HomeMy WebLinkAbout0194 fines, or impasit.ions, far H~hich provision has not been made hereinbefore, and in default thereof the mort-
gagee may pay the same; and that he will prornptly deliver the afftciat receipts therefor ta the mortgagee.
5. That he will perrt?it, commit~ or suflfer no waste~ impairment, or deteriort~tion of said propert>• or
any part thereof ; and in the event of the failure of the mortgagor to keep the buildings on said premises
and those to be erected on said premises, or improvements thereon, in good repair, the mortgagee may
make such repairs as in its discretian it may deem necessary for the proper preservation thereof, and the
full amount of each and every such psyment shall b~ immediately due and payable, and shail be secured
by the lien of this mortgage.
S. That he will pay all and singular the casts, charges, and expenses, including reasonable ia«~yer's
fees, and costs af abstracts of title, incnrred or paid at any time by the mortgagee ber.ause of the failure
on the part of the mortgagor promptly and fully to perform the agreements and co~~enants of said prom-
issary note and this martgage, and said costs, charges, and expenses ahall be immediately due and pay-
able and ~hall be secured by the lien of this mortgage.
7. Thgt he will keep the improvements noH• existing or hereafter erected on the mortgaged propert~•,
ir.sured as rnay be required from time to time by the mortgagee against ~ass by fire and other hazards,
casualties, and contingencies in such amounts and for such periods as ma~• be required by morigagee,
~nd will pay promptly, when due, any premiums on such insurance for pay~ment of ~•hich pro~•ision has
not been made hereinbefore. All insurance shall be carried in companies appro~•ed by mortgagee and
the policies and renea-ais thereof shall be held by mortgagee and have attached thereto loss pa~~able
cl:~uses in favor of and in form acceptable to the mortgagee. In event af loss he will gi~•e immediate
notice by mail to mortgagee, and martgagee may make proof of loss if not made promptiy by mortgagoi•,
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 parL 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 damaged. In e~~ent of foreclosure of this
mortgage or other transfer of title to the mortgaged pr~perty 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.
8. That the mortgagee may, at any time pending a suit upon this mortgage, appiy~ tc the court ha~~-
ing jurisdiction thereof for the appointment of a receiver, and such court shall farthwith appoint a
receiver of the premises co~ered hereby all and singular, including all and singutar the income, profits,
issues, and revenues from whatever source derived, each and et~ery ~f which, 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 powers in an~•.sise
entrusted by a court to a receiver, and such appointment shall be made by such caurt as an admitted
equity and a matter of absalute right to said mortgagee, and w~ithout 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
defendants, and th~t 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 c~ demand as a reason-
able monthly rental for the premises an amount at least equivalent to one-tv~•elfth (!11) of the agg?•egate
of the twelve monthly installments payable in the then current year plus the actual amount of the annual
taxes assessments, water rates, and insurance premiums for sach year not coti•ered by the aforesaid
mont~ly payments.
9. That (a) it2 the E~~~t~~it ~~f ~ui~• k~~•e~ict~ of this mo~•tgage ur cl~~fault uii the part uf the mot•tgagor, oi•
I(~~ !tl ~~lt' E~'E'llti tllat an~~ uf said sums uf mon~~~• hr~•ciai ~•eferred to be iwt pr~zmptl~• and full~~ paid ~~•ith-
uut dema~ul or i~otice, or ) in the e\'E'tlt t}l~i~ excli and E'~'E'1'~~ the~ stipulatiuns, ag~•eements, conditions,
v7ci c~~~~~~nai~ts of s~~ici nute~ anci this murkgage, are nut du15', I3t'utll~lt~t', ancl iu~l~~ ~~~rfoi•mccl ; then in
~~itt~~~~• c~~ ~in~~ ,ticf~ ~~~~a~i~t, thc~ saici a~,rg~•f~Kat~~ ~um m~~ntic>»ecl i» sai~l i~~~t~ thrii ?•~~maining u»paid, ~~•iti~
iiitei•est acerue~cl t~~ that time, ~ind all mun~~~~s secui•ed hE~rt~b~~, shall Imco~ne du~ anci pa~~aUle fo~•th~~•ith,
~~r ther~~aftt~r, at the o~~tic>n ~~f saiei mortgagee, as fuil~~ ~~~~d compl~~te~l~• as if all c~f th~~ saic~ sums of mone~•
c~r~~ ui•~;i~~all~~ stipi~latE~d to i~e ~~aici c,~i such ciay, a?i~•t?ting in sai~i ~iote oi• in t1~is moi•t~age to the co?ttz•ai•~~
?~ot~~~ithstanding; ancl thc~~•~~upu~i ur thc~r~afte~•, at the optio~i uf said martgagee, «•ithout notice or c~emand,
suit at la~~- or iu equit~~, ma~~ be proseeutecl as if all mone~-s sectu•ed hereb~• haci n~atureci prior to its insti-
tution. The n~o~•tg~gre ma~~ fo~•ecluse this mortga~e, ~is to the arnount so cteelarc~d ctue and payable, anci
th~~ saict pret~iise, sh~iii bc~ ~olcl to satisf}• and pa~- the same toget}tE~t~ «~ith costs, e~pc~nses, ancl allo~~•ances.
li~ case of pa~•tial f~,rec~losuyr of this mortga~e, the mm•tgagecl premisc~s shall be sold sub,ject to the con-
tintiing lie~t t~f ti~is tt~~~j•tgagt~ for tlie anzc~t~nt of the ci~~bt t~ot the» due an~i ~mpaici. In such case the pi~o-
~~isions af this p~t~~agr~pli ma~• again bc~ a~~ail~~~l of thc~reafter from timc~ t~~ timc~ b~- the mortgagee.
10. 'I'hat thr mu~~tgag~~?~ ~~~ill gi~•e immec(iate nutict~ h~• maii tc; thc~ m~,f•tga~,*ec~ ~rf anr c•an~e~~anec~,
tra~isfer, or chxngc of ~~«~ners}~ip o£ the ~~remises.
11. That r~c~ «~ai~~er uf an}~ cu~~enant }iE:rein <~t• of the ~~l~ligatic~ri secureci herel,~• sh~ill at ar~~~ time
tliere<cfter F~e helcl tu I~c a u~,ti~•er uf the terms t~ereof or of the note ~ecui•ed hereb~~.
22. Tliat if the mortgagor tlefault in any of th~ covenants or agreements contained herein, or in
said riote, then the mortgagee may perform the same, and all expenditures (including reasonaY~le attor-
neti•'s fees) made by the mortgagee in so doing shall draw• int.erest at the rate set forth in the note secured
hereb~-, and shall be repay~able immediatelt~ and K~ithout derriand by the mortgagor to the mortgagee, and,
t~gether with interest and costs atcruing 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 directed to the said own~r at the last adciress actually furnished to the mortgagee, ar directed
to said owner at said mortgaged premises, and mailed by the Unitea States mails, sha11 t~e sufficient notice
and demand in any case arising under this instrument and required by the provisions hereof or by law.
I4. The mortgagor covenants and agrees that so long as this mortgage and the said note secured
heret~y are insured under the provisions of the 1Vational Housing Act, he will not execute or file for record
any instrument which imposes a restriction upon the sale or occupancy of tne mortgaged property ~n the
basis of race, calor, or creed. U~~n any violation of this undertaking, the mortgagee may, at its option,
decIare the t~npaid batance of the debt secured hereby immediateiy due and payable.
Boa~ s~s zs~