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<br /> 76- R02492
<br /> All payments mnde under the provieione u( this murtgage ur tlie nute hereUy securevl, which mny Ix� construed ns inlerest ,
<br /> xhnli not, in the aggregate over thc lerm thereof, exceed the rale thut mny nnw bc Inwtully con[rncted for in writing.
<br /> . -� . I! is turther ngrecd thut in cuse nny suit ia lxgun. to fo[eclosc thie morlgage, the Mortgagee, ita repre�ntativen or axvigns. .
<br /> shall at once be entitled to ihe Fx�axeayion ot aoid premines, rmd upon applicnlim� therefur, the courf :n which such action shnll
<br /> be brought or any judge of such court, either in term timc or vacation, 'ss .ierehy authprizal to appoint a cecciver !o take pusses�
<br /> sion of anid premixes, or to collect lhe rente there(rom, und to do and perform duch other acts ns mny be riquired by lhe nrd�•r
<br /> ������ � r � of tha court makinq the appointment; nnd enid Morlgugor h�reby wnive� uny notirn of such applicxtinn. amJ cnnsrnts to the a�p• .
<br /> pointment of ¢ receiver upon the proriuction o[ this mortgage. withuut ott�er evidence. ��
<br /> It ie expressly n6�eed and �nderntood thut the htortgagor shall proceed uith� t.he conntructiun of a buildin,r, on said premises � �
<br /> with all reazomblu dispatch�, and due diligence and shull pey (or any and nit extras or matificutioas ihat he may muke in suid �� . � � � .
<br /> 6uilding, direct fo the Modgngee to be disburaed, tc�gether with the money loanecl or advancerl by said Mortgagee in rnnnection .: � �� ;
<br /> � with this ]oan. And it is turiher ngrectil and underetoal that if the construckion of auid huilding l�r, at any timr, discontinued �
<br /> or not enrried on with reasonnble diepatch in the judgment o[ the �lorlgagee, Uie Mortgngee or nnc holder n( lhc• sllid nute and � . .
<br /> � Mortgaqe may purchnse mnterials and emp(oy wurkmen ta protect snid building, so H�el the sume shall nof tufTer from depmde- . � �
<br /> tion or the weuther, or to complete suid building, so that it mssy br used for the purpaswc for which it is dc�iRned. undrr the s:�id �
<br /> plans 871d � 6�PCIf1C8LlOIlF{ thnt all fhe, aums sn peid, or ezpended, xhnll be tIBPi11C[I f0 FM A[IVt1ItCP4 to the hlorl�;agor, nnd serumd
<br /> hy the said note and mortgage und may be applied, at ihe optimi o( ihe snid h1ortgagee, nr any holder of snid notc and mortgage . � . �
<br /> to ¢ny advnnces themntk�r bernming due. Iiut in no event shall the Mortgngee be liable in any way tn cnmplele snid buildinC or � �
<br /> to pay !or lhe rnxts of construetion beyond the xdvancrs of l.hc• amoun4ti dr.positcKl for sxid purposes or lonr�ed bv the Dlorlgagee � . .
<br /> tor the construction o( this building. And ii is furlher expreasly ngnrd nnd understood that if the Ttortgngor shall fuil to complete �
<br /> ' snid building in accordnnce with the agreemenf.v, blue prints and sPecificnlionR filed in cunnection with thi+ loan or shnll neF:lect, - �
<br /> . fail ur re[use fo pay (or the cosLs nnd czpenses in connection therewilh, or shnll fail in any other of the covenanL+ herein set [orth, .
<br /> then, at lhe option ot the Mortgagee or of the holder of lhe note �nd mortgage P�crein referred tn. the �iortgagec may declnre snid �
<br /> : loan t4 be+ in default and the entire amount Ivancvl shall immedintcly b��ime duc mid puyabir and the prorx�rty hcrein retermd to � . �
<br /> � �:hall tx securify for all o( the advances nnd exponses incurred and m�dc by the 1lorlgagee in conn�•ction w�ith thia provision. � � � .
<br /> � Without limiting lhe qenerelity n[ thc foregoing, the �iorigagi�• s6nll h:tve the right to de�clnre that de(null h�s lu�en made . �
<br /> � and the er.tire indebtednes.g here�mder to Ix+ due und payable nl once upon the he�ppening u( any onr• ot the (nllowinq conditions: �
<br /> ' . (a) 'i'he filing of any lien ugainst the property, whether ciaim��cl to br prior to the first morlgage or subjirt theretn: � � � - � .
<br /> (b) Tho entry of any judqmenf against the htortgngnr;
<br /> • (c) The fni(ure to comply stricUy with zoning regalatioac, the provisions of the city buildin�; c�xle, ur it uny stop nrder � �
<br /> � is issued by public authorities; � .
<br /> (d) Any misslulement in the lonn npplicrttinn; .
<br /> . � (e1 Any mnterinl chunge in the plans and specificUtions nol first apprnvcrl in writing by the \furlgnFcr: : .
<br /> (Q If work be delayed or yuspended for a pr.rial ot ihirty (301 d:p-s ���ithuut causc• sntisfuctnry fn the �1ort�a�:ec, nr
<br /> should the �lnrtgagor (ail to cau.se a�ork to be pr�ecuted vi�;urously. .
<br /> 1[ the biortgagm dec�lares the loan to be in de(auft «nder any� pruvisions of lhis provisi�>n, the �7urtgagcc shell br• und�•r . � �
<br /> nu obligution to ndvunce any [urther moneys hereunder either (or puyment o[ w�nrk p<•dormed and materinl�: nUrady furnished, or � �
<br /> those to {x� (umished luter by the MortgaRor. � . �
<br /> � � It is understood and agreed thnt thr 1lortgugor will us� :ill adeunces mnd� under ihis morikaRe to erect a huildin� on �
<br /> k �� snid pre.nires in accrordnnce with the pinns, speti•ifications and �rnrral .��nrment.s filivl in conne-ction ther<•with, imd heretntore
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<br /> � npprovivl by the n1orlpagee. .
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<br /> It is understoai nnd agreed that nll materiuls dcliverNd upon x�i�l pr�•misos for th�• purpusr a( b�•inR incurpornled in the � �
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<br /> buildinq shull Ix considerr�i a pnrt of the building. � � .
<br /> ,: �, hlortgagee agrees to make advances under il�is loan fur the emutruction nf sairl buildin�; fn�m lim�� tn limr ,as npreed _
<br /> x� � F�twcrn thc pnrtirs hcreto.
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<br /> � AND I'P IS EXPRESSI.Y AGREED AND U:QDI'sRSTOOD that said advana�s �hall M• ��aid onlp ��hc�n in thc jud�,*ment
<br /> �. nf the 1�tortgagee all work usually done ut lhe stage o( constructinn w�hen ti�e advance is madr p.�yatd�� shall h:n��• kx�e•n dun�� in :i
<br /> . gax9 und w�orkmanlike manner, und nll materixls nnd fixtures usuallV Iurnishecl and instnited at that limr shall havn birn fur-
<br /> nished and inslnlled; but the I�tortFugee muy advunce parls, or tLe w�hole, uf .uiy inst�l!men�s txdor�� they b�•cumr due. if th�• \forb
<br /> i . Ragee shull txlicwe it t�dvisable lo du so. and all such advunces or paymimts shall be deemrd to hare I»�en made in pursuance of
<br /> � this agreement, nuthin�, hc��ever, in this agreement shall lxr construed a; a dMemiinntinn uf th.• qunlity of the work, Intror
<br /> � or materinls [urnishnl 6c the ;�lortgagor or cnntrartnr and the Mort�;agcr .hnll Iw� und��r m� dutr ur � �Lli�;:rtinn �o mak��
<br /> - such dctertnination.
<br /> � 'I�he �SortK[igce sl�ull be SuUrognled lo nll u[ the rights. Privilcges, priorities, anil cyuiliire ot any licnhulder whose liim m+ry
<br /> i� �. h:tee bcrn discharged Gom the proceed� of lhis Inan. ur Ly nny funds hrreby p:�id ur furnished by the 111ort�vgm.
<br /> � IT IS EXPRESSLY AGRliED th�t if thc Diurty;nt;or shall sell, convey or nlienate s�id propert}•, or any pnrt thcrc�of,
<br /> - or nny interest thernin, or shall be diveretir3 oF his title or any intrrest therein in any mannar or W�V, H'}1C(Il(f volunfarily or
<br /> ' involuntarily, without wriften cor�crnt nf thc :�tortga;;cr lxent; first hnd and ob4tined, tiiort�agee shall hnve the right, at iL3 opUon.
<br /> � to declnre any indehG.dness or obligutions s�rured hereby, irjespectivo n( lhe nwturitp d:ile s�xcificd in any nale evidencing the
<br /> ' enme, immediately due nnd paynble without notice, and u�id debt shall fliereu�wn �come ��h:ulute I[ the ownenhip of the morb
<br /> . gaged pmperty becomee vcated in a ��elson other than thr \fort�agoq tlie rfortgagm m;iy, �sithout notice to the AfurtFugor, de:d
<br /> � with such euccessor or sucecssors in interest with m(erence to this mortg��ge nnd the debt hereby secumd av wilh the Iviortgngor,
<br /> . and mny forbear to sue or mny rxtend time for the payment of thr drLt hereby s-ccured without dischargin{; or in any way aRttting
<br /> the linbility ot the originnl i�tortgngor hereundcr or u�wn the debt xerurecJ.
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<br /> � In thiv inytrumrnl the sinFular includih the plural and lhe masculine includes the femininc und ihr neuti�r nnd this im ' � " ��"� � �
<br /> strnmrnl ylwll tx binding apvn the undrni�:ned. Lis heire, person�l repre�entntivrs, �ucc�ssors aml astii�:ns. � � ; :% �
<br /> . I . IN WITNESS 1VHEREOF, a•e have hereunto sot our hands nnd seal. lhr day and yrar first afavr wcittem. � � i'
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<br /> In the pre,�ence of: l� � � . h ' . .
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