceedings, for the purpose of protecting
and preserving the property and apply the net income therefrom to preservation of the premises and to the
payment of the mortgage indebtedness in wch manner as the Court may direct.
?S. The mortgagor hereby assigns and transfers to mortgagee the abstract of title to the property encum-
bared hereunder.
16. Mortgagor hereby, pledges assigns, transfers, and set due unto the mortgagee all rents leases and
prolits from the property encumbered hereunder as additional security for the payment of this mortgage and
note, mortgagor hereby covenants and promises to collect said rents, leases and profits and to apply them to
the mortgagee payments due hereunder as soon as they become due.
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