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<br /> 76- 00292H
<br /> All puymente mnde under !he provieionu o( this mortqnge ur t6r nute hi�reLy :k�cured, which mny !x• conslrw•d nN in�erent.
<br /> ��. ehnll nol, in the aggreRAte over ihe term thereof, exceed the rnte thnt may now be low(ully cttmtrnctrd fnr in writinF. �
<br /> � It is (urlher agreed thot iri cuse any suit iy begun lu focccla+e this murtgnge, lhe A9orlgngee, ils representnlives or unsigns,
<br /> shnll ot once be entitled to lhe posnession of naid premises, and upon upplicntion there[or, the cnurt in which euch netion ahnU . �
<br /> ��� � � be brought or ony judge ot such cuurt, cither in term time or vucation, is hercby nuthVrized to oppoint a receiver to tnke p<r�!uw- . ' -
<br /> eiun of enid premisea, or tu enllect lhe rents lherefrom, und lo do enrl perfarn� suct� other nete as may be reyuired hy lFs� or.i��r �
<br /> ' of the rnurt meking the appointment; und enid Mortgngor hrreby woiv�g nny nntice ot euch npplication, and cnnventeto the ap• � �
<br /> pointment of a receiver uryon the pr«luction o[ thie mort�,mge.:.without olher evidence. . �
<br /> �� It ia expressly ngreed flnd underetood Lhat the Mortgaqnr ehail prceeed with the construclion n( fl buildinE; al haid premises . .
<br /> , with ull reasonable diepntch, nnd due diligence nnd ehnll pay for unv and all eztrns ur malificaliona that he mny mnke in S.iid � � �
<br /> building, direct to the Mortgagee to be disbursed, togetF�er with the money loaneel o� Fxivnnttvl by v�id Mortgngee in conneclinn �
<br /> �- . . � with this loan. And it is further agreed and understexul thut if the construction of said buildinti be, at any time, dixcontinuod � �
<br /> . or not curried on with musonnble disputch in the judgtnent ot tho MortgnRee, the Morlaa,�ce nr any holder ut the tiF�ir! nnle and �
<br /> , Mortgage may purchnse muteriols end employ workmen to profect snid buildinK, so lhat the snme shnll nut suffcr fmm depreda� � .
<br /> Lion or the weather, or to complete suid building, su ihat it. mny be used (or the purposiw (or which it is desiR���'�1• w�der the said ' � .
<br /> plans and apecifications; thu[ xl! the aums rw pnid, or �•xpended, shall be deemed to Ix� advancea tu the Atortgugur, tmd secumd �� .
<br /> by the said note and mortqnge nnd mny be applied, a[ the option uf the !sflid Rlortgagee, or tmy hulder uf said nnte and mortgt�ge � �
<br /> to any ndvnnces therenfter becoming due. f3ut in no event sht�ll the Mortgagee be liuble in +�ny wny to complr,le xaid building ur � .
<br /> to pay (or the ccKts o[ rnnstruction beYond the nd��anms of the :vnounts depositaKl for st�id purpnses or luanr•d bp the Morlgngee �, . .
<br /> ' for the rnnstruction of ihis building. And il is furthec expressly agrtrd and unclerstnal that if the I�iortgagor shall faii to complete . �
<br /> xaid building in uccordance with the ugreements, blue prints and specifications filed in co�inection with this loan or ah�ill neglect, � .
<br /> fuil oc retuse to pny [or the cusLs nnd expens�w in c�nneclion therewith, or shali (uil in any other ot the covenants herein set forth, � �
<br /> then, at the option o[ the Murtgagee or 6! thc holder of the note nnd morlgage hen+in n+(erred to, fhc Ittortg�gee mny dr.clnre said � . �
<br /> � Innn to be i�. defnult :�nd the entim amount foanecl shxll immedialoly btt.rme due nnd payahle and the property herein referred to . � - �
<br /> - vhnll be �ecurity for atl of the ndvanees and expenses incurrrd nnd made by thi• plorigagr� in connrction �eith this provision. �
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<br /> Withnut limiting the genemlity u[ the foregoing, the Morfgngec shnll have thc right tn declnre thal de(aull huc }x�en made
<br /> � isnd the entire indebtrdn�rea hereunder to be due und paynble nt once upon the happening ut any nnr of thr (ulluwing conditions: �
<br /> ;�` (a) "!'he filing o( any lien Uqainst the property, whether clnimed tu br prior to the first mortgage or subjirt thFreto:
<br /> ; �. (b) 'I'ho entry n[ nny judgment nguinst lhe D2urtgngnr. . �
<br /> (c) 'i'I�e iailure io comply etriMly wilh zoning regulaliaac, ihe pro�•isions of the eity hvilding r�xir. or if any stnp ordrr . . .
<br /> � ie issucd by pu6lic nuthoritiee; .
<br /> � (d) Any misvtatement in thr. lonn npplicatian: �
<br /> . (e) Any mnlerinl change in the plans und Fpecifications not First n�ipmved in rvriting by the MortFat;ee; . � �
<br /> , (t) If work be delayeci or suspendt�d for a perial of ihirty ( 30) Jays withnut caus�• sntisfactory ln the Mort�;agre, or � . .�
<br /> . should thr Tlortgagor fail to cnuse work to tH� prrox�cuted vigorousiy. . .
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<br /> I( the Mortgagee declares [he loan to Le in de[xult under any provisions of this provi,inn. thr �turt�a�ee shnll b�• undrr � .
<br /> � no oblipation to udvance any further muneys hereunder eithrr fnr p�yment ot w�ork perfnrmrd and matt�rials alrrndy (urriishud. or . �
<br /> �.� � thuee to be furnixhed later by the hfortga�or_ � .
<br /> � IC is underslood find ngr��i that lhe \4ortgagor w�ill usc all advanc�w madc under this murt�:a�;e tu erccl a huilding on
<br /> k � said prcmisc� in acrnrdancc+ with the plan.v, ti�x�ificutions :md general nt�nrmr�nts fileYl in cunnoctinn ll�r•mwith, .mrl hemt��tore �
<br /> t' , npprovecl by th^ �lurlgagee. �
<br /> �. � It is under»toai and agreed thnt zll materiais drlivernd upon v�id premi���s fnr the purpusr o[ h��inx incurporaled in the �
<br /> � � building shall br coneidemcl n purt n( the buildin�;. � -
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<br /> � Aturlgngm ngrees lo make ndvancrs under this loan far th�• rnnstruclinn n( snid buildin�; frum timr ta tinu• as at;r��rd �
<br /> ' Fvtw�rn lhe pnrtirs hereto.
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<br /> : � AND IT IS EXI'P.�SSLY AGRELD AND UtiDL•'RS'I'OOD that �aid ndvanccs ��h;dl tx• paid onlp �chcn in thr jud�,�nent �
<br /> F . ot the Mortgaqee all work usuully done at the sta�;e of con;truction whi•n thr advance i� madr pay:�blr ,hall ha���� tK�en donr in a
<br /> : gaxl and workmanliku mann��r, imd nll rnatcrials and fistures usuallp furnish�Kl and inslnUed aN th:il timr sh.Jl liave bcr�n fur-
<br /> � nishc�l and instHlled; but the M1lortgageP may advance pnrts, or thi• whnle, o[ any inst:dlments tx�forr thry hecome due, i[ thr Dtort �
<br /> ' gagee shall belicve it advisnble to do so. and all such aclvances or papments shall hr deemed tu ha�-c Vx�en made in pununnce of
<br /> �� this agreement, notliin�, hcnri�ver, in this agreement shall Ix• cvnstrued as :i �L•fermfnaliun nt lhe quulity o( the work. I+�lx�r
<br /> nr mnterinls furni�hirl b�� th�• 9lorlgagnr or rnn� ractur �nd th�• V��rt�a�;a• .hnll br und�•r nn du �y nr � �bliti:dion tn m�kr
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<br /> . such d�•Lermination.
<br /> w '. 'fhr Morlgugee shall be suhro�;aled lo all u( the ri�;hts, privilrgr.s. priorilies, and r.quitiiw u[ eany lienholder whu+;r lien muy
<br /> have been disc}mrged (rnm Ihr prcx�•��d� of thiv lonn. ur h}• any funds hereby paid nr furnish��d by ihe �tortgagir.
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<br /> '�. IT IS EXPRESSLY AGREFD that i( the Dlortgagnr .=.hnll sell, comey or nlicnate �nid propertv, or :my p.vt thereof.
<br /> . or uny interest themin, or shtill �� dicestfd of his title or nny interc•st thercin in any mnnner or wny, whether voluntarily or
<br /> involuntnrily, without written rnrsent o( thr §tortgugiv� bcin�; (irst hnd and oL4tincd, bfartgagci• sh:dl have the right, at its optiun.
<br /> � to declnro nny indeUtcKlne� or obligations necurrd herrbp, irresp�mtivc� ot lL�� mnlurity date s�mcified in nny note rvidencing lhee
<br /> i� - snme, immediately due and payablc w•ithout nofice, nnd s��id de6t uhnll thereu�wn Ix�cume afnolute. If thr oumership of the mort-
<br /> ' gaged property bemmcs vested in n fx�tson olher than the Afortgngnr, the A'lurtgagre may, N•ithout nuticr to lhe Mortgagor, de+il
<br /> rt with euch successor or successors in interest with r��torence W this mnrtga�;e and the debt her��by securrd as wilh the Mortgngor,
<br /> � �. and muy forbear to sue or mny extend time for the pa}•mi•nl of the drbt hcrrby ee<�uri�d withoul disvharging or in nny µ�uy alfecting ,
<br /> � � the ]iability of the originul Mortgagor hrreunder or u{x�n the debt �avred. �
<br /> , � � . - � �.c. .
<br /> � In this insfrument lhe sint�ulnr includew lhr plural and the m�uculine includey tfar Ieminine nnd thr nrutrr nnJ this in- � � `" �'
<br /> � strnment s}wIl be binding upnn the underei�;ninl . Lis he� n. P�`r.:nnal reprt�rntalives. wccrssun and a��.iFns. - v � .
<br /> � IN WITNESS WHEREOF, we have herrunlo srl uur h:�ndu und s��al. th� d�y nnd Yr;ir first alx�ce w�ritten. _
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