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S. Tlsat in tbe ~veat of • ~ult betn,~ Iaititut~d to toraciae tt~ii ~nonQ~~r, t6a Mott~a~ee ~sil bs satStled to ~pply u aay dms du~to~
~ foralosure wIt to tha court havta~ juritidictioa t4rreqf for tAe appotatmeat of a receiver oE RII Rnd ~In ular the rnoct~a~rd propasy~ ~a
o~ll tents~ tAOOmci, profit~ issuq and ~evenua therrof, from ~hanoevsr ~ource dertr-sd; s.ad therrupon ~t S~ hctcby exprculy c~vcaaatcd
and a~cced thu the court shalt forthwtt6 sppotnt ~uch raeiver v~itb tue wual po~ven aad dutta of raeivero. in lilce cna; aad eaid sp- !
pointmeac s6a11 De m~de by thr oourt u a mrtter of ~trict rig6t to t4s Mortga~ee •ad vrtt..but ~efeeeace to d~e adequesy or lo~dequuy of ths '
v+~lue of tbe proptrty 6ereby wart~aged or to the solreney or iruolveacy~ of the Iv~ong~goc or any other party defend~at to •ucb ~uit. Ttu ~
Mort~a~or heceb •pecifisaliy waiva [~e rlg6t to object to ths appotntrneat of R receiver u•foraaid and hereby e:pressly coaunb thst ~uch
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appolntment ~hal be maAe u~a admitted tquity and ai a metter of absolute right to thr Mortgagec nnd thAt t4e same m~y be done NI1b0Uf ~
ootice to tbe Mortga~o~. ~
6. Tbat if sny prcecedin~ ~6ould be iwtltuted aYaIwt the pmperty oovered by tht~ ~nortgage upon any ot6er tien or claim whether ~
~uperio~ or jualot to the litA of thi~ mortgaqe t6e MonQsgtt may at its optioa Immediitely upon iwtitution of •uch •uit ot duriag tLe p?nd- {
eoer t4etcof dectue thie morteage and t~e in~ebtednai •ecurtd btreby due sad payable forthNitL and may at its optioa procced to foseclae ~
t6i~ mortyage.
7. To pay ail and ~iagul~r the cou~, ~ta, thqrga and c:pen~a of everyr klad~ includiag tho cat of an ab~tract of title to ~aid laads
found to be convenieat or e:ped?cat in oanaectiow with.aay suit for t4e foreclasure of thl~ mo~tQage aad alw Jacludin~ w6et6e~ the MortQsgee
ti oWi~sttd to pay ~ame or not~ reasaasble attorney'~ ~feei lacurrcd or expcnded •t say time by t~t Mongayet beciuse of tLe fsilure of tLe
Mo~tgagor to perform~ comply with ~ad ablde by all or any of the covea~?ati, coaditions aad stlpulations of taid pranlaory notq or tAlt i
roortgaQe~ in the foreclasure of thi~ mo~tgage aud ia coilccting the amount ~ecurcd 6e~eby Nitb or i?it6out le~al proctedin~ and to reiin• ~
bune the Mort~agee for every payment made or Incu~ted for any such purpose KItL inte~est from dste of every ~uc6 paytnent at tht tste of
eig4t per cent (3%) per ~nnum; ~uch payenent~ and oblig~tion¢, with ~nterat tbeceoa as aforaJd, ~6aI1 be ~ecueed by tLe fiea bercaf.
To ka t6e bulldiap~ or bulldings oor? or bere~fter oa ~atd land iotured a~dwt loes or duna~e by fire, srteaded ooversee and
n ~f
otber peri la, inc lu ing wrr ris k io~unnce i f avai ta b 1e, in a~um not la~ t han thcir full imurable value at tbe cat and expcnsr of the Mort-
gagnr ~n a caapany or compania appmved by t6e Mortgageq the poltcy oc policta to be held by the Mort~agee aad ~uc6 policy,or polfcies of
Insuraace ahall hsve affi:ed thereto a Stattdard Nevrr Yoric Mortgagee Clause~ malcing ~1) lo~ or losses uader suc~ ~ottcy or policie~ payable to ~
the Mortgagee u its interat may apptar~ apd to deliver ssid policy or pc?licla to the Mortgagee ~rhen is~ued vrtth ths receipea for the pay-
ment of the premium t6erefor; aad in the event any ~um of money becoma parable under •uch policy or policln, the Mortgagee ~~II 6ave
~ t~e option jo meive and app{y t6e ~ame on acoount of the iadebtedne~e :aurcd horeby or to permit the Mortgagor to rccrive sad use it~ or any
part thereof~ for other purposn, witl~out thereby waIving or im~airing wr equity, lita or right under or by virtue of this moet~age• and
; t he Mo r tgagee i f i t deema naessary may g lace an d pay for ~uch in~unnce, or any part thereof! ~rlt4out Iwin~. wsiviaQ or afFcctia~ I4foct-
~agee • option to focatae for breu6 of t6is mveaant, or any 'part thereof~ ar sny ngLt ot oppon under thi~ woct~agt, aad every •ucL pay-
' meot shall bear iaterat fcom date thereof untii paid at the rate of eigLt per eeat (196) per uwwq and all soch paytntnp nith Interdt a~
! aforesaid ehall be ~ccurrd by the lien 6eroof. Io t6e ercat aay los~ or dama~e i~ suffercd Mort~aQor shal! no~ify Morc~agee of ~ucb ba or
damage within forty-eiglrt (4E) bour~ after tbe bappcning t6ercof; the fiilure to ~eve it~ch aotice s6~11 coastitute a default aad t6t Mort~a-
' gcc •hall bxve tLe rig6ts berein given for all defauib. !
_ 4. To permlt, ccmmit or ~uffer no tirsste aad to m~lntain t5e irnprovaaeab ~t all dma tn a state of ~aod rspair ~[1~ COpd1tI0l1 ~ and
bo do orpe rmit ta be dane to ~:id preml~e~ nothiag t6at wlll atter o~ c6aage the we sad c6arac!er of tald property or ip anr ~r~~ impalr or
j wcalcen t6e security of said mortga~e. In cwe of the refwal, aeglcct or ioability of t6s Mortgagor to repair and walatain ald ~operty~ tbe
Mortasgec rnay, at its opfioa~ malce •uch rapain or cauie the ~une to be made and ad~apce moniea io t6at beQalE whic6 ~una ~ha~l be sccured
by t6e lien hereoE aad bear iuterat at the rate of d~ht per ceat (i96) per annum.
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' 10. To deliver the ab~tract or abatr~cb of titte covenag the mortgaged property to MortgaYee or fa dpignated s~ent, ~vhich ihall at
~ a!! timrs, durin~ t6e •lift of thi~ mon~a~e, recaain in tLs pwses~ion of the Mort~iqee aad in e~ent of the foraioture of thi• mortgaQe or other
` trawfer of titlq ali ri~4t, title and interest of t6e Mortgagoc ia and to aay iuch abKaoct or abitrs~q of dtk ~hsit pw tq ti~e purebaser or
arantee.
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I1. That oo wdrer of aa roveuaat 6ereia or In t~e obli~sstien xcurtd 6ereb~ ~sl! si aay tians bereaher bt beld to be a ~aslrer o!
any of the ot6er teran~ aereof or o c~e aote securec! hereby.
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' ~2. That in order to aaelerate t6e iaaturity of t6e indebtedaea~ herebr saum! bec~ine of tbe fdlure of the Mort~a~or to pay anr tss
: ar~aunrnt~ Ilability~ obligation or rncumbrance upon uid property a~ 6ereta pro~ided, ft ~bsll aot 6e necraa~7 aor «qul~ite thit tAe Mort$a~ee
~haU fint pay tLe ~atne.
~ i!. 'Tl~:t tf tbe MortQa~or ahaU fdl~ ae~lc~ct ar refwe for a period of tbirty (SO) days fullr aad proanptly w pay the amounb te-
qulred to be paid by tbe noes hereby ~eeured or tbe iuterert t6erelo ~pecificd o~ aay of tbe sums of r~woey be~eia rcfercrd to or 6ersb~r ~
tuccd~ or otherxiu dul~. fulir aad pro~a~tly to perfoan, eucute, compty ~it6 wd abide by eacb, erery or tey a{ the oorraanb~ ooad~tJoos
or stipulatiop: of thJa mort~a~e, tDe pro~ai~ssory nute bereby secured snd/or the canxruction baa a~rc~nenr, 1f anr~ then, and in eitl~er or tn
any af sucb ~venta~ wit6out aodce or dwnand~ the said ag~re¢ate aum tneaaoned i4 said praaiaory note, !as prevlow pspments, if sny~ aad
any and all sums meuuoned hereiu or eecur~ed hereby s6alt beooa~e due =ad parsble forthwltl~ or tbereaftsr at tbe ooudnufn~ o on of tbe
Mortga~ee s~ fully and canplctely ~s if saId a~regate eums were od~oally stipul~ted to be paid nt aoe6 dme, w~thIag In ut~praniwory
cate or herein ta the contrary aotxIthstandia& aad the Mon~agee ~ball'be eatitled thereupon or thsreiftes witbout aotice o~ demand to in-
stitute suit at taw or ia equity to caforcr tbe n~6a of tbe Moregsgee bereunder or undec ~ud promIsaory note. Ia the event of any defsult
or bresc6 oa tbe part of tbe Mortgsgoe 6sreun er or uoder ~aid praai~aory note, t6e Mortgagee shall 6a~e the continuing opcion to eaforce
pa~naent of alf auns secured bercbq by a~tioo u!~w or by suit ineq uity to foreciae t6is morc~sg~ either or both, coacurreatir or abenriu,
sad one :ction or suit shall not sbate or be a bir to or waiver of tbe Mortgaga'~ riaht to institute or mdataia t6e ot6er~ providcd said Mort-
Qa~ee ~hall have only oae paymeat xnd suisfaction of taid lndebtednea.
' 14. That ia the event that Mortga~o r~hall (1) oensent to t6e appointmeat af s recdver~ trusta or liquidatoc of all or s subatantia!
part of Mort~aQo~s asep, or (2) be ad'udicated a bautrnpt or tnsolveaq o~ fite s valuatat~ peddon ia bankruptey, or admjt Ia writins its
; inab;licy m pay ics dsba as ~ beeane ~ue, or (3) make a Qeneral s~signment for tLe benefit of crediton, or file a pedtion oe a~nes
; ~aking reor~anization or anaaganent witb crediton, or to take advantage of u?y i~uolrency law~ or (S) ~iie an aaswer admittia~ the m~
? teri~i sllegatioaa of a petidon filed agaIrest the Mort~a~or ia tA}+ b~AICfUj1My~' reorgsnixatioo or inaolreacy proteedfup, or (6) action ~hall be
takcn by tbe Mortgagor far tfie purpose of eiierun~ aay tt~ f~re~~ic~, ar :a; ardr:~ juz~rnrat a: ~ssm e5~1! L+~ tnter~ u_p~ ~
appiication of a ereditor or Mortgagor by s court of canpeteat jurisdtction approvia~ a petidon seehfa~g appoinuneut of • radver or trustee
~ of aU or : ~ub~t~ntial part of tbe Mongagor's i»ets and ~uch order, jud¢rnent or decree tbai) continue u~tayed snd in effect for aay period of
tLtrty {30) consecutire day~, the Mortgsgee may declare the note heroby secucod forthwitL due and payable, rr6ereupou the principat of sod
the iaterat accrued on the note and aii other sums hereby secured :Lall bce.ome forthwitL due u~d payable as jf sl! of tbe uid sums of u~ooey
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rrere origidaliy ~tipulated co be paid oa ~uch day; and tlsereupon tbe Mortga~ee witbout nodce or demand may pm~ecutt a~uit st law and/or
in equity as if sll monia oecured 6ereby had matured prior to ib iastituaca. -
~S. T6at the Mortgaga or any perwn autLori:ed by tbe Mortgagee shall b~re the ri~t co entei upon and f~poct ths wott~a~ed
. premiia at ali reasonable timee. -
; 16. T6at any aum or a~ras wLtch may be ioaacd or advanced by tbe Moctqa~es oo t?ie Mortgagor at aay time xithta ten (l0) qain
~ran the dste of thia indenturq togethcr Rttb iaserpt tl~ereon u the rate agreed upoo at tbe time of wc6 {oaa or sd~aace, shall be equally se-
currd with aud b~ve the same priority aa the ori~iaal iadcbtedna~ snd be subjat to all t6e teru~ nnd ~ro~isloas of thi~ wortga~r; protided,
t6at t6e ag~reQUe amouat of priacipal oubtandin~ at any timt sbal) ~aot esceed aa amount equal to one undred and fift~ per ant (15096) o#
t6e prlndpal ~lmouat origia~?lly secuted hsrtby. _
' l7. TLst, if rcquired by Mortga~ee, t~e ~aId Mortga~or vrIll pa~ uaoo t6s Mort~a~ee, oa the f~cst day of eac4 aad evcry ooo~oeutire
snootb~ i wm c ual to one-cweifth of the snauat aacwunt nawary oo par s1l.taxp snd Rsatmenb a~atau tl:e asid ~ort~a~ed pranJx~ ~dd
noo q ~dd
: moathiy sum to be ac;ra.ced ,olely by Mar~gagee and catcutued ro be sn amo+mr nac le~. cban c~e amauoc of aza a.a.ed a~atmc said ,norc-
~a~cd preml~ for the prerioui year~ aad if further required by Mortgagee to pq all ia~urance premtuma in waaaec aad form ~s pro~idrd
herein ior tLe pirmtnt of, eaze~ aad •rcnmsob. ~
U. Tl4at to tba nent tbe losa which tLi~ mort~a~e i~ ~trea to eecure ir raads tos the p~rpo~e ot ftnatoeina e3tber tbe coatructfoe
of ae~r bulidia~ or the oanstructioo of Improreracon and/or addfdoa~ to esiwte~ buildie~s, tbe Mort~t~s, ifrcquiced bl t6e MortEs~eR
e:pra~ly a~ets to depo~if• rrit6 t6e Mort~a~ee or in daigaated aQent sn uriouat of ioooty squal oo tbe difhreaet betweea t6e aet proceedr
of ths losn and the totai amount, as determined br che Mo~~ce, requircd to fnlly oomplete tald ~ tu ~eoordance wld~ tbe plaoe
: aad ~ptcific:tisn~ beretofoz= ~ubmItted by the Mortgs~or aad a~ppro~ed by t6e Mortsa~ee. Satd amqunt of ma~er ~ball be placed by t6e
Mortea~ee ia a"Iaaa~ in Proce~ Account" fa t6e auae of tLe Moat~agoq sad du wase ~hall ~be wed b~ t6e ~Iort~a~ae to pay tbe ooob,
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cbar~a and ezpen~a Iacurnd Ia ooauatloa with uid coostruction prior to dJibonias ad d~is {o:a. It b furtber s~rsed th~t Ia t6e e~eat
~aid coauruction iwt fully comptaed oa or before the date usted tn tbe Coo~truction Iaan A~reerreot or in tre e~re~ t~st t)~e work on
eaid oos~~ructioa t6ap eease bsfore futl completioe ued ~ucb cesatioo ~batl ooatioue for a period of tea (t0) da7~ o~-if ru~taad~tl ooatio~xwe
Pro~ra~ ~6a11 not be msde tn ~uch oowtnutton, t6ea sad ta ~a~ sucb e~eat the ~std ~~e~ate ~um, priodpsl sAd tatctest, mmtloncd In ~aid
~ prooniaory aote, snd all monia ~ecured 6ereb~ tball beoome-due sad psysble tortbnitL or thereaker at tbe option of ~aid Mortsagee: aad to
the eveat of suc6 casadoo of wort u uI~ eoaurucdon for s period oE tea (10) da~e, or if ~~e~tsatlal ooodAUOw Piv~res ihali aot be
msde Ia ~uc6 ooauructloc~, a afomai~tbe Mert~a~ee mar u Ib opttoa enter Into sad upon tbe taoet~ ~remi~ts and ooavpkte ~aid ooo.
~ ~tnkti~ ia wcb maaasr as it deem~ sdrlsable witbout soy iaterfereacs fron~ t6e Moctp~• etet saiQ 6er~?
; ~o t6e Mart~ae+ee fui) powsr aud xut2wcitp eo mske iucL entry Into and upou tstd mort~aged pmnises, w ca¢er iata a~~ooatrset~~~
; tsn~emenb a mar be acceuary to complete tatd ooastructioa. aad ~ acpend soy aoonies rcruaiain= ia wId "I.osar !a Proear A+ocouot" aad
; fn additioa ~ny sums of moaxp aaeuaq to totaplete safd con~truetion; sad an~ aad a11 iaoeta upeaded br tLe Mortra~ee ia ooaae~tio~
~ wit6 aucb camp)ttio~ of consttvctioa in e:ees~ of t6e monia ia ~sid "I,oam tn Proce~r AteouAt" thall be added eo tLt satd pri~dpal debt and
~hal) draw intecat st t6e rate prorided in ~sid pranissory nate~ aad shali be secured by thia mortBa~e, aad s1~alt be p~Tabk b~ t6e ~rSoct;a~
i oa semand. ' ;
B~RX 1~~ ~-~rr 4~~
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