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The Mortgagee may collect a "late charge not to exceed Five Cents (5c) for each dollar ($1.00) of each total' monthly
<br />payment. more than 15 days in arrears to cover the extra expense involved in handling delinquent accounts.
<br />It is further agreed that in case any suit is begun to foreclose this mortgage, the l\4ortgagee, its representatives or. assigns,
<br />nshall at once be entitled to the possession 'of said premises, and upon application therefor, the court in which -such action shall
<br />1 \ 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 may be re quire'd by the order
<br />of the court making the appointment; and said Mortgagor hereby waives any notice of such application, and consents to' the ap-
<br />pointment of a receiver upon the production of this mortgage, without other evidened.
<br />It is expressly agreed and understood that tlie•lvfortgagor shall proceed with, the construction of a building on said premises
<br />with all reasonable dispatch, and 'due diligence and shall pay for any and all extras or modifications that. he may, make 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 building be, at any time, discontinued
<br />or•not carried on with reasonable dispatch in the Judgment. of the 1%, rigagee, the Mortgagee or airy holder of the said note and
<br />Mortgage may purchase materials and employ workmen to protect said building, so that the same shall not. suffer 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 deemed 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 \lortgagee, or any holder of said note and mortgage
<br />to any advances thereafter becoming clue. But in no event shall the 1\4ortgagee 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 and specifications filed in connection with this loan or :shall neglect,
<br />fail or refuse to pay -for tho cost.,;andexpenses in connection therewith, or shall fail in any other of the covenants herein set forth,
<br />then, at the option of the \4ortgagee or of the holder of the note and 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 and the property herein referred to
<br />shall he security for all of the advances and expenses incurred and made by the 'Mortgagee in connection with this provision.:
<br />Without limiting the generality of the foregoing, the Mortgagee shall have the right to declare that default has been made
<br />and the entire indebtedness hereunder to be clue and payable at once upon the Happening of any one of the following conditions:
<br />(a) The filing of any lien against the prolSerty, whether claimed to he prior to the first mortgage or subject thereto,
<br />(b) The entry of :iny judgmentagainst the! Mortgagor;
<br />(c) The failure to comply strictly with zoning regulations, the provisions of the _city l icilding 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 the \4ortgagee; :
<br />(f) If work he delayed or suspended for ti period of thirty (30) days without, encu :satisfactory to the r\4ortgagee,'or
<br />should the Mortgagor fail to cause work to be prosecuted vigorously.
<br />If the IVlortgagee declares the loan to he in default under any provisions of this provision. the ]titortgage( shall be under
<br />no obligation to advance any further moneys her uirder either for payment of work performed and materials alrc',ady furnished, or
<br />(hose to be furnished later by the Mortgagor.
<br />It is understood and agreed that the 1\Iortgagor will use all advances made under this mortgage 'to erect a building on
<br />said premises in accorclance with the plans, specifications and general agreements, filed in connection therewith, and heretofore
<br />approved by the \4ortgagee:
<br />It is understood and agreed that all materials delivered upon said premises for the purpose of tieing incorporated in the
<br />inrilding shall be considered a part of the building;.;
<br />Mortgagee' agrees to .make advances under this loan for the constructi(in of said building from time to lime as agreed
<br />I etween the parties hereto.
<br />AND IT IS EXPRESSLY AGREED AND UNDERSTOOD that said advances shall-be paid only when in the judgment
<br />of the Mortgagee all work usually (lone at the stage of construction when the advance is made payable shall Have been done in a
<br />good and workmanlike manner, and all materials and fixtures usually furnished: and installed at that time shall have been fur-
<br />nished and'installed; but the Mortgagee may advance parts, or the whole, of any installments before they become clue, if the Mort-
<br />gagee shall believe it. advisable to do so, and all.such advances or payments shall he 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. Mortgagoror contractor and the \4ortgagee shall he under no duty or ohligation to make
<br />such determination.
<br />The Mortgagee shall be subrogated to all pC the rights, privileges, .priorities, and equities of any lienholder whose lien may
<br />have been discharged from the proceeds- of this lonn, or by any funds here}w'piricl or furnished by the Mortgagee.
<br />IT IS EXPRESSLY AGREED that if the Mortgagor, shall sell, convey or said property, or airy part thereof,
<br />or any interest therein; or shall .be divested of his. title or any interest .therein in any manner or way, whether voluntarily or
<br />involuntarily, without written consent of the Mortgagee being first had and obtained, Mortgagee shall }cave the' right, at itsoption,
<br />to declare any indebtedness or obligations secured hereby, irrespective of the maturity elate specified in any note evidencing the
<br />same, immediately due and 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 .Ivlortgagor, devil
<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 wayiaifecting
<br />the'liability.of the original Mortgagor hereunder or upon the debt secured.
<br />In this iriAtrument the singular inclucles.the plural and the masculine includes the feminine and the neuter and this•in-
<br />strununt, shall be binding upon the undersigned, his heirs, personal representatives, successors ,and assigns.
<br />IN WITNESS WHEREOF, we have hereunto set our hands and seal, the flay anti year first above written.
<br />In the presence
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<br />Larry tier
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