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<br /> 76- (1 !15 516 �
<br /> All paymenta made under the provieione ot thin mortgage or the nute hereby secured, which may be conslrued ax intereyt,
<br /> �i xhnll not, in the eggregate over the term thereo(, exceed the rnte thut mey now be Inwfully cantrncted for in wriling.
<br /> � It is (uriher egreed that in case any auit is begun to foreclose thiy mvttguge, the Mortgugee, ils repmsentatives or �s.vigns. _
<br /> �� ehall at once be entiUed to the possession of said premises, nnd upon applicalion theretor, the court in which euch uction shnll
<br /> 1 1 be brought or pny judge of such court, eitlier in term tiine br vneation, is hereby nuthvrized to ap�wint n ceceiver to take poss�w•
<br /> ' eion of eaid premisea, or to collect the rente there(rmn, ond to do and per[orm euch other acts as mny be required 6y ihe order
<br /> i ot the court mukin the a ointment; nnd snid Mort a �or here6 wnivea un notice o( auch n > >Iication, and coneents to thc� a .
<br /> B pP B 6 Y Y 11 P' � . .
<br /> ���� � .pointment of a receiver upon the prmluction of thie mortgnge, without other evidence. � � � .
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<br /> j It is e:pressly agreed and understood thnf the Morlgugor shnll proceed with lhe conslcuction of n buildin� on sairl premises
<br /> ? � with all reasonable diepatch, . ond due diligence nnd shull pay 1or any and nll extras or malificutions lhnt hr. may make in said ' . � . � �
<br /> � �� '� buildiag, direct to the Mortqagee to be �disburseci, together with the money lounc�l or advnntt�el by suid Dlortgagee in connection � � �
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<br /> with this loan. And it ie further agreed and underst<wd thnt if lhe construction of snid building be, at any lime, disconlinued .
<br /> r, � or not curried on with reusonable diepatch, in the judgment of thn Mortgngee, the Mortgagre or any holder o( tl�e said note and
<br /> ,�� 1 blortgago � may purchase muferinls and employ workmen to protect said buildinK. so that the same shall not cufier from deprcda- � - � -.
<br /> � Gon or the weether, or to rnmplete anid building, so fhut it may be used [or the purpases for which it is dcsignc�ci, under the said � � . �
<br /> { plans and specifications; that all the suma so ��aid, or expended, shoil be deemed to fm nd�•nnces to the Mortgngor, s�nd secumd
<br /> � "' ' by the said note and mortgage and muy be upplied, at the option o[ .he snid Morigugee, or any holder ot said note anri mortgagu � � - .� � - �
<br /> to uny ndvances ihereaftcr becoming due. But in no event shall thc Mortgngee be lieble in any way lo cnmplete snid 6uilding or � � . . � � � ,
<br /> ' to pay for the msts ot construction beyond the ndvnnces o( !he ttmounts deposit�l for suid putposes or louned by the Mortgngee � � . � .
<br /> ,� [or the rnnstruction of this building. And i[ is turther ezpressiy ngreed nnd understood that i( the r4ortgagor sholl tail to complete �� � � . . . �-
<br /> ? aeid building in accordance with the agreements, blue prints and Fpecificntions filcd in connectiun with this Ic�n or shall neglect, ' � . . �. .
<br /> � �. ..� fail or retu;z to pny for the coats and expenses in connection therewith, oz shxll fait in any other of the covenants hcrein set forth, : �. � . � � .
<br /> ` i then, at the option ot the Mortgegee or of the holder o[ the nnte and mortga�e hcrein mferred to, the Mortgagee may declarr said
<br /> � " loan to be in defnult end thc entire amount loaned shnll immediufely become due .ind puyable nnd the property herein re(ermd to � . . . � .. �
<br /> � .,.� shall be security tor all of the advances and expenses incurred and made by ihe Morlgngee in mmsclion with this pmvision. � � . . . ��
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<br /> � � Without limiting the generulity of lhe (oregoing, the htortgagcr, shnll have the right to declnre that default has treen mcdo _ ' � � � � � . . .
<br /> ,a� �. � and the entirn indebtednees hereunder to be due and. peynble af once upon the happening of any onr of tho follnwing conditions � � � � .
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<br /> s (a) The filing of any lien ngainst the property, whether claimMl to be prior to the first mortgage or subjcct theretn; , � . . � �� �
<br /> Y � -t (b) The entry of any judgment against lhe Tlortgngor; � �
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<br /> �� � '� j; � (c) 'I'he tnilure to comply strictly with zoning regulatiorts, the provision.r• o( the city building cale, or it nny slop order � . � � � � �
<br /> � is issued 6y public authorities; �� �� � . . �
<br /> (d) Any misvtntement in the (oan applicntion; . � � � - � � �
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<br /> -� 7 � (e) Any material chnnge in the pinns und speciGcations nut first approveA in writing by the htort�;a�;ee; . � � � � � �
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<br /> (f) I[ work be del¢yed or suspended for a periai ot thirty (10) duys withouf cnuse antis(nclory tu the !�•lort(;agee, or . �
<br /> � � i ahould the Mortgagor fnil to cause work to be prasecuted vigorously. � � . - � :
<br /> � ; : . . If fhe Mortgngee declares the Imn to 6e in defnult under any provisinns �! thia �)mvisinn, the Mortgngee shall be under . � � � � � � � �
<br /> � � no obligation to advance any furlher moneys hereunder either (or pnyment of work prr[ormed and materials �ilrend.v fumished, or � .
<br /> �. . i those to be furnished later by the Mortgagor. • � . � � �
<br /> - � ; It is undersfood nnd agreecl thnt the Mortgngor will use all advances made under this mort�;age lu erect a building on ' - � �
<br /> �� - � �. said pmmises in ncmrdunce with the pinns, specificntions and generni ngreemenLS filMt in comirMion therewith, vnd hereto(ore � � � � �
<br /> , �: � approvec! by the Mortgagee. � � . �. �
<br /> ^ � 4 It is understoacl and a •reed that all mnterinlv delivered u �an u�irl iremisrs (ar the �ur �osr of brin { �
<br /> � 1 6 1 f I 1 I� incor �orated in thc - - �
<br /> ii �� :f buildinq shell be considered a purt o[ the building. , . - . �
<br /> �- � ! Mortqagee agmes lo mnke udvences under this loan fnr th�� conslruclion of s;�id building frnm timr to timn as a�;med . .
<br /> . , i belween the perties herelo. ' . � � � .
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<br />� AND IT IS EXYRESSLY AGREED AND UNDERSTOOD that said advancrs shnll tx paid only when in thr judgtnent
<br /> � o[ the hlortgagee all work usuully done at the stnge o( construction when the advanre is made payubtr shull have bcen dnne in a
<br />� � i gw; r�iid wutnmanlike rtmnner, im�i nli mu[criuis nn�i iix[ures usoally turnishcd nnd instolled at that time sht�ll huve birn fur- . � �
<br /> �. � ; nished and instnlled; but the Mortgagee may advnnee purts, or lhe whole, of any installments bcdore they become due, if the Morb ' � .
<br /> ' gagee shnll beli�we it advisnble to do �so, and all such advances or p;iyments shall be deemed to h.tve fxen mude in pursunnm of
<br /> `� � � �� this ngmement, nothing, hm+•ever, in this ugrcement yhall be cnnstrucd as u determinntion o[ thr quality o( the work. Inlwr �
<br /> d� or mnterinls [urniehed by thc blotlgagor or conln�ctor and thr MortFUQrc• sh�ll fx� und�•r nu duty nr nbliFatinn fu make
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<br /> such determination. � �
<br /> Thc Morlgugee shull bc subrognled �o all nf lhe riglds, privilegc�s. priorilies, nnd equilic�s of any lienhalder ��•hus� liem m�y �
<br /> ��� � fwve heen discharged Irom lhe prceeeds of lhis loan, or by any (unds hereby p�id or turnished by the Mortgagee.
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<br /> �' IT IS EXPRGSSLY AGREED thnt i( the htortgagor shnit sell, comey or �lienate snid property, or any part thermE.
<br /> ; or any interest thernin, or �hnll be divestcd of hia titic or nny interest therein in any manner or way, whclher volunL�rily or
<br /> iavoluntarily, without wrilten rnnsent of the hlort�;aqce bein� first hnd and oUfnined, I�tortgngee shall hnve the ri�hk at iLy opHon,
<br /> to declnre nny indebtedneas O[ OF)IIgllL10R9 secureci hereby, irmspective o( the mnturity dnte specified in any note evidencing the
<br /> ; � . i eame, immediately due and pnyuble without notice, nnd s;iid de6t shall thercu�n Urcomr, nbsolute. If the ownen;hip oi the mort-
<br /> � gnged property becomea vested in a pe�son other thun the Dfortgaqor, the hlortgagee mny, wit}�out notice to the btortgagor, denl
<br /> with auch successor or successore in interest with refemnce to t1�iy mortga6e nnd the debt hereby secured ns with the h4ortgngor,
<br /> nnd mny torbear to sue or mny extend time tor the payment of the debt hercby secumd without diuchnrging or in nny way nfTecting ,
<br /> the liability of the originul Mortgngor hereunder or u�n the debt senaccl. (
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<br /> Tn this imstrument lhe eingulur includes lhe plural nnd ihe masculine includes lhe leminine nnd th� n��uter nnd thiF im �� � N ,
<br /> . � vlrament nhsll be binding uPon the undersigned, his heirs, personal representalivrs, sucttssnrs and Rsvigne. . . .J'
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<br /> IN WITNESS WHERI30F, we have hereunto set aur hundx imd Senl. thr dny nnd y�nr tirst nlr�vr w�ri�len. �
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<br />� ; In !he presence o(: ,�j��
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<br />� • �..f4� ..�l�.s.. ..:� ...... _.. ... .. . . .... .. .. __ _._.. . _____...._ � .. � � . ,
<br />"' , E . Dean Wolfe ,
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<br />� � �. . • ; ` .......�l.G�`L�(e;:' . Clc....lG .�``.:�4 ' .
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<br />�� Judith A . 47olfe
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