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<br /> �� All pnyments made under the provisiuns o( this modgnge or the note hereby secured, which muy be cunstrucrl us inlerest, � . � �
<br /> . xhnll not, in the aggregate over � lhe lerm thereof, esceed the mte that may now be inwfully contracted [nr in writinF. . . . �
<br /> . . i. . . . . . . . . . � �.
<br /> � � � It is further agreecl thet in cnse an}' cuit is begun fo forecLuse lhie mortgaKe, lhe Murtgagee, ils representnlives or avsigns, �
<br /> �� - ahall .at once be�.entitled' to the {wsse.9sion of eaid premises, and upon upplication therefoq the court in� which such action shAll . �
<br /> � { be brought or nny judge of auch court, either in term time or vacation, is hereby authorized to appoint a receiver to lnl:e Poaues-
<br /> . ,7 � � aion of said premises, or to �collect the rents therefrom.� and to do . and perform such other ncLv as may be rcyuired by lhe order
<br /> � of the court making the eppointment and suid Mortgsgor hereby � waives any notice of such appiicntion, und consents tn the ap• . . .
<br /> ; � .�pointment of�. a reeeiver -upon the prnduction of �this mortgage, without olher. evidence. � � � .
<br /> � It is� ezpresvly egrecd and understood that the � T'fortgagor ahall procced .with the cunstructias of a � buildin; on said premises . � -
<br /> � � with � alt rensoneble dispntch, � and duz diligence and � ehall pay for any nnd ssll extrns or maiificaliona that he mny mnke in svd �: �
<br /> building, direct tn the . h'Iortgagee to be� disbursed, together wilh the money loanc�3 ur ndvnna�d by said 1�9origagcr. in connection � � � -. � . �
<br /> � with this loan. And � it � is turther agreed and � unde�tood thut it the construc�tion o( said buildinR be, al. am time, discontinuect ' . . �
<br /> or not carried �on with re.ssonable dispntch in the judgment ot the �lortgagee, the I�4ortgagee or tmy holder ot the said note and � . . � .
<br /> r ; . Mortgage may purchnse materials nnd emptoy workmen to protect said buildinK� so that the snme shall not sulTer from dcpredn- � � � - �
<br /> tion or tl�e weather, or to complete said building, so ll�at it may be used for the purV�� for which it is designed, under the said
<br /> �.�;j pinns � and specificaflons; thet all the siuns eo paid, or expended, shall be deemed to be advunces to the Diorigagor, nnd s�rured � � �. � �
<br /> � � 4 . by the � said note .and morlgage and. may. be applied, aL. the oplinn of the s:iid MortgaKee, or nny holder of snid note and morlg�gc
<br /> - � �j � to eny udvances � iherea(ter becoming due. IIut in no event ehall the Afnrlgagee bc liable in am� way to compLete snid buildinK or . . - .
<br /> " �:; to pay � for the costs o[ construction beyond the. advances of the amounts depositi�l for said purposere or loaned by the Mnrtgagee , .
<br /> ; �+ � for the construction of this buildinq. And it is further expressly agrmd and undcrstooel thnt i[ thc hlort,^,ngor shall fnit to wmplcte � .
<br /> � ' snid building in accordance �vith the a6reemenLs, blue prints and specifications filed in ronnection H•ilh this loan or shnll neglect, : � �
<br /> �� � fail or refuse to pny for the cos4s and expenses in ainnection therewith, or shnll (nil in any olher ot lhe covenants herein set forth, � � � � � �
<br /> �'� then, at the uption o[ the � I�lortgagee or 6( the holder o[ the note and mnrtgage herein refermd tn, the Alnrtga6�e may declare said � �
<br /> loan to be in defauiY and the entire umount loaneKi shall immediately bicome due und puynble and the property herein refermd to
<br /> shall 6e r.ecurity foc all o[ the advances and expenses incurred and made by the Rfortg.gte in connectinn with this pr�rvision. �, � � � � �
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<br /> � ; Without limiting the generality ot the foregoing, the Mod�agec shnll have Ihe riFht lo dcclare that default h;is been made � � �
<br /> Y. ,� and the entire indeb�edness hereunder to be due and payable al once upon the happening of �ny one of thr (ollowing conditions: . . �
<br /> ° � (n) The Gling o[ any lien ugainst the property, whether claimed to br prior tn the first mortgnge or subjert thereto:
<br /> � (b) The entry o[ any jud�nenf ageinst the D4ortgngor, � � . � �
<br /> �i (e) The failure to comply stricUy with zoning regulutions, the provisions nf fiie city huilding crxir, ur i( any stop order .� . � � . . .
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<br /> is issued by public authorities; , � � � � � �
<br /> �, (d) Any misstatement in the Inan application: . � � � .
<br /> 4 � (c) Any meteriul change in the plans and specificalions not first approced in +vrilin� Ly the 11nrlFaFee; �
<br /> (f) If work tx delayed or suspended for a pr,riai o[ thirty (30) diiys H�ithout cause �atisfactory to tLe lturtgagee, or � � . . � � . �.
<br /> 'j should the Mortgagor fail lo cause r•ork to tw prasewted vigorously. . � . �
<br /> � � - I[ the blortgagee declares lhe loan to be in default under any provisions o[ this provision, tl�e A-fortgaRee shall be under � � - �
<br /> � no obligation to advanm uny furlher moneys hi�mundnr ei(her fnr puyment of work per(ormed ,nd materials plrcady furnivhrd, o� , . . . : . .
<br /> �- � those to be furnished later by the Mortgagor. � . �
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<br /> 4 It is under.t`.oal and agretti thnt the �fortgngor will use nll advances mnde under this mortt;age tu rmet a Luilding on - . �
<br /> �- � said pmmises in accordnnce with lhe plans, s�rificntions and genernt ngreements fil��l in connection Ihrrewith, and heretofore ,
<br /> approved by the 2�iort�nKee. � - �
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<br /> � � ', It is understoal and agreed that nll mnteritils delivered upvn s:+id prPmi,i•s (or tho purpose nf b��ine inenrpnrated in the . � -
<br /> � ' building shall be considered n pnrt of the buildin�;. . � . � � . -
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<br /> . hlottgagee agreea tu make advnnces under this loan fur the construclion o( s.aid huildin� from tim�• to timr as a�;med - ��
<br /> � �� � � betwr.en the parties hereto. � � � .
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<br /> AND IT IS EXPRESSLY AGREED AND UNDGRS'fO011 thnt said adv;mces =ha1l tx paid onlc when in ihe jud�,Rnent
<br /> � � o{ the 2.lortgagee alt w•ork us�ally done nt thc stage of con5truction when thc advance is madc payablc shull have hecn dune in n � �
<br /> good nnd workmnnlike manner, nnd all materials und 6xturc5 usually (urni5hcK1 and insiallyd al that timc shalt have bcrn (ur
<br /> ��.� � nished and installed; but lhe Diortgagee may ndvance parLs, or the whole, o( any insiallments ��(ure they becumr due, if �he 1�lort-
<br /> ' qagee shnll beli��+e it ndvisable to do so, and all such ndcunces or paymenls shall Le deemed to h�ve tx•rm m�de in Pursunncr o[ .
<br /> lhis agreement, nothing, hrnvever, in this agreement shall lx• construed ns a drtvrminati<�n n( the qualify ot thc work. i�twr
<br /> �_. , . or materials furnishecl by the :�torfgagor or Contr:iclor t+nd the \tort�;a�tr• shall IK• under nu duty or � �bli�atinn 1� � make �
<br /> cuch determination. . �
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<br /> 'Che �lorlFagce shnll 6e suhrogaled lo all o( the rights, privilegc�s. priurilies. and cquilirs u( any IienhuWer whosc lien muy
<br /> ° � � hnve been discharged (rom the prceeeds o( this loan. or by any funds hc•reby paid ur (urnishrd hy thc Mort�;sgee.
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<br /> IT IS ERPRESSLY AGREED that if lhe htorlgakor shall srll, convey or nlienatr said properte, or any part ther�ro(,
<br /> � or nny intereat therein, or ehill be divehted oi his titic or any irdzrest theerin in any manner or w•ny, .��helher volunfarily or �
<br /> � involuntarily, tvithout written cortvent o( the hlort�:ugee being first haJ nnd obtaimKl, :�tortgagee �h:dl have the right, at its option, .
<br /> to declare nny indebtednese or nbligations secured hereUy, iacepective o( the maturity d:�te s�xcifird in any note evidencing the
<br /> {�. � same, immedintely due and payable K•ithout noti�r, and snid dcbt ehull thcrcupon fxcome uUsolute. i( the ownership o[ thc mort-
<br /> gpged property becomes vested in a person other than the Afortgagor. tlie Alortgagir may, withuut notice to the Murtzagor, denl
<br /> � with euch successor or succesaorc in interc�t with re[erence to this mort�;age ar.d the debt herchy siKvred as wilh the 1�lortgagor, .
<br /> and may forbenr to eue or may eztend time [or the pavmenl of the debt hemby °PC4fMI R9A1011L fj19CFlar�;in�; or in any Hay a(fectinK
<br /> the linbility of the original Alortgngor hereundcr or u��on lhe dc�l�t secured. ��
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<br /> Tn this in?lniment the eingular includes lhe plurnl and the m�sculine includes the feminine und lhe nrutNr nnd ihis in- '"=�s � �
<br /> nlmment slmll be binding upnn the undersiFnrrl, his hrirs, tx'rson�l rr!,Zn�entulives. succ�svur= and a.sians. . � N `�
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<br /> IN �VITNESS \'VHEREOF, we hnve hereunlo set our .mds a \ 1 sraL lhe day :� �� rar firs • Iwvr � 7����'n. p}G
<br /> � �� ; In ihe presence oF. " �\_�r{ � `� . � . i, �
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