HomeMy WebLinkAbout0925 fines, or impositions, for H•hich pro~•ision has not been made hereinbefore, and in default thereof the murt-
gagee may pay the same; and that he µ•ill prornptly delil~er the ut~'icial receipts therefor to the mortgagee.
5. That he will permit, commit, or suffer no w•aste, impairment, or deterioration ef said propert~• or
any part thereof ; and in the event of the failure of the mortgagor to keep the buildings on said premises
and those to be erected on said premises, or impro.ements th~reon, in good repair, the mortgagec ma,}•
make such repairs as in its discretion it rnay deem necess~r,y for the proper preservation thereof, and the
full amount of each and e~~ery such payment shall be immediat.el~• due and pay~able, and shall be secured
by the lien of this mortgage.
6. That he w•ill pay all and siti~ular the co~;s, charges, and expenses, including reasoi~able la~+•~~er's
fees, and costs of abstracts of title, incurred or paid at any tirne by the mortgagee because of the fail~~re
on the part af the mortgagor promptly and fully~ to perform the agreements and co~•enants of saici prom-
issory note and this mortgage, and said casts, charges, and expetises shall be immediately due and pa~•-
able and shall be secured by the lien of this mortgage.
7. That he will keep the improvements noK~ existing or hereafter erected on the mortgaged prapet•t~•,
insured us may be requir~d from time to time b~• the mortgagee against Ioss by fire and other hazar~s,
casualties, and contingencies in such amounts and for such periods as ma~• b~~ reqz~ired by mortgagee,
and wil! pay promptly, when due, any prerniums on such insurance for pa~'ment of ti•hich prorision has
not been made hereinbefore. All insurance shall be carried in tompanies approred by~ mortgagee and
the policies and renew•als thereof shall be held by mortgagee and ha~•e attached thereto loss pa~-able
clauses in favor of and in form aeceptable ta the mortgagee. In event of loss he u•ill g:ti•e immediate
notice by n ail to mortgag+ee, ancl mortgagee ma~' n~ake proof of loss if not rt~ade prom~tl~~ by mortgagor,
and eaeh insurance company concerned is hereby authorized and directed to make payment for such
loss-directly to rnortgagee instead of to mortgagor and rnortgagee jointly, and the insurance proceeds, or
any part thereof, may be apptied by mortgagee at its option either to the reduction of the indebtedness
hereby secured or to the restoration or repair of the property damaged. In event af foreclosure of this
mortgage or other transfer of title to the mortgaged propert.y in extinguishmr>nt of the indebtedness
sec~red hereby, all right, title, and interest cf the mortgagor in and to any insurance poiicies then in force
shall pass to the purchaser or grantee.
S. That the mortgagee rna3-, at any time pending a suit upon this mortgage, appl~• to the court ha~~-
ing jurisdiction thereuf for the appointment of ~ receiver, and such court shall forthu•ith appoint a
recei~•er of the premises co~~ered hereby ali and singular, including all and singular the income, profits,
issues, and revenues from w•hatever source deriveci, each and e~•erti• of w•hich, it being expressly unc3er-
stood, is hereby mortgageci as if spe~ifically set forth and described in the granting and habendum clauses
hereof, and such rece~ver shaU have atl the broad and effecti~•e functions and poK•ers ir, any«~ise
entrusted by a court to a recei~•er, and such appointment shall be made by such court as an admitted
equity and a matter of absolute right to said mortgagee, and ~•ithout referer.ce to the adequac~• or irtad-
equacy of the ~~alue of the propertt• mortgaged ar to the solvenev or insol~~ency of said mortgagor or the
defendants, and that such rents, profits, income, issues, and revenues sha{1 be applie~ by such recPi~~er
according to the lien of this moi•tgage and the practice of such court. In the e~•ent of any~ default on the
part of the mortgagor hereunder, the mortgagor agrees to pay to the rriortgagee c7 demand as a reason-
able monthty rental for the premises an amount at least equivalent to one-tw•elfth of the aggregate
of the tw~eive monthly installments pa~~able in the then current year plus the actual amount of the annual
. taxes assessments, w•ater rates, and insurance premiums for such year not co~•ered by the aforesaid
mont~ly payments.
E 9. That i?i thf~ e~~~~nt uf ai~~- i~rE~ach ut ti~i.s mort~,~agv or cl~~f<<ult ~ni ~he E~at•t ~~f t}?e moz•tgagor, ot•
E 1 l, ) Iti tfit' t'~'C'iit t~litt ~~ii~~ c~f said sum, of rnuii~~~• hE~re~in ~•efet•re~{i to be n~~t p~•~~mptl~~ and full~• ~~id «-ith-
t nut (~(•IriRll~~ ur i~utic~~, uz• in th~~ ~~~~c~nt that ~•ach and ert•r}• the sti~ul~tinns, ~i~l'f'ET11EI1t.S, cot~ditions,
` <u~~l c,~~~t~n~~»ts r,l' saic! n„ta• ~in~l this nwrtgag~~, a?•c n~~t clu1~~, ~~?•um~~tl~~, <in~l fuii~• perforit,eci; til~n in
' ~~ithE~i~ ~~r ~in~~ ,ii~~lt t~~~.~nt. tl~~~ ~ai~i a~;~;i~t`~,ratf~ ~um rn~~;itic~ne~i i~? ;.~i~i i?otc~ t4~c~n i•c~~~lai?iing u~ipaid. ~;~it}i
~ iniE~rest accr~~~~~1 t<~ that ti?~7~~, aia~l <ill nu,ri~~i~s st~cure~l hE~rf~bti-, shall I~~~c~~tne ~lue an~i pa~•at~ie forth~~•ith,
' „r thei•r~~iCter, at tht~ u}?ti~>>i uf sai~i ?nnrtgxg~~~~, <~s fl~l!_,- anc! c~~mpic~tt~l~~ as if all ~~f th~~ sair~i sums of mr~i~t~~-
\\'l'1't' l)1'~Tlllilll~' Stij)ll~ateci tc~ I~t~ ~~~~icl e~i~ such r~~~~•, ~~111'1lllil$ 111 S~UCI ]lt?lt~ ~~r in this mortgage to the cc~ntrare~
~~!~t~~~itl~stanctin~; ancl ti~c~rE~u~~un or tht~ri~~tft~~r, at t1~e~ optioti of saicl mf~rtgrtgee, ~~-iii?~t~t notiee or ~lemand,
~uit at l~i~~• c~i• i~i ~~c~~~it~~, m~i~- l~e ~~r~~sf~cutE~~i as if .~I1 rnun~~~~s sc~c~ir~~cl I?treb~~ haci matur~~cl p~•ic~i• to its inst~-
tuti~~ii. Tht~ mnrt~,r~igc~E~ ma~~ fm•~~c•l~~.c~ t~liS t1101'tj,rtlbTt, a~ tu il~c~ amot~tit sc~ cleclai•ed cliie and pa~•able, an~i
~aici prentist~. ,hall bc~ ,«icl tc~ sati,f~~ anci pa~- the ~ame togE~thri• ~+~ith costs, exi~t~risc~s, and alio~~•ances.
cast~ of' pa?•tiat f'ni•t~rlosui•t~ of this nfortga~c~, the rr~cn•t~a~c~~l ~~renlises shz~ll be sold subject tc~ the eora-
ii?iuit~g ;irr~ c~f ihis rnc>rtk~a~,~~~ f~>>~ thE~ <imcnint ~,f' thc~ ~i~~bt n;~t t}~E~» ciur anrl ,~nl~aici. In such case the pro-
~ isi~~tis of tliis pa:•,igraph ma}~ again be a~•ailf~~l of tl~t~reafter from time tu timF, the mortgagee.
10. 'fh~it the nu~rt~a~;~~r ~~~il; ~i~~r• irnme~cliate nc~ticf~ h~~ mail t~~ thc• tnc~rtKaker of an~• c•ot~~e~~~nce,
tt~a>>sf~~r, ~~t~ ch<~ngr ~~f u«~»~~rship <<f tht~ pi•rmiscs.
11. That n<~ ~ti~ai~~t~r ~~f an~• cu~~E~nant herein ~~r of ti~e u}~ligati~~i: ~ecur~ herei~}~ sh~~ll at an}~ time
~ht re:~fter• !~e he!ci tc> f,e a~~~~ll~'el' c)~ tllE tt~Y•r7~~ i~ereof or of the nute 5E'C'ill'ECI }IE'I'2E)~~.
12. That if the rnortgagor default in any of the cavenants or agreernents contained herein, or in
said notf=, then the mortgagee niay ~erf~rn~ the same, and all ~xpenditures (inctuding reasonable attor-
ne~~'s fees) made t~y the mortgagee in so doing shall draw• interest at the rate set forth in the note seeured
he:•e}~~-, and shall be repa~~able immed'aatelti~ and w~iti~uut demand by the mortgagor to the mortgagee, and,
tagether u•ith interest and costs accruing thereon, shalt I~e secured by this r.zortgage.
13. That the mailin~ of a~•ritten notice or dema*id .tdciressed to the uwner of recard of the mortga~ed
preniises, or ciirected to t},e said o~a~r~er at the ]ast addre~s actuall~~ furnished to the mortgagee, or directed
to ~ai~i ow~ner at ~aid mortgaged premises, anri mxile~i i~y the Lnited States mails, shali be sutficient notice
and demand in ant• case arising under this instrument and required by the pro~•isions hereof or by law.
1-1. The mort~agor co~•enants and agrees th:~t so long as this moi•tgage and the said note secured
hereb~• are insured under the pro~•isions qf f3~e ti itional Iiousing Act, he w~i1) nc;t execute or file fnr record
atiS~ in~truntent ti'}iit~h'inaposes ~a re~tr'tctiir~!'~ up~»; the szle or bccupancy ~~f
~Pie moxtgaged j;ropert~~ on the
hasis ~f race, ~olor, ur creed, tipun any ~~iolation ot i.his undert~king, the ::icrtgagee may, at its option,
declare the unpaid baiance of the deht securNd herehy immediatel~~ due anci pa~•able.
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