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3. If any mortgage superior to that of Mortgagee is Increased 4r amended, then thh mortgages and the
Indebtedness which it secures, shall be Immediately due and payable, "
4. if the real property described above is sold, of if the title to the property is Uanskrred or otherwise
encumbered or assigned in any way, then the mortgagee may, at it's option, declare the entire unpaid prindpal
balance o/ d?!s mortgage to: 6e due and payable,
S. If this mortgage is wbordinated to any construction mortgage loan, It shall become due and payable
in four installments to be paid proportionately from the construction draws. A failure to make payments con-
- currently with the construction draws, constitute a default in this mortgage deed. _
_ 6. Mortgagor agrees to pay the principal and interest and all other sums of money payable 6epuse of the
_ Promissory Note and mortgage or either, Promptly 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. li these items are not promptly Paid, Mortgagee, it's successors, ?egal rep-
resentatives and assigns, may at any time pay them without waiving their option to foreclose or any right under ;
this mortgage. _
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8. Mortgagor agrees to pay all casts and expenses including reasonable attomeys fees paid at any time 6y
the Mortgagee, iYs successor, legal representatives or assigns including reasonable attorneys fees fn the event
- of an appeal by either party because of the Mortgagors failure to comply and abide by the terns of the Prom-
issory Note and this mortgage or either 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 1NSURABtf -VALUE. both fire and extended coverage, in a company approved by Mort-
gagee and the policies held and paya6/e~ ~a Mortgagee and in the event that any wm of money becomes pay-
able under the policies, the Mortgagee or it's legal representatives shall have the option to apply to receive
these monies on account of the indebtedness which this mortgage secures and to alkriv the Mortgagor to receive
and use it ar any part of ti=fe?r,dtlte?;purposes, without waiving or impairing the euity or rights of the Mortgagee
set forth here. Mortgagee may place and pay such insurance without waiving or effecting it's option to foreclose. '
10. if the Mortgagor permits the properly encumbered by this mortgage to detediorate or intentionally
causes damage to it, then in that event, the Mortgagee is authorized to make such necessary repair that it deems
= necessary so as to protect the security in the property and the full amount of each and every wch payment
shall 6e due and payable within five days after demand and any expenses suffered by the Mortgagee shall 6e
secured by the lien of this mortgage.
11. Mortgagor agrees to abide 6y the specific terms set forth in the Promissory Note.
12. If arty such wms of money are not promptly paid within FIFTEEN days after they become due and
payable or if arty of the provisions of this mortgage and/or Promissory Note secured 6y it, are not fully per-
formed, the aggregate sum mentioned in the Promissory Note shall be due any payable immediately or thereafter
at the option of the Mortgagee it's successors, legal representatives or assigns as fully and completely as if the
aggregate wm were originally stipulated to 6e 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 6y Mortgagee to protect
mortgagees security shall bear Interest at the highest legal rate provided for by law.- _ '
14. If foreclosure proceedings are instituted under this mortgage on account of the breach or violation
of any of it's terms, the Mortgagee shall have the right to apply for and to have a receirer take possession to
.manage and contra! the property, without notice, pending foreclosure proceedings, for the purpose of protecting
end preserving the property and apply the net income therefrom to preservation of the premises and to the
payment of the mortgage indebtedneu in such manner as the Court may direct.
t5. The mortgagor hereby assigns and transfer to mortgagee the abstract o/ tit/e to the property encum-
bered hereunder.
16. Mortgagor hereby, pledges assigns, transfers, and set .due unto the mortgagee all rents leases and
profits from the property encumbered hereunder as additional. security for the payment of this mortgage and
note, mortgago? hereby covenants and promises to collect said rennts,,leases and profits and to apply them to
the mortgagee payments due hereunder as soon as they become due.
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