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3. !f 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 principal
balance of this mortgage to be due and payable.
5. II this mortgage is subordinated to any construction mortgage loan, it a1~a11 ~t~~~,~ .-'.;;r and p~;
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in foul 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.
b. Mortgagor agrees to pay the principal and interest and all other sums o/ money payable because 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. 11 these items are not promptly paid, Mortgagee, it's successors, legal rep-
resentatives and assigns, may at any time pay them without waiving their option to /oreclose or any right under
this mortgage.
8. Mortgagor agrees to pay all rnsts and expenses including reasonable attorney's fees paid at any time 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 by the terms 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 INSURABLE VALUE both fire and extended coverage, in a company approved by Mort-
gagee and the policies held and payable to Mortgagee and in the event that any sum 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 allow the Mortgagor to receive
and use 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 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 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 by the specific terms set forth in the omissory Note.
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72. If any such sums of money are not promptly paid within ys 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 therea/ter
at the option of the Mortgagee it's 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.
73. 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 6y 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 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 there/rom to preservation of the premises and to the
payment of the mortgage indebtedness in such manner as the Court may direct.
t3. The mortgagor hereby assigns and transfers to mortgagee the abstract of title 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, mortgagor hereby covenants and promises to collect said rents, leases and pr~fit~ and to apply them to
the mortgagee payments due hereunder as coon as they become due.
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