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<br />All payments made under the provisionsof this mortgage or the note hereby: Iecured, }"hien may lie construed as interest:,
<br />shall not, in the aggregate over the term thereof, exceed the rate'thatmay now be iawfully contracted for in writing.
<br />It is-further agreed Ithat in case any suit is begun to foreclose this mortgage 'tlte Mort{,agbe, its representatives or assigns,
<br />shall at once be entitled to the 'possession of said premises, and upon application•th'erefor,, the kourt in which such ;action shall
<br />be Brought or any'judge of such court, either in term time or vacation, is hereby authorized:to a{ipoint a receiver'to take posses-
<br />'d said premises, or io collect the rents therefrom, and to do and perform such other acts a5 may he required by the nyder:
<br />of the court making the appointment; and said i\lortgagor hereby waives any notice 'cif such' application, and consents to the ap-
<br />pointment of a receiver upon the production of this-mortgage, without other evidence.'' j
<br />It is expressly agreed and understood that the Mortgagor shall proceed .cith thr Lonstruetian. of a buildint on,said premises
<br />with all reasonable dispatch, and clue diligence and shall pay for ;any and all extras. or modifications that, he may :make in said
<br />building, direct to the Mortgagee ito be disbursed, together with •the money loaned o ;advanced by said Mortgagee in connection
<br />with this loan. And it is further Agreed and understood that if the construction'of said building -lie, at any time, discontinued
<br />or not carried on with reasonable dispatch in the. judgment of the \lortgagee, the .,%Mortgagee pr any holder of the'said note and
<br />Mortgage may purchase materialsiand employ workmen to prote'i:t said building, so'•iliat th'e samIe shall not suffer tram depre(la
<br />t.ion:or the weather, br to complete said building, so that it may be used for the purposeI s for which it, is designed,--under the said
<br />plans and specifications; that all flee sums so paid; or expended, shall be deemed to!be advances to the Mortgagor,,anrl secured
<br />by the said note and mortgage an(J'may be applied, alt, the option of the said iN4ortga gee, or luny }folder of said note; and mortgage
<br />to any advances thereafter becoming due. But in no eventshall the Mortgagee be 'liable in 'amy"way to complete, said building or
<br />to pay for the costs of;construct.ion beyond the advances of the amounts deposited for said purposes or ]owned Uya.}ie Mortgagee
<br />for the. construction • of this building. And it, is further.:expressly agreed and unclerstood!that if the Mortgagor shall' -fail to complete
<br />saidbuilding in accordance with the agreements, blue prints and. specifications filed', in connection with this loin or shall neglect,
<br />fail or.refuse to pay forthe costs a0d expenses in connection therewith, or shall fail•ii} any other of the covenants herein set forth,'
<br />then, at the option
<br />the Mortgage or of the holder., of the note and mortgage herein referred to the Mortgagee may declare said
<br />loan: to-be in default asci the entire:-'amount loaned shall immediately become due and p iyalilc and' the property .heroin referred to
<br />shall be security for all of the advances and expenses incurred and•made by the i\Modglu( ee in i•onnection with this provision.
<br />Without limiting the generlality of the foregoing, the i\Mortgageo shall have the right to deOare that default has.been made
<br />arjd the', entire indebtedness hereunder to be clue and payable at once upon the happening of anv'bne of the following conditions:
<br />(a) The filing of any lien igainst the property, whether claimed to he prior tothe first mortgage or subject-thereto;'
<br />(b) The entry of any jud hent against the. DMortgagor;
<br />(c) The failure to comply, strictly with- zoning regi latiuns, the provisions .of, flu• city; building code, or ,if any strip order
<br />is issued by. public authorities; 1 I p
<br />(d) Any misstatement in the loan application;
<br />(e) Any material change ;in the plans and specificaiions.not first approved 'iti wriiin; Im the \Mortga ev,
<br />(f) If work be delayed or suspended for a period of thirtu (30) clays %iihoIii cause-satisfactory to the :, Mortgagee, or
<br />should the Mortgagor fail to cause work to be prosecuted yigornusly.
<br />If the Mortgagee declares; the loan to be irr default under any provisions of this pr(disurii,' the ivforft a ce,shall be under
<br />no obligation to advance any, further moneys hereunder either for j)aynleilt'W work-P •r`formed aniJ materials afire ids; furnished, or '
<br />those to be furnished later by the Mortgagor.
<br />It is understood and agreed that the R1ort(•aigor will use, all advances marl( `aider this ,mortgage to c r(ct `a: building oil
<br />said premises in accordance with die plans, specifications and general agreements fileill in connection therewith: and heretofore
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<br />• approved by the Mortgagee. I
<br />It is understood and agreed that all materials delivered upon said premises for ill(, 1') of hirin;, incdrporated in the
<br />building shall lie considered a part of the building.
<br />Mortgagee agrees to make advances ulster. this loan for the construction of 'said building from time..to tinle as- agreed
<br />Between the parties hereto.
<br />AND IT IS EXPRESSLY AGREED AND UNDERSTQ0D that said aclvaijc�es 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 maid( ypavable sball.have been clone in a
<br />good and workmanlike manner, and all materials and fixtures usually furnished and l installed `at., that time shall have been fur-
<br />nished and installed; blit the 1,fort4agee may advanee 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'lieldeemed!to have been made in pursuance of
<br />this agreement, nothing, however; in this agreement shall. be cohst.rued as a deterniinatiori ;of, the quality of the work, labor
<br />or- materials furnished by the Mortgagor or contractor and tho Mortgagee sh,,illi he under -,no duty or obligation to make
<br />such determination. '
<br />rhe Mortgagee shall be subrogated to all of-the rights, privileges, priorities,,alnd equitns cif any lienholder whose lien may
<br />halve been discharged from the pioceeds of this loan, or by any funds hereby paidjgr 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, or shall be°divested of his title or any interest therein in ariy manner 'or way, whether. voluntarily or
<br />involuntarily, without written cons(;nt of the Mortgagee being first had and obtained.iMortgagC6 shall have the right, at its option,
<br />toydeclare any indebtedness or obl{gations secured Hereby, irrespective of the maturity, (late specified in any note evidencing the
<br />same, immediately dtte and payabl'p without notice, and said debt shall thereupon become absolute. If the ownership of the mort-
<br />gaked property becomes vested in 11 person other than the Mortgagor, the Mortgagee may,',Nilithout notice to the-Mortgagor, deal
<br />with such successor or successors in interest with reference'to this mortgage and theidebt hercby:sccured as with the Mortgagor,
<br />and may forbear to sue or may exiiend time for the .payment of ilii debt hereby secure(1 without discharging or in any way affecting
<br />the liability of the original Mortgagor hereunder or upon the debt secured. '
<br />Li this instrument the singular includes, the plural and -the masculine includes the feminine and the neuter, Ind this ill-
<br />strunient shall be binding upon tho- undersigned, his heirs, personal representatives, successors and: assigns.
<br />IN. WITNESS WHL13T Oh, the DlortgrRorhas caused these presents to be signed Uyits:................... ....I?resident, and
<br />its corporate 5pa��tQ Inr'here,4rriCyi aflixed and attested by its.............. ;............... .............. Sec'retary the day and year first-above written,
<br />j t CONTINENTAL GARDEN,JLTD.,;A LIMITED PARTNERSHIP BY
<br />ArTrs� 3. :: } j'.` ,` MID—CONTINENT ENTERPRISES, INC., GENERAL PARTNER i
<br />By. %.�...::,LCi......................�e......
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<br />A11ene R•.,, s•l�•tL'
<br />Secretor Mll n D .' B1 Sh_ President'
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