HomeMy WebLinkAbout0389 . A
tinee, or impogitions, far which provision has not be~en made hereinbefore, ~?nd iq def+~ult thereoi the mort-
gagee may pay the ssrne; and that he will promptly deliver the officigl receipta thetef,ar tq the mortq~ee.
5. That he will permit, commit, or suffer no waste, impairment~ or deterioration of said propert~• or
any part Lhereof; and m the event of the failure of the mortgagor to keep the buildings on said premises
and thoae to be erected on said premiaes, or improvem~ents thereon, in goad re}~sir, the mortgagee may
make such repairs aa in its discretion it may deem necessary for the proper preservation thereof, and the
futl amou~at of each and every auch p~yment shall tre immediately due and payable, and shall be secured
by the lien of this mortgage.
6. That he will pay all and singular the costs, charges. and expenses, including reasonable laH~~•er's
fees, and costs of abstracts of title, incurred or paid at any time by the m,ortgagee because of the failure
on the p8rt of the mortgagor promptly and futly to perform the agreements and covenants af said prom-
issory note and this mortgage, and said costs, charges~ and expenses shall be immediately due and pay-
able and shall be secured by the lien of this martgage.
7. That he will keep the improvements now existing or hereafter erected on the mortgaged propert~~,
insured as may be required from time to time by the mortgagee against ]oss by fire and other hazards,
casualties~ and contingencies in such arnounts and for such periods as may be required by mortgagee,
and will pay promptly, when due, any premiums on such insurance for pay~ment of ~•hich pro~•ision has
not been made hereinbefore. All insurance shall be carried in companies appro~•ed by mortgagee and
the policies and renewals 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 a~ill gi~~e immediate
notice by mait to rnortgagee, and mortgagee may make proof of lass if not made promptly by mortgag~r,
and each inaurance company concerned ia hereby authorized and directed to make payment for such
lnss directly to mortgagee instead of to mortgsgor and mortgagee jointly, and the insurance proceeds, or
any part thereof, may be applied by mortgagee at its option either to the reduction of the indebtedness
hereby secured or to the reatoration or repair of the property damaged. In event oi foreclosure of this
mortgage or other transfer af title ta the mortgaged ~roperty 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 purchas~r or grantee.
8. That the mortgagee may, at any time pending a suit upon this mortgage, apply to che court hav-
ing jurisdiction thereof for the appointment of a receiver, and such court shall forthw•ith appoint a
receiver of the prernises covered hereby all and singular, including all and singular the income, profits,
issues, and revenues from whatever saurce derived, each and every of w•hich, it 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 all the broad and effective functions and powers in anyw~ise
entrusted by a court to a reeeiver, and such appointment shall b~ made by such ~ourt as an admitted
equity and a matter of absolute right to said mortgagee, and without reference to the adequac~• or inad-
equacy of the value of the property mortgaged or to the solvency or insol~•ency of saic? mortgagor or the
defendants, and that such rents, profits, income, issues, and revenues shall be applied by such recei~•er
aceording to the lien of this mortgage and the praetice of such court. In thp event of any default on the
part of the mortgagor hereunder, the mortgagor agrees to pay to the mortgagee c~ demand as a reason-
able monthly rental for the premises an amount at least equivalent to one-twelfth (~12) of the aggregate
of the twe~ve 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 tlie ecent of ar~~~ ~u~•each ol' this mortgage or ~l~~fauft u~? ihe part of the mortgagor, or
( h) i~i the e~~etit t~»t ai~~• of said sums uf mor~e~• hercin ~•eferred to be IlOt ~?t•omptl~• and full~• paid r~~ith-
~,ut ciemanci or notice, or (c) in the e~•ent that eaeh and e~~eri• the stipulations, agceements, conditions,
r?nc~ cu~'enat~ts of said note and this mortgage, are ~u~t duly, prumptl~•, and full~• performed ; then in
either oi~ ~u~ii e~~ent, tllE' said aggregate sum m~~ntianed in saicl notc tlll'll i'~17lAlIlt11$ unpaid, u•ith
intei•est acci•ued to that time, and ail moiic~•s secui•eci hei•eby, sha11 bc.~come due and pa~•able foi•th«•ith,
ui~ tliei•e~tftei•, at the option uf said n~o~•tgagee, as fuli~• ailci completf~l~• as if all c~f the said stims of moiie~•
~~~.~?•e v?•giiially~ stiptilated tu be paid o~i such day~, an~•t}ung i?i saicl ?iote o?• in this mortgage to the contrai•~~
~ioh~~ithstai~di~?g; c`iTl(~ tFl('1'E'll(1011 Ul' t}lEl•eafter, at tlie o~tio~i of said moi•tgagee, ~rithout notiee oi• demanc~,
s~~it at ta~~~ oz• in equit~•, ma~• be pi•asc.~cuted as if a!1 moi~eE•s secui•c~d het•eb~• had matu~•ecl pi•ior to its insti-
tutiun. The mortgagee ma~~ foreclose this mortgage, ~s to the amount so declared ciue and payable, and
the said premises shall bc~ sold to satisfy anci pa~• the same togethE~r ~~-ith costs, e~nenses, and allo~~~ances.
In c~tse of partial fc~reclos~u•e of this mortgage, the mrn•tgagecl premises shall be sold subject to the con-
iir.uing lien of tl;is martgage for the amount of the clebt r~ot then ~lue an~i un~aici. In such case the pro-
~~isions of this pa~•agraph ma~~ again be a~~aileci of thc~reafYer from time tc~ time b~• the mortgagee.
10. That the mo~•tgagc~i• ~~~ill gi~•E~ immediate notice b~• mail to the moi•tgagee of an~~ con~•e~•ance,
ir~insfe?•, or change of o~~~nership of the premises.
11. That. no «•ai~•er of ~ny co~~enant herein or of the cibli~ation seeureci hereby shall at any- time
thereafter !~e h~ld to l~e a wai~•er of the terms hereof or of the nute secured hereby.
12. That if the mortgagor default in any of the covenants or agreements cantained herein, or in
said note, then the mortgagee may perform the same, and all ex,~enditures (including reasonable attor-
ney's fees) made by the mortgagee :n so doing shall clr~.w interest at the rate set forth in the note secured
hereby, and shall be repayable immediately and ~~ithoGt demand by the martgagor to the mortgagee, and,
together with interest and costs accruing thereon, shall be secured by this mortgage.
13. That the mailing of a written natice or demand addressed to the owner of record of the mortgaged
~ premises, or directed to the said owner at the last address actually furnished to the mortgagee, or directe~
to said ow•ner at said mortgaged premises, and mailed !~y the iC,'nited States mails, shall be suff'icient notice
and demand in any case arising under this instrument and required by the provisions hereof or by ]aw.
14. The mortgagor covenants and agrees that s~ long as Lhis mortgage and the said note secured
hereby are insured under the provisions of the National Housing Act, he will not execute or file for record
any instrument which imposes a restriction upon the sale or ocr,upancy of tne mortgaged property on the
basis of race, color, or creed. Upon any violation of this undert~king, the mortgagee rnay, at its option,
declare the unpaid balance of the debt secured hereby irnmediately due and payable.
80CK1~7 389
t .
- -