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~1. N tll a any pert of ths Propsrfy a ~n IntersN the~eln Is sold or Irlnste~~sd by Morlp~Qa wNhout Mort~~pae'~ pNor wrltt~~ can~~n1. exciudlnq (q ~
ths c~salbn 01 i N~n or ~ncumbn~c~ subadMals lo Ihl~ Mortp~q0.1b11he cre~t~on of ~ purchue money sscurlty Inter~s! lot housshold ~ppil~nc~a.(q a ~
l~anN~~ qy dwb~. d~sc~ot or op~ntlon ot t~w upon Ihe d~dh of ~ fol~l tenant a(d) Ms pnnt ol ~mr leasehdd Inlersal ol lh~es yean or less nol cont~lnlnq ~n
oplion to purchus, Mort9aqas may, N Mortp~~es's opllo~„ dscl~re ~11 the sums tecured by thl~ FAortpape to bs Immedl~t~hr due a~d payable. Matpa~s•
ihaii nii?i V~iv~#'si~ ~~.'R!9 ~54~!!!~! N~ ~lor to the sals or t~~nNer. Morip~q4e ~nd th~ pKSO~ to whom tAe P~operty Is to be wW a transl~~~~d n~ch
aqn~m~ot Inwtlti~ ihat ihe cr~dlt ot such pe~wn fs s~ttNsctory to Martqaqe~ ~nd that th~ intsnal p~yRbb on ihe aum~ s~cured by thls MoNQp~ ~hall be i
al auch t~t• as Matp~O~e eh~N reqve~l.11 Matpape~ ho~ w~lvsd the optbn to accslente provided In Ihh R~rs9~sph 4, end il Mort~s9~e's succes~ In ~
Intu~slhas~x~cut~dtwrltte~aaumpllonspreemeM~?cceptedlnwrlUn9byMortq~qeaMal9apesehaUrekaseMonp~qorfrom~UobN9aNon~undarihla ;
Nols ~nd Mortq~pa ,
s. Thet In the evenl ot a suri betn~ I~atltuted lo f orsclose this mo~t sps. the Mortq Wse thall bs entNkd to ~pphr et a~y fims durlnp such la~cloiurs
suN to ihe couM h~vi~q ~uM~dklbn thereol tor the appoInlment ol a ~aca~sr o1 aq a»d sinpul~r the ma1~~ped properly~ ~nd ol ali ~ent~ H+come~, prof~t~,
lasuee and ~twRUSS Ih~»o~ from wl~~lsoever wurce dsrivs~ ~nd ths~eupo~ il b hs~sbY expreary convsoanted ~nd aqrsed thal the courl sh~N toAAwith ~p~
polnt such r~calwr with th~ ususl powen and dutke ol ~eceNsrs (n ilke c~aes; end said appoMtment ahaN bs mads by !hs coud ss a melts? ol at~bt rqhl to
the Moriqoqea a~ wRhout rett~ertce to !h~ adequacy or Inadequecy d ths velue ol thsproperty hersby mortqspe~d or to the wlvency or InsoNsncy ol lhe
MoA~a~or o~ ~ny otAer M~y dsfend~nl to such sulL Ths Mon~~qor hs~eby epecllkaly w~hrss ihe riqht to ob~ecR to the appotntment of ~~scehror
afassald ~nd hsreby sxprefiIy con~enis ihat suCh appdntment ahall be mads ~a en sdmlttsd equity and ~s s matter of abtolute tlphl to the Ma19syee ~nd
IAst Ihs aama msy bs dons wilhpul notks to the Mon~a~or.
~+.n~ nreceedlrws shouk! bs InslNutsd ~~atnst ths propeAy covsrod by thla mo[tpeye upon ~ny other Iien or clsim whethsr auperiot a lunlor
to Ihs Ilen ol l~l~ mwtqa9s, the Matpa~ee msY ~i ~ta ~uu+~ i+~+~+~6~~at~.; ~w;. «,~~;;w ~~r•'-•^- ~"'~i ~+'~r~ra tha oendencv Ihe~eol declare thb morlq~ye
and Ihe Indebl~d~?ess ~ecured hsrsby dus and payaWe torthwllh and m~y et Its optlon procsed to loreclass thl~ mortpaye.
7. Ta a~ as?d.4nqulgr the coats~ isee, chuqea and ezpenses ot evsry klnd Indu0lnp ths cosl ol ~n abstreci ol t111s lo ssld lands lound to be coM
wnlent or expedienl ln connsclion wHh eny suit for ths lorecioaurs oi ihis mo?iqaye, ~n~i eiea ~~ctu~ ~R~lhes lt:~ ~!~+rt:•see v n6lbated fo paY ume or
not, resaon~ble attomeya lesa fncurtsd or sxpendad at eny Itme by ths MortpaQee becauss of the fatlurs oi the Matpsya to perlorm,, compy wNh and ~blde
~ by ail or ~~y ot 1M covenants, candlfbns and atipulaltons of sald promissory oota or this mort9a9e, in lhe foradoaurs ol lhb moMpa~e and In collectlay fhs
~mounl~ec+uedherebywlthawllhouftepalproceedlnqs,andlorelmbwsstheMort~a9eelorevery paymentmsdso?tncurradlo~anyauchpurposewNhM•
terssl trom d~te of every ~uch peyment at ihs hbhest rete ~uthorized by law; such paymenls and oWipallons, wllh Intareal thereon aa atoresaid, shall bs .
aecu~ed by !he !!sn hsrsol.
8. To kesp ihe bullding or bellldlnQs ~ow a hereefter on aaid land Inaured agNrtst bss or damsga by tira extendad cove~age and other pe~ib, in-
ciudin~ w~~ rlsk insu~ancs 11 avaUable, in e sum not lets tha~ thei~ tuN Inswable vatue al iha coat and axpensa of Ihe Mort9ayor tn a company or companka
~pprovsd bylha Mort9~pea Ihe poUcy or poNcles to bs held by the MatpaQes, and aucb policy or polkle~ ol l~su~ance shsll hays ~itixed thereto a 3tendard
MonQ~Q~s Clause. makln~ aN bas w las~es under such pol{cy or poNcies payabis io the Mort~spas as its Interest may appear, and to deNver ~aid
polky or poNcl~s to tha Mortqaqee whsn tasued with fhe recetpis tor the payment of the premlum iherelol; and In the svent any sum ol monsy becomes
pay~bb u~derwch policyw polfcles, !he Mortpayee shsN havs lhe optbn to recslvs aod appy lhe same on socounl ol the indebtpdnsss secu~sd hsr~by or to
~ psrmH th~ MoAqpor to ?OCeNe and uae N, or any part thersof~ fa other purposss, wtthout Ihe~eby walvlnp or Impalrin~ e~y equity, llen a NQhI under a by
virtu• a ~na ~w~ewp~; and ihe M~tgaqee. N fl deems necessary, may place and pay lor such Insutartce, or any part thered, wlthout bsin~, welWnp or aNec~
Ilnp Mortw 's oplion to taecbae tor breach ot thls covensnl, or any pa~t thereot, or any ?IQht aoption under this mort9age, and every such payment sh~ll
bear IntKSS Irom dete ths~eot until psid sl ths hbhest rata ~ulhorized by law, and a!! such payme~ta with Intarest as eioresatd shali be aecured by Ihe Nan
h~reof. ln tha evenl any bss a dsm~ge b suNered Mort~agor ahall nollly Mortqs~ee ot such bss or damage withln forty-elght (48) ha,a sfte~ the h~ppenin9
thereol; ths lailure to phrs such notke shall constltuts s detaull and the Mortyaqee shell heve the rlqhts hereln qhren lar all defauNs.
9. To permN, commN or aufle~ no waate ~nd to ma{ntatn the improvsmenls at ell tlmas In a atate ot qood repatr and condltion; and to do w parmi! to
bs dons to said premFeas nolhlnq that wUl altar orchanpe the use and charecter of sald property or In srry way impsir or weaken ihe secudty ot sald mortqa~s.
In csse of ths ielusa~ neQ{ect or inabilify ol the Mo?tyaqor to repak and melntsln ssld propehy, ?he Mortyayee mey, al Its optbn, make such repalrs or Ceuts
the a~me lo be made and ~dvanca moniea in that behalt which auma shali be secured by ihe iien hereol a~d bear Inlere~l a! Ihe hlQhea! rate authorized by
taw. . '
' 10. To deilver Iha ~batract or absi~acls of tltls covering the morl~~ged property ta Mortpepee or ile designaled agent, which shall al all times, durlnq
C 1he Ilfe of thlsmortflape, remain in the posaession of the MoApa~ee an tn evenf ol lhe toreclosure of this mortga9e orolher Iranslerot title, all ~lyht, tille and
~ irtle~est ol lhs Mortpeyo~ In and to any such abstrect a abatracls ol fltle shatt pasa to the purcMser or prantee.
! 11. Thft no walvsr ot any covenent hereln o~ in ihe obliqallon secured hereby shall et eny time hereatfer be held to be a waiver of any ol the olher
te~m~ hsrsof or ot lhs note secured hereby, or future wahrer of !he same cavanant
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~ 12. That in order to accalerats tha maturity ot Ihe Mdebtedness hareby secured becauae ol the faflure ot the Mortpagor to pay any fax asseeament,
Habilily~ obllpalb» a~ncumbrance upon aaid prope+ty sa hareln provldsd.l~ ahs!! n4! ~ ngce~a~y nor reQUbfte that ihe Mortqapee shall lirst paylhe same.
s 13. Th*t q Ihe Murtqagor ehall f~il, oe~lact ar reluae for a perbd ot thirty ~30) daya tuly and promply to pay the emounts required to be pald by the '
~ nolshersbysacuredorthelnterssllhsrein~pecftiedoremrolthesumsotmoneyherelnrale~redtoorherebyaecuredorotherwfseduly.tudysndpromptyto
~ psrtom~ execute. comply wph and abide by each, every or any of the covenants. oonditioos or atipulaUons of tbls mortgepe, tbe promissory nols hereby
.a~ured snd/ot Ihs construclbn {oan a~reement, N any, then, and in elther or In any ot auch evant0. M?ithout notice or demand, the sald s~re~ate aum men-~
lbned in atd promb~ory Aote, less previous peymsnls, !f any, end any and aN sums mentioned herein ar_ secursd hereby_shaN become dua and payabls
iv~iin::i~..,. ~s~s~S _f €^~r~~!!!e ~11on o~ ~he Mortoa~ee aa luilyr snd compietsty as !1 said a~prepate sums were ortginatly
stlpu~ted fo be paTd ~i
~ uech tim0. ~~Y1hin~ In sald promissory ~ote or hereln to lhe contrary ootwithsla~iny, ana ihs i+i~oripa~ee s~~.~~ .`-,o a~.~.:a.', :;.as~;:;~:: ~_!:=S'~+~!~L!~~ _
j notke or damand to MslNufe ault at law or tn equity fo snlorce iha ~hts of fhe Mort~aQee hereunder w under seld promissciry nola In the event M u~y
delauN or Meach on the part o~ the Morlpapor hereunder or under aal promissory note, the Mort~aqee shall have fhe continufny optbn to en(orce payment
d a11 sums secured Asreby b~/ action at I~w o~ by suR in equlty to lorecbss Ihia mortqa~e, etihe~ or both, concurrentty or oiherwlae, and one ~tlon w w11
•hall not abale a ba ~ ba~ to or wah?erot the Mort~apee's ripht tolnalllute or maintain Ihe olher, p?ovWed said Mortya9ee shall hare oniy one paymanl and
sstlslecllon ot ssid Indehtedness.
14. That In Ihe evenl lhat Mortpa9or shsll (1) consant to the appolntment of a receHar, tru~tee or Ifqukiator ol all or a aub:lantial part oi MoMqayors
assels, or 12) be adjudicated a banlwpt or insolvent, or tila a voluntery petttbn tn bankruptcy, or admif tn writirp fts InabiUty lo pay its debls ss they becoma
due~ or(3) maks a yeneral esalQnment 1w iha benslN of creditors, or (4) file a pelHion or answer seektn~ reorpanizalbn or a~ranyemenl wilh creditas, or to
' tske adv~nlwe ot any I~soivency law, a(5) flle an answer admNtinq Ihe materlal aUepations d e p~titbn (iled agatnst Ihe Mort~ayor in any bankruptcy.
reorpsNzatbn or Inwkency proceediny, or(6) ~ctbn shail be taken by the MortpaQa lor Ihe purpose oi elfeclinq sny ol the foreqolnq a(7) any wdsr, ~udp~
mentordeaaeshsilbeenteredupo~anappNcatbnofscreditororMort~ay~byacourtofcomp~tent~urlsdictbnappravinyapelfilonseekin~appp(ntment
of a recehrsr or trustee ol sl! or a substential part ot ihe Mortqapor's ssaets and suct? order, ~u'~pment or deCree ahal! conlinue unalayed and M eilecl tor ~ny
perbd of thMr(30~ conseculiva days, ths Mortpapee may declere the note hereby aecuted tortiriWth due and payable, wharaupon Ihs prlncipa! of and the tn~
terest aaxued on the nots snd sll othar sums heraby eecured ahall become torlh with due and payaWe aa If atl af the seld sums ol money wa~e aiQir~My
~ stipulaled to bepa id on auch day; and fhereupon fhe MortQaQea without nolbe or demand may prosecute e suit at law end/or In equity as if all monles
aecured hsreby had matured prlor to Its instltutbn
f 16. That tha Mo?tqa~ee or any peroon aulhorized by the Mortgagee ahsll heve the right lo enter upon and inspecl the morigaqed premises et ~Ii
~ reasonable times. .
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` 1 d. ~ That any aum or sums which may be loaned or ~dvanced by fhe Monsayee to the Mongagor at eny llme within twenty (20} year, trom ihe dels ~
~ ~ ol thb Indenture, lflqether with IMerest iheroon at fhs rete syreed upon at the Nme of auch ben or aavance, shal! be equally secursdwith ~nd Mvs the same !
prlaltysilheoriplnallndeblednessandbesubJecttoailthetermsa~dprovfatonsotthismoAflefle; provWedthalthespgre~ateamountoi principaloulsten- i
{ din~ at any tfine shsll oot szcssd t pr tl ihe precedlr?~ blank is not compteted, then an amount equal to one hundred and iffty psrcent
f (154%) o[ ths princtpal amount aiQlr~alty secursd hereby shaN apply.
i 17. Tha~ H requlred by Mort~agee, fhe satd Mortpa~or witl pay unto the Mortpa~ee, on the lirsl day o! each and every consecutivs mor?ih. a~um ~
~ equal io ona-twel!!h ol lhs annual smount necessary to psy sl! taxes end assessments eQalns! Ihe aald mortgaged premtaes, aaid monthy aum to be ear !
, Ilmated solMy by MorlqaQee snd cakulated io be an amount not leaa than the amount ot taxas asasssed a~ainat saW mortqa~ed premises lor the prevloua
yeat, and il furlher requked by MortQaQee to pay all insurance premlums in manner and form ~s provided hereln ior the ~ayment of iaxes ond ~ssssamsnls.
, 18. That H thb mortyape Is In connecibn with constructbn loan Hnanclnq, then this martpaQs is sub~ect to the Consirucilon Lo~nAp rsemeM
~ dafsd , 19 between Ihe Mortpaflor and lhe Mortpagee, an executed copy o1 which Is In the posssssion ol ih~
; Mortpapee ~nd b Mcorporatad herein by teterence and mrde a part hereot; Pny defauN by Mortfle9or under aaid aQreement ahall conalltuts an event of
def:ult under thls mort~aye.
~ 19. That ths MortQagor wili on the requeat o1 !he Mortgagee furnlah a wrilien statement of the amount owin9 on Ihe obli~allon wh~h thls moriye9e
aecures and thereln atate whether or not Mortqaqor claims any delenses or of(aets thereto.
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