Loading...
HomeMy WebLinkAbout1847 ` i . , t . flnea. or itapoaitiona~ for which prnvision has not been iriade hereinbefore. and in default thereof the mort- gag~ee may psy the s~?me; and that he will promptly deliver the of~icisl receipts therefor to the mortgagee. b. That he will permit. commit~ or sutfer no waate. impairment~ or deterioration of aaid propert3 or any part thereof; and in the event of the failnre oi the mortgagor to keep the buildinga on said premises ~ and tho~e to be erected on said premiaea. or improvementa thereon~ in ~ood repair. the mortgag~e 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 auch payment shall be immediately due and payable. and shall be secured by the lien oi thia mortgage. 6. That he wilt pay all and siagular the costa~ charges, and expenses. including r~asonable law ~•er'a fees, and casta of abatracts of tiUe~ incurred or paid at any time by the mortga~ee because of the failure on the part of the mortgagor prompt.~q and fully to perform the agreements and covenants of said prom- issory note and this mortgage, and sai~i costs. chargea. and expensea a}-.all be immediately due and pay- able and ahali be secured by the lien of Lhis mortgage. 7. That he will kee~ the improvements now existing or hereafter erected on the mortga~ed property, insared as may be required from time to time by the mort~agee against losa by t~re and other hazards. casualties. and contingencies in auch amounta and for sucii periods as may be required by mortgagee. and wiU pay promptly, when due. any premiums on such insurance for payment of which prnvision has not been made hereinbefore. All insurance shall be carried in companies approved by mortgagee and the policies and renewals 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 Ioss he wiil 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 losa directly to mortgagee instead of to mortgagor and mortgagee jointly, and the insurance proceeds. or anypa rt thereof. may be applied by mortgagee at ita option either to the reduction of the indebtedness hereby secured or to the reatoration or tepair of the property damaged. In event of foreclosure of this mortgage or other transfe of ti le to the mortgaged property in extinguishment of the indebtedness secured hereby, all right; E~I~ ~n~ i~terest of the mortgagor in and to any insurance policies then in force ghall pAas to the purchaser or grantee. 8, That the mortgagee msy, at any time pending a suit upon this mortgage, appiy to the caurt 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 raortgaged as if speciftcally set fortli and described in the granting and habendum clauses hereof. and such receiver shall have all the broad and effective functiona and powers in anyw 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 refer~ence to the adequacy or inad- equacy of the value of the property mortgaged or to the solvency or insolvency of said mortgagor or the defendanta, and that such rents. profits. income, isaues, and revenues shall be applied by such receiver according to the lien of this mortgage and the practice of such courk In the event of any default an the part of the mortgagor hereunder, the mortgagor agrees to pay to the mortgagee on demand as a reason- able monthly rental for the premises an amount at least equivalent to one-twelfth (~12) of the aggregate of the twelve monthly installments payable in the then current year plus the actual amount of the annual taxes aSSessments, water ratea, and inaurance premiums for auch year not covered by the aforesaid mont~ly payments. 9. That (a) in the e~•ent of any b~~each of this mortgage oi• default on tlie part of the moi-tgagor, oi• 1 L) in the e~ent that any ot said sums of mone~~ heccin i~eferred to be not promptly and fully paid ~?~ith- out demand oi• i~otice. or (c) in the event d~at eacli and every the stipulations. agreements. conditions. and co~enants of saicl note and this mortgage, are not duly. prumptly. and full~• performed; then in either or any surh erent. the said aggregate sum mcntionect in saicl note then ~~emaining unpaid. irith intei•est accrued to that time. and all moneys secured hereby, shall become due and payable farth~~•ith, oi• thereaftei•, at the optio~i uf said mortgagee, as full~• and completely as if all of the said sums of money ~~•ere oi•ginall~ stipulated to be paid on such day~ anything in said ~iote or in this mortgage to the contrary not~~ ithstanding ; and thereupon or thei•eaftei•, at the option of said mo~~tgagee~ «•ithout notice or demand~ suit at la~~• oi• in equits~, ma3- be prosecuteci as if all mone~~s securecl hereby had matured pi•ior to its insti- tution. The mortgagee n~ay foreclose this mortgag~e. as to the amount so declared due and payable~ and the said pi~emises shall be sold to satisfy anc~ pay the same togethei• ~rith cpsts, expetises~ and alloH ances. In case of partial foi•c~:losui•e of this moi•tgage, the mortgagect pi•emises shal! be sold subject to the con- tinuing lien of this moi•tgage foi• the amount of the ~lebt not then due and unpaid. In such case the pro- risions of this pai•agraph may again be availed of thereafter f~rom time to time b~~ the mortgagee. 10. That the moi•tgagor ~~•ill gi~e immediate notice by mail to the mortgagee of any conveyance, transfer, or change of o~~•nership of the premises. 11. That no waiver of any co~~enant herein or of the obligation secured hereby shall at any time thereafter be held to Ue a waiver of the terms hereof or of the note secured hereby. 12. That if the mortgagor default in any of the covenants ora~ 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 shall be repayable immediately and without demand by the mortgagor to the mortgagee, and, together with interest and costs accruing thereon~ shalt be secured by this mortg8ge. 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 actuaUy furnished to the mortgagee~ or directed to said owner 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 rnay~ at its option. declare the unpaid balance of the debt secured hereby immediately due xnd payabie. ~ 800K 1~ ' _ ~ ~ , _ . _ . . . , . .R~~ - - - - - -0~ ~ . _ ~ -