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4 TMs mo~tgaga ~s psrsonal to tM Matpa~a M~Nn. ~nd ~o to~wWnc~ shall b~ mad~ br Mat~a9w of tM prom~sss he~e~n dsscr~b~d a any p~n
thereof w~tAout hrst obta~n~n~ Ihe p~~a wrUt~n tonssnt of tM Mort{~apN. In iM ~vN~t Mortya~ p~v~s tMs wntten conssnt. the gtsntee named ~n wch con-
veyancs sAall assums and agrse to pay th~ oblpatwn ~v~~c~d by th~ p~om+ssay not~ s~cund h~rs~y Any conv~yance of ths prope~ty M-~~n dsu~~bed a
any part tMrsof ~n v~olal~on of the terms of this para~aph shall ~nt~tN Mo~t~ap~ to acc~Nrat~ th~ payms~t of ths obl~gatwn secured h~~eDy and all wms of
monsy secursd Mrebv sha11. st ttN optwn of Mort9a~. b~com~ du~ and payaD~ and ~n d~l~ule whsth~r a not the ssms ~rs so due and psysbl~ a~d ~~
delault by the spec~f~c tsrms hereot NothlnQ Mnm contain~d shdl b~ constru~d to co~sutut~ a novatwn a relesse Mort~agor or any subssqu~nt ownsr of
I~abdily a obl~gatwr- unde~ tM promissory not~ secured Mrsby o~ this mwtpa~ by resson ot tM aforess~d sssumpt~on ol the obl~gst~on undsr tM not~
secured hereby. by a subseque~t ownsr of tM propsrty d~scnbed Aers~n
5. That ~n the event ot a w~t be~np msUtutsd to loreclose th~s mort~a9e. ths Matps~es shsll Ds ent~tled to spply at any t~me dur~ng such lorecbsurs
su~i to the court hav~ng ~ur~sd~ct~on thereot ta tM appo~ntment ot s ~ece~ver ol all snd s~npula~ the mo~tgaqed property. and ot all rents. ~ncomes. p~ofits.
~ssues and revenues thereof. trom whatsoever soures denved, and thereupon ~t ~s hersby expressly convsnsntad and egreed that the coun shall torthw~th sp-
po~nt such recerver wrth the usual powe~s and dut~os oi ~sce~vers m I~ke csses. and sa~d appomtment shatl be made by the court as s matter oi str~ct r~pht to
tne Mortgagee. and w~thout reterencs to the sdsQuacy o- ~nadequacy oi ths v~lus of ths property hersby mortyayed. a to ths solvancy or insolvsncy ot ths
Mortgagor or a~y other party detendant to wch swt. TM Mort9sfla here~y spec~f~cally wa~ves ths nyht to ob~sct to ths appa~tment ot s rsce~ver ss
aforesa~d and hereby expressly consents that wch appo+ntment shall be msds as an sdm~ttsd eqwty snd as s matter of absoluts nght to ths Mo-tpagee snd
chat the same may be done w~thout not~cs to ths Mort~apw
6 That ~f any proceed~ngs should ba inst~tuted age~nsl the proparty covered by th~s matgage upon s~y other I~en or cla~m whether wpe~wr or junwr
to the I~en ot th~s mortgage. the Mortgagee msy st rts opt~on ~mmed~stely upon ~nstituuon o1 such swt or dunng the pendency thsreot dectars th~s mat9ag~
and ihe indebtedness secured he~sby due snd psysble twthw~th and msy at ~ts opt~o~ proceed to foreclose th~s matgage
7 To pay all and singular the costs. (ess. charges snd axpenses ot evsry k~nd. ~nclud~ng the cost o( an abstract ol t~tle to sa~d lands tound to be con-
vernent or exped~en! ~n connectwn with any swt tor ths foreclosure ot th~s matgage. and slso ~ncludmg. whether the Mortgagee ~s obl~gsted to pay seme or
not. reasonable attorney's (ees ~ncu~red a expsnded at sny time by ths Mortga9ee becsuss of the failure o~ the Mortgaga to pertorm. compty w~th snd sb~de
by a1t or a~y o( the covenants. cond~uons and stipulations oi said prom~swry nots. a th~s mortgage. ~~ the foreclowre ol th~s mortgage and ~~ collsct~ng the
amount secured hereby wuh or w~thout legal proceed~ngs, and to re~mburss the Mortgagee for svery payment made a~ncurred for any wch purpose vmth ~n-
terest (rom date o( every such payment at the h~ghest rate suthonzed by Isw: such paymants and obl~gations. w~th interest thereon as aforess~d. Shall be
secured by lhe lien hereof
8 To keep the bu~ld~~g o- bwld~ngs now or haresher on sa~d tand msured aga~nst lou w dsmsge by 6re. extended covarage snd othe~ psnls. m-
cl~d~ng war nsk ~nsurance ~i ava~lable. m a sum rat less thsn the~r full ~nsurable valus st tF~e cost and expense ot the Mortgagor ~n a tompany or wmparnss
appr~ved by the Mortgagee. the pollcy or policles to be held by ths Mortgagee. and such pol~cy or poUc~es ot msurance shaQ have aH~xed theroto a Standard
New York Mortyagee Clause. mak~ng all loss or losses under wch pot~cy or pot~aes payable to the Mortgagee as ~ts mterest may appear. and to detwer sa~d
policy or pol~c~es to the Mortgagee whe~ issued vmth the receipts for the payment of tha premwm there(or. and ~n the event any wm of mOney betomes
payable under such pol~cy ur pol~c~es. the Mwtgsges shall have the optwn to receive and apply the same on account of the mdebtedneu secured hereby or to
permn the Mortgagor to rece~ve and use n. or any part thereot, for othet putposes. wrthout thereby wswing or ~mpamng any equ~ty. ~~en or nght under or by
v~rtue ot this mortgage ancl the Mortgagee ~t it deems necessary may placs and psy (or wch inwrance. a any part thereof, v~nthout tosing, ws~wng or aHec-
~~ng Mortgagee's opt~on to toreciose tor breach oi th~s covenant. a any pan thereof. or eny nght w option under th~s mortgage. and evsry such payment shall
bear ~nterest irom date thereot unt~l paid at the h~ghest rate authon:ed by law. and all wch payments with interest as a(oresa~d sMll bs secured by the lien
hereof I~ the event any tuss or ifamage ~s suHered Maigagor shsll notiiy Mortgagee ot such loss o- damage with~n (orty-e~ght (48) hours aher the happen~ng
thereoi. the f3dure to gwe such not~Ce shall Const~tute s defeull and the Mortgegee shall heve the nghts here~n grven for all deteults
9 To perm~t, comrrnt or suHer no waste and to mamta~n the ~mprovements at sll t~mes ~n a state of good repair and condit~on: and to do or perm~t to
Ge done to said premises noth~ng ihat wdl alter w chsngs the uae and cheracter of said property or ~n any way impa~r or weaken the setunty ot sa~d mottgegs.
~r~ case of the refusai. neglect or ~nab~l~ty ot the Mwtgagor to repair and ma~nta~n sa~d property. the Mongsgee may. at ~ts opt~on. make such repairs or esuss
~he same to be n,ade and advance monies ~n that behslf wh~ch sums shsll be secured by the lien hereof and bear ~nterest at the h~ghest rate authon:sd by
~aw
10 To ~lel~ve~ ttir abstract or abstracts ot t~tle covenng the mortgaged property to Mortgagee or ~ts des~gnated agent, wh~eh shall at all t~mes. dunng
,r.~• i~fe o( ths ~~urc.~aga. remam ~n the possess~on oi the Mortgagee and m event ot the (oreclowte of th~s mortgage or other transter o1 title. aU nght. title end
,~nerest of tne f~1ortyagor ~n and to any such abstract ot abstracts oi Utle shall psss to the purchaser or grantee.
t t That no .va~ver of any covenant here~n or in the obligst~on secured hereby shell et eny time hereaher be held to be a warver ot any of the other
c-~rms hereof or of ;he note secured hereby, pr tuture warver of ths same covenant
12 That ~~ order to accelerate the matunty of the indebtedness hereby secured because oi the fa~ture ot the Mortgagor to pay any tsz assessmsnt.
~aG~lrty. obl~gat~on or encumbrance upon sa~d propsrty es herem provided. it shell not be necessary nor -equ~site that the Mortgagee shall fust psy the Same.
13. That ~f the Mongagor shall isil. neglect or refuse to~ a penod of thirty 130- days tulty and promptly to pay the amounts rapuired to bs pa~d by ths
note hereby secured or the ~nterest therein spstified or any ot the sums ot money herein ~e(erred to or hereby secured. or otherwise duly. fully and ptomptly to
oer(orm. execute. comply vvnh and abide by each. every or sny of the covenants. conditions or st~pulatwns of th~s mortgage, the prortussqy note hereby
secured and!or the construct~on loan agraement. if any, then. and in either or in any oi such events. wrthout ~oboe a demand. the said aggregats sum men-
[~oned ~n sa~d prom~ssory note. less previous psyments. if any, and any snd all sums mentioned here~n o- secured hareby shall become due and psyable
forthw~th w thereai[er at the conunuing option of the Mortgagse as fully and completely as ~i seid apgregste sums wera ongmally stipulsted to bs pa~d st
such t~me. anyth~ng in sa~d prom~ssory note or hsrsin to ths contrary noMnthstanding, and the Mortgagee shall be entrtled thereupon or thereaher without
not~ce a demand to ~nst~tute suit at law or in equity to enforce ths nghts ot the Mortgagea hereunder or under said prom~ssory note. In the event of any
detaule or breach on the part of the Mortgaga hersundsr or undsr ad prom~ssory note. tM Mortp~~s shsll have the continwng option to eniorce payment
of all sums secured hereby by acuon at law or by suit in equity to fOreCbse th~a mortgage. eicher or both. concurrently or otheMnse. and one action Or suit
shall not abate or be a bar to or wa~ver oi the Mortpsgss's right to ~nstitute or ma~ntain the other. prov~ded sa~d Mortgagee shall have only ons payment and
satisfacuon ot said indebtedness
14 That in ihe event that Mortgsgor shall (1) consent to ths appointment oi a rece~ver, trustee or I~qwdstw oi all or a substant~al part of Mortgapa's
assets, or 12) be ad~udicated a bankrupt or insolvsnt. a file a voluntary pstition ~n binkruptcy. or adm~t in wrrtmg rts mab~Dty to psy ~ts debts as they bscoms
due. or (31 make a general assignment lor ths bsnefit o( crsditors. or (41 fik a pstition w answer seeking reorgani:at~on or arrsnflement with creditors. w to
cake advantage o( any insolvency law, a(5) fils an a~wsr sdmitting ths matsnal allegatwns ot a pat~t~on filed aga~nst the Mortyagor in amr baniuuptcy.
reorgamzat~on or ~nsotvency proceeding, w(8) sction s1-all bs taken by ths Mortgaga tw ths purpoae of eHect~ng any of ths foregang w(7) any order. judg-
ment or decree shall be entered upon an appl~cation oi a creditor or Mortys9or by s court oi compstent ~unsdiction spproving a patition seelunp appointment
of a rece~ver or trustee oi all or a substantiel part of tAs Mwt~e9or's asssts snd wch orde-. ~udgment w decree shall continue unstaysd snd ~n ef(ect for any
per~od of thirty 130) consecutrve days, the Matgagee may dsclsrs the nots hsrsby sacured forthwith dus and payable, whereupon the pnncipa~ ot and the in-
terest accrued on the note and afl other wms hersby secured sh~ll bseome fo~thvnth due and psyable ss ~t all ot the said sums oi money were originally
sc~pulated to be pa~d on such dsy: and thereupon ths Mortpspse without notice or demand msy Wosecute a suit at Iaw and/or in eqwty ss ii all monies
se~ured hereby had matured pnor to ~ts institution.
15. That the Mortgagea or any person suthonzed by the Mortgagee shall have the nght to enter upon and inspect the mortgaged prem~ses at all
~«=asonable times
16 That any sum or sums wh~ch may be loened or advancsd by the Mwtgagee to the Mortgagor at any t~me withm twenty 120) yesrs (rom the date
ot th~s mdenture, together wich ~nterast thereon at the rate spreed upon at the t~me of such loan or advance. sha11 be equally secured vmth and have the same
p~~orrty as the onginel ~ndebtedness en~~e~ub~ec~tp ell ihe terms snd prows~ons of th~s mortgage, prov~ded. that the aggregate amount of pnnc~pal outstan-
dmg at any time shall not exceed (S 90 UO U ~, pr ii the preced~ng blank ~s not completed, then an amount equal to one hundred and t~fty per cent
! 15096) oi the pnnc~pal amount originally secured hereby shell apply.
17 That. ~f reqwred by Mortgagee. ths said Mortgagw wdl pay unto the Mortgagee. on the /~rst day o1 each and every consecutive month. a sum
equal to one-twelf[h oi the annual amount necessary to pay aii taxss and assessments aga~nst the said mortgaged prem~ses, sa~d monthly wm to be es-
c~mated solely by Mortgagee and cslcutsted to be an amount not less then the amount of taxes assessed agamst sa~d mwtgaged prem~ses (or the prev~ous
year, and if turther requued by Mortgages to psy sll insurance p~smiums in manner and torm as provided here~n tor ihe p•yment of taxes and assessments.
1 S That ~t th~s mortgage ~s m connectwn w~th construction losn tinsnang, then th~s mortgage is wb~ect to the Constructwn Loan Agrsement
dated gebrt1~ rv 12 1981 bstwssn the Mortyaga and the Mortgagee. an .ezecuted copy o( wh~ch ~s ~n the possesswn ot the
Mortgagee and ~s fncorparated here~n by reisrsnce s~d msds a psrt hereoi, any detault by Mortgagor u~der sa~d agreement shall const~tute an event oi
default under thi~s mwtgage
' 19 That the Mortgagor wdl on the request oi the Mortgagee fu: n~sh a wntten statement oi the amount ow~ng on the obhgabon wh~ch !h~s mortgegs
~ secures and there~n state whethe- or not Mortgagw clsims any defenses w oHsets thereto ;
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