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<br />All payments made under the provisions, of this mortgage or the note hereby secured, which may be construed as iiiteresi:
<br />shall not, in the aggregate over the term thereof, exceed the rate that may now lid -lawfully contracted..foi in writing.
<br />It is further agreed that in case any suit is begun to foreclose this mortgage, the Mortgagee, its representatives or as
<br />shall at once be entitled. to the possession of saiel. premises, and upon application therefor, the'court in which. such .action shall
<br />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 Flo and perform such other acts as may. herequired 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 bf 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 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, clirect to the Mortgagee to be disbursecl,' together withahe money loaned or advanced.l>y said Mortgagee in connection
<br />with this loan. And it is further agreed and understood that if -t.ite construction of said building be, at any time, discontinued
<br />or not carried on with reasonable dispatch in the -judgment of the Mortgagee, the Mortgagee or ',,my 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 whicli 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 Mortgagee, or any holder of said note and mortgage
<br />to any advances thereafter becoming (Inc. 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 ancl'specifications filed in connection with this loan or shall neglect; "
<br />fair or refuse to pay for the costs and expenses in connection therewith, or shall fail in any other of the covenants herein set forth,.
<br />then, at the option of the Mortgagee 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 be security'for all of"the advances and expenses incurred and made by the i\.lortgagee 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 payabletat once upon the happening of any one of the following conditions:
<br />(a) The filing of any lien against the property, whether claimed to be prior ao 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 regulations, the provisions of the city building code, or..if .my stop order
<br />is issued by public authorities;
<br />(d) Any -Misstatement in the loan applicatitm;
<br />(e) Any material change in the plans and specifications not first approved in writing by the Mortgagee;
<br />(f) If work he delayed or suspended fora 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 Mortgagee shall be under
<br />no obligation to advance any further moneys lierbuiider either for payment of wort: performed and materials already 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 and agreed that all materials delivered upon said premises for the purpose of being incorporated in the
<br />building shall be considered a part of the building:
<br />Mortgagee agrees to make advances under this loan for. the construction of said building from time to time as agreed
<br />between 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 clone 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 />nislted 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 -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 be under no duty or obligation to make
<br />such determination,
<br />The Mortgagee shall be subrogated to all of the rights, privileges, priorities, and equities of any lienholder whose lied may
<br />have been 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, 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 have the right, at its option,
<br />to declare any indebtedness or obligations secured hereby, irrespective of the maturity date specified in any note evidencing the
<br />same, immediately`due and payable without notice, and said debt shall thereupori'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. Mortgagor, 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 in 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, the Mortgagor has caused these presents to be signed by its..................................President, and
<br />its corporate seal to'be hereunto affixed and attested"by its............................................Secretary the day and year first above written,
<br />Arrr✓sT:
<br />JS R, INC '
<br />.......................................................................................
<br />,.✓btu C L eta L'�f .......... -�...
<br />.. ..................:............................................................................. By...7 .......G? _.' . . yr�... President
<br />t
<br />Secretary �.
<br />Presic en
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