HomeMy WebLinkAbout2291 fineg~ or impositions, for which pruvis:on has not been made hereinbefore, and in default thereof the mort-
gagee may pay the same; and that he will promptly deJiver the dfficiai receipts Lherefor to the mort~agee.
5. That he will permit, cammit, or suffer no waste, impairment, or deterioration of said property or
any part thereof; an~ in the event of the failure of the mortgagor to keep the buildings on saici premises
and those to be erected on said premises, or improvements thereon. in goud repair, the mortgagee ma}•
make such repairs a.` in ita discretion it may deem necessary for the proper preservation thereof, and the
full amounL of each and every such payment shall be immediately due and payabte~ and shall be secureci
by the lien of this mortgage,
6. Thpt he will p~y all and singular the costs, charges, and expenses, inclvding reasonable la~~•,r•er's
fees~ and costs of abstracts of t~tle, incurred or paid at any time by the mortgagee because of the failut•e
on the part of the mortgagor promptly and fully to perform the agreements and co~•enants of said prom-
issory note and thi~"mortgage, and said costs~ charges, and expenses shall be immediately due and pay~-
able and shall be secure~ by the lien of this mortgage.
7. That he will keep the improvements now existing or hereafter erected on the mortgaged propert~•,
insured as may be required fram time to tirne by the martgagee against loss by fire and other hazards,
cssualties, and contingencies in such amounts and for such periods as may he required by mortgagee,
and will g~ay promptly, when due, any premiums on such insurance for pa~~ment of w•hich pro~•ision has
not been made hereinbefore. All insurance shall be carried in companies appro~•ed by mortgagee and
the policies and rertewals thereof shall be held by mortgagee and have attached thereto loss pa~•able
clauses in favor of and in form acceptable to the mortgagee. In event of loss he w•ill gi~•e immediate
notice by mail to mortgagee, and mortgagee may make proof of Ioss if not made promptly by mortgagor,
and each insurance campany concerned is hereby authorized and directed to make payment for such
lvss directly to mortgagee instead of to mortgagor and martgagee jointly, and the insurance prozeeds, or
any part thereof, may be applied 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 e~•ent of foreclosure of this
martgage or ather transfer of title to the mortgaged property in extinguishment of the indebtedness
secured hereby, all right, title, and interest of the mortgagor in and to any insurance policies then in force
shall pass to the purchaser or grantee.
8. That the mortgagee may, at any time pending a suit upon this mortgage, apply to the court hav-
ing jurisdiction thereof for the appointment of a receiver, and>such court shail forthu•ith appoint a
receiver of the premises covered hereby a1l and singular, including all and singular the income, profits,
issues, and revenues fram whatever source derived, each ~nd every of which, it being expressly under-
stood, is hereby mortgaged as if speci~ically set forth and described in the granting and habendum clauses
hereof, and such receiver shall have ali the broad and e~'ective functions and pou•ers in an3•H•i~e
entrusted by a court to a r~ceiver, and such appointment shall he made by such court as an admitted
equity and a matter of absolute right to said mortgagee, and without reference to the adequac~• or inad-
• equacy of Lhe value of the property mortgaged or to the solvency or insol~•ency af said mortgagor or the
defendants, and that such rents, profits, income, issues, and revenves shall be applied by such recei~•er
according to the lien of this mortgage and the practice of such court. In the event af any default on the
part of the mortgagor hereunder, the mortgagor agrees to pay to the mortgagee cn demand as a reason-
able monthly rental for the premises an amount at least equiva(ent to one-tw•etfth (!iZ) of the aggi~egate
of the twelve monthly installments payable in the then current year plus the actual amount of the annual
taxes assessments, water rates, and insurance premiums for such year not covered by the aforesaid
mont~?ly payments.
9. That (cc) in the e~~ent uf ati~• Urexch uf this mortgage or clefxult u~i tl~c part of the mortgagor, or
(1~~ IR tllE E~'l'llt t~litt aii~~ c~f said s;1iT1S UF IT10IlEJ' IlEl'C'lil referred to be not pr~,mpti~• anc~ full~• paid «~ith-
- Ull~ (~(11?RIl({ Ul' IlUt1Ct', Ut' li1 tFlE' E'\'C1IC t}i~lt ~21C~1 ailCl E~'N1'1' ttlf' Stlj)U~a~l()I15, agf•eements. COil(~1tI0i1S,
:tn~i co~~en~tnts af sxirl not~~ and this mortgage, a~•e nc~t cluly, ~~rumptl~~, and fuli~- pc~rformeci; tllell in
irither or ~u~~• surh E~~•ent, th~ sai~i a~greg~te sum m~~~itio~ied iti sai~l »utr thcn r~~m~ining w~paid, ~~•ith
, i?itei•est accrued tu tiiat tiiiit~, and a!I monE~~~s secured he?•eb~•, shall bec~me ctue ancl payable fot•t}~«•ith,
(~1' t~lE'1't'~II~tE~r, ~t thE~ optio?i eff St'ti(~ ii2U2'tg8gt'f, as full~• ~incl comp]t~trli: as if all :,f the saici sums of mone~•
~~~.~re oi•ginall~• stipuiated to l~e a~aid oti such da~•, an~•thit~g iii saicl >>ote o?~ i~i this mo?•tgage to the co~iti•ai•~•
::ot~~•ithstandin~; and the~r~~ul~on ur thereafter, at the option of said mortgagee, \\'ItllbUt ilOt1CE' or ciemand,
suit at la~~~ oi• in equit~~, m~~- be prosecu#eci as if ait mo»e~-s secured hereb~~ had mat~~re~! pz•iot• to its insti-
tution. The mo~~tg~igE~c ma~~ forec]use t1~is mo~•tgage, ,is to thc~ amo~~nt so decla~•ed ciue and payable, and
th~~ said p~•t~misc~, shall b~~ solcl to satisf~• and pa~• the same togeth~~r ~~~itli costs, e~penses, and alto~~~ances.
In case of p~rtiai f~n~cclosurc~ of this mortgage, the mrn•tgage~l i~remises shall be solci sub,ject to the con-
tinuing lien of this mo~•t~agr for the ~.mou?~k of the cl~~bt iiot thet~ ciuc> a?icl ~~r~paic3. I~a such case the pro-
~~isions of this pa~•agrapi, ma~• again bE~ a~•ailetl of thereafter from time t~~ time b~• the martgagee.
10. That th~~ mortgag~~~• »~i1] giti~e immecliate notice b~- maii to thE~ mot~tga~ee of an~• con~~e~~ance,
tra~isfei•, oi• chatig~.~ of o~~~nri•ship of the pi~emises.
11. That no ~~•ai~~er ~~f ~lnti~ co~~enant herein ~~i• of t{~e o}~ligatic~ri secui•ec1 he?•e1~y shall at any~ time
thei•eafter be held to he x~~•ai~•er of the te?•ms hereof oi• of the nute secui•ed heref~~•.
12. That ~f the mortgagor default in any of the covenants or agreements contained herein, or in
said note, then the mortgagee may perform the same, and all expenditures (incl~iding reasonable attor-
ne~•'s fees) mad_e by the mortgagee in so doing shall draw~ interest at the rate set forth in the r~ote secured
hereby, and shall be repa~~able immediately and ~~ithout demand by- the mortgagor to the mortgagee, artd,
together with interest and costs accruing thereon, shali be secured by this mortgage.
13. That the mailing of a w•ritten notice ar demar?d addressed to ttie owner of record of the mortgaged
~ . premises, or directed to the said ow~ner at the last address actually furnished to the mor+gagee, or directed
to said ow•ner at said n~ortgaged premises, and rnailed b,r~ the L'nited States maiis, shall be s~fficient notice
. and demand in any case arising under this instrument and reyuired by the pro~•isions hereof or by lav~.
14. The mortgagor co~•enants and agrees that so long as this mortgage and the said note securecI
hereby are insured under the provisions of the National Iiousing Act, iie wili not execute or file for record
any instrument which imposes a restriction u~~or the sale or occupancy of tne mortgaged p?•operty on the
basis of race, color, or cree~. Ut~on an}~ ti~iolation of this undertaking, the mortgagee may, at its option,
declare the unpaid balance of the de1~t secured hereby immedi~tel~~ due and payable.
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