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HomeMy WebLinkAbout1995 ~ ~ . fines. or impositions, for w•hich provision has not been made hereinbefore. and in default thereof the mort- gagee may pay the same; and that he will promptly deliver the official 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 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 ma~~ 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 be 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~i yer's fees. and costs of abstracts of title~ incurred or paid at any t~me 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 pa~- able and shall be secured by the lien of this mortgage. That he w iil 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 such 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 ~~•hich pro~•ision has not been made hereinbefore. All insurance shall be carried in companies appro~•ed by mortgagee and the policies and renewals thereof shall be held by mortgagee and ha~e attacheci thereto loss pa~•able clauses in favor of and in form acceptable to the mortgagee. In event of loss he H ill gi~e immediate notice by mail to mortgagee, and mortgagee may make proof of loss if not made promptly by mortgagor. 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 part thereof~ may be applied by mortgagee at its option either to «he reduction of the indebteciness 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 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 forthwith appoint a receiver of the premises covered hereby all and singular, including all and singular the income. profits. issues, and revenues from whatever source derived~ each and every of which~ 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 ail the broad and effective functions and poKers 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 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 event of any default on the part of the mortgagor hereunder, the mortgagor agrees to pay to the mortgagee cn demand as 2? reason- able monthly rental for the premises an amount at least equivalent to one-t~elfth (!12) of the aggregate of the twelve monthly instaliments payable in the then current year plus the actual amount of the annual taxes assessments, water rates, and insurance premiums for such year not covered by the aforesaid mont~ly payments. 9. That (~i) in the e~•ent of an~• b~•each of this mortgage or ~lefault on the part of the mortgagor. or (l?) in the e~ent that an~• of said sums of mone~• he~•cin refei•e•ed to be not promptl~• and fully paid ~~-ith- out demand or nutice, ur (c) in the e~•ent that each and e~~er~• the stipulations, agreements, conditions, ~ a~id cu~-enants of saicl note and this mortgage~ are n~~t duly, pi•omptl~•, and fulh• perfoi•med ; then iu E cilher or an~• surh e~'ent, the said aggregate sum m~~~itioneci in saicl note then rrmaining unpaid. ~~•ith ; interest arcrued to that time, and all mone~•s sec:ured hereby. shall bec:ome due and pa~~able forth~rith, ~ or thereafter, at the optiou of said mortgagee, as full~• and completel~- as if all of the said sums of monet- s ~~-ere orginall~• stipulated to be paid ou such da~•, au~•thing in saicl note oi• in this mortgage to the contrai•~~ ~ not~~-ithstanding; and thereupon or thercafter, at the option of said mo~•tgagee, ~~-ithout notice or demand, suit at la~~- or iu eyuit~•, ma~• be prosecuted as if all mo~ie~•s secured hereb~• had matured prior to its insti- ~ tution. The mortgagee mar fo~•eclose this mo~•tgage, as to the amount so declae•ed due and payable, and tlie said premises sl~all be sold to satisfy and pa~• the same togethei• ~rith costs. expenses. and allo~~•ances. In rase of partial frn•eelosure of this mortgage, the mo~•tgaged premises shall be sold subject to the con- tinuing lien of this mortgage fo~• the amount of the ~lebt not then due and unpaid. In such case the pro- ~•isions of this pai•agraph ma~• again be a~•ailed of the?•eaftei• f~•om time to time b~• the mortgagee. 10. That the mortgagor ~~'ill gi~e immediate notice b~- mail to the moi•tgagee of an~~ com-e}•ance. transfer. or change of o~~•nership of the premises. 11. That no ~~•ai~•er of anv co~•enant he~•ein ar of the obligation secured hereby shall at any time thereafter be held to I~e a«•ai~~er of the terms hereof or of the note secured hereby. 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 a11 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 repa~•able immediately and without demand by the mortgagor to 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 directed 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 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 cecupancy 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. ~ ~ ~t ~ ~ ~ . Q4 FY ~ ~ eocr ~ ~R142 190 ~ - ; F ~ . ~ Y~ L ~ ~sV.vZ- : ic e_~~~.3a_^3~~ ~a t. 1,.__ , ~ d' ~^l a"~1:'..'"'ia~~a't'~