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<br />All payments made under the provisions of this mortgage or the note hereby secured, which may be construed as interest.
<br />shall not, in the aggregate over the:term thereof, exceed the rate that may now be lawfully contractee] for in writing.'
<br />It is further agreed that in case any suit is begun to foreclose this mortgage, the Mortgagee, its representatives or assigns,
<br />shall at once be entitled to the possession of said premises, and upon application therefor, the court in whicli 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 do and perform such other acts as may be required by the order
<br />of the court malting 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 evidence.
<br />It is expressly agreed and understood that. the Mortgagor shall proceed with the construction of a building o'n 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 he disbursed, together with the money loaned or advanced by said Mort.gagce 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 Mortgagee, the Mortgagee or any holder of thb. 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 he 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'znd mortgage
<br />to any.advances; thereafter becoming (Inc. But in no event shall the Mortgagee he 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 constriction of this building. And it is further expressly agreed and understood that if the Mortgagor shalPfail 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 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 \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 due and payable at 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 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 regulations, the provisions of the 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 approved in writing by the i\Qortgagee;
<br />(f) If work be delayed or suspended for a period of thirty (30) days without cause satisfactory to the i\lortgagee, 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 hereunder 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 1\4ortgagor 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, <anif heretofore
<br />approved by the Mortgagee.
<br />It is understood and agreed that all materials deliverer). upon said premises for the purpose of being incrirporated in the
<br />building shall be considered a part of the building.
<br />Mortgagee agrees to male advances under this loan for the construction of said building from time tq 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 jiudgment
<br />of the Mortgagee all wort: usually'done 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 aril installer) 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 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 o(the the work, labor
<br />ormaterialsfurnished 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 lien 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 thereupon become absolute. If the ownership `of the mort-
<br />gaged property becomes vested ina 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 includes the feminine -and the neuter and this in-
<br />strument shall be binding upon tlie' 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 attester) by its,.:.:_. l.F.. Secretary the day and year first' ahove written'
<br />:7 y i d�1 ,:..,.....
<br />'v .-GARDEN LTD. , A LIMITED PARTNERSHIP BY
<br />ATTEST: r ...`DONT : RPRZSES. Z1VC.. CSE
<br />!it ::...... ,.. P
<br />^ :<
<br />t a,
<br />'Allene R. Bish Secre�t`ary°i �, -c ' tan D. Bl 1 President
<br />
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