HomeMy WebLinkAbout2053 t ~
fines, or impositions, for w~hich pro~•ision has not been made hereinbefore, and in default thereof the mort-
gagee may pay the same; and that he will prornptly deliver the ufficial receipts therPfor to the mortgagee.
5. That he will permit, commit, or suffer no waste, impairment, or deterioration of said propert~• ar
gny part thereof ; and in the event of the failu„e of the mortg'agor to keep the buildings on said premises
and those to be erected on said premises, or impro~~ements thereon, in good repair, the mortgagee may
make such repairs as in its discretion it may deem necessary for the proper preservation thereof, and the
full amount of each and every such payment shall b~ 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 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 mortgagor promptly and fuqy to perform the agreements and co~•enants of said prom-
issory note and this mortgage, and said costs, charges, and expenses shall be immediately due xnd pa~•-
able and shall be secured by the lien of this mortgage.
'7. That he wiil 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 loss by fire and other hazards,
e~eualties, 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 w•hich pro~•ision has
not een made hereinbefore. All insurance shall be carried in companies appro~•ed b~~ mortgagee and
the, licies and renewals thereof shall be held by mortgagee and ha~•e attached thereto loss pa~•able
cle(uses in favor of and in form acceptable to the mortgagee. In event of loss he ~•ill gi~•e immediate
~notice by mail to mortgagee, and mortgagee rnay make proof of loss if not made promptly~ by mortgagoi-,
~ and each insurance company concerned is hereby suthorized and directed to make payment fo~• 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 propert.y damaged. In e~~ent of foreclosure of this
1 mortgage or other transfer of title to the mortgaged property in extinguishmNnt of the indebtedness
` secured hereby, all right, title, and interest of the morLgagor 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 therec~f for the appointment of a receiver, and such court shall forth~•ith appoint a
receiver of the premises covered hereby all and singular, including all and singular the income, profits,
issues, and revenues from whate~er source deriveci, 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 bro~d and effective functions and powers in any«•ise
entrusted by a court to a receiver, and such appaintment shalt be rnade by suci~ court as an admitted
equity and a matter of absolute right t~ said mortgagee, and without reference to the adequac~~ oi• inad-
equacy of the value of the property mortgaged or to the solvency 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 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 monthly rental for the premises an amount at least equivalent to one-tµ•elfth 2) of the aggi•egate
of the twelve monthly installments payable in the then current year plus ttie actual amount of the annual
taxes assessments, water rates, and insurance premiums for such year not co~~ered by the aforesaid
mont~ly payments.
J. T}iat (u) 111 Llle ~~~~e»t c~f illl~' V1'l'ilCfl UI t}11S T1101'tK'age ur ~Icf~tttit uii the part of the mol•tgagoi•, o~•
1 l~) iu the f~~~ent that an~• c~t' saicl sums uf monr~• t~c~r~~in i•eferreci to be not prumptl~• and full~• paid ~~~ith-
clut cl~~manel or nutice, ur in tlit~ f~~~~~»t that ~~~cl? and e~~•~~~•~• th~~ sti~xilati~ms, xgreements, conditions,
<~nrl cu~~~~~~:ints uf ~rticl nutc~ <iirel this mw~t~ag~, ai•e nc,t clui~~, prun~ptl~~, an~i fuli~~ performed; tllCil i~i
~~ith~~r ur <in~• sucl~ E~~~~~~?t, il~c~ saicl <~g~r~~g~it~~ ;tim m~~ntio~~eci i» s<ti~l i~utc thE~n r~~maining uiipaid, ~~•ith
intei•E~st accrt~ed to that timf~, anrl ail monE~>~s sc~r~n•eci hc~rc~b~•, shall l~~come~ clue anci pa~~able foi•th«~ith,
~~i~ th~~r~~~il'ti~~~, at the ~~ption uf saici moi•tgag~~e, xs ful1~• a~ici ~compl~~te~1~• as if ail ~~f the saicl sums of mo~?e}•
~~~~~r~ u~•~,~i~1~ll~- sti~~ulated to 1~~ paici on s~~eh cia~•, a~i~~thing in said n~~te or in this mo~•t~age to the c~ntrar~~
llOt\\'ItI1St~11(~111F; ; t?ncl th~~i•eu~~~>n ur thri•eafter, at the optiQ~i uf said mo~tgagee, «~ithot~t notice or demand,
suit at la~~~ o~' in equit~', ma~- ~e prosecuteci as if all mo~~e'J'S St'CU1'('(~ IlC2'Cb~• had matureci prior to its insti-
tution. The mortgaget~ n~a~~ forecluse ti~is murtgag~~, .ts to the amount sa rleclared clue and pa~•able, ancl
th~~ saicl pr~~mise~ sh~~il b~~ sc~!cl to satisf~• anci pa~- the same togethE~r ~~~ith costs, espenses, and alloti~•ances.
I» rase of {~artial f'„r~~closurc~ ~,f tiiis mortgage, the tn~~i•tgagc~~l ~n•emisE~s sh~111 be sold subject to the con-
tinuing lien ~~f tliis murtKage foi• th~~ amount of the ~(~bt not thei~ due i~ll(~ llil~i~l(I. Ifl Sl1CI1 C3SE' the pro-
~~isions of ti~is pai~agraph ma~~ agai~i be a~-ailrcl of th~~i•Eaftei• 1'i•om time tu time b~~ the mortgage~~.
lU. That the m~?i•t~;aK~~i~ ~~~ill gi~~c~ immediate i~otic•~ b~• mail t<> th~~ mot•tga~eE~ of an~- con~~e~~ance,
transfer, ur chxn~e c,f c~~~~nership of the premises.
11. That nc~ w~ais•er oi an,r~ cc~~-enant hErein or of the ol>li~<itic~n secui•eci hereb~• shall at an~~ time
thet•eafter be held to I>e a~sai~'er of the terms hereof or of the nute secuce~i hereh}•.
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-
ne5•'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 repa~•able immediately and w~ithout demand b~~ the mortgagor ta the mortgagee, and,
together with interest and costs accruing thereon, shall be secured by this mortgage.
13. That the mailing of a written notice or demand addressed to the owner of record of the mortgaged
premises, or d:rected to the said owner at the last address actually furnished to the mortgagee, or directed
to said ow•ner at said mortgaged premises, and mailed by the United States mails, shall !~e sufficient notice
and demand in any case arising under this instrument and required by the provisions hereof or by law.
14. The mortgagor co~•enants and agrees that so long as this mortgage and the said nate secured
hereby are insured under the pro~•isions of the National Housing Act, he will nat execute or file for record
any instrumenL whicn imposes a ~ estriction u~~on the sale or occupancy of tne mortgaged property on the
basis of race, color, or creed. Upon any violation of this undert~king, the tnortgagee may, at its option,
deciare the unpaid balance of the deht secured hereby immediately due an~ payable.
$OCK ~~U