|
The Mortgagee may. collect, a "late charge" not. to' rive Cents ; (5c) for each. dollar ($1.00) • of e.ac total 'monthly
<br />payment more thnn'45 days inarrears to'cover the eatri?expense involved in'hanclling delinquent--aceounts.
<br />It is further agreed that in case any Suit is begun to foreclose this mortgage, the Mortgagee, its representatives or assigns,
<br />\ shall lit once be entitled to the possession of said premises, and upon application therefor, the -court, in which such action shall
<br />J be. brought or. any judge of such court, either in term time or vacation, is hereby authorized to appoint. a receiver to take posses-
<br />sion of said premises, or to collect the rents therefrom, :and to do and perform such other acts as.miiy.lie;, required by the order
<br />of the court making the appointment; and said Mortgagor hereby waives any notice of such application, acid consents to the ap-
<br />pointment of a receiver upon the production of•this mortgage, without other evidence.
<br />It is expressly agreed and understood that the Mortgagor shall proceed with the construction of a building oil said premises
<br />with all reasonable dispatch, and clue diligence and shall pay for any and all extras or modifications that he may male in said
<br />building, direct to the Mortgagee to be disbursed, together with the money loaned or advanced by said Mortgagee in connection
<br />with this loan. And it is further agreed and understood that if the construction *of said huilding be,, at any discontinued
<br />or not carried on with reasonable dispatch in. the judgment of the Mortgagee, the Mortgagee or any holder of the said note. and
<br />Mortgage may purchase materials and employ workmen to protect said building, so that the same shall not sutler from depreda-
<br />tion or the weather, or to complete said building, so that it. may be used for the purposes for which it is designed, under the said
<br />plans and specifications; that all the sums so paid, or expended, shall be (teemed to be advances to the Mortgagor, and secured
<br />by the said note and mortgage and may be applied..at the option of the said Mortgagee, or any holder of said note .and mortgage
<br />to any advances thereafter becoming due. But in no event shall the Mortgagee be liable in any way to complete said building or
<br />to pay for the costs of construction beyond the advances of the amounts deposited for said purposes or loaned by the Mortgagee
<br />for the construction of,this building. And it is further expressly agreed and understood that if the -Mortgagor shall fail to complete
<br />said building in accordance with the agreements, blue prints anal specifications filed in coinfection with this loan or shall neglect,
<br />fail or refuse to pay for the costs and expenses in connection therewith, or shall fail in any other of the covenants ]ierein set forth,
<br />then, at the option of the Mortgagee or of the holder of the note -Ind mortgage herein referred to, the Mortgagee may declare said
<br />loan to be in default and the.entire amount loaned shall immediately become due and payable anis the property herein referral to
<br />shall he security for all of the advances and expenses incurred mut made by tine Mortgagee in connection with this provision.
<br />Without limiting the generality of the foregoing, the Mortgagee shall have the right to declare that defaulthas been mace
<br />and the entire indebtedness hereunder to be clue and payable at once upon the happoning of any one of the following conditions:
<br />(a) The filiing of tiny lien against the property, whether claimed to he prior to the first. mortgage or subject' thereto;
<br />(b) The entry of any judgment against the Mortgagor;
<br />(c) The failure to comply strictly with zoning regulaticins, the provisions of file city building code, or if any stop order
<br />is issued by public authorities;
<br />(d) Any misstatement in the loan application;
<br />(e) Any material change in the plans and specifications, not first approver) in writing by lit(- Mortgagee;.
<br />(f) - If work be delayed or suspended for a period of thirty (30) clays without. cause satisfactory to the Mortgagee, or
<br />should the Mortgagor, fail to cause work to be prosecuted vigorously.
<br />If the Mortgagee declares the loan to be' in default. under any provisions* of this provision, the IMortgagee shall be under
<br />ho,obligation to advance any further moneys hereunder either for paynnent of work performed and materials alretidy furnished, or
<br />those to be furnished later by the Mortgagor.
<br />It is understood and agreed that the Mortgagor will use all advances made under this mortgage to erect a building on
<br />said premises in accordance with the plans, specifications and general agreements filed in connection therewith, and heretofore
<br />approved by the Mortgagee.
<br />It is understood tmd agreed that all materials delivered upon said premises for the purpose of beim, incorporated in the
<br />building shall be considered a part of tine building.
<br />Mortgagee, agrees to make advances under this loan for theconstruction of said building from linne to time as agreed
<br />between the parties hereto.
<br />AND IT IS EXPRESSLY AGREED AND UNDERS'T'OOD that said advances shall be paid only when in the judgment
<br />of the Mortgagee all work usually done at' the stage of construction when the advance is made payable shall have, been clone in a
<br />good and workmanlike manner, and all materials and fixtures usually furnished and installed atthat time shall have been fur-
<br />nished and installed; but the Mortgagee may advance parts, or the whole, of any installments before they become due, if the Mort-
<br />gagee shall believe it advisable to do so, and all such advances or payments shall be deemed to have been made in pursuance of
<br />this agreement, nothing, however, in this agreement shall be construed as a determination of, the quality of the work. labor
<br />or materials furnished by the Mortgagor or contractor and the Mortgagee shall he under no duty or obligation to make
<br />such determination.
<br />'Phe Mortgagee shall be subrogated to all of the rights, 'privileges, priorities, 'ant equities of any lienholder •whose lien nnny
<br />have. lieen discharged' from the proceeds of this loan, or by any funds hereby paid or furnished by the Mortgagee.
<br />IT IS EXPRESSLY AGREED that if the Mortgagor shall sell, convey or alienate said property, or any part thereof,
<br />or any interest therein;uor shall be divested of his title or any interest therein in , any manner or way, whether voluntarily or
<br />involuntarily, with written consent of the Mortgagee being first had rind obtained, Mortgagee shall have the right, at its option,
<br />to declare any indebtedness or obligations secured hereby, irrespective of the maturity date specific(] in any note evidencing the
<br />snore; immediately `due'agc'1 payable without notice, and said debt shall thereupon become absolute. If the ownership of the mort-
<br />gaged property becomes vested in a person other than the Mortgagor, the Mortgagee may, without notice to the Ildortgagor, deal
<br />with such successor or successors in interest with reference to this mortgage and the debt hereby secured as with. the Mortgagor,
<br />and may forbear to. sue or may extend time for the payment of the debt hereby secured without discharging or in any way affecting
<br />the liability of the original Mortgagor hereunder or upon the debt secured.
<br />In this instrument. the singular includes the plural and the masculine includes the feminine and the neuter and this in-
<br />strument shall be binding upon the undersigned, his heirs, personal representatives, successors and assigns.
<br />IN WITNESS WHEREOF, we have hereunto set our hands and seat, the day and year first above written.
<br />In the presence of:
<br />Joe Hargis((
<br />Delores M. Hargis 0
<br />
|