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HomeMy WebLinkAbout0729 t ; ~ % ~ ~ ~ , . .j ~ a~ flnea. or impositiona. for which pmviaion haa not been made hereinbefore. and in default thereof the mort- as~ee m~r p*y the asme; and that he will pmmptly deliver the ot~cial receipta therefor to the mortgagee. 5. Thst he will permit. commit~ or aulter no w~ate, impairment~ or deterioration of said property or any part thereof; and in the event oi the failure of the mort$agor to.keep the buildings on aaici prem~ses and those to be erect~d on aaid premisea~ or improvementa thereon. ~n good repair. the mortgagee may mske auch repaira as in its dir~cretion it m~y deem necesaary for the proper preservation thereof. and the ' fuU aQaount of each snd ever,r a:;wti payment ahall be imraediately due and payable. and shall be secured by the lien ot t}iis mortg~e. 6. That he will psy all and, singular the costa. charges. and expenses. including reasonable la~ yer'a feea, and coata of abatracta of t~tle, incurred or paid at any time by the mortgagee because of the failure on the part of the mortgagor promptly and fully to perform the agreements and covenants of said prom- iaaory note and this mortgs~e, and said coats~ charaea. and expensea ahall be immediately due and pay able and ahsil be secured by the lien of thia mortgage. ThsL he will kee~ the improvements now exiating or hereafter erected on the mortgaged property~ ;nsured aamay be requtred from time to time by the mortgagee against loss by tire and other hazards. casualtiea~ and contingencie~ in auch amounta and for such periods as may be required by mortgagee, snd will ~w,y promptly. when due, any premiums on such insurance for payment of which provision has not been made hereinbefore. All insurance ahall be carried in companies approved by mortgagee and the policies ~nd renewala thereof shall be held by mortgagee and have attached thereto loas payable clauaea~ in favor of and in form acceptable to the mortgagee. In event of loss he willg~,ve immediate notice by mail to mortgagee. and mortgagee may make proof of Iwga if not made promptly by mortgagor. and each insarance company concerned is hereby authorized and directed to make payriiienL for such loaa directly to mortgagee instead of to mortgagor and mortgagee jointly, and the insuranc~'proceecis, or sny part thereof, may be applied by mortgagee at its option either to the reduction of the indebtedness here6y secured or to the restorat~on or repair of the prnperty damaged. In event of foreclosure of this mortgage or other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby. all righk title. and interest of the mortgagor in and to any insurance policies then in force ahall pass to the purchaser or grantee. 8. That the mortgagee may. at any time pending a suit upon this mortgage. apply to the court hav- ing jurisdiction thereof for the appointment of a receiver~ and such court shall forthH ith appoint a receiver of the premises covered hereby all and singular, including all and singular the income. profits. iasuea. and revenues from whatever source derived~ each and every of which~ it being expressly under- atood, is hereby mortgaged as if apecifically set forth and de8cribed in the granting and habendum clauses hereof, and auch receiver shall have ap the broad and effective fnnetiona 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 prnperty mortgaged or to the solvency or insoivency of said mortgagor or the defendants. and that such renta. profita, income, isaues, and revenuea shall be applied by such recei~er acxording to the lien of thia mortgage and the practice of such courk In the event of any default on the part of the mortgagor hereunder, the mortgagor agreea to pay to the mortgagee on demand as a reason- able monthly rental for the premises an amount at lesst equivalent to one-twelfth (~iY) of the aggregate of the twelve monthly installments payable in the then current year plus the actual amount of the annual tazes assessments~ water rates. and insurance premiums for such year not covered by the aforesaid mont~I,Y Ps3~~~ ' 9. That (a) in the e~•ent of any b~~each of this moi~tgage or clefault on the part of the mortgagor. oi• ( 6) in the event that any of said sums of mone~• hei~cin i-eferred to be not pi•omptly and fully paid ~4ith- out demand or notice. or (c) in the e~•ent that each and e~ery the stipulations, agreements, conditions, and covenants of said note and this mortgage. are not duly, pi~umptly. and full~• performed; then in either or any~ such e~ent. the said aggregate sum mcntioned in stiid note then r~•maining unpaid, ~~•ith interest accrued to that time, and all moneys secured hereby, shall become due and payable forthN•ith, ! or thereafter, at the optiou of said mortgagee, as fuq~• and completely as if all of the said sums of money ; ~~•ere orginall~• stipulated to be paid on such day, anything in said note oi• in this mortgage to the contrary ~ not~~•ithstanding; and the~~eupon or thereaftei•, at the option of said mortgagee, «ithout notice or demand, suit at la~~ or in equit~, may be prosecuted as if all moneys secured hereby had matureci prior to its insti- tution. The mortgagee may foi~eclose 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 allow~ances. In case of partial forerlosure of this mortgage~ the moi~tgage~i premises shal! be sold subject to the con- ~ tinuing lien of Lhis mortgage for the amount of the debt not then due and unpaid. In such case the pra risions of this paragraph may again be a~ailed of thereafte~• from time to time b3~ the mortgagee. 10. That the moi~tgagor ~rill give immeciiate notice by mail to the mortgagee of any con~~eyance, transfer, or change of o~~•ne~~ship of the p~rmises. 11. That no Naiver of any co~enant herein or of the obligation secured hereby shall at any time thei~eafter be held to be a Naiver of the terms hereof or of the note secui•ed hereby. 12. That if the mortgag~or default in any of the covenants oragr eements 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 ttie rate set forth in the note secured hereby, and shall be repayable immediately and without demand by the raortgagor to the raortgagee, and, together wlth interest and costa accruing thereon, shall be secured by this mottgage. ~ 13. That the mailing of a written notice or demand addressed to the owner of record of the mortgaged premisea, 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 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 fiie 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 may~ at its option, declare the unpaid balance of the debt secured hereby immediately due and payable. ~ ~ aooK149 ~.28 .*-r n~: ' , - ~ ~ ~ N.~j . . . K=`+`~ .