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3. If any mortgage superior to that of Mortgagee Is Increased or amended, then this mortgage and the _
indebtedness which it secures, shall be immediately due and payable.
4. If the real property described above Is sold, or if the title to the property is transferred or otherwise -
encumbered or assigned in any way, then the mortgagee may, at it's option, declare the entire unpaid prinppal _
balance of this mortgage to be due and payable. _ -
5. /f this mortgage is subordinated to any consUuction mortgage loan, it shalt become due and payable
in four installments to be paid proportionately from the construction draws.- A_ lailure to make payments con-
currently with the eonstroction draws, constitute a default in this mortgage deed. - ~
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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, promptly on the day respectively the same, they severally become due.
T. Mortgagor agrees to pay all taxes, assessments, liens, liabilities and other obligations of any natccre t:vied
against the described real property. If these items are not promptly paid, Mortgagee, it's successoa, legal tep- - -
resentatives and assigns, may at any time pay them without waivin@ their opGon_ to foreclose or any right under
this mortgage. - _
8. Mortgagor agrees to pay all rnsts and expenses including reasonable attorney's fees paid at anytime by
the Mortgagee, it's successors, legal representatives or assigns including reasonable attorneys fees in the event -
of an appeal by either party because of the Mortgagor's failure to comply and abide 6y the terms of the Prom-
issory Note and this mortgage or either of them.
9. Mortgagor agrees to keep all buildings located on the wbject real property insured for a sum of not
less than the HIGHEST INSURABLE VALUE both fire and extended coverage, in a rnmpany approved by Mort-
gagee and the policies held and payable to Mortgagee and in the event that any sum of money bemmes pay-
able under the policies, thg Mortgagee pr iYs legal representatives shall have the option to apply to receive
these monies on acrnunt of the /n~ebtedness which this mortgage secures and to allow the Mortgagor to receive
and usc~ it or any part of it for other 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 property encumbered by this mortgage to detediorate or intentionally
causes damage to it, then in that event, the Mortgage~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 -
sha/l bedue and payable within five days after demand and 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 ,Vote. -
12. If any such sums of money are not promptly paid within FIFTEEN 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 sum mentioned in the Promissory Note shall be due any payable immediately or thereafter
at the opGon of the Mortgagee it's successors, legalrepresentatives 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 cont?ary notwithstanding. - -
13. Any 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 lase.
' ~If'foreclosure proceedings are instituted under this mortgage on account of the breach or violation
r~ . .
_ : ,,of it's ~ terms, the Mortgagee shall have the right to apply for and to have a receiver take possession to
~~~a-~ed control the Property, without notice, pending foreclosure proceedings, for the purpose of protecting
= pre~rvin~-the property and apply the net income therefrom to preservation of the premises arrd to the
'o per?~-of .(fie mortgage indebtedness in such manner as the Court may direct.
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15. "The mortgagor hereby assigns and transfers to mortgagee the abstract of title to the property e,~cum-
bered -hereunder.
16. Mortgagor hereby, pledges assigns, Uansfers, 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, mortgagor hereby covenants and promises to collect said rents, leases and prolits and .to apply them to
the mortgagee payments due hereunder as soon as they become due.
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