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<br /> � � All paymenta made under lhr. provisio�w o( this morlgage or the nole hereby secured, which may be construed es interext, - . � .
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<br /> xhnll not, in the aqgregate over the term thereof, excced the rnte that mny now be Inwfully rnntrncted for in writinK.
<br /> �
<br /> It ie furthet agreed that in case any suit ie begun to fnrecloyo this mortguge, ihe Mortgagee, ils representntives ur assi6ns,
<br /> r� ehail at once be entilled to the �wseessiun o( enid premises, and upon applicelion there[or, the wurt in which such uction ehall
<br /> be brougfit or any judge of such coud, eilher in term time or vacuUon, ia hereby uuthUrized tu appoint a receiver ta tnke posxs-
<br /> ` f eion oI aaid premises, or to collect the rents therefrom, nnd to do and per(orm such other acts as may be required by the order
<br /> of the court making the appointmenh nnd said Mortgagor Lere6y woivea nny notice of such application. and consents lo lhe ap-
<br /> ; pointment ot a receiver upon the pr<xluction n[ this modgage, without other e.•idence.
<br /> It ie expressly agreed and understood that the Mortgagot ehell proceed with tl�e construction ot a buildinq on snid premises
<br /> Y % ' with all reasonable dispatch, and due diligence nnd ehall pay for nny and al! extrav or maiifirations thnt he muy make in said
<br /> � building, direct lo tho Mortgngee to be disburaed, together with d�e money loaned or udvnnced by said MortRagee in connection
<br /> � with Wis loan. And it is turther agreed and underst<wd that if the construction o( snid 6uilding be, a6 any time, discontinued
<br /> -�� or not carried on with reesonable dieputch in the judgment of the Mortgugee, Lhe Mortgegee or any holder of the suid aote und � �� � . � �. � .
<br /> Mortgage may �purchase materials and employ workmen to protect tmid building, so that the same shull not sufTer trom depreda• � . � - � � � � �
<br /> tion or the weather, or to rnmplete naid building, so that it mny he uved (or the purpo,es (or which it is dcsignecl, under � the said � � . � . � �
<br /> , ,�# � � P�ans and specifications; that all the sums � so paid, or expended, shell be deemed to be advances to the D4ortgttgor, and serured , � �� � � . . �
<br /> y� -� by the xaid �note and mortgnge and may be applied, at the option of lhe aaid Mortgagee, or uny holder o( eaid note und mortgago - �
<br /> - :j to eny advancea thereafter becoming due. But in no event shnll tLe Mortgngee be liuble in uny way to complete said huildinK or
<br /> - to pay for the costs ot rnnstruction beyond the advances of the tunounis deposited for snid purposes or loaned bp the Mortgagee � ' ' . - � �
<br /> , j [or the. construction o( this building. And it is further expressly ngreed nnd tmderstoocl thnt if thr Mortgagor shall fail ki complete - � �. �
<br /> ;,�,�, , i said building in uccordance with lhe aqreemenLv, blue � prints and specifications filed in connection with this ]win or shnll neglect. � � �� �� � �
<br /> fail or re[ase to pay for the costs and expenses in connection therewith, or ahal! tail in any other of the mvennnts herein set forth,
<br /> ' � -i then, at the option of the Mortgngee or of the holder of the note and mortgage herein reterred lo, the hfortgagee may declare caid � � . � � � �
<br /> ���� ;+� loan to be in default and the entire amount loaned shall immediately become due and payoble nnd the properiy herein referred to � . � �� � � . -
<br /> xhall be security fot all of the advnnces xnd expenses incurred nncl made hy lhe hlorlgagee in comiection with [his provision. � �. . � .. � . . �
<br /> -� Without limitinq the generality ot the (oregoing, the Mortgng�r sh¢ll hace the right to �declere that default has been mudn � � �
<br /> nnd the entite indeb4viness � heteunder to b� due and payable at once upon the hnppening of any on� ot the follnwing conJilions: � � � _ � �
<br /> �� ? . (a) The filing o[ any lien againsl lhe property, wheiher clnimed to be prior to the first mortqnqe or suhjrct theretn; � � � � � � � �
<br /> 4 �� b) The entr of an � � �
<br /> ( y y judgment against lhe Mortgagor; . . � �
<br /> � � ' (c) 7'fie failure to comply strictly with zoning regulnliaac, the provisions nf the city building caie, or if nny stop or<ier � � .
<br /> j; ";:';, is issued by public authorities; - � . � -
<br /> � �� � �3 (d) Any misstatement in the loan applicntion: � � � � � �
<br /> (e} Any material chenFa in the pinns and specificntion+ nol first npprm•er( in writing by fhe A1ortK�Fee: . � . -
<br /> . (f) If work be delayed or suspended for a perial o[ thirty (30) dnys without cause wtisfactory tn thc �4ortgnFee, or � � � - � ��
<br /> � ' ? � should the Mortgagor fail to cause work to be pronecuted vigorously. . � . � - -
<br /> '��- �3 � If the Mortgegee declares the loan to Ue in defaidf under any provisions of this pmvision, the Afortg;�gee shxl! be under . � . . . �
<br /> no o6ligation to ndvance uny further moneys hereunder cilher tur paymenl o( work per(ormrd and materiuls t�lready furnished, nr � � � � � ��
<br /> those to be �furnished later by the Modgngor. � � � - - �� - � � � ��.
<br /> " �� It is undeistoal nnd agreed lhut the Mortgagor will use all xdvances made under thi; mortK�Fe tu err-ct a building on . � �
<br /> e ��� � said premises in accottJance w•ith fhe plans, specifications and general agrermen4s filrsl in cnnnrction there�+ilh, and htretofore � � � .
<br /> - appmvecl by the Morlgagee. � �
<br /> . It is understaxl and aqreed that nll mnterinls delivered upon wid premis�s Im thr purposr nf Uein�; incorpornted in thr.
<br /> ' ' 6uilding shall be considered a pnrt o[ lhe building. � �
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<br /> Mortgugee agrees to mnke advances under this loan. for the construction ut c�id building (rnm fime ln time as ugrned �. . - �
<br /> between the parties herelo. - - . �. � �
<br /> R=_� .. . . . . .
<br /> AND IT IS ERPRESSLY AGR�L•'D AA'D UhDBRSTO011 that said advances shall bc p:iid only when in the judgment
<br /> of the Mortgagee all work usually done at the slage of construction when the advancc is mnde pay:able shall Imve been done in a � �
<br /> - good and �vorkmanlike manner, and all materiats nnd fixture; usually (umished nnd instullcrl eat that time shall havc b�ti�n fur- � �
<br /> . nished and inetalled; but the Modgagee may advance parts, or the whole, of any itistallments Fxr(ore they b��comr due, if the Mort•
<br /> Ea6ee shnll believe it udvisn6le to do &o, and all such advuncea or pnymrnts shall be deemed to have fx�en made in pursuance o[ � � �
<br /> this agttement, nothing, hcncever, in this agreement shall tk cunstrued as ❑ determination of the yun(ity uf the work, latror
<br /> or materisls fumishcYi by lhe Mortgngor er contractor nnd the Atnrtga�;m ahall Fx� und�•r nn dnty ur nLli�;atinn !u R18IC�`
<br /> such determination.
<br /> The btortgugee shall Ue subroga(ed lo tdl of lhe righls, privileges, priorilies, and eyuitiis uf any lienhulder whase lien may .
<br /> hnve been discharFed from the proceeds of this loan, or by nny funds hereby paid or (urnished by thc htorlgagee. . -
<br /> IT I8 EXPRES9LY AGR�ED thnt if the rlortgagor shnll sell, com•eY or nlienate snid property, or any p�irt thermf.
<br /> or any interesi therein, or shall be divested of his litic or any intere�st therein in any manner or way, « hethcr voluntarily or
<br /> inwluntarily, without written rnnsent ot thr. Mort�agee being firet had and obtainctii, htortgagee shnll have thr. right, at iL� option,
<br /> to declnrn any indebtednesa or obligntions secured hereby, irmspective o[ the maturity dnte specified in am� note evidencing the
<br /> eame, immedietely due and payable without notim, and wiid deht shnll thereu�wn become absolutc. I[ lhe ownership of the mort-
<br /> � 6A8� ProPertY bernmes veated in a pecson other fhan lhe blortgagor, the Mortgagee mny, withuut notice k� the �lortgngor, de:il
<br /> � vvith auch successor or auccessore in interest with reference to this modgnge nnd the debt hereby xecured as wilh the Mortgagor,
<br /> � and muy forbear to aue or may eztend time for the payment o[ Ihe debt hereby secured wilhout disch.vging or in nny way nRecting
<br /> the linbility o! the originnl Mortgngur hereunder or u�n the di�t secured.
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<br /> In this instrument the singulur includes lhe plural und the masculine includes the [eminine and thr neuter anJ lhis in• � � ,� )r::'.
<br /> atrnment shall be binding upon the undersigned, his heirs, pornonal representnlives, succ�ssors nnd a4ei�ns. . � � N
<br /> � � IN WITNESS WHEREOF, we hnve hereunto set our handa cal, the day tm� venr first alwvr wrilten. ' �
<br /> In the presence of: , I`� � �
<br /> �e�... �
<br /> .. ...... ...... . . :r.��::�'��-�. _ .. _. _..... �
<br /> Delbert D . Theasmeyer �
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