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<br /> 76- E105515
<br /> All payments made under the provisions of thie mortKage or t}�r. nole hereby secured, which may tx construed us interest,
<br /> xha�l not, in the eggregate over the term thereof, exceed lhe rnte that moy now be Inwfully contracted for in writing.
<br /> ` It is furlher ngreed that in cnse any nuit ie begun to forcdose t}��s mortgage, lhc Mortgugce, its representatives nr axvigns.
<br /> r . shell nt onm be entilled to the �waseesion n[ snid premises, nnd upon applicaliun therefor, the court in which such action shnll . . _ �
<br /> 1 ; be brought or any judge o[ auch court, either in term time or vucntion, is hereby outhorized to appoinl a receiver fo take prr�srs-
<br /> aion o[ eaid premises; or to collect ihe rents theretrom, and to do and per[orm such other ncts as may be reyuired by the order
<br /> of the court mnking the uppointment; and anid Mortgegor hereby waives any notice ot such npplicntion, nnd consenla in the np-
<br /> '( � � � pointment of a receiver upon th� praluction of this morlgage, without other evidence. � � � .
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<br /> ? It is ezpresely egreed flnd understood thut the Mortgngor xhnll procecYl with the construction of n building on said premises
<br /> � with all reusonable diepatcfi, nnd due diligence and shall pay for any and atl exlras or m«iifications thnt he mny makc in ssid !
<br /> ( building, direct to the Mortgagee to be disbutaed, together with the money loancvl or advnncecl by xnid Mortgagee in connection
<br /> � . '� with this loan. And it is turther ugreed and underntcwd th¢t i( the construction of snid building be, at any lime, discontinued , � . .
<br /> : �; � or not cnrried on with . reesonable disputch in the judgment ot the Mortgugee, ihe Mortgagee ur any hnlder ot fhe said � nole nnd . � � .
<br /> ,. �! Mortgege may purchase materials and employ workmen to protect eaid building, so that the sume shall not suRer from depredn- . . � .
<br /> :. � y tion or the weather, or to rnmplete snid building, so lhat it mny be used (or the purposes for which it is dc�ignrd, under tfie soid . . �
<br /> :: '� � plans � and apecifications; that all the sums eo paid, or expended, shall be deemed to be advunces to lhe Morlgagoq und secured � �. �
<br /> 3 by the said notu and mortgagc and may be npplick3, Fit the option o( the snid Modgngcc, or nny holdrr of said note and mortgage
<br /> to eny advances therenfter becoming due. But in no event shall ihe Mortgagee be IinUle in any wny lo complete said building or �
<br /> ` � to pey tor the rnsls of construction heyond the advunces of the amounts deposited for naid purpnses or loaned 6y the Mortg�gee ;� � -- � . .
<br /> . for the construction of this building. And if is turther expressly egreed and understo«1 thnt . iF the Mortgagor shall fai! to complete � � � � �
<br /> % said building in accordnnce with the agreemenL9, blue prinLv und specificntions filed in connection with thiti loan or shal! neglect,
<br /> '; j Fail or refuse to pey for the costs and expenses in wnnection lherewilh, or shull [ail in yny other of the covenunts herein set forth, � . - �
<br /> � lhen, nt the option o( the Dlortgagee or of the f�older o[ the note and mortgage herein re(erred to, the. Mortgagee may declare said � . �
<br /> ' � �` � loan to be in de[ault und the entire amount loaned shnll immedinte(y Uxome due und payable nnd t}�e property herein mferred to . � � � � �
<br /> " �{ shnll be xcurity for all of the advances and expenses incurred und made by the Mnrlgaqrr, in cnnnection �rith this prrnision. � � � � �. . :
<br /> �- �s Without limiling the generality of the foregoing, the Mortgnger. shall huve tLe right to declxre lhat defnuil hns been made � � .
<br /> ��� i and lhe entire indebtednesv hereunder to be due and puyuble at once upon the happening of any one of the following conditions: . � � �
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<br /> �' (a) The filing ot nny licn against the property, whether clnimecl to he prinr to the fitst mortgnge or subjc�ct themto; , � � �
<br /> � � ' (h) The entry o[ any judgment against lhe Mortgngor, � � � � � :� �
<br /> ` � (c) The fnilure to compl.v strictly with zoning regulalion.s, lhe pmvisions ot thr city building cale, or if uny stnp order � � � . . .
<br /> ��� � ; is issued by public authorities; : �. . � �
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<br /> � � � ! � (d) Any misstntement in the loan application; � . . - . � � .
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<br /> , 1: - (e) Any meterial change in the pinns and specifications not ficst approved in wriling by the 1�lorlgngee; . . � : . .
<br /> �� � (f) If work be dclayed or suspanded for a peria3 of thirty (30) days without causN salisfactory to the D1ortgagee, or �� � � � .
<br /> �.: :�... .; ehould the Morfgagor (uil to cause work io be prosecuted viqotously. . � � . � . � � � . � �
<br /> � II the Mortgagee declares the loan to be in default under uny pmvisions ot this provision, lhe �1nrtgagee shall be under � � �
<br /> no obligation to ndvnnce any turlher moneys hereunder eilher for payment o[ wnrk prrformed and materinls alreudy (urnishrd, or � � � � � - � � -�
<br /> thcrse to be fumished later by the blortgegor. ' � � . � �
<br /> It is undetstoai and agreecl that the Mortgagor will usi• nll advances made under thiv mort�;age to er��ct a buildinF on . � � �
<br /> . suid premisea in accordnnce wilh lhe pinns, specifications and general ��gr�rmenls filMl in cunnection therewith. and herelo[ore , � � � �
<br /> approved by the Morlgagee. � � � - �
<br /> � � �'r It is understoal nnd agreed thet all maferials delivered upon s;�id pr�mises tnr lhe purpnse of hrin�; incorpnratrd in tho �
<br /> building shall be convidered ¢ part o[ the building. . . � � � � �
<br /> '��. . � Mortgagee ngrees to make advances under this loan for lhe construction of said building from time tn lime as agreed � � .
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<br /> �.� _ b>r.lwecn lhe parties hereto. . . � .
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<br /> AND IT IS EXYRESSLY AGRF.ED AND UNDERSTOOD that said advances shull I�e paid only when in the jndgtnent
<br /> o[ the b7ortgngee ull work usunlly done nt the Ftnge of conslruction when the advnnce ia m�de payuble shuil have been done in n �. � � .
<br /> � ` good and workmanlike manner, and all materials und fixtures usually turnished and installed al thnt time shall hnve been fur �
<br />�:. niche!! nnd inctalled; but the Mnrlgagee mny udvnnce parts, or the whole, ot any instnllmenfs beForc they become due, i( the Murb �
<br /> gagee shall believe it advisa6le to do ao, and all such ndvunces or pnymenis shnll be deemed tn ItiVC 6een mu�ie in pursuunce of � �
<br /> . this ngreement, nothing, huwever, in this agreement shull be construed as a determination of the qualily of lhe work, Intwr � �
<br /> ' or matcriels turnished by the Mortgagor m contractor tmd the \1ortF�s�'e shnll M undrr no duty or ubligatinn tu make _ .
<br /> � such determina4on. �
<br /> � �. 'fhe Ttortgagee shail be subro�;nted lu all uF the righ4w, privilcges. priorilies, anct equiliiw a( nny lienholder whuse liem m�y �
<br /> � hnve been discfinrqed from the prceecdy of lhiw loau. ��r by any funri. hereby paid or tumished 6y the Mortgngee. , . .
<br /> IT I3 EXPRESSLY ACRGED that if the D4ortgagor sh.dl sell, comcy or ulicnate snid properly, or uny pnrt lhereof,
<br /> , or any interest therein, or shall ly divested o[ his title or a�ny interest thercin in nny mnnner or w�ay, whether volunGirily or �
<br /> involuntarily, without written cortsent o( the Dtortgagee being first hnd and obtainecl, �fortgagee shiill have the right, at its option, �
<br /> to declnre any indebtedness ot obligntions eecured hereby, irrespective ot the maturily date specified in any note ecidencing the
<br /> same, itnmediately due and paynble without notice, nnd e.tid debt shull thereupon become nUvolute. If the ownership of the mort-
<br /> _ � gaged property becomes vested in a peison other than the Mortgngoq the Mort�,�igcr mny, without notice to thr. hfortgngor, detd .
<br /> . with euch auccessor or euceexsors in interr.st with reference tu this mortgage and tlie debt hereby securtd as wilh the Mortgngor, �
<br /> � and muy torbenr to sue or may extend time [or the Payment of the debt hereby Recured wilhout discharging or in nny wny n([ecting , �
<br /> the liubility of the originnl Mortgaqor hereunder or upon the debt eccured.
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<br /> � In thia instrument the aingular includes the plural und lhe musculine includes ihe feminine und the neutrr nnd thic in• • ' ,��
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<br /> � `- etrnment ahell be bindinq upon the undereigned, his heirF, ��ersonal represmtalives, Fuccessors nnd assign�. � -,.,
<br /> IN WITNESS WHEREOF, we hnve hereunto set our hands and seal, the day and year First nfHn•c• written. ,e
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<br /> ; In lhe prenence oi: � � � � �
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