HomeMy WebLinkAbout0953 finea~ or impositions, for w•hich pro~•isiun h~s not been made her~inbefore, and in default thereof the mort-
gagee may pay the same; and that he will promptly deliver the ofticial receipts therefor to the mortgagee.
b. That he will permit, commit, or suffer no wsste. impairment, or deterioration of said propert~• or
any part thereof ; and in the event of the failure of the mortgagor to keep the buildings on said pren~ises
and those to be erected on said premises, or improvements thereon, in good repair, th~ mortgagee ma~~
make such repairs as in its discretion it may deem necessary for the proper preservaLion thereof, and the
full amount of each and every such payment shall be immediately due and payable, and shall be secured
by the lien of this mortgage.
6. That he will pay all and singular the casts, charges, and expenses, including reasonable laH~,yer's
fees, and costs of abstracts of title, incurred or paid at any time by the mortgagee because of the fxilure
on the part of the mortgagor promptly and fully to perform the agreements and co~•enants of said prom-
issory note and this mortgage, and said cos+rs, charges, and expenses shall be immediatel~~ due and pay-
able and shall be secured by the lien of this mortgage.
7. That he will keep the improvements now existing or hereafter ere~;ted on the mortgaged propert~~,
insured as may be required from Lime to time by the mortgagee against loss b~• fire and other hazards,
casualties, and contingencies in such amounts and for such periods as may be required by mortgagee,
; and will pay promptly, when due, any premiums on such insurance for pa}•ment of a•hich proti•ision has
not been made hereinbefore. Atl insurance shall be carried in companies appro~•ed bs• mortgagee and
the policies and renewals thereof shall be held by mortgagee and ha~•e attached thereta 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 mortg~gee, and mortg~gee may make pr~of of loss if not made promptl}• by mot•tgagor,
and each insurance company concerned is hereby authorized and directed to make payment for such
loss directly to mortgagee instead of to mortgagor 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 restoration or repair of the property darnaged. In et~ent of foreclosure of this
mortgage or other transfer of title to the mortgaged property in extinguishmPnt 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.
'rhat the mortgagee may, at any time pending a suit upon this mortgage, apply to the court iia~~-
ing jurisdiction thereof for the appointment of a receiver, and such court shalt forth~~•ith appoint a
receiver of the premises co~~ered hereby all and singular, inc]uding all and singular the income, protits,
issues, and revenues from whatever source derived, each and every of w•hich, it being expressly undei•-
stoad, 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 po~•ers in an~•w•ise
entruated by a c~urt to a receiver, and such appointment shall be made by such court as an admitted
equity and a matter of absolute right to said mortgagee, and without reference to tine adequac~~ or ina<i-
equacy of the value of the property mortgaged or to the solvency or insol~•enc~~ of said mortgagoY• or the
defendants, and that such rents, profits, income, issues, and revenues shall be applied by such i•ecei~•er
according to the lien of this mortgage and the practice of such court. In the e~~ent of any default on the
parL of the mortgagor hereunder, the mortgagor agrees to pay to the mortgagee c;~ demand as a i•eason-
able monthly rental for the premises an amount at least equivalent to one-tH•elfth of the aggregate
of the twelve mo~zthiy instaitmer~ts payabl~ in the then current year plus the aetual amount of the annual
taxes assessments, water rates, and insurance premiums for such year not co~~ered by the aforesaid
mont~ly payments.
9. That (u) in thE~ e~~e~it c~f an~~ Ur~~RC'Il U1 1.~115 IllOl'l~*ii~t' ur ~l~~iault «~i tli~ p~il'~ Of tllt' mu~~tgagui•, c~?•
( l~) in the e~~ent that an~~ ~,f' said sum~ uf mone}• hc~t•cin referred tu bc~ nut prumptl~• and fult~- paid ~cith-
~iut cl~~manci ~fi~ nuticr, ur (e•} iti tllE e~~~~tit th~it ~~acli at~d e~~e~•~~ thc~ stipz~latic~tis, ag?•eeme»is, cunditions,
~in~i eu~~etiai~ts of s.ti<I nute~ a~ul this mortg~~gr, xre uut dul~•, prumptl~~, ~~?ui futl~~ pc~rformed ; tl~en in
' eit}~er ~~r a»~~ sucl~ e~~E~nt. the~ saicl ~~g~ri~gatt~ :un~ me~~itie~necl it~ s~iiil »utr tllE~n r~~maini~ig un}~aid, ~~~ith
; interest ~~ccruE~d t~~ that time, anct all mt~n~~}•s secureci hereb~~, shail i~ecume due an~i pa~•able fort}~«~~r}1,
ti1e~•eai"t~>?•, at tiie uption ~~f saicl mortgagee, as ft~llt• arid com~let~~l~• as it <il! ~~f t}~t~ said sums of mo~lc~~-
«~~~rt> c~t•~*iiiall~- stipulatecl to l~e pai~1 on sueh cia~•, an~•thi~~g in saici note or in this n~ortgage to the euntrar~-
iiot~~•ithstandi»g ; ancl therrupoi~ or thereafter, at the option e~f saicl mortgager, «•ithout notiee or dentanct,
suit at la~~- or ii~ cr~uit~~, ma~• be prosecutecl as if all mone~•s sectn•ed hereb~- had n~att~reci prior to its insti-
,ittion. The mo?•tgil~(k' 111~~' POI'E'C~U.'',E' t}I15 R101•tgage, 2tS t0 t~tE' ~1110L1I2t SO C~t'('~~l'E~d rlue and pa~'able, a~icl
tli~~ saicl ~>~•z~nzist~` ;h~~11 bc~ solcl to satisf~- and pa~~ the samE togetiic~r ~~~itii c•osts, e~penses, and allo~~-ances.
I~i case of ~~artial fu?•erl~sui~e of this mo?~t~age, the mc~rt~agecl premisE~s shall be sold subject tc~ the con-
tltltlltlP,' ~ll'11 ()f t{l1S I110~'t~;age fo~• t}le amotint of the ~lebt ~iot theti du~ ancl ulipaici. It~ sttc}i case the ~1z•o-
~•isic~ns of this pai•a~raph ma~~ again be <~~-aile~l of thereafter fi•om time tt> time b~• the mortgagee.
10. That t}zf~ ITl(11't~agur «~i11 gi~•e immecliate notice b~- m<iil tu th~~ mortga~,rer uf an~• con~~e~~a~ice,
tra»s~~er, oz• ch~~nge of ~~~c»ership of the premises.
17. Tiiat no ti~~zit~er t~f ar~~- c~u~~etiant lies•ein of the c~l~ligation ~ecured hei•eh~~ ~hai] at an}~ time
thereafter k~e held to 1>e a~cai~•er of the terms hereof or ~f the n~~te secu~~ed hereh~•.
12. That if the mortgagor default in any of the covenants or agreernents contained herein, or in
said note, then the mortgagee may ~erform the same, and .~I1 expendittares (including reasunable attor-
ne~•'s fees) made by the mortgagee in so doing shall drx«• interest at the rate set farth in the note secured
hereby~, and shatl be repa~~able immediateli~ and w~ithout demand b~• the mortgagor to the martgagee, and,
together with interest and costs accruing thereon, 5ha11 be secured by this mortgage.
13. That the mailing of a written notice or demand addre~sed to the owner of rec~rd of the mortgaged
prFmises, or directed to the said o~a~ner at the last acidress actuall~~ furnished to the mortgagee, or d~rected
~ to said ow•ner at said mortgaged premises, and mailed by the United States mails, sha11 be suf~icient notice
and demand in an}~ case arising under this instrument and reyuired by the pro~~isions hereof ar by law.
14. The rrtortgagor co~•enants and agrees that so lang as this mortgage and the said note secured
hereby are insured under the pro~•isions <~f the National ~tousing Act, he w•ill not execute or file for rec~~rd
an~• instrument which imposes a restriction u{~on the sale or occu~~~ancy of t'r,e mortgaged property on the
basis of race, coior, or creed. Upon an~• ~~ioiation of this undertal:ing, the mortgagee ~nay, at its option,
declare the unpaid t~ala.nce of the c~el~t secured hereby immedi~tel~~ due and payab~e.
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