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Home My WebLink About0255 ~ , ~ . . Snea. or impoaitiona, for which provision has not been made hereinbefore, xnd in default thereof the mort- ~ee m~a,y ~y the aame; and that he will promptly deliver the ofriciul recelpb therefor to the martgagee. b, That he will permit, commit~ or su~'er no waste, impairment, or deterioratian of said property or any pa?rt thereof ; and in the event of the failure of the mortga~r to keep the buildings on said premises and those to be erected on said premiges~ or improvements~ thereon~ in gaod repair~ the mortgagee may _ rnake such repairs ars in ita discretion it msryy deem neceaaary for the proper preaervat~on thereof, and the full xmount of each and every auch p~yment shall be imrnedistely due and payable, and shall be secured by the lien of this mortgaRe. 6. That he will pay ~?il snd singulsr the coets~ charges, and expenses, including reasonable law•yer's leea~ and costs of abstracts of title~ incurred or paid at any tirne by the mortgagee because of the failure on the part of the mortgagor promptly and fully to perform the agreements and covenants of said prom- issory note and this mortgage, and ssid costa~ char~ea, and expenses shall be im`m~diately due and pay- able and nhall be aecured by the lien of this mort~a~e. _ 7. Tttat he will keep the improvements now exiating or hereafter erected on the mortgaged property, insured as mxy be required from time to time by the rnortgagee against loss by fire and other hazards, csaualtiea, and contingenci~ in auch amounts and for such periods as may be required by mortgagee, and will pay promptly, when due~ any premiums on such inaurance for payment of w~hich pro~ ision has not been mt+de hereinbefore. All insurance shall be carried in companies approved by mortgagee and the policies and renewals thereof shali be held by mortgagee and have attached thereto loss pay~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, snd mortgagee may make proof of loss if not made promptly by mortgagor, and each insurance company concerned is hereby authorized and directed to make payment far such loss directly to mortgagee instead of to mortgagor and mortgagee jointly~ and the insurance proceeds, or anypa rt thereof, may be appliecl by mortgagee at its option either to the reduction of the indebtedness hereby secured or to the restoratian or repair of the property damaged. In event of foreclosure of this mortgage or other transfer of title to the rnortgaged property in extinguishment of the indebtedness secured hereby, atl right~ title~ and interesL of the mortgagor in and to any ~nsurance policies then in force shall pass to the purchaser or grantee. 8. T}iat 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 shall forth~•ith appoint a receiver af the premises covered hereby all and singular. including all and singular the income, profits, issues, and revenues from whatever source derived, each and every of which, ~t being expressly under- stood. is hereby mortgaged as if specifically set forth and described in the granting and habendum clauses hereof, and such receiver shall have ali the broad and effective functions and powers in anywise entrusted by a court to a receiver, and such appointment shall be made by such court as an adrnitted equity and a matter of absolute right to said mortgagee~ and without reference ta the adequacy or inad- equacy of the value of the property mortgaged or to the solvency ar insolvency of said mortgagor or the defendants, and that su~h rents, profits, in~ame, issues, and revenues shall be applied by such recei~•er according to the lien of this mortgage and the practice af such court. In the event of any default on the part of the mortgagor hereunder, the mortgag~r agrees to pay to the mortgagee ~n demand as a reason- able monthly rental for the premises an amount at least equivalent to one-twelfth (1;:) of the aggregate of the twelve monthly installments payable in the then current year plus the actual amount of the atinual taxes assessments, water rates, and insurance premiums for such year not covered by the aforesaid mont~ly payrnents. 9. That (a) in the e~•e»t af an~~ breacli of this mot•tgage or clef~ult on the part of the mortgagor, or ( b) in the e~•ent that an~' of said sums of mone~- hercin referi•ed to be not promptl~• and fully~ paid «~ith- c~ut demand or »otice, or (c) in the e~•ent that each and e~~er~~ the stipulations, agreements, conditions, anci cu~~eYiants of sxid nofe aiid this moi•tgage, ai•e not duly, pi•umpti~•, and full~• pei•foi•med; then in either or an>• surh e~~ent, ti~e saic~ aggregate s~~m m~~ntioned in saicl nnt~ th~u r~~maining unpaid, ~~~ith ~nterest accrued to that time, and all mone}•s secured hereby, shall become clue and payable forth~~•ith, ui• tliereaftei•, at the a~tio~i uf saici moi•tgagee, as full~• anci eompletely as if all of the saici sums of mone~• ~~-ere orginall~• stipulated to be paid on such da~~, an~•thing in said nute or in this mortgage to the contrary not~~•ithstanding; anci thereupon or thereafter, at the option of said mortgagee, ~~-ithout notice or demand, suit at la~~- or iu equit~•, ma~- be prosecuted as if all mane~•s secured hereb~• had matured prior to its insti- tution. The moi•tgagee n~ay for~elose this moi•tgage, as to the amount so cieclai•ed due and payable, anci the said premises shall be solcl to satisfy~ and pa~• the same together "•ith casts, expenses, and alloK•ances. In case of partial foi•eclosure of this mortgage, the mortgaged premises sha~l be sold subject to the con- tinuing li~n of this mortgage for the amount of the clebt not then due ancl unpaid. In such case the pro- risions of this paragraph ma~• again be a~•aileci of thereafter f~•om time to time b~~ the mortgagee. 10. That the martgag~~t• ~~~ill gi~•e immediate notice b~~ mail to the mot•t~agee of any con~~eyance, transfei•, or change of o~~•iiei~ship of the pi•emises. 11. That no w~ai~•ei• of any co~~enant he?•ein or of the obligation secui•eci hereby shall at any time thereafter Ue held to be a w•aiver of the terms herec~f or of the note secured hereby. 12. That if the mortgagor default in any of the covenants ar agreements contained herein, or in said note, then th2 mortgagee may perform the same, and all expenditures (including reasonable attor- ney's fees) made by the mortgagee in so doing shall draw interest at the rate set forth in the note secured hereby, and shall be repayable immediately and without demand by the rnortgagar to the rnortgagee, and, together with interest and costs aceruing thereon, shall be secured by this mortgage. 13. 'I`hat the mailing of a w~itten notice or demand addressed to the owner of record of the mortgaged ~ premises, or directed to the said owner at the la.st address actually furnished to the mortgagee, or directed to said owner at said mortga~ed premises, and mailed by the United States mails, shall be sufficient notice and demand in any case arising under this instrument and required by the provisions hereof or by law. 14. The mortgagor covenants and agrees that so long as this rnortgage and the said note secured hereby are insured under the provisions of the National Housing' Act, he will nvt execute or file for record any insxrument which imposes a restriction upon the sale or occupancy of tne mortgaged property on the basis of race, color, or creed. Upon any vialation of this undertaking, the mortgagee may, at its option, declare the unpaid balance of the debt secured hereby immediately due and payable. ~o~K ~.2~ ~ 55 i _ - - --1 _