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HomeMy WebLinkAbout2948 • ~ V ~ ~ , ~ v lines, or impositiona. for which proviaioo has ~en made,~r~inbefore, and in default thereoi the mort- ~a~+ee msy pay the aame; and thst he wiU pro~y deliver~tu ~ci~l receip4 therefor to the mort~s~e~.. 6. 17ut ho wiU permi~ cawait, or suHer no r?aste. ia~psinaenk or deterioration oi aaid prnperty or thereoi; and ia the event of the isilure oi the mort~a~or to keep the buildi~?~s on uid premisea ~d ~hos~ to be eracted on uid premisea, or improvementa tber8on, in ~ood repair. the mort~ee may ms~e auch repsira a~ in ih di~cretion it may deem aeo~suy for the proper preservation thereof. and the tnll amount oi each snd every auch p~yment ahaU be immedistely due and payable, snd shsll be aecured by the lien oi this mort~a~e. 6. That he will psy all and, aity4tilar the cASta, chsr~. and expenaes, includin~ reasont~ble lawyer's lees; and oosta of abatracts oi title, in~urred or psid st any time by the mort~u,Qee becAUSe of the failure on the part oi the inort~or promptl~? snd ful to perioroi the a~r~eementa and covenants of aaid prom- iesory note snd th~s mor~~ and saud c~oste, ~hsr~es, and espenses sh~U be I~~mediately due and pay- sble and a~U be a~cu~d by lien oi thia mor~. 7. That he wiU keep th~e improvements now exiatin~ or hereaiter erected on the mortga~ed property. insured as mq? be required ir~n time to time by the morit,~a,gee ~inat laas by fire and other hazards, casusltiea. snd eontin~encies in auch amonnta and for auch perioda as msy be required by mo . . and will p~y pt1~y, ~rhen dn~e, at~y pr8miums oa auch inauranee iorp~? ment of which provision as not been e hereinbetore. AU inaw~nce shall be carried in uompani~ approved by mortgagee and the policies u?d renewala thereoi ahall be held~ by mortgagee and have attached thereto lass payable clswdes in favor oi and in form acceptsble to the mortQagee. In event of loss he will giv.e immediate notice by mail to mortga,~ee. and mortga~ee may make proof oi loss if not made pmmptly by mortgagor, sna each ;naurance canpany concerned ~s hereby authoriud snd directed to tnake payment for auch loss directly to mo ~ee inatead of to martga~or and mo tgs~gee ~o~ntly~ and the insurance proceeds. or aay thereoi~ m~ay be applied by mortgagee at its option e~ ither•to the reduction of the indebtedness h~secur~d or to the reator~tion or repair of the property damaeed. In event of forecloaure of this mortqa~e or other tranafer oi title to the mortga~ged property in extinguiahment of the indebtednesa secured hereby, all r t~ title. and intereat of the mort~or in and to any inaurarice policiea then in force shaU pass to the pur~i~~ ser or ~raute~.y,_.. 8. Thst the auortga~ee may, at iiny time pending a auit upon this mortgage. spply to tbe court hav- ing ~nrisdiction thereof for the sppointment oi a receiver~ snd such oourt shall forthwith appoint ~ receiver of the premiaes coveted herebq sll uid sin~ular, including all and.aingular, the income. protits, iasues, and revennes from whatever satrce derived~ e~ch snd every oi which~ it be~ng expresaly under- stood. ia hereby mortgaged as if speciftcally set forth and deacribed in the granting and habendum clauaea hereof and auch receiver shall have sll the brosd ~nd effective functions and powera in anywiae entrua~ed by a court to a reoeiver, and auch appointment aluli be made by auch court aa an admitted equity snd a mstter o! ab~solute ri~ht to asid mort,gagee, aad without reference to the adequacy or inad- eqwcy of the valae of the property mortgaged or to the solvency or insolvency of said mortgagor or the deiendsnts. aad that such renta, profits. inc~me, iaaues, snd revenuea shall be appf ied by auch receiver _ aooo~to the lien of thia mortgag~e and the practioe of such court. In the event of any default on the p~rt of e mortgagor herennder, the mortgagorsg r+eea to pay to the mortgagee on demand as s r~aaon- able monthly rental for the remisea an smount at leaat equivslent to one-twelith (3i:) of the s~gregate of the twelve monthly inatal~menta payable ia the then curnut year plus the actual amount of the annual taxes ~sseaamenta, wster ratea~ and insunnce premiums ior such year not covered by the aforesaid mont~? p~yments. - 8. That (a) in the e~•ent of any bi~each of this moi~tga~e or default on tlie part of the mo~~tgagor. or (L) in the event that any of said sums of money heirin referred to be not pi•omptly and fully paid ~~~th- out demand or notice. or (c) in the event that each and every the stipulations. agreementa, conditions, and co~enants of said note and this mortgage. ai~e not dn1y, pi~mptly. and fully performed; then in either or any such e~ent, the said aggregate sum mentioned in saicl note then remaining unpaid, with ' intereat acci-ued to that time. and all moneys secured hereby. shall become due and payable forthwith, j or thei~eaftei•. at the aptioii of said mortgagee, as fully and completely as if all of the said sums of money ~r•ere o~ginally stipulated to be paid on such day, anything in said note or in this mortgage to the contrary not«ithstanding; and thei~eupon or thereafter. at the option of said mortgagee, ~t ithout notice or demand. suit at la~~ or in equity, may be pra~secuted as if all moneys secui~ed hereby had matured prior to its insti- tution. The moi~tgagee may foreclose this mortgage. as to the amount so declared due andpa yable. and t the said premises shall be sold to satisfy and pay the same together K ith costs. expenses and allowances. ~ In case of partist foreclosu~~e of this moi~tgage, the moi~tgagecl premises shall be sold subject to the con- tinuing lien of this mortgage for the amount of the debt not then due and unpaid. In such case the pro- ~ isions of this paragraph may again be availed of thei•eafter from time to time by the mortgagee. 10. That the moitgagor «ill give immediate notice by mail to the mortgagee of any conveyance, transfei•, or change of o~~•nei~ship of the premises. 11. That no waiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be held to be a waiver of the terms hereof or of the note secured hereby. 12. That if the mortgag~or default in any of the covenanta oragreem enta oontained herein, or in said note, then the mortgagee may perform the same, and aU expen id'tures (including reasonable attor- neq's iees) 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 by the mortga,gor to the mortgagee, and, together with interest and coata accrning thereoa, ahall be secured by this mortga,ge. 18. That the mailing of a written notice or demand addressed tb~he owner o! record of the mortgaged premises, or directed to the said owner at t6e last address actually furnished to the mortgagee, or directed to said owner at said mortgaged premises, and mailed by the United 3tatea maila, ahall be suflicient notice and demand in any case arisin~ under thia inatrument and required by the provisions hereoi or by law. 14. The mortgagor covenants and agrees that eo long aa 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 whech imposea a restriction upon the sale or oocupancy of tne mortgaged property on the basia ~of race, color, or creed. Upon any violation of this undertalcing, the mortgagee may, at ita option, declare the unpaid balance of the debt s¢cured hereby immediately due arid payable. eooK 147. _ g~ . _ - . - . _ ; '