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010723
<br />All Payments milde un(h-r Ili(, provisions of this inortgago or ill,- noto hi�ri-hv suctired. which niav iw Constriied as interest.
<br />shall not, ill the aggregate. over fjjt� torni thereof, exceed the nilt, that maY no%%, 1)(� lawfuliv contracted for in wrifing.
<br />It is fill ther agreed that in case I'll , Y sUitlis bV9UII to for( vlost, this morigage, tire Mortg*agee. its representatives or IlSsiglls.
<br />.,liall at once he. entitled to ill(' possession of said preinises, -in([ upon applicafion therefor, thvcourt in which such actionshall
<br />be hrou'dit Or ally.itulp- of suvh court, either in I ' erni tiniv or vacation, is herebY authorized to appoint a receiver to take posses-
<br />,; ther(
<br />sion (if said premises, or- to collect 01v relit., from. and to olo and perfor , Ili such other acts as ma.% he rt1q`uir(;d h.% the ordt-r
<br />of the Court making
<br />ill(' aPPOilitillent: and said Morlg:igor livrehy waives -notice of such application, and -consents to tile
<br />IMint'llf-Ill of .11 revviver tipon tIP, produviii-in of this mortgage. without other eviiienco.
<br />It is vxpre�sl.v agret�d and understood that tile Mortgallor sliall proceed N%i'th ill(- Construction of I huildin!,, (Ili said pronlises.
<br />with all rvasonitiAv dispatc7li. allot (file (liligellc(! jl�ld ,;flat] pay for ariv ancl all . extra,., or modifications that Iw'may make in said
<br />building. direct -to the Mortgagee to he disbursed, toget.her with ill(, money lj)aIIe(I (it- a(j%-ajleeoI hY s,,Ii(l Mortgagee in conji(q,tion
<br />%%'ill' this loall.,And it is furt . her agreed and understood that if the consti-netion of said building be. Ili anY time, discontinued
<br />or not carried oil with reasonable dispatch in file itifignient of the Mortgagee, file Mortgagee or ;lily holder 'of the said notv :
<br />;irld
<br />Mortgage may purchase materials all(I elliplov workinell I() protect said boilding. so that Owsanit-shall not suffer from deprefla-
<br />lion or the weatlivr_ or to complef(' Said bUildill 9. so that it may he its(-(] for ill(, purposes for which it i., designed, under ill(, said
<br />plans. and specifications: that, all the sums so paid. or v%pvnded, �halj he deellied to bvadval�ces to ill(, 'Mortgagor.and ;(:vu�vd
<br />by flie,said not(. alu! mortgage and may he applied. a( the,option of ill(- said Mortgagee, or ;Ili!- holderof.,�aid note and Illort,;ige
<br />to anV adVances thereafter bUt-Onlin', (hie. Bill ill no event ,;hall the MortgageL! ho liable ill anY %vaV to (-ojllplet(� saii, ) i i
<br />t I o pa . y for the. Costs of construction be � I . . I 1 11 ]d It,:: or
<br />yond ill(- advances of tile allioutits deposited for said purposes or loaned 1p� I
<br />the Mort,rakee
<br />for the constrijetiorl of this building'. And it is furtlivr expressly a,_,reud and understood that if the Mortgagorshall fail to complj�te
<br />said building in*-aceordance with the agreenionts, Note prints and spt-cificIltion-S filed ill ConovetJoll with thisloan orshall tiogl(wt.
<br />fail or rvfu.�(- to pay for thi, costs and exl)vlls(�s'ili volitivetion therewith. or shalt fail in ,in\, other of the covenants -herein set for:Ih,
<br />then, at ill(. option of tile Mortgagee or of tile holder of the no(e Mid mortgage 1wroin referred io. the Mortgagee may declare s.*�id
<br />loan to he ill defalill. and tile entire amount loaned illilliediatel ' v beconle (Ili(, and payable and the property hervin referred. to
<br />shall be svvurity for all, of the adValIC-,; and expelise,; incurred and Ill,'Idil bY the Mortgagvo it, Connection %vith t'his provision.
<br />Wit.110"t limiting ill(- generality of the fori,going, the Mi')rtga.,vv shall havo the right to declare that defallit has been Ina fle.
<br />and the entire indebtedness hereunder to bi, due an(I payal)l(, at.ojl((� ,po,I ill(' happening of anv om, (if tile following conditions:
<br />00 The filing of aliV liell against, the propt-HY, whothor clairood to he p*rior to the first mortgage or subject
<br />thereto:
<br />I b) The.entry of anY judl,"llelit 'gains( ill(- iMortgagor;
<br />(c) Tliv".failure to complN, striCtly with z ming regolations, the provisions (if the citV 1)
<br />lidding or if Ili.\ ;lot) order
<br />is issued bY public authorities:
<br />(d) Any:*rnisstalenient in the Join, application;
<br />(e) Any material cliange ill ill(' Plans ahil s1weification, not first app'roved iri writing 1)v tho %Morfgagve:
<br />0 If work be , ved or suspended for"a period of thirty (30) -ithnut cause satisfactorY to ill(- Mortgagev. or
<br />should ill,- Mo r1gagor fail to callse work to be p7ro.�eejlte(l vigorousIv, I
<br />if the * Mortgagev declares ill(, loan to I)P'hl defallIt und(�r any provision', of this provision, fit(, shall hv 1111(ler
<br />no obligation to a(IN"ance ally further nione ' vs IlPro , undor vither for payment of xvork perforoWd ;6ld nlah-rial� aln-adY furniAie(l. :or
<br />tho,0 if) be furnished later by the Mortgagor.
<br />Jt is undvi-stood and agreed that Ili(! Nfortgagor will it,,' :111 adVaIlCt1S -Ill;Ide under this mortgage to vrect a bililding on
<br />said premises in accordance with the "plans, sP('('ifiCatioII-; and _1411oral agreonient.,;` filed in cololvetioll thorewilli. an(I 11(-ro-f0foro
<br />approv(�(I bY the' 1'%Iortgage(�.
<br />It is understood and ;1gree(I that all Materials delivorod UI)oII said pr(�inise.s for the Porl)o�,' (if 1wing invorporaied in Ille
<br />buildin,' sh-311 b(- ('011.1;idered It part of the btlilding'.
<br />IN'lortgagee agrevs to inake adValives uh(ler this loan for ill(, construction of s;ji(I I)llil(:Iillg frool tilljt� I() tijjlj� ;j". ag�rvl .( I
<br />betwi-ell ill(, parties hereto.
<br />AND IT IS EXPRE.SSLY AGREED i.%ND UNDERSTOOD that said advallce` shall lit' Paid ()ill%. Whell ill the judgment,
<br />Mortag�ee all work usually done at fit(- sfa,,,e of construction whoil tile ad ,
<br />Nance is made payable shall havo beell done in. a
<br />good and workmanlike manner, and all materials and fixtures us'lially furnished and installed at that little SlIall lIaV . f ,
<br />I tir-
<br />nished and installed: but tile Mortgagee may advance parts, or ill(, whole. of any installillents before thpo. beconle due. if the Morit-
<br />9�age(' Shall b0lieVO it advisable to do so, and all such advances o.r payments sliIIII Ile deenled tojinve bovil made i'n pursuanceof
<br />this agreement, nothing, I I iowever. in this agreement -;hall bil colistrued Its a deturinina I i"ll of ihP (11-litv (.if tho \York, labor
<br />or materials furnished b.% the or contrarfor and ill(, Mortgagee ,;hall he .11der it(, duty or obligation jo nai
<br />su�.h determination.
<br />The Nio.rigague sliall lu�� subrogated to all of tile rights. Irrivileges, priorities. and (!(Itjit jes'of allY lipoliolder whose 11*011 1111 : IV
<br />haVO beell discharged from ill(, proceeds of this ]()III'. Or bV Ilily funds horehv paid or furni,�)Wd by the 'Alortgagee.
<br />IT IS EIXPRE-SSLY AGREED that if ill(, Ni'lortgagor sliall sell, corive.v or alienate sai'd property, or . any part there6f.
<br />or any interest therein, or ,;hall h(� divested of his -title or ally interest therein
<br />involuntarily, wid I iont written consent of tile iMorf-19ce b( . ill nri.N manner or wa ' v, whother Voluntarilv 'or
<br />'i , terf -it), first had and obtailiecl, Mortgagee sliall have ill(! right, at its option.
<br />to declare any indebtedness or obligations SeCured by, irrespective of tile maturity date spvo�,ified it, any note eVidell(,ing tile
<br />same, immediately due and payable without notice. and Said debt shall thereupon Iwconle ab.,olute. If tile ownership of tile mort-
<br />gaged property-liveonies vested ill I, pens-oll other" than ill(, Mortgagor, file Mortgagee may, without notive to the Mortgagor, deal
<br />with such suceL.j�or or suc(,e.-;sors in interest with reference to this mortgage and tile debt hereby secured as with fit(, �Iortgagrir,
<br />and may forbear, to stie or may extend time for tile payment of fit(, debt hereb -vured without discharging or in any way affecting
<br />the liability of the original Nlortgagor hereunder oir upon the debt secured. y. 1,
<br />Ili this. instrument ill(, singular inCILI(IOS' tile plural and fli(� '"ase'llille inch"les tile I'Villilline and tile neuter and this ill-
<br />struillent 411:111 be hiliding upoll tile undersigned. Ili.,; . heirs, pvrsoji:II representatives, successors an�l assigns.
<br />IN WIT . NESS WHEMEOF. the Mortgagor has caused tlie.�e presents to be.sigilvd 11Y its ............. ..... . . . President. 'and
<br />its corporate sea I to Ili- hereunto affixed and attested bv its ............................................ Secretar - tile day and year first above written.
<br />ATTEST: ........... Per.s.onalized Homes Inc . -
<br />................................... _1 ................. ...... ......
<br />CL,
<br />B ( . ............ 44(;� ........ I-
<br />........... .... ... .............. y ......
<br />Charlafirle M. Jenkihs Secretary Edward Rr. J nkins President
<br />IL I
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