HomeMy WebLinkAbout1281 fines, or impositions, fur which pro~•ision has not been made hereinbefora, and in default therec?f the mort-
gagee nnay pay the same; and that he will promptly deliver the officisl receipta 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 af thc failure of the mortgagor to keep the buildings on said premises
and those to be erected Qn said premises, or improvements thereon~ in good repair, the mortgagee may
anake such repairs as in its discretion it may deem necessary for the proper preservation therenf, and the
full arnount of each and every such payment st?all b~ immediately due and payable, and shall be secured
by the lien of this morLgage.
6. That he w•ill pay all and singular the costs, charges, and expenses, including reasonable la~~•yer's
fees, and costs of abstracts of title, incurred or paid at any time by the mortgagee because of the failure
on the part of the rnortgagor promptly and fully to perform the agreements and co~•enants of said prom-
issory note and this mortgage, and said costs, charges, and expenses s~alf be immediately due and pay-
able and shall be secured by the lien of this rnortgage. !
7. That he will keep the improvements now existing or hereafter erected on the mortgaged propert~•,
insured as may be required frorn time to time by the mortgagee against loss by 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 ~•hich pro~•isi~n has
not been rnade 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 fa~•or 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 promptl~• by mortgagoi-,
and each insurance company coricerned is hereby authorized and directed to make payment for such
]oss directly to mortgagee instead of to mortgagor and mortgagee jointly, and the insuranc~ proceeds, or
any part thereof, may be applied by mortgagee at its option either to the red~~ction of the indebtedness
hereby secured or ta the restoration or repair of the property damaged. In event of foreclosure af this
mortgage or other transfer of title to the mort~aged 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.
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 fortha•ith appoint a
receiver of the premises co~•ered hereby all and singular, including all and singular the income, profits,
issues, and revenues from w•hate~~er source derived, each and every of w•hich, it being expressly undet•-
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 effecti~~e functions and powers in any~~•ise
entrusted by a court to a receiver, and such appointment shail be 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 the value of the property mortgaged or to the solvency or insol~•ency of said mortgagor or the
defenddnts, 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
gart of the mortgagor hereunder, the mortgagor agrees to pay to the mortgagee c~t demand as a reason-
able mnnthly rental for the premises an amount at least equivalent to one-tw•elfth (~;Z) of the aggregate
of the twelve monthly installments payable in the then current year plus the actual amount of the ar?nual
taxes assessments, water rates, and insurance premiums for such year not co~•~red by the aforesaid
mont~ly payments.
9. That (u) in the e~•ent c~f an~• breach of this murtgagc or ~lefa~ilt em the part of the mortgagor, or
( f~) in the e~•ent that a»~~ of saici sums of mone~~ t~~erein referred to be not pi•c~mptl~• and fullti• paid «~ith-
~~eit clemancl ~~r »utic~~, or (c~) in the ~~~~ent that earh ar~d e~~e~~}~ the stipu!atiuns, agreements, conditions,
anc! c~~~'e»a»ts ot s~iicl »ot~~ ancl this mortgage, are n~,t dul~•, ~~rumpti~~, anci full~• performed; then in
t~ith~~r ur ~in~~ ~uch e~~~~nt, tht~ sai<1 ~i~;~;i•egate sum m~~iitioneci in sai<1 »ot~~ t}ic~n rt~mnining unpaid, ~~~ith
interESt accrued to that timc~, and all mone~•s seew•ed hereby, sh~li become clue and pa~~able forth~~•ith,
ur there:ifttr, at th~~ ~>ption uf saicl mortgagee, as full~• and complet~~l~~ as if all uf the said sarns of mone~•
u•~~?•e oi•~ii~all~- stipulated to l~e ~>aici o?i such da5•, an~•tt~iiig i~l saici »ote oi• in this moi•tgage to the contz•ai•~•
not~~•it}~standiiig; and therf~u~~on ar th~~reafter, at the option of said mortgagee, ~~-ithoi~t notice or ciemand,
st~it at la~~• oi• in equ~t~~, ma~~ ~e pros~~cut~};l as if all moi?e}-s secured i~ei•Eb~• had matu?•ed pi•ioi• to its insti-
tution. The mort~a~c~~~ ma~• foreelose this morYgage, as to the amotmt so cleelared ci~~e an~i pat•able, anc~
L~lE~ saici premise~ shall bE~ solcl to satisfy anci pa~• the same together ~~~ith costs, ex~3enses, and all~,~~•ances.
Ir. rase of par#ial fc~rc~closure of this mortg~~ge, the mo?•tgagecl premises shall be sold subject to the con-
tinuing lit~~i of this mortgag~~ for the amount of the ~lebt not then due anci unpaid. li~ such case the pro-
~~isions af this pa?•agraph ma~• a~ai~i be a~~aile~l of the~reafter from t~me to time b~• the mortgagee.
10. That the Jtlol'tg~1K~~?' ~~"III ~!\'t immed~ate notice b~• mail to the~ moi•tga~ee ~~f aIl}' COtl~'e~•ance,
t~•<insfer, or change of o~~~nership af the premises.
11. Th~it no ~+'ai~'ei~ c>f an~~ cu~~en<<nt he~•ein oi• of the abli~ation secui•ec] hereb:~ sl~all a! an~~ time
tile~•eaftzr be tield to Eye a w~ai~•er of the terms he1•eof oi• of the note secui•ed }leret~l•.
12. That if the mortgagor default in any of the covenants or agreements contained herein, or in
said note, then the mortgagee may !-~.erform the same, and alt expenditures (including reasonable attor-
ne~'s fees) made by the mortga~ee 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 mortgagor to the mortgagee, anti,
together with interest and costs accruing thereon, shall k~e secured by this mortgage.
13. That the mailing of a written notice or demand addressed to the owner af record of the mortgaged
~ premises, or directed to the ~aid owner at the last address actually furnished to the mortgagee, 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 this instrument and required by the provisions hereof c~r by law.
14. The mortgagor covenants and agrees that so Inng a.5 this mortgage and the said note secured
hereby are insured under the pro~•isions of the National Fiousing Act, he wili not execute or file for record
any insti•ument which impc,ses a restriction upon the sale or cecupancy of tne mortgaged property on the
basis of race, color, or creed. Upon any violation of this undertak~ng, the mortgagee may, at its opti~n,
declare the unpaid balance of the det~t secured hereby immediately d~e and payable.
gaox 129 82
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