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HomeMy WebLinkAbout2579 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 receipta therefor to the mortgagee. 5. T~IA~ ~i~ R%iI~ ~hliiilt. ivi~'si31i~~ c3i' Sii~2t' itt} tYa5~2~ lii~~.iF`F~i2~lt~ i3!' t~~~C~'!t?2'~~lLil1 itf ~:i~ j~r~~ert~• ~r any part thereof ; and in the event of the failure of the mortgaRor to keep the buildings on saia prem~ses and those to be erected on said premises. or improvements thereon. in good repair~ the rriortgagec may make such repairs as in ita discretion it may deem necessary for the proper preservat~on thereof. and the full amount of each and every such payment shall be immediately due and payable. and shall Ue secured by the lien of this mortgage, 6. That he will pay all and singular the cost.s. charges, and expenses. including reasonable la~~•~ er's fees~ and costs of abstracts of title~ incurred or paid at an~ t~me by the mortgagee because of the failure on the part of the mortgagor promptly and fully to perform the agreen~ents 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 will keep the improvements now existing or hereafter erected on the mortgaged property~ insured as may be required frum time to time t,S the mortgagee against loss by fire and other hazards~ casualties. and contingencies in such amounts and for such periods as may be required by mortgagee. and will pay promptly. when due. any plemiums on such insurance for payment 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 have attached thereto loss pa~•able clauses in favor of and in form acceptable to the mortgagee. In event of loss he H ill gire 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 pay ment for such loss directly to mortgagee instead of to mortgagor and mortgagee jointly~ and the insurance proceeds, or sny part thereof~ may be applied by mortgagee at its option e~ther to the reduction of the indebtedness hereby secured or to the restoration or repair of the property damaged. In event of foreclosure of this mortgage or other tranafer 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 purehaser or grantee. 8. That the mortgagee may, at any time pending a suit upon this mortgage. appis to the court hav- ing jurisdiction thereof for the appointment of a receiver. and such court shall forthH ith ~ appoint a :~:,e:ier of LhE gremiscs co:~r~i hereby alt and singe~~ar~ including al! and aing~lar the in~~me, profits, issues. and revenues from whatever source derived~ each and every of which~ it being expressly unde?•- stood~ is hereby mortgaged as if apecifically set forth and described in the granting and habendum clauses hereof, and such receiver shall have all the broad and effective functions and poKers in any~ise entnisted 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 receirer 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- abie monthly rental for ti~e preruisrs an amount at ieast equrvalent to one-t~elfth (~12) of the aggregate of the twelve monthly installments pay able 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 (n) in the E~~~e~it of an~• breach of this moi•tgage oi• clefault un the pa~~t of the mortgagor. or 1 I,) in the e~•ent that an~' uf said sums of mone~• hecein referred to be not promptly and fully paid ~~-ith- out ciemanci or uotice. or (c) in the e~•ent that earh and e~•er~• the stipulations. agreements, conditions. :~?,~t ~.~.•~•~,~„t~ nf ~:~i~l n~~t~ anrl thic mm•t~aec~. are not du1v. uivmptb~. and full~• nerfoti•meci: then in ' ~~ither or an~' ~url~ r~-ent. the sai~1 aggregate sum mentioned i~i sai~l ~iote then rrmaining unpaid, ~~•ith ! inter~~st arcrued tu that time, and all munN~•s serurecl hereby, shall lx.>c:ome clue and pa~•able forth«•ith, ~ ur thereafter. at the optio» uC saicl mortgagee. as fuU~• and completely as if all of the said sums of mone~~ E ~~-ere oi•ginall~• stipulated to Ue ~~ai~l on such da~•, an~•thing in said note or in this mortgage to the contrar~- I not~~•ithstanding ; and thereupo» or thc~•eafter. at the option of said mortgagee. ~~'ithout notice oi• demand. i suit at la~~- oti• i~i c~~iih•, ma~• be prosecute~i as if all mone~•s secu~•eci hereb~• had matureci prior to its insti- ~ tution. The mo~•tgagee ma~~ foi•eelose this mortgage, as to the amount so cieeiarecl ciue and payabie, ancl thc said pti•emises shall be solci to satisf~~ and pa~ the same together ith costs, expcroses. and allo~rances. ln case of partial for~~ciostnr of this mortgage,'the mortgaged premises shall be sold subject to the con- tinuing licn of this mortgage for the amount of the debt not then due and ~mpaid. ln such case the pro- ~•isions of this paragraph ma~- again be a~•ailed of thei•eafter from time to time b~• the mortgagee. 10. That th~• mortgag~n• ~~•ill gire immediate notice b~• mail to the mortgagee of an~~ con~•e~•ance. t r~i~isfer, oi• change of o~~•ne?•ship of the p~rmises. 11. That no w•ai~•ei• of any co~•enant herein or of the obligation, secureei hereby shall at any time lhereafter be held to l~e a w~aiver of the terms hereof or of the note secui•eci herel~y. 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 repay 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 owner at said mortgaged premises, and mailed by the United States mails, shall be suflicient notice and demand in any case arising under this instrument and required by the provisions hereof ar 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 ti?e 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 deUt secured hereUy immediately due ar?d payable. ~ aoo~~4? ~ _ _ ~ ~ : _ - ~ ~ ~ s~. t~-'* z,~ ,