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i 4. This mortgage is pe?sonal to tM Mortgagor Mrein, and no conveyance shall be made by Mortgages o/ the premises herein described a any part
thereof without first obairting tM prior written consent of the Mortgagee. In tM event Mortgagee gives this written cor?wrtt, tM grantee named in wch Dore- =
veyartce shall assume artd agree to pay tM obligation evidenced by /M promissory note second Mreby. Any conveyarx:e of tM propeAy herein described or
any part thereto in viobtion.of the terms o< this paragraph ahaN entitle Mortgagee to aaebrate the payment of tM obNgation second hereby and all wms d
?nonsy aecur~d hereby NtaN, at tM option of Mortgagee. beoonte dw and payable and in default wMtMr or not tM same an ao duennd
wvabb and in
defauR by tM specific terms hereof. Nothing herein oonbined sMU be oonstn»d. to coratitute a novation a releaw Mortgagor or any wbaequent owner of -
hiabiGty or oblpation under tM promissoy note second hereby or this mortgage by mason of tM aforesaid aawmption of tM obligation under tM mote
secured hereby, by a subsequent owner of tM property described Main.
5. ~TMt in tM event of a wit being instituted to totecioae thin rrtortpaga. tM Mortgagee sMN be entitbd to apply it any time during such foreclosure
suit to tM coon Mving jurisdiction thereof for the appointment of a receiver of all and singular tM mortgaged property, and•ot aN rents. incomes, profits,
issues and revenues therwt.hom wMtaoever source derived: and thereupon it is Mreby~xpresaly convenanted and agreed that tM court shah forthwith ap-
point such receiver with tha.uwal power and duties of receivers in like cases: artdieid >tppointrrtent sbeN be made by tM Doan ore a matter of strict rpht to
the Mortgages. end vvi_thout reteronee to tM adequacy a iitadegwcy of tM value of tM property hereby mortgaged. a to tM sotwncy a insolvency of the .
Mortgagor or. any other party defendant to such suit. TM Mortgagor hereby specifically waives tM right to object to tM appointment of • receiver as
aforesaid and-hereby expressly trortsents that such appointment tltall M made as an admitted equity artd ss • matter of absolute right to tM Mortgages and
that iM same may be done without -notice to tM Mortgagor..- - -
6. That ii anY proceedings thqukl be instituted against tM property covered by this mortgage upon any other Nan or daim wMthsr wpsrior or junior
to the lien of this mortgage, tM Mortgages may st its option immediately upon institution of such wit or during tM pendency tMreof dscbro this mortgage
and the indabtedrtsss secured Mreby dw and payabb forthwith and may at its option proceed to foreclose this ntortgags.
7. To pay aN and singular tM coots. tees. dtarges and expenses of eylary kind. including tM Doer of an abstna of title to said lands found to bacon- .
venient or expedient in cortrtsCtion with ariy suit for tM taeclowre of this mortgage. and abo including, wMther tM Mortgagee is obligated to pay same or
not. reasonable attorrtsy's fees incurred or sxpsnlbd et any time by the Mortgegs because of tM taikiro of tM Mortgagor to perform, comply with and abide
by au or any of tM covenants, conditions and stipulation of sai'apromissory mots, or this mortgage. in tM Mrocbwro of this motgsge and in calbcting tM
amount secured hereby with or without bgal proceedings, and tQ rsimburas the Mortgagee for every payment math or incurred for any such purpose with in-
terest from date of every such payment at tM highest rate suthori:ed by bw: such payments and obligations. with interest thereon as aforesaid. shall be
secured by the lien Mrsof. - _
8. - To keep tM buikfing o? buildings now or Mrsafter on said land irtwred against loss a damage by fire. extsrtded coverage srd.othsr perik. iri-
chiding war ri}k insurance if available. in a wm not bas than -their fullinwrabb value at the cost and expense of tits Mortgages in a company or comparttss
approved by the Mortgagee, tM policy or policies to bs hekd by tM_ Mortgagee, and such policy or pdiciss of inwtance shalt have aifiiced tMrato a Standard
New York Mortgages Cbtiss. making all loss a losses under such policy a policies payabb to tM Mortgages as its interest may appear, and to dslwer said -
- policy or policies to tM Mortgages when sawed with tM receipts for tM payment• of tM premium therefor: and in tM event arty wm of money becomes
payable under such policy or policies, tM Mtxtgegse shall haw tM.option to set-eive and apply tM same on account of tM atdsbtedrnss secured hereby a to
permit tM Mortgagor to receive and ass it. of any part thereof. for other purposes. without thereby waiving or irttpairirp arty equiq. Itsn or right under or by -
virtue of this mortgage: and tM Mortgages if it deems rtscessary may place and pay forsuch irtwroncs. or any part iheroof, without being, waitnrtg or 8ffec-
ling Mortgagee
s option to forscbae for broach of this covenant. or any part thereof. or any right or option under this motgegs. and every such payment shall
bear interest from date thereof until paid at tM higlnst rate authorized by bw, and ell such payments with interest as aforesaid shot bs secured by tM lien
Hereof. In the event any kiss or damage is wlbred Mortgagor atoll notify Mortgagee of such loss or damage within forty-eight 1481 hours ahsr the Mppening
thereof: the failure to give attch notice atoll constitute a default and tM Mortgages shall haw tM rights Mrein given for all defaults. -
9. To permit, commit or suffer no waste. and to maintain tM improvements at all ttmes in a scats of good repair and condition: and to do or permit to
t>e done to said premises nothing that will alter or dnnge tM tree and character of sad property or in any way impair or weaken tM security of said mortgage.
r+. case of tM refusal, neglect or inability of tM Mortgagor to repair and maintain said property. tM Mortgagee may. at its option. make such rspatrs o? cause-
the same to be made and advance monies in that behalf which wms shall be secured by tM lien Mrsof end bear interest at tM highest rate authorized by
law. _ -
10. To t}eliver the abstract or abstracts of titb covering tM mortgaged property to Mortgages or tfs designated agent. which shall ai all times, during
the I~fe of this mortgage. remain in tM possession of tM Mortgages and to event of tM foreclosure of this mortgage a other transfer of title. all right. rich and
~ntere#st of the Mortgagor in and to any such abstract w abstracts of rich shall pass to.the purchaser or grantee.
1 1: That no waiver of arty covenant heroin or in tM oblpstion-sswrod Mrsby shall at any time hereafter be Held to ba a waiver of any of the other
terms hereof or of ate note secured Mrebv. or future waiver of the same covenant.
12. That in order to atxsbrats the maturity of tM indebtedness hereby severed because of the failure of the Mortgagor to pay any tax assessment.
liability. obligation or encumbrance upon said property as Mrein provided, rc shall not bs necessary nor requisite that the Mortgagee shall first pay the same.
13. That if the Mortgago shall fail, rtsglect or refuse for a period of thirty (301 days fuNy and promptly to
pay tM amounts required to bs paid by the
note hereby secured or the interest therein specified or any of tM wms of mousy herein referred to or hereby secured. or otherwise duly. tally and promptly to
perform, execute. comply with and abide by each. every or any of tM covenants, cortditiorn or stipulations of this mortgage. the promissory mote hereby.
secured and/or tM construction loan agrssmsrtt. if any, then, and in either or in any of such events. without notice or demand. tM said aggregate sum men-
, honed in said promissory note. bas previous payments. if any, and arty and all wms mentioned Mrein or secured Mrsby shall bsoome dos and payabb
forthwith or thereaher at tM corttiraring option of tM Mortgagee as fully and compbtsly ss if said aggregate sums were originally stipulated to be paid at
such time. anything in said promissory note or Mrein to tM contrary notwithstanding. and the Mortgages shall be entitbd thereupon or thereafter without
notice o demand to institute wit at law or in equity to enforce tM rights of tM Mortgages Mrsurtdsr or under said promissory note. Iri the event of any
default a breach on tM part of tM Mortgages hsreurtder or under said promissory note. tM Mortgages shall haw tM continuing option to enforce payment
of all sums secured Mrsby by action at law a by wit in equity to foreclose this mortgage. either or both, concurrently or otMrwise, and one actton or suit
shall not abate or be a bar to or waiver of tM Mortgagee i right to institute or maintain the other. provided said Mortgagee shall haw only one paymerit and t
sat,sfaction of said irtdebtedrtess_
14. That in tM event that Mortgagor atoll (11 coraertt to tM appointment of a receiver. Trustee or liquidator of all or s substantial part of Mortgagor's
assets. or (21 be adjtdicated a bankrupt or insolvent. or fib a voluntary petition in bankruptcy. a admit in writing its inability to pay its debts ss they become _
due. or 13) make a general assignment to tM benefit of creditors, or (4) fib a petition or answer ssslung reorganization or arrangement with creditors, or to
take advantage of any insolvency law, 0?151 fib sn answer admitting tM material allegation of a petition bbd against tM Mortgagor m any bankruptcy,
reorganization or insolvency proceeding, or 181 action shall bs taken by tM Mortgago for tM purpose ofeffscting arty of tM foregoing a 17) any order. judg-
ment or decree shall bs entered upon an application of a creditor or Mortgages by a coon of competent jurisdiction approving a petition seeking appointment
of a receiver. or trustee of aN or a substantial part of tM Mortgagor's assert and wch order, jtdgmsnt or decree shaft continue unstayed and in effect for any
period of thirty (301 consecutive days, the Mortgages may dsdars tM note Mreby secured forthwith titre and payabb, whereupon the pnrcipal of and the in-
terest accrued on the note and all other wms-hereby secured shall become forthwith dos and payabb as if all of tM said sums of money were originally
stipulated to bs paid on such day: and thereupon tM Mortgages without notice of demand may prosecute a suit at law and/or in equity as it all monies
secured hereby had matured prior to its institution.
15. That the Mortgagee or any person authorized by tM Mortgages atoll Mve the nght to enter-upon and inspect the mortgaged premises at all
reasonable Gmes. -
18. That any sum a wms which may bs loaned or advanced by tM Mortgagee to tM Mortgagor at any time within twenty 120) years from the date
of this indenture, together with interest thereon at tM rats agreed upon at tM time of such loan or advance, shall be equally secured wjth and have the same
priority as the original indebtedness and be wbject to all the terms and provisions of this mortgage: provided. that the aggregate amount of principal outstan-
ding at any time shall not exceed IS ~T/A - 1. or ii tM preceding blank is not completed, then an amount equal to one hundred and fifty per cent
1 t 5096) of the principal amount originally secured Mreby shall apply.
17. - That, if required by Mortgages, tM said Mortgago will pay unto tM Mortgagee. on tM~rst day of each and every consecutive month, a vein
equal to ore-twelfth of tM annual amount necessary to pay aN taxes and asssssmsnts against tM said mortgaged premises, said monthly vein to be es-
timated nobly by Mortgages and cakubted to bs an amount rtot bas than tM amount of taxes assessed against said mortgaged premises for tM previous
year. and if further required by Mortgages to pay all inwrsnte premiums in manner and form ss provided herein for the payment of taxti~,and assessments.
18. That if this mortgage is in connection with contraction loan financing, then this mortgage is wbject to tM Constructiot Loan Agreement
dated q~A ,between the Mortgagor and tM Mortgagee, an executed '
Mortgages sfiA 1s incorporated herein by refsrsrtce"and made a coPY of which is in tM possession of tM
default tirtdsr this mortgage. Part Mreof; any dsfauh by Mortgagor under said agreement shall constitute an event of
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19. -That tM Mtxt will on tM r gage !
gagoC squsst of tM Mortgagee furnish a written statement of tM amount owing on tM obligation which the mort
secures and therein state wMthsr or rat Mortgagor claims any defenses or offsets thereto. '
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BALI:OON MORTGAGE