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<br /> 76- 0075 �? �
<br /> . All p¢ymenfs inade under the provieia�n o[ thie morlgtiqe ur the uute hewby socurvd, which mny be cunstrucd ux intcrcet, �
<br /> . xh»II not, in the nKY,regute over the term thermt, exceed lhc rnle thn! mtiy now be luwfully conlrncte<! for in wriling. . .
<br /> - IC iu further agreed that in cuse uny auit ia begw± � lo [orecloxe thie mortKage, th� Marlgugee, ils representntivex or uxsi6na, . � � �
<br /> eholl nt onm be entilled lo the poxyesaion of eaid premiees, nnd upon opplicnlion therefor, ihe court in which euch action ehall
<br /> � be brought or any juJge uf auch court, either in term time or vncation, is herelry authorized to appoint i� receiver �o lnke posses• , � . . . �
<br /> eion of eaid premises, or to collect the rents there[rom, and tn do and per(orm euch other ac4v ua muy tK+ required by lhe order
<br /> o( the court mnking the eppointment; and soid Mortgngor heruby wnivew nny notice of xuch npplicnlion. nnd consrnis tu the np•
<br /> pointment of a recciver upon the prMiuction of thie mortgage, without oth�r evidence. � � . . � . �
<br /> It is expreanly agreed and undoretood thet the. Mortq¢gor ahnll proceecl with' the asnstruction of n buiblini; on xairl premisca
<br /> with ell Teasone6le diapatch, and due diligence and etuall pny [or any nnd nlf extrtv9 or maiifications that hc may mnke in snid
<br /> building, direct to lhe Mortgagee W bo dis6ursc�l, toqether with the money lonn�l or ndvnnced by said Mortgagec in connectinn
<br /> with tl�is lonn. And it is further egreed and understaxl thnt if the wnstruction o( suid building be, nt any time, discontinued - � �
<br /> ' � � '� or not cnrried on wifh ree�wnnble disputch in the judgment o[ ihe Mortgap,ce, the Mottgt�gee nr uny holder of lhe xuid note and . � �
<br /> � Mnrtgage muy pumhase materials nnd employ workmen to ptolect gaid bailding, so thnt thc snme shall not sufTcr from depredn-
<br /> �� lion or the wenther, or to complete suid building, so lhat it mny be ased (or the purprnes fur which it is designed, under the suid . � � � , �
<br /> `� pinna and specificxtipns; thnt all lhe aums so pnid, or expended, shtdl be dermed to be advnncea tu the Mortgagor, and scrured � . �
<br /> by the said note nnd morlgnge and mny be npplied, at the option of the snid Mortgagec, or nny hnldrr o[ said note unrl morlgs�go � � . . .
<br /> to any advances thereo(ter becoming due. But in no event xhal! the Morlqogee be linblr in xny way to romplete suid huilding or � .
<br /> fo pay [or the costs ot rnnstruction beyund the udvnnces o( the amounls depositcYl (or said purposen or lonnrrt hy lhe Mnrtgngeu �� � . . � -
<br /> lor the construction of thie building. And it ie furlher ezpresvly ugreed nnci undcrstood thnl i( the Mortguqnr shall (�il lo wmplele � �
<br /> uid buildinR in nccordunce with lhr, ngreements, blue prints and specificationx filed in conneclion with this loan or shnll neglect, �
<br /> fuil or re(use to puy fur the cosLv and expenses in ironnection Lherewith, or rhnll fail in any oQ�er of lhe covennnts herein eet forth, . . .�
<br /> then, nt the option o( the Mortqugee or of thr, holder o( lhe nule :md mortFage hcrein retcrred lo, the MortgeRee may deciare said � � .
<br /> loun to be in detault nnd the entire umount loanec! shidl immedintely 6ecome dne and puyable :ind lhe property herein refe•rmd to . . .. . . �
<br /> chall be s�ecurity for all of the ndvnnces nnd expenses incurred nnd mnde 6q th� Mortgatiee in a�nnecfion with this provisioa � � �
<br /> Without limiting the gener¢lity of the foregoing, the MurtF+�FM. shnll have ihe right to declare thnt detau�t has lxrn made � � � . . �
<br /> and thr, entiro indebtedm�ss hereunder to bc duc nnd payablc at once upun thc heippening o( any onr o( thr fullowing cnnditiona: � �
<br /> , (n) � The filing of 'any lien nguinst the property, whelher claimed in br prior to the fir�t mnrtgaFc or subj�ti•t therrto; � � .
<br /> :, � �; � (L) The entry oI any jud�nent against the Alortgngor, ' � -
<br /> �' ? (c) The fnilure to comply slrictly with zoning regulalians, lhe prnviFionx of lhr cily L�ilding c«ii•, or if uny sfop order �
<br /> is i.ssued by public authoritica; �. � .
<br /> (d) Any miestntement in the loan npplication: . . � �
<br /> (e) Any m�terial change in thr planv and specifice�tion4 not firet nppruved in writinR hy the Murtgagrr: : � � � � . � �
<br /> (() If work bo delayed or suspended (ur a peri«I u[ thirty (:i0) daye without c:wsi• sn�is(uctory tn the 61ort�;a�ce, or ; �
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<br /> xhould th�� Mortqaqor (flil to cnuse work to be prrsecuted vignrously.
<br /> I( the Murtgagec declares lhe loxn to be in dr(nult undi•r uny provisions of this pro��ision. thr Mortgagee shnll he under � �
<br /> no obli{;alion k� advnnce any further moneya hi�reunder either tor paymrnt o( wnrk pPrformrd and muYrriads alrv�ady furnished, or � � �� � �
<br /> ;a
<br /> those lo be lumishtvi luter by the MortgeFor. � � � �
<br /> It is understoal nnd ugr�rcl thut the Mortgagot will usc all advnnce. made undrr this morl�age tn rmct :i buildinF on ;
<br /> i�� �� snid premises in accordance with lhe pinns, sp�rificatinns and �;eneral a„rtrm�mtn filMl in cnnnrclinn th��rew�ith. :md her<•inforr, � . � �
<br /> � npproved by the blortgngee. . �
<br /> �� ; ft is understa� und ngreed lhnt all mulerialw dclivered upon said pn•mis�•n for Ihr purpose o( h�•in„ incurpornted in the � . � � . � �
<br /> � building shall be considemd u pnrt nf lhe building. � � �
<br /> j Mortgagee agmes to make ndvances under this loan for th�• construr.tinn o[ said buildinK fr„m time in limr as i��rerd �
<br /> y�.� , Mtween the parties hereto.
<br /> � AND 1'P IS liXPRESSLY AGRELD ANU UNDGRSTOOD that suid udv.anci�y shull tx� puid onl}� wh�•n in the judgment
<br /> : of the T7urtgngee ult work u�ually done at the stnge o( construction when thi• advance is mnde payabl�� sh+dl Lave Iwren dnne in n
<br /> . Fo«i nnd workmantike manner, nnd all materials nnd fiztures uswdly furnishr.l anrl insl:+llcd nt t6at lime sh.Jl Lave b��n fur-
<br /> " � nished and instnlled; but the :�fortgugee may adv:mcc purl5, or lhe w6oli�, o( any installmcnta brfure they Lcrum�• duc, if tho Mort-
<br /> qngee shni! lx�liwe it 3(IV19SIhIC to do so, and all such udvances or p+iytni•Na shall tx deemed to hav� !x•en made in piasu¢nce o(
<br /> this agreement, nuthing, howe��er, in this ugreemenl shr�il !x construcd as a Jelerminuliun of th�• quali�y o( thr work. labor
<br /> t�, or mrilerials tumishcrl hy thr Mortga�;or or c�,nlrnctor and th�• \inrtgagrr ch:dl la• undrr nu duty ur ��hligaliun tn mak��
<br /> � �uch dr(erminntion.
<br /> The Alortgngce nhall be su6mgnled to :dl o( the rights, privileqe5. Prinrilies, and eyuitiis of imy lienhulder whusr lien miiy .
<br /> ' have been dischnrFed trom the prcecedti of ihis loan. ur by nny tunds h��reby paid or [urnished by th� binrt�;agee.
<br /> � IT IS EXPRESSLY AGREED th+�t if the hfortguR�r shull eell, com�ey or nlien.de stiid property, or any part ther��f.
<br /> � � � oT any interest thercin, or shiill fm divestcd of hie titic or any intcrc�st thi�rcin in nny manncr or ��'ay, whether vnluntarily or
<br /> s: ' involuntarily, without written consent of the 14ortgagec bring firnt had and obL�inal, :�lnrtgagcr xhnll hnvi� the tight, +�t its optimi,
<br /> � to declnrn uny indebtedness or obligafionu secun�rl hereby, irrespective of the maturity dnte s{mcificd in :my note uvidencing the
<br /> � eame, immediately due nnd poynLle wilhout notim, mid �1id debt simll thereupun become nlnolute. If lhc ownrnhip of the mort-
<br /> �� gagcd property bernroes vested in t� person other thnn the hlortgagoq lhe I�fort{;agM: m.�y, without noticc• to the Mortgagor, deal
<br /> �, with auch successor or euccessors in interc�t µ�ith reference tu fhis morl�;age and tbe debt hr. n•Uy secured :is wilh lhe blortgaFor,
<br /> " nnd may torbear to eue or ma:; c��wnd time tor the payment of the dcbt h��reby siK�urrd without divch:vging or in any wny af(ecting .
<br /> � the liebility of the originul Mortgngor hemunder ur u�x�n the debt =cv�ured.
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<br /> �- Tn lhis inetrument the singular includis the plurul end lhe musculine includes the femininc nnd thr neulrr nml thic in- � � � . . . 4 ' ��
<br /> tilrumvnt nhall M� binding upon the underaign��d. hiv heirs. person�l repra�vrnlutivrs, !:uccesvors anil �asi�;ns. � � N '`
<br /> - � 1N WI4'NESS WFIF.REOF, we have hereunto set nur hnndy and senL thr day :md year ficst nlmci� arittrn. � �
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<br /> : . In the presence of: � _ > � .. / j � t� ` ,
<br /> . ! . �r.. r��'�:.� . _ . � :' � ' �'�� / ;I✓ . - Ub � .
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<br /> Gregory D�hlehring
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