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<br /> 76- 003 � � � �
<br /> � All payments mnde under lhe provisions of this mortgaKe or the nale hernby securtvi, which may be ivne+trued ns inlerest. ! . . .
<br /> shnll not, in !he agqregate over the term fherent, exceed the mle thmt mny now be la���fully cnnlracted (nr in N�riting. � � �
<br /> IL is (urtlier aFreed thnt in case any xuit is begun to fo�eclose• lhis morlFage, the hlort�ngee, its representatives or aa+igne, - . � : � �
<br /> � i shell ut once be entiUed � to the possession u! snid premises, nnd upon application themfoq the court in which such aclion shnU . �
<br /> �.�' � Ue brought or any judge ot euch court, either in term time ur vacation, is hure6y nuthurized to nppoint n receiver to fnke posses- � �
<br /> sion of snid premises, or to collect the rents therefrom, nnd to do oncl perfomi such other acts as may be rcquired by lhe order
<br /> �� u( the court making the appointment; m�d said Mortgagor hereby wuivea anY notice of such npplicution, and rnnsents in the up• ,
<br /> � :i� � pointment of n mceicer upnn thc production of this mortqege, without olher evidence � �
<br /> It is r.xpressly ugreed . und understood that the D4ortgngor shnll proceecl with the conslruction of a building on said premises � � � �
<br /> � � with all reasonable dispatch, and due diligence and shnll pny (or nny nnd all extras or modificntions thnt he mny muke in said � �
<br /> � . building, direct to the blortgagee to be disbucsed, ingether a�ith the money Inanecl or ndvnnceri by r��id T4nrtRagee im m�nection . - � ��
<br /> , ' .' ;� with this foan. And it is further aqrecKi and undersGxxl that i( the cti�netniction of said b�ildinF �'. nt am� limr, discontinued . � . �
<br /> or not carried on � with rea�;onnble dispatch in the judgment of the btortgagee, the 2�lortgagee or any huldcr of the suid note and ' . � -
<br /> h4ndgage mny pumhase materinls and employ workmen to protect snid building� 50 �f11�. }I1P tlAR1C shnll not sutfer from depreda- �� ' � �
<br /> iion or the. weutheq or tu wmplele said building, su that it may be usc�i for the purpc�ccx fnr which ie is d�signed, under thv snid � �
<br /> �ilans and specificaLions; thut all the sums so paid, or expend�d, shnll � dcrmed to bo �dvancrs to the Morlgngor, and secured � � . � � �
<br /> hy lhe said note xnd mortgage and may M: npplied, at ihe option nf fhe Fuid �1nrtgagee, or �ny holdrr o[ eaid note und mortgaqn i �� � . � . �
<br /> � ��t � to ttny advances themafter becoming due But in no event shall lhe btorigngee be lie�blr in anp wny to complete said buildinR or � � .
<br /> �� �. � lo pay (or the msts nf nrottruction Ix+yond t}�i> ndvaners ot the xmoants dep�itevi for s�id pur{ws-e� or IunnMl by the hlortgagee - � . � .
<br /> for the construcUon of this building. And it is [urthe.r expresc(y ugrn•d and underslcxx3 [hat if the Dforlgngnr shall tail tn complele � � � -
<br /> seid bnilding in accrordance wilh the agreements, blue prints and e{xcificationn filcvl in cunnrction wilh this loan or shvll neglect, � � . � �
<br /> tuil or tefux to pay !ur the casts and exprnse� in cunnection therewith, or shall fail in uny other of the cocennnts herein set (orth. . � . � . � � �
<br /> then, ut tho uption of the 1�lortgagce or ot the holder of the notr nnd m�rtgage hemin mferred to, the Dlortgagee may declarn said . � � � �
<br /> lonn to be in detault and ihe entire nmount lonnni shnll immediately� bea�me due and pciynble nnd the pmperty hemin re[erred W : � � � - .
<br /> ` shall be security tor t�i! of the advancrs nnd expenses incurted and mnde bp the \lodgagee im m�nection with this provision. . � � .
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<br /> " -.j \Nithnut limiting ti�e generality o[ the foregning, the blort�ngee shnll hare thr ri�ht G� declare lhnt default has bren made � � � �
<br /> nnd the entire indebtedness hereunder tn !x� due and pnyable at oncr upon ihe hnppening of anp one <�( the following conditioas: . � � � -
<br /> (a) The filing of any lien against the property, whether clnimrd tn be prinr tn the first mortgntie or suhjirt theretn; - -
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<br /> (b) The entry of nny judgment againgt the \4urlgngor; � � - � � . � � �
<br /> (c) The tailure tu compiy strir.Uy with zuning regulnti�ms, thi� provisions o( the city building cocte, or i[ any stnp erder � � �
<br /> is issued hy pubiic authorifics; '� � .
<br /> (d) Any mis.statement in the Icwn applicxtion: ' � � �
<br /> - � (e) Any materinl change in the plans and spec]fiiations not first approved in wriling by the �lortgaFre; � � �
<br /> � � �i (f) I( work br, delayed or suspended [or a perial o[ thiriy (30) da�'s �eithout cause satiefactory lo the \tortga�er, or � � � : �
<br /> �. � �z should the �4ortgegor Inil tu caase work to be prcz�ecuted vigorou=ly. � ; � . .
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<br /> If the Modgngm declxres the loan to be in drfault under any pmvisions o( this provision, lhe I�[ortga;;ee .shall FM under - � � . -
<br /> � no obligation to tulvance nny futther moneys hereunder either for pnyment nf x•ork pvr(ormed nnd materials :atrendy turnished, nr . � .
<br /> those to be furnishcYl Inter by the bfnrtgagor. - � � � �
<br /> t - � It is understoocl und agnrci that the '1fort�;agor will u>r nll ndcances m��de undrr this mortgaFe to erret n building on � � � � . .�
<br /> r,aid premises in nccaxdance K-ith the pinns, specificntinns an<i �eneral ntirmments fileri in connrMion there�with, and hrretnfore ' � �
<br /> , approved by the :�1ortKaRee. , �
<br /> It is understual nnd ugmed thnt all materi�ils dclivered upon .said pr�rmise; tor th� purE�me of Ix•ing incnrpnr:ited in the : � � �
<br /> building shall tx� a�nsidercxl a part o[ the building. . � � � � � � �
<br /> Dlortgagee agrees to make ndvnnees imder this lam tor the construction o( said buildin� frnm time to tim�� as agrerd �. � � , � � �
<br /> � hebn•eren the parties hernto. - � � . �
<br /> ANll IT IS EXPRF.SSLY AGREED AND UNllGRSTOUD th�t said advances shall M� paid only �� hen in ihe jud�nent
<br /> n[ the Mortgagee all K'OfIC UYUffII}' done at the stage of cuactruction when the nd��anm is made pay:ihle shull have t�en done in a � � �
<br /> . �ood and workmnnlike tnnnner, and nll materials and fistutes usunlly furnisheci und installeri at thnt time shal! have bmn tuo- � �
<br /> � . nished end installed: but the Diortgagee may ndvance pnrLs, or the whole, uf any installmenls txr(nre the�� herome due, i( the Dlort• � . �
<br /> �agee shalf k�licw�e it advisa6le to do =_o, and all such ad�•ances or papments shull be deemed to havr t��em m�de in punuance ot � � � �.
<br /> this agreement, nothing, huµ�eeer, in lhis uFmement shall tx construed as a determin�tion o( thr quality o( the work, lahor . �
<br /> � or mnlerials furnished 6y the �lortFagor or cnntnctor ;md the D1ortRa4ei� shnll h�� unde�r nn duly� or obli�alion to make " .
<br /> . such dotermination. �
<br /> � ' The �tortge��;ce shall be subrogated tu all u( thc ri�hts. privileges. priuritics. und equilies o[ any lienholder whose liem m�y � .
<br /> . ha��e b<�en dischnrged (rom ihe prrK��•eds nf thi� loan. or M• any funds hercbo paid eir [urnished by fhe TSortFagee.
<br /> � IT IS EXPRESSLY AGRGED t6nt i! the !�fortgnkor shnll sell. roneey or ulienate said property. or any part thrrmf. � �
<br /> . or any interest therein, ar shall be dicested of his tifle or nny interest therein in uny manncr or way, whelher voluntnrily or
<br /> . imroluntarilp, without H�ritten consent of the htortRa�cr bein�; first had nnd obtaimd, MortRagee slmll have the right, ut its option, �
<br /> lo declure any indebtedness or obligatiom secured hereby, irrnsp�roti��e of the maturit}• date s�ma•ified in any not� e�•idencing the �
<br /> same, immediately dUe and payable N�ithout notia�, nnd wiid debt s}u�ll thereupon Ixcnmc nMsolute. I[ the owneiship of the mort- : �
<br /> 6aR� ProiRrtY bcromes vestid in n per�on ofher than the M1lortgaFor, the t�fortgagee may. a�ithout notice to the :tiortgagor, dca!
<br /> � a•ith such successor or sucttssors in interest with reference !o U�is morlgage ¢nd the debt here6y eecured as witlt 8�e \fortgagor, �
<br /> nnd mny forbear to sue or mny extend time for the pxy�nent o( the drbt hemby aecured without diEchurging or in am• �vay nHecting
<br /> ' the li�bility of the original Atortgngor hrreunder or upon the debt eecurcd. �� . .
<br /> in lhis instrumenl lha singular includis the pluml attd the masculine includea the leminine imd thi� nrWer �md this in- Y + �
<br /> shume•nt .hall br hinding upnn lhe Underci(;nrd, }�iy heirs, ��rson3l represenlntives, aucrrs.u�n and assi�:ns. . f
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<br /> : 1\' \VITNEgS WHERBOP. lhe Atortgngor hiu causrd ihese pretients to be si�;ned li}' it� ._...__ . . .:., PLeetdenta unet �' � 4= .
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<br /> � � it� corporate cent to fx• hereimfo nt3ixed und att�sted bv ils....._ _ ._ ... .... _.. . . ..._ _._ Secretary th� day nnd �1'�ar' fi�n.yt abm•B «'ritlivL � ,::
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<br /> A'I'Ct' T: � CLNTURY EtITERPRZSES ,. INC . ` _ - _ _::. "
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<br />� Raycn d P. 'IYumble
<br /> Rrcretan� Paul Decket 1 'm:id��ut
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