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<br /> The Morigat;ee may et/fleet a "late charge" not to exceed 'Five Cents ( 5c ) for each dollar ( $ 1 .00) of each total monthly .
<br /> payment .meu•e than 15 days in . arrears to raver the extra expense involved in handling delinquent accounts.
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<br /> It is further agreed that in case any suit ix begun to forcchae this nun-triage , the Mortgagee. its trpresetitat.ives or so:signal
<br /> V4 4 Ashall at once be entitled to the 1x>sseasion of saidpremises. rind upon application therefor, the court in which such action shalt
<br /> { is' brought or any judge of such court either in term time or vaeatiem_ is hereby authorized to appoint a rcoeiver to take posses-
<br /> A.. siert of swum premises: or to nollect the rents therefrom, and to do and perform such Other acts as may he required: bythe carder
<br /> of the'court making the appointment ; and said • Mortga}cor hereby waives any notice of such application , and torments to the ap-
<br /> `� ia>intment taf a receiver upon the production of this mortgage, without other evidence.
<br /> it its expressly) agreed . and understood that. the Mortgagor shall proceed with the construction of a building onsaid premium
<br /> + i with all reasortxbie dispatch; ; and due diligener and shaft pay for any and all extras or modifications that he may make • in said
<br /> budding. . direct to the Mortgagee to be dfsltrstei, together with the money loaned or advanced by said Mortgagee in connection
<br /> r with this lean. ' And it is further agreed and understood that if the ecrostntction of said building be, at any time, discnntfnued
<br /> rPe' or not carried nn with nwaonable dispatch in the judgment of this Mortgagee. the Mortgagee or any holder of the said note and
<br /> Mortgage , may purchase materials anti employ workmen• to protrrt said building, so that the same shall not suffer from depreda-
<br /> tion or the wether, or to e c ntplete Said building, so that itmay he used for the purpose; for which it is designed. under the said
<br /> plazas and spticificatu>ns; that all the sums so paid, or expended. shall he deemed to be advances to the Mortgagor, and savored
<br /> ettt by the said note and mortgage and may be applied, at the option of she said Mortgagee. or any holder of said note and mortgage
<br /> to any advances. thereafter 1teconning due. But in no event -shall the Mortgagee be liable in any way to ceitnplete said building or
<br /> to pay for the costa a construction beyond the advances of the amounts deposited forsaidpurposes or loaned by the Mortgagee
<br /> for the construction of this buildin€. And . it is further expressiv agreedandunderstood thatif the Mortgagor shall fail to complete .
<br /> pilt said : building in aceaniancr. with the agreements, blue • prints and specifications tiled in connection with this loan or shall: neglect, .
<br /> fail or refuse to. pay for the costs anti expenses in connection therewith, or shall fail in any other of the covenants herein set forth,
<br /> then, at the option of theMo Mortgagee or of the holder oaf tlxe note andmartgaim herein referred to, taco ?t4ori€age re mat r declare said
<br /> " loan to be in default and the entire atnoatnt loaned shall immediately become due and payableand the property herein referred to
<br /> shall he security far all of the advances and expenses incurred and lertrie by the Mortgagee in connection .with this provision.
<br /> Without limiting the generality of the foregoing, the Mortgagee shall have the ri €ht to declare that default has been roads
<br /> and the entire indebtedness hereunder to be due and payable at once upon the happening of any one of the following conditions:
<br /> ( a) The filin€ of any lien against the property , v.hother claimed to he prior to thefirst mortgage nr subject thereto:
<br /> a ( b ) The •entry_ of any judgment .
<br /> j €trent against the Mortgagor:
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<br /> (c) The failure to comply strictly with znrin t regulations . the provisions of the city building reale, or if any reap order
<br /> ht heated hv- subtle authorities; ... . .
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<br /> u - ( dl Any misstatement in . the loan appiication ;
<br /> r te• t Any material change in the pians and. specifications not first approved in writing by the Mortgagee:
<br /> ( f1 If , Work . .he delayed or suspended for a period of thirty ( 30) days without cause satisfactorc to the Mortgagee, or
<br /> `v should. the Mortgagor .fail tocause work to he prosecuted vigorously .
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<br /> e1e .If the Mortgagee declares the loan to be in default under any provisions of this provision. the Mortgagee. shall be under
<br /> y no obligation to advance any further moneys hereunder either for payment of work performed and materials already furnished, or
<br /> thnose in be furnished Iain by the :lMortgaaar.
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<br /> s - It is understood and agrees{ that the Mortgagor will use all advances made under this mortgage to erect a building on
<br /> said premises in accordance with tlx: plans. specifications and general asreeements filed in connection therewith. and heretofore
<br /> approved b .he Mortgagee.
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<br /> It is understood :and agreed that all materials delivered upon said pi-en ices for the purpose of being incorporated in the
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<br /> building shall he considered a part of the budding.
<br /> Mort€agee agrees to make advances under this loan far Il;e construction of said building from time to time as agreed
<br /> between the parties hereto.
<br /> AND I'T TS EXPRESSLY AGREED AND UNDERSTOOD that said advances shall be paid only when in the judgment •
<br /> of the Mortgagee all work usually done at the stage of constriction .when the advance is made payable shall have been done in a
<br /> good and workmanlike manner. and all materials and fixture. usually furnished and installed at that time shall have beenfur-
<br /> . niched and installed ; but the Mortgagee rosy advance parts. or the whole. of any installments before they became due, if the Mort-
<br /> gagee shah believe it advisable to do so, and all such advancesor payments shall he deemaedto have been made in pursuance of
<br /> this agreement. nothing. however, in this agreement shall be construed as a determination of the quality of the work. labor •. .
<br /> or materialsfurnished by the Mortgagor or contractor and the Mortgagee shall be under no duty or oblis,.it: on to mako
<br /> >+seh determination . , .
<br /> The Mortgagee shall be subrogated to all of the rights. privileges. priorities, and equities of any lienholder whose lien may
<br /> have been discharced from the proceeds of this loan, or by any funds hereby paid or furnished by' the Mortgagee.
<br /> IT IS EXPRESSLY AGREED that if the Mortgagor shall sell . convey or alienate said property, or any part thereof,
<br /> or any interest therein, or shall be divested of his title or any interest therein in :any manner or way. whether voluntarily or
<br /> involuntarily, without written consent of the Mortga€re being first had and obtained, Mortgage,-* shall have the right, at its option. •
<br /> to declare any indebtedness or obligationx • secured hereby, irrespective of the maturity date specified in any note evidencirut the
<br /> same. immediately due and payable without notice, and said debt shall thereupon become absolute. If the ownership of the mort-
<br /> gaged property becomes vested in a person other than the Mortgagor. the Mortgagee may, without notice to the Mortgagor, deal
<br /> with such tutees-ism or successors in interest with reference tea this mortgage anti the debt hereby secure as With. the Mortgagor,
<br /> {id ' and may forbear to -sue or may extend time for the payment of the debt hereby secured without discharging or in any way afle<:ting
<br /> '� the liability of the original Mortgagor hereunder or upon the debt secured.
<br /> In this instrument the singular includes , the plural and the masculine includes the feminine and the neuter and this in - , ... . .. .
<br /> .stn:merit shall be binding upon the undersigned . his heirs, personal representatives. suCt 'sson and :assigns. t
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<br /> TN WITNESS WHEREOF, we have hereunto set our hands and seas , the day and year first above written. h
<br /> In the prosecute of :
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<br /> tawarc H . J diel s
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<br /> •00nar_amae N . r. r. t._III '
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