HomeMy WebLinkAbout0372 llnes. or impoaitiona. for which provi~ion hp~A~~n_~nade h io~efore. and in defautt thereof the morF
~a~ee m~,y p~y the same; sad that he will ~jver the receipts therefor to the mort~agee.
6. That he will pernnit, commit, or auRer no waate, itapsitment, or deterioration of aaid property or
anyp~ thereof; and in the event oi the failare oi the mor~
r to keep the buildin~a on aaid premises
and ~hose to be erected on aaid premises, or improvementa tFiereOn, ia good rep~?ir. the mortgagee may
make such reaira as in its diacretion it msy deem nec~y for the proper preservation thereof~ and the
IuU amount oi each snd evary auch p~~yment ahall be ~camediAtely due and payable, and ahxp be aecured
by the lien ot thia tnortg~e.
6. That he will pay all and singutar the cost~. charQes. and expensea. including r~asonable lav?yer's
ieee, and coats oi abatracts oi title~ ~ncurred or paid at any time by the mortgagee because of the failure
on the part of the mortgagor prnmptiy and fully to pertorm the agreementa and covenanta of said prom-
iaaory note and this mort~a~e. and aaid costs. cliarges~ and expenses ahall be immediately due and pay-
~ble snd ahall be secured by the lien of thia mortQaQe.
~ That he wiq keep the imprnvements now exiating or hereafter erect~.d on the mortguged prnperty~
insut+ed asmay be required irom time to time by the mo~~aga inat loss by flre and other hazarda.
casuslties, and contit~enci~ in auch amounte and for auc~ perioda aa may be required by mortgagee.
and will pay promptiy. when due, any premiums on such insurance for payment of w~hich provision haa
not been made hereinbefore. All iasurance shall be carried in companiea approved by mortgagee and
the policiee and renewals thereof ahall be held by mortgagee and have attached thereto loss p~,yable
clsuaes in favor of and in form acceptable to the mortgagee. In event of loss he will give immediate
notice by mait to mortgagee~ and mortga~ee may make proof of losa if not made promptly by mortgagor,
and each insurance company concerned is hereby authorized and directed to make payment for such
loss dircctly to mortgagee instead of to mortgagor and mortga~ee jointly~ and the insurance proceeds. or
ahn,y~rt thereof. msy be spplied by mortgagee st ita option either to the reduction of the indebtedness
y secured or to the r~toration or repair of the property damaged. In event of foreclasure of this
mortga~e or other tranafer of title to the mortgaged property in extinguishment of the indebtednesa
secured hereby, all right, title ~r j' t of the mortgagor in and-to any insurance policies then in force
shaU pass to the purchaaer o~gi~~~~
8. That the mortgagee may, at any time pending ~ auit upon this martgage. apply to the court hav-
ing ~uriadiction thereof for the appoinhneut of a receiver, and auch court shall forthwith appoint a
rece~ver of the premisea covered hereby all and aingular. including all nnd singular the income, profits,
isaues, and revenues fmm whatever source derived, each and every of which. it being expressly under-
atood. ia hereby mortgaged as if apecifically set forth snd deacribed in the granting and habendum cisuses
hereof. and such receiver shali have alI the broad a~nd effeetive functions and powera in anywise
entruated by a court to a receiver. snd auch appointment ahall be made by such court as an admitted
equity and a matter of absolute right to aaid mortgagee. and without reference to the adequacy or inad-
eqnacy of the value of the property mortgaged or to the aolvency or insolvency of said mortgagor or the
defendants, snd that such renta. protits„ income, iaaues, and revenues shall be applied by such receiver
acxording to the lien of thia mortgage and the pritctice of such courk In the event of any default on the
psrt of the mortgagor hereunder, the mortgagor agr~es to pay to the mortgagee on demand as a reaaon-
able monthly rental for the premises an amount at leaat equivalent to one-twetith (3iY) of the aggregate
of the tweive monthly instalimenta payable in the then carrent year plus the actual amount of the annual
taxes aaseaaments, water rates~ and inaurance premiuma for such year not covered by the aforesaid
mont~q paymenta.
9. That (a) in the e~ent of any breach of this mortgage or default on the pai~t of the mortgagor, or
(L) in the event that any of said sums of money heirin t~eferred to be not promptly and fully paid ~Mith-
out demand or iiotice, or (c) in the event that eacli and evety the stipulations, ag~~eements, conditions,
and covenants of said note and this mortgage, ai~e not duly, pi~umptly. and full~~ performed; then in -
either or auy such e~ent, the said aggregate sum mrntioned in s~tid uote then ~~emaining unpaid. ~~ith
interest accrued to that time. and aIl moneys secured hereby. shail become due and payable forthw•ith.
oi• thei•eafter, at the optiot~ of said moi~tgagee, as fulip and completely as if a!I of the said sums of money
~i•ere orginally stipulated to l~e paid on such day, anything in said note or in this mot~tgage to the contrary
not~rithstanding; and thei•eupou or thereafter, at the option of said mortgagee~ ithout notice or demand~
suit at la~~ or in equity, may be prosecuteci as if all moneys secured hereby had matured pt•ior to its insti-
tution. The moi~tgagee may foreclose this moi~tgage, as to the amount so declared due and payable, and
the said premises shall be sold to satisfy and p$y the same together ~•ith costs. expenses, and allov~ ances.
In case of partial foreclosui•e of this moi~tgage, the moitgaged prem~ses sf~all be sold subject to the con-
tinuing Iien of this moi-tgage for the amount of the ctebt not then due and unpaid. In such case the pra +
risions of this pa~~agraph may again be availed of tl~ereafter from time to time b~~ the mortgagee. +
10. That the mot~tgagoi• n•ill give immediate notice by mail to the mortgagee of any conveyance, ~
transfer, oi• 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 mortgagor default in any of the covenants or agreementa contained herein, or in
said note. then the mottgagee may perform the same, and at1 expenditures (inelnding reasonable attor-
ney's fees) made by the mortgagee in so doirg 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, shall be secured by this mortga,ge.
13. That the mailing of a written notice or demand addressed to the owner of recwrd of the mortgaged
premises, or directed to the said owner at the last address actually furnished to the mortgagee, or directed
ta said owner at said mortgaged premises, and mailed by the United States maila, shall be suf~'icient 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 ao long as thia mortgage and the said note secured
herebq are insured under the provisions of the National Housing Act. he witl not execute or file for record
anq instrument which imposes a restriction npon the sale or occapancy af tne mortgaged property on the
basis o# race, color. or creed. Upon any violation of thia undertaking, the mortgagee may, at ita option,
declare the unpaid balance of the debt secured hereby immediately due and payable.
doox148 371
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