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<br /> u> , i , , ,(, ., ' ' v.: 76.. 000288
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<br /> The Mortgagee tray collect a " late charge" not to exceed Five Cents ( 5c ) for each dollar ( $ 100 ) of each total tnnnthly
<br />,a" payment more than 15 days in arrears to rover the extra expense involved in handling delinquent accounts-
<br /> f It is further agreed that in Calle any suit is begun to foreclose this mortgage, the 1sltirtgagee, its reprnnentatives +ar assigns,
<br /> shall atonce be entitled to the possession of said premises, and upon application therefor, the court in which such action shall
<br /> a he brought or any judge of such court, either in term time or vacation, is hereby authorized to appoint a receiver to take pewee-
<br /> slot of said pectoses. or to etillect the rents . therefrom. and to do and perform suchother acts as may be required by the order
<br /> eeata at ttw court makirjg. , the alppaintment: arid said I Mortgagor hereby waives any notice of such application, and consents to the ata
<br /> a,t • - pointtjent of a receiver upon the , production:of that mortgage, withiwt other evidence.
<br /> st l It is expressly agreed and understood that the Mortgagor shall; proceed with . the construction of a building on said premises
<br /> ! y ' • . with all reasonable dui. natal. and due diligence and shall pay for any and all extras or modifications that he may make in said
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<br /> k t building. direct to the Mortgagee to be disbursed; . together with the money loaned or advanced by said Mortgagee in connection
<br /> with this loan. . And it is further agreed and understood that if the construction of said building be, at any time, discontinued
<br /> t or not carried onwith reasonable dispatch in the judgment of the Mortgagee, the Mortgagee or any holder of the said note and
<br /> 14 } Mortgage may purchase materials and employ workmento protect said building, &) that the same shall nott suffer from depreda-
<br /> timn or the weather, or complete said building, so that it may be used for the purposes for which it is designed, under the said
<br /> y , j : plans and specifications: . that all the sums so paid. or expended. shall be deemed to be advances to the . Mortgagor,. and : secured
<br /> a. by the said note 'and mortgage- , and may be, applied, at the option of the mild id Mortgagee: or any holder of said note and mortgage
<br /> to any advances. ,thereafter beanning clue. But in no event shall the Mortgagee " be liable in unye ar to complete said building or
<br /> i.ato pay for the costsof construction beyond the advaiwes of theamounts deposited for said purposes or loaned :by, the. Mortgagee
<br /> for the construction of this building. And it is further expressly agreed and understotxl • tltat if the` Mortgagor shall fail to complete
<br /> said building inaccordance with the agreements, blue prints and specifications filed in connection with this loan or shall neglect,
<br /> fail or refuse to pay for the ousts and expenses in connection therewithi or shall fail in any other of the covenants herein set forth,
<br /> then, at the option of the Mortgagee or of the }ambler of the nate and mortgage herein referred to, the Mortgagee may declare said
<br /> loan to be in default and the entire amount loaned shall immediately become due and payable and the property herein referred to
<br /> shall be security for all of the advances and expenst incurred and made by the Mortgagee in connection with this provision
<br /> Without limiting the generality of the foregoing, the Homagee shall have the right to declare that default has been made
<br /> xand the entire indebtedness hereunder to be due and payable at once upon the happening of any one of the following conditions: -
<br /> (a ) The filing ofany lien against the property, whether claimed to be prior to the first mortgage or subject thereto ;
<br /> (b) The entry of any judgment against the . Murtgagor: •
<br /> it (c) The failure.:to romplv; strict}y with zoning regulations, the provisions of the city building code. or if any stop order
<br /> is issued by public :authorities:
<br /> ( d ) Any mthttent in the lean application :
<br /> - .Sc. : q. tel Any material change in the plans and specifications not first apprcrveKd in writing bytheMortgagee;
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<br /> ( 1) If work be delayed or suspended for a period. of thirty ( 30) days without cause satisfactory to the Mortgagee, or
<br /> should the Mortgagorfail to cause work to be prosecuted vigorously.
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<br /> If the Mortgagee declares the loan to be in default under anyprovisions of this prrnaision, • the Mortgagee shall under
<br /> no obligation to advance any further moneys hereunder either for payment of work performed and materials already furnished, or -
<br /> these to be furnished later by the Mortgagor.
<br /> It is understood and agreed that the Mortgagor will use all advances made under this mortgage to erect a building on .
<br /> said premises in accordance with the plans, specifications and generalagreement filed in connection therewith. and heretofore -
<br /> lye approved by the Mortgagee, _ -
<br /> It is understood and agreed that all materials delivered upon said premises for the purpose of being incorporated in the
<br /> building shall be considered. a part of the building. v
<br /> Mortgagee agrees to make advances under this loan for the rnnstruction of said building from time to time as agteed Iiir
<br /> Isetween the parties hereto.
<br /> AND IT IS EXPRESSLY AGREED AND UNDERSTOOD that said advances shall he paid only when in the judgment
<br /> of the Mortgagee . all work usually done at the stage of construction when the advance is made payable shall have been done in a E n
<br /> Good and workmanlike manner, and all materials and fixtures usually furnished and installed atthat time shall have been fur- tar
<br /> nishexi and installed : but the . Mortgagee may advance parts, or the whole, of any installments before they become due, if the Mort- - -
<br /> gagee shall believe it advisable to do so. and all such advances or payments shall be deemed to 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 materials furnished. by the Mortgagor or contractor and the Mortgage shall h.., under no duty or obligation to make - %
<br /> Mortgagee
<br /> such determination.
<br /> ...VP.
<br /> The Mortgagee shall be subrogated to all of the rights, privileges, priorities, and equities of any lienholder whose lien may
<br /> have been discharged front 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, •
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<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 Mortgagee being first had and obtained. Mortgagee shall have the right, at its option, •
<br /> to declare any indebtedness or obligations secured hereby. irrespective of the maturity date specified in any note evidencing the
<br /> same, immediately due and payable without notice, and said debt shalt thereupon became 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 successor or successors in interest with reference to this mortgage and the debt hereby secured as with the Mortgagor,
<br /> and may forbear to sue or may extend time for the payment of the debt hereby secured without discharging or in any way affecting
<br /> ra the liability of the original Mortgagor . hereunder or upon the debt secured. .
<br /> Fri this -instrument the singular incudes the plural and the masculine includes the feminine and the neuter and this in -
<br /> * stritment shallbebinding upon the undersigned, his heirs. personal representatives, succresors and assigns.
<br /> IN WITNESS WHEREOF, we have hereunto set our hands and seal , the day and year first :atxn-e ovritten
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<br /> L,;;:: in the pre-serum of: t
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<br /> Edward R . Jel>
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<br /> �t,.. .LL. L1 :LLii ) L- /J � � % ' - ---Z, 1 . . _ . .
<br /> Unarlanzle N . Jenkins
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