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HomeMy WebLinkAbout1406 ~ ~ . - . \`t d w. finea, or impositions~ for which provision haa not tieen mude hereinbefore. and in default thereof the mort- ~a~ee m~y pay the aame; and that he will promptly deliver the otRcial receipts therefor to the mortgagee. b. That he will permit. comc~it~ or aulier no waate. impairment~ or deterioration of aaid prnperty or anypart thereof; und in the event of the isilure of the mo r to keep the buildinga on aaia prem~ses and thoee to be erected on aaid premiaes. or improvementa~ n. in good repair. the mortgagee may make auch repaira as in ita discretion it may deem necessary for the pmper pr~ervation thereof~ and the full amount of each and every such payment shsll be immediately due and payable. and ahall be secured by the lien of thia a,ortga~e. 6. That he will pay all and.singular the coeta~ charges. snd expenses. including reasonable lav?yer's iees. and costa of abstracta of title~ incurred or paid at any time by the mortgagee because of the failure on the part of the mortgagor promptly and ful~yr to perforra the agreements and covenants of said prom- iaaory note and th~a mortgage. and said costs. c~?arg~~ and expenaea ahall be immediately due and pay- able and ahall be secured by the lien of this mortgage. fi. '~'hat he wiu keep ~ti?e improvemenia now exieting or nereaiier erecteci on ti?e mdr'cg~~ci p~o~rr`cy. insured as may be required from time to time by the mortqagee againat losa by tire and other hazards, casualties. and contingencies in such amounta and for such perioda as may be required by mortgagee. and will pay promptly. when due. any premiuma on such inaurance for ~ayment of which provision has not been made hereinbefore. All insurance ahall be carried in companiea approved by mortgagee and the policies and renewala thereof ahall be held by mortgagee and have attached thereto loas payable clauses in favor of and in form acceptable to the mortgagee. In event of loss he wiU give immediate notice by mail to mortgagee. and mortga~ee may make proof of loss if not made promptly by mortgagor. and each insurance company concerned ia hereby authorized and directed to make payment for such loss directly to mottgagee instead of to mortgagor and mortgagee jointly. and the insurance proceeds. or anypa rt thereof~ may be applied by mortgagee at its option either to the reduction of the indebtedness hereby secured or to the reatoration or repair of the property damaged. In event of foreclosure of this mortgag~e or other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby. all ri~rht, title, and interes~ of;the mortgagor in and to any insurance policiea then in force ahall pasa to the purchaser or grantee: i i 8. That the mortgagee may. at any time pending s 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 premisea covered hereby all and aingular, ineiuding all and aingular the income. profits. ~ issues, and revenues fmm whatever aource derived~ each and every of which. it being expressly under- ; stood. is hereby mortgaged aa if apeciRcally set forth and described in the granting and habendum clauses # hereof. and auch receiver shall have all the broad and effective functiona and powers in anywise ~ entruated by a court to a receiver, and such appointment ahall be made by such court as an admitted ~ equity and a matter of absolute right to said mortgagee, and without reference to the adequacy or inad- equacy of the value of the property mortgaged or to the aolvency or inaolvency of said mortgagor or the defendanta, and that such rents. profita, income, issuea, and revenues shall be applied by such receiver ~ according to the lien of thia mortgage and the practice of auch courk In the event of any default on the ; part of the mortgagor hereunder. the mortgagor agreea to pay to the mortgagee on demand aa a reason- able monthly rental for the premisea an amount at least equivalent to one-twelfth (3;=) of the aggregate of the twelve monthly installments payable in the then current year plus the actual amount of the annual taxea aaaes~aments, water rates. and inaurance premiuma for auch year not covered by the aforesaid mont~ly paymenta. 9. That (a) in the e~•ent of any breach of this mortgage or dcfault on the pat~t of the mortgagoi•. o~• ( l,) in the event that au~~ ot said sums of money hei•ein i~eferred to be not promptly and fully paid ~4ith- out demand or i~otice, oi• (c) 'in-the event that each and eve~y the stipulations, agceements. conditions, i and co~enants of said note and this mortgage~ are not duly. prumptly, and fulh~ perfoi7ned; then in either oi• auy sucl~ e~'ent, the said aggregate sum mentioned in said note then i•emaining unpaid. ~rith i interest accrued to that time, and all moneys secured hereby, shall become due and payable forthH ith. ~ ~ or the~•eaiter~ at the optiou uf said mortgagee, as full~ and completely as if all of the said sums of money E ~~•ere orginall~ stipulated to be paid on such day. anything in said note or in this mortgage to the contrary ~ ~ not~~•ithstat~ding; and thereupon or thei•eafter, at the option of said mortgagee. ~rithout notice or demand. ~ suit at ta~~• or in equity, may be prosecuteci as if all moneys secui•ed hereby had matureci prior to its insti- ~ tution. The mortgagee may foreclose this mortgage~ as to the amount so declared due and payable, and ~ the said p?•emises shall be sold to satisfy and pa~~ the same together ~~•ith costs expenses, and allo~ances. In case of partial foreclosui•e of this moi~tgage, the mortgaged premises shall ~e aold subject to the con- ~ tinuing lien of this mortgage for the amount of the ciebt not then due and unpaid. In such case the pro- ~ ~•isions of this pxragraph may again be availed of tliereafter from time to time b~~ the mortgagee. 10. That the moi•tgagoi• o•ill gi~e immediate notice by mail to the mortgagee of any conveyance~ i t?•ansfer, oi• change of o~~•nei~ship of the premises. ~ 11. That no waiver of any covenant he~~ein or of the obligation secured hereby shall at any time thereafter be held to be a v?aiver of the terms hereof or of the note.secured hereby. 12. That if the mortgagor default in any of the covenanta oragr eements contained herein, or in said note, then the mortgagee may perform the same, and all expenditurea (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 ahall be repayable immediately and without demand 6y the mortgagor to the mortgagee, and, together with interest and costs accruing thereon, shall be secured by ~his mortga,ge. 13. That the mailing of a written notice or demand addre.ssed to the owner of reoord of the mortgaged premises, or directed to the said owner at the last address actually fumished to the mortgagee, or directed ~ to said owner at said mortgaged premises, and mailed by the United States mails, shall be sufticient notice ~ ~ and demand in any case arising under this instrument and required by the provisiona hereof or by law. ~ 14. The mortgagor covenants and agrees that so long as this mortgage and the said note secnred { ~ hereby are insured under the provisions of the National Housing Act. he wiU not execute or file for record t any instrument which imposes a restriction upon the sale or oocupancy of tne mortgaged property on the j 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 aad payable. ~ , ~ T ~ ~145 ~04 , ~ i . _ . - - - _ . _ . _ ,F~„ ~~'sr ~r ~ ..p ~ _ . . - - - . . _ . . _ . . . . . ~ x ' ~ ~ Y `'~.;;s