HomeMy WebLinkAbout1053 finea, or impositions, for which provision has not been msde hereinb~fore, and in default thereof ;he mort-
gagee may pay the same; and that he will promptly deliver the afficial receiptg therefor to the mortgagee.
5. That he will permit, commit~ or suffer. no waste, impairment, or deterioration of said propert>• or
any part thereof; and in the event of tt?e failure of the mortgagor to keep the buildings on said premises
and those to be erected on said premises, or improvements therenn, in good repair, the mortgagee may~
make auch r~pairs as in its discretion it may ~eem necessary for the proper preservation thereof, ~nd the
full amount of each and every such payment shall br~ 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 expensea, including reasonable la~~•yer's
fees, and costs of abstracts af title~ incurred or paid at sny time by the mortgagee because of the failure
on the part of the mortgagor promptly and fully to perform the agreements and covenants of said proilt-
issory not~ and this mortgage, gnd said costs~ charges, and expenses shall be immediately du~ and pay-
able and shall be secured by the lien of this mortgage.
1'hat he will keep the improvements now existing or hereafter erecteci on the mortgaged propert~•,
insured sa may be required from time to time by the mortgagee against loss b~• fire and other hazards,
casualtiea, and contingencies in such amaunts and for such periods as may be required by mortgagee,
and will pay promptly, when due, ar?y premiums on such insurance for pa~•ment of H•hich pro~•ision has
not been msde hereinbefore. All insurance shall tre carried in campanies 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 w•ill gi~•e immediate
notice by mail to mortgagee, and mortgagee may make proof of loss if not made promptly by mortgagoi-,
and each insurance company concerned is hereby authorized and directed to make payment foi• 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 nf the property damaged. In event af foreclosure of this
mortgsge ar other transfer of title to the mortgaged property in extinguishment of the indebtedness
secured hereby, all right, tit2e, and interest of the mortgagor ~n 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 shall forthw•ith appoint a
r~eceiver af th~ premises covered hereby sll and singular, including all and singular the income, profits,
issues, and revenues from whatever source derived, each and every of w•hich, it being expressly undei•-
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 pow•ers in anyw~ise
entrusted by a court to a receiver, and such appointment shall be made by such court as an acimitted
equity and a matter of absolute right to said mortgagee, and without reference to the adequac~• oi• inad-
equacy of the value of the property rnortgaged or ta the solven.cy or insol~~ency of said mortgagor or the
defendants, and that such rents, profits, income, issues, and revenues shall be applied by such recei~•er
according to the lien of this mortgage and the practice of such court. In the 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 arnount at least equivalent to one-t~~elfth ( i.~ of the aggregate
of the twelve monthly installments pa~~able in the therr 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. Th~?t (~c) i~i tiie e~~~~nt oi' an~~ breach uf this mw•tgage ur ~l~fault uu tl«~ part of t}ie moi•tgagor, or
( h) lll ~~lt t?\'lllt 1.Ililt ~lI1J' U~~ Sill(1 SllIT1S Of TllOlle~~ herrin ref~.~t•red to be not prc~mptl~• and full~- paid ~~~ith-
aut demxn~i ~~r »otic~~, u~• (c•) in the e~'ent that each and e~•ei•~~ the stipulations, agreemeiits, conditions,
~inci co~-enants of s~iid nute aiicl this mortgage, are not dut4', ~~n?mpil~•, ancl full~• performeci; t~lE'Il in
eittler ui• an~• ~zi~•1~ f~~~~~i~t, tliE~ saici aggr~~gate sum mc~ntia~ied in saiel ~?e>te thc~n ~•~mai~ling unpaicl, ~~~itit
Il1tE'Yt'St aeci•ueci tu tiiat timE~, ancl a!t monc~~•s sE~~•ui•c~d hei•eb~•, siiall become due anci payable foi•tli~~•itti,
~~r ther~afte~r, at thr optirn? ~~f saic! mortgagee, as full~• ~ind compl~~t~~l~• as if all uf the saici sums of mone~•
~~~~~~•e oi•gitiall~- stipulated to t~e paicl on such ila~•, ari~•thing iri saicl ~iote or in this mo?•tgage to the•co~iti•ar~~
not~~~ithstanciing; xnd the~ti•eupoi~ oi• thereaftei•, at the option of'said moi•tgagee, ~~~ithout notice or ~iemand,
suit at la~~' ai• in equit~~, ma~• be pz•osecutecl as if all moiic~~•s secui•ed hei•eb~• had matt~i•ecl prior to its insti-
tution. The mortgagE~e ma~• foi•erlose this mo?•tgage, ~s tu tlie amount so ~eclai•ed due anct pa~•able, a~?cl
the~ said pt•emic~~~ s{~all bt~ sold to satisf~• anci pa~- the same together ~~~ith costs, e~p~~nses, and allo~~•ances.
In case of ~~artial f~~r~>closu?•e of this mortgage~, the mortgagecl premises shal! be sald subject to the con-
tinuing lien of this mortgage for the amount of the ~iebt not then clue ancl u»x~aicl. I~i such rase the pro-
~-isions of this paragi•aph mati~ agaiti be a~~ailed of ti~ci'eaftei• from time to time U~• the mort~agee.
10. That tht~ m~~~•tgag~~r ~~~ill ~i~•E~ immediate ni3tice b~• mail to the mc~?•tgagee of an~- co?i~~e}•ance,
ll'llliSrE'1', or change of o~~~»ership of the premises.
11. That no «~ai~•er ~~f an~• co~•enant hE:~•ein ui~ of the ol~ligation secui•eci herel~~~ shall at any tirne
thei•eafter t.,e f1E'ICI t0 ~)E.' id ~~'iil~'2[' Of IF1E' terms hereof or of the nute secu~•ed hereby,
12. That if 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 (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 repay~able immediately and without demand by~ the mortgagor to the mortgagee, and,
tugether with intere~t and costs accruing therPOn, shal! t~e secured by this mortgage.
13. That the mailing of a written noLice or demand addres5ed to the owner of record of the mortgaged
premises, or directed to the said ow•ner at the last address actually furnished to the moi•tgagee, or directed
to said owner at said mortgaged premises, and mailed by the United States mails, shall be sufficient notice
and demand in any case arising under tl~is instrument anr~ required by the provisions hereof ur by law.
14. The mortgagor covenants and agrees ttiat so long as this mortgage and the said note secured
hereby are insured under the provisions of the National Housing Act, he witl not execute c?r file for record
an~• instrument which imposes a restriction upon the sale or occupancy of ti?e mortgaged propert~• on the
basis of race, cvlor, nr creed. Upon any violation of this undertaking, the mortgagee may, at its option,
declare the unpaid balance cf th~ ~ebt secured heret~y immediately d~e anci payable.
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