HomeMy WebLinkAbout1930 fines, or impositions, fur H•hich provision h~s not been made hereinbefore, and in default thereof thc mort-
gagee may pay the same; and that he w~ill prornptly deli~~er the official receipts therefor to ttie mortgagee.
5. That he will permit, cammit, or suPfer uo w•aste, impairment, or deterioration of ssid propel•t~~ or
any part thereof; and in the e~•ent of the failure of the mortgagor to keep the buildit~gs on said premises
and those to be erected on said premises, or impro~•ements thereon, in gcwd repair, the mortgagt~e may
make such repairs as in its discretion it may deeni necessary for the proper preservation thereof, and the
full amount of each and e~•ery such payment shall be immediately due and pa>~able, and shall be secured
by the lien of this mortgage.
6. That he w•ill pay all and singular the costs, charges, and expenses, including reasonable la«•~•er's
fees, and costs of abstracts of title, incurred or naid at any time by the mortgagee because of the failuee
on the part of the mortgagor promptly and fully to perform the agreements and cu~•enants of said prom-
issory note and this mortgage, and said costs, charges, anci expenses shall be immediately due and pa~•-
able and shall be secured by the lien of this mortgage.
7. That he w ill keep the improvements now• existing or hereafter erected on the mortgagPd properi~-,
insured as may be required from time to time by the martgagee 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, w~hen due, any premiums on such insurance for pa~•ment af ~+•hich pro~•ision has
not been made hereinbefore. All insurance shall be carried in companies appro~•ed b~~ mortgagee and
the policies and renewals thereof shall be held by mortgagee and ha~•e attached thereto loss parable
clauses in fa~•or of and in form acceptable to the mortgagee. In event of loss he ~~•iil gi~•e imm~diate
notice by mail to mortgagee, and mortgagee ma~~ make proof of loss if not made promptl~~ by mortgagoi•,
and each insurance company~ concerned is hereby authorized and directed to make pay~ment far such
loss directly to mortgagee instead of to mortgagor and mortgagee jointl~•, and the insurartce proceeds, or
any part thereof, may be applied by mortgagee at its option e~ther to the reduction of the indebteci~iess
hereby secured or to the restoration or repair af the property damaged. In e~•ent of foreclosure of this
mortgage or other transfer of title to the mortgaged property 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 purchaser or grantee.
S. That the morteagee may, at any time pending a suit upon this mortgage, appl~• to the court hav-
ing jurisdiction thereef for th~ appointment uf a receiver, and such court shall forthw•ith appoint a
receiver of the premises covered herebv all and singular, including all and singular the income, profits,
issues, and revenues from K~hate~~er source derived, each and every of H•hich, it being expressly under-
stood, is hereby mortgaged as if ~pecificall5~ set forth and described in the granting and ha}~endum clauses
hereof, and such receiver shall have all the broad and effective functions and po~e~ers in an~~~~•ise
entrusted by a court to a receiver, and such ap}wintment shali be made by such court as an acimitted
equity and a matter of absolute right to said mortgagee, and without reference ta the adequac~~ or inad-
equacy of the value of the property mortgaged or ta the solvency or insol~•ency~ of said mortgagor or the
defendants, and that such rents, profits, income, issues, and re~~enues shall be applied by such recei~•er
according to the lien of this mortgage and the practice af such court. In the e~•ent of any default on the
part of the mortgagor hereunder, the mortgagor agrees to pay to the mortgagee cn demand as a reason-
able monthlv rental for the premises an amount a~ least equivalent to one-tw•eifth of the agg:•egate
of the tweh~e munthly~ installrnents pay~able in the then current year plus the actual amount of the annual
taxes assessments, w•ater rates, and insurance premiurns for such year not coti•ered b~~ the aforesaid
monthly payments.
9. Thc?t (c~) in tl~t~ e~•rnt uf <i~i~~ I~rt~~~c}~ uf ttiis mut•t},rag~~ ur ~I~~t~xult uii tirc~ pai•t ~~f thE~ moi•tgagoi•, c~i•
1 l,} in the c~~-c~~it th,~t ~ui~• uf' s<iicl si~ms e~f mun~~~~ ht~r~~in reF~~rrt~ci tr, b~~ nut ~~rnmptl~- and full~• paici ~~-ith-
t;ut ~ie~ma?~c! ~,i• nutic~~. u~• I~•) i» thf~ ~~~-ent that ~~ach anci c~~~e~r~• thE~ sti~~ulati~~ns, agreements, cen~~itioTis,
illl~I r~»~~neu~ts c~C s<<i~l nutf~ .inci this rnurt~;a~~~, aj~f~ iwt ciui~-, ~>r~~niptl~~, ~incl t~ull~• p~~i•fc~t•m~~cl; tiieii i~i
~~ith~~r ~.r ~in~~ ,ucli E~~~~~nt, 1l~t~ sairl ,~g~;rf~kat~~ surn m~~~?ti~~i~f~cl ii~ s<ii~i n~~tr thc~n r~~~t~f1i111I1(; w~p~~id, ~~•ith
interc~st accru~~<1 tu that timf~, anci all nu,n~~~~s st~ru~•t~~l hE~rE~b~•, ~halt ~~~cum~~ clut= anci {~a~•able forth~~~it}~,
~u• thei~t~.tt'tE~i•, zit t1u~ upti~~n ut sai~l murtgag~~t~, as fuli~~ ~u~ii cumplf~t~~l~~ as iC aii ~~f the saicl si~ms oi' monc~~
~~~.~rE~ c~r};i~iali~~ sti~>ulat~~ci to I~e }~aicl such cla~-, an~•t}ting i~i s~ii~l »c~te ~z• i~i this mo~•tgage to the eu~iti•ai•}•
~iut~~~ithstanciing: ancl the~i•c~u~~un ur thet•eafte~!•, at the c~ption uf said mcn•tga~;.~e, itllout notiee or clemaiid,
suit at I~i~~~ i~t• ii~ er~i~it~-, ma~~ he i~rc»ect~te~cl as if all m~m~~~~s seciu~~°el he~reb~~ had mattu~eci pi•ioi• to its insti-
t~ttioi~. Thc~ mc~i•tg~gE~~~ ma}~ foi~ecic~::e this moi•tgagr, ~ls tu thE~ ~intoti~it sc> ~i~~clai•c~d citie ancl pa>•able, arid
th~~ s~iicl pi•c~rnise~~ ~h~ill i~E~ ,c,lcl t~~ s.itisf~• anci pa~~ tht~ sam~~ togeth~~~- «•ith r~~sts, expc~nses, and allo~~•ances.
t~i case c~f partial t~„r~•rlc~sur~~ ~~f thi: mort~;agc~. the mu.•t~agecl ~~r~~mist~s shall be sol~~ subieet to the con-
ti~~uing lien ~~f this murt~a~:E~ fc~i• tli~~ amenint ~~f the~ ~l~~bt ne~t ti~en cl~!f~ ri»cl ~u~paicl. ln sunc ~ase thr pro-
~~isions uf this para~raj~li ma~• a~;ain be a~~aile~ci of thrrt~aft~~r f~•nr?~ time t~~ timc~ b~~ the moi•tgage~~.
10. That the m~~i•tga~;~~r ~t~ill gi:e imme~liatc~ ~i~~tice h~~ ?t~ail t~~ thc~ m~n~tg~i~e>f~ e~f aii~~ c~n~E•~-at~cc~,
tra»sier, or change ~,f u~~•nership c>f thc~ pr~~mises.
11. Tl~at n~r »~.ii~~er uf <!n~• c~~~~enant hf~rein ui• uf the ~~~~ligatic~n s~~c~tt~•ed liei•el~~~ shall at an~• time
thet~eafter !~e helc~ to ire a~~'.ii~~er uf the term~ herec,f or e~f the n~~te seruz~eci hereb~•.
12. That if the mortgagor default in any of the covenants or agreements contained herein, or in
saicl note, then tlie mortgagee may perfurm the same, and all expenditures (including reasonable attor-
ne~•'s fees) made by the moi•tgagee in so doing shali dra~ti~ interest at the rate set forth in the note secured
h~rei~y, and sl-iall be repa~•abie immediatel~• and w~ithout demand b~- the mortgagor to the mortgagee, and,
together w~ith interest and costs accruing thereon, shzill l~e secured by this mortgage.
13. That the mailin~ of a w-ritten notice or demaiid adc3ressed to the owner of r~cord of the mortgaged
prE~mises, ~r directed to t}ie said o~sner at the last address actutilly furnished to tlle moi•tgagee, or directed
~ to saici o~~-ner at said murtgaged premises, and mailed b}~ the United States mails, shall be s~f~icient notice
and demand in any case arising ur.der this instrument and required b1~ the ~ro~~isions hereof ar by law.
14. The rt~ortgagor co~-enants and a~rees that so iong as this mortgage and the said note secured
hereby are insured under the pro~~isions of the \ational IIousing Act, he ~+~ill not execute or file for record
any instrument w~hich im~,ses a restriction upon the sale or occupancy- of tne mortgaged pi•o~~erty on the
basis of race, color, or creed. L`pon any violatic,n af this undertaking, the mort~agee may, at its option,
declare the unpaic~ lzalance of the debt secured hereby imr.~ediatel}• due and pa}•able.
BOGK ~JV ,1~~