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HomeMy WebLinkAbout1377 i fines~ or impositions. for v?•hich pro~•ision has r.ot been made hereinbefore. and in default thereof the mort- gagee may pay the same; and that he will promptly deliver the of~icial receipts 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 e~ent of the failure of the mortgagor to keep the buildings on said premises and those to be er~cted on said premises~ or improvements thereon~ in good repair. the mortgagee ma~• make such repairs as in its discretion it may 3eem necessary for the proper preservation thereof, and the full amount of each and every such payment shall ~ immediately due and pa~•able. 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~~ ~•er's fees, and costs of abstracts of t~tle~ incurred or paid at any time by the mortgagee because of the failure on the part of the mortgagor promptly and fully 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 and pay- able and shall be secured by the lien of this mortgage. That he will 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. casualties. and contingencies in su:,h amounts and for such periods as may be requ~red by mortgagee. and will pay promptly. when due, any premiums on such insurance for pa~ ment of w•hich pro~•ision has not been made hereinbefore. All insurance shall be carried in companies appro~•ed by mortgagee and the policies and renew•als thereof shall be held by mortgagee and have attached thereto loss pa~•able clauses ~n favor of and in form acceptable to the mortgagee. In event of loss he N ill gi~•e immediate notice by mail to mortgagee. and mortgagee may make proof of loss if not made promptl~• by mortgagor, and each insurance company concerned is hereby authorized and directed to make pa~ ment for such loss directly to mortgagee instead of to mortgagor and mortgagee jointly, and the insurance proceeds. or any part thereof~ mal? be applied by mortgagee at its option either to the reduction of the indebtedness hereby secured o~ to the restoration or repair of the property damaged. In event of foreclosure of this mortgage or other transfer of title to the mortgaged property in extinguishment of the indebteciness 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 forthH•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 derived~ each and every of 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 poNers in an~•~~•ise entrusted by a court to a receiver. and such appointment shall 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 insolvency of said mortgagor or the defendants. and that such rents~ profits. income, issues. and revenues shall be appl~ed 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 amount at least equivalent to one-twelfth (i12) of the aggregate 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 such year not co~ered by the aforesaid mont~ly payments. 9. That (a) in the erent uf an~• breacli of this mortgage or ~I~fault un the pact of the mortgagor. ui• 1L) in the e~•ent that au,r of said sums of mone}• hercin referred to tx~ not promptl~~ and fulh• paici ~~-ith- ~?ut dcmancl or uotice, oi• (r) in the e~•ent that each and erer~• the stipulations, ag~rements, conditions, ~ and corenants of saicl note and this mortgage, a~•e not duly, pi•umptl~•. and full~- performed; then in G eitl~rr or au~~ surh er~~nt, the sai~i aggregate sum me ntioned in sai~l note then rrmaining unpaid, ~~~ith j interest arc~•ued to that time, and all mune~•s secureci hei•eb~•. shall become due and pa~•able forth.~•ith, j ~,r thereafter, at the optio~~ uf said mortgagee. as fulh• and complet~•h• as i( all of the said sums of mone~• [ ~~-rre orginalh• stipulated to be paid ou such da~•. an~•thing in saicl note or in this mortgage to the contrar~- ` not~~•ithstanding; and thrrcupon a?• thereafter. at the option of said mortgagee. ~~•ithout notice or demand, ~ suit at la~~- or in ~~c~uih•. ma~- Ue pi•osecuted as if all mone~•s secui•ed hei•eb~• had matuced prior to its insti- d tution. The mo~•tgagee ma~• fore.~clc?se this mortgage. as to the amount so declai•ed due and payable. and ~ the said premises shall be sold to satisf~- an~l par the same together ~~•ith costs, expenses, and allo«•ances. ~ l~i case of pai•tial f~?rc~closui•e of this mo?•tgage, the mortgaged premises shall be sold subject to the con- ~ tinuing lien of this mortgage for the amount of the ~lebt not then due an~l unpaid. ln such case the pro- ~ ~•isions of this paragi•aph ma~• again be a~•aile~l of thereafter t~•om time to time b~• the mortgagee. 10. That the mortgag~~r ~~~ill gi~'e immediate notice b~• mail to the mortgagee of anr con~~e~~ance, t?•ansfer. or change of o~rncrship of the pi•emises. 11. That no ~~•ai~'er of any co~~enant lierein or of the obli~ation secured hereby shall at an~~ time ~ thereafter be held to I~e a~rai~•er of the terms hereof or of the note secured hereb~•. 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 repa3 able immediately and ~ ithout demand by the mortgagor to the mortgagee, and, ~ together with interest and costs accruing thereon, shall l~e 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 owner at the last address actually fu.^.~ished to the mortgagee, or directed ~ to said ov?ner 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 or by law. ~ 14. The mortgagor covenants and agrees that so long as this mortgage and the said note secured hereby are insured under the provisions of the National 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 on the ~ basis of race, color, or creed. Upon any violation of this undertaking, the mortgagee may, at its option~ ~ declare the unpaid balance of the debt secured hereby immediately due and payable. ~ ~ ~ ~ ~ ~ ~ eooK 141 1 rl4 ~ . ~ ,.~f . y~ _ : ~ ~ _ ~ ~ r~'~ .