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HomeMy WebLinkAbout1328 . U ~ _ j ~ l-l • . s. • Ane~, or impositiona. for which provision has not beet~ made hereinbefore. and in default thereoi the mort- ~a~se m~y psy the ssme; and that he will promptly deliver the oBcial receipts thereior to the mortQs~ee. 6. That he will permit, coinmit, or sufter no waete, imp~irinen~ or deteriontion of said property or aqy psrt thereoi; and in the event of the iailure oi the mort~agor to keep the buildings on said prem~ses ~nd {~t~e erected on said premiaes. or improvements tfiereon, in good repsir. the mortgagee may mske such repaira aa in ita diacretion it may deem nec~es~ssiy for the proper pr~ervat~on thereof. and the iull smount oi each and every such pqj?ment shaU be immediately due and p~1?able, and ahali be secured by t6e lien oi this mortgs~e. . 6. That he will psy all and, aingulsr the coata. charges~ and expenses. including reasonable 1aN yer'a fe~, And casta of abstracta of t~tle, incurred or paid at sny time by the mortgagee because of the failure on the part oi the mortgagor prnmptly snd iully to perform the agreementa and covenants of aaid prom- iasory note and thia mort~a~e, and ssid costs. chAr~es, And expensea ahall be immiediately due and pay able aad shaU be secwred by the lien oi this mort~age. 7. Thst he wiU kee~ the improvements now exiating or hereafter erected on the mortgaged property. inanred aan~ be requu~ed from time to time by the mo~a~aga~ nat losa by tire and other hazarda. casualties. and continQencies in auch smouats and for such periods aa may be required by mortgagee. snd wiU p~y prnmptlY. WheA due~ any premiuma on such insurance for ~yment of which provision haa not been niade here~nbefore. All inaurance shall be carried in companies approved by mortgagee and the poUcies aud renewa?la thereof shall be held by mortgagee and have attached thereto loas pa~ able clsttises in favor of and in form acceptable to the mortgagee. In event of loss he will give immediate notioe by mail to mortgagee, and mortga~ee may make proof of losa if not made promptly by mortgagor. and each ;nsurance company concerned ~a hereby authorised and directed to make payment for such l~ea directly to mortgagee instead of to mortgagor and mort jointly. and the insurance proceeds. or ~ aea sa,y thereof, may be applied by mortgag~ee at ita option ei er to the reduchon oi the indebtedness he~secured or to the restoration or repsir of the prnperty damaged. In event of foreclosure of this mortgage or other transfer of title to the mortgsged prnpert,y in extinguishment of the indebtedness secured hereb , sll ri hk title. and intereat of the mortgagor in and to any inaurance policiea ti~en in force 1 shaU pass to ~e p~aser or>~rantee.~ 8. That the mortgagee~may; ~t any time pending a suit upon this mortgage. apply to the court hav- ing jurisdictioa thereof for the appointment of a receiver. and auch court shall forthwith appoint a receiver of the premises covered hereby all and aingular. including all and.aingular the income. profits, issues, and revenuea frnm whatever source derived~ each and every of wh~ch~ it be~ng expressly under- atood, ia hereby mortgaged aa if specifically set forth and described in the granting and habendum clauses hereof. and such receiver shali have all the broad and effective functiaas and powera in anywise entrnsted by a court to a receiver, and such appointment shall be made by auch court as an admitted : ' equity and a matter of absolute right to aaid mortgagee, and without reference to the adequacy or inad- equsey oi the value of the property mortgaged or to the aolvency or insolvency of said mortgag~or or the defendanta, and that auch renta. pmfita. income, iasuea. snd revenues shall be applied by such receiver aooord' to the lien of thia mortgag~e and the practice of auch court, In the event of sny default on the ~ part oi~e mortgagor hereunder, the mortgagor agreea to psy to the mortgagee on demand aa a reason- able monthly rentai for the premisea an amount at least equivalent to one-twelfth (SiY) of the a8ere8ate of the twelve monthly inatallments payable in the then current year plus the actual amount of the annual t~uces asaesamenta, water ratea. and insurance premiuma for such year not covered by the aforesaid mont~ly psymenta. - 9. That (a) in the erent of any bi~each of this mortgage or ~lefault on tlie pai-t of the mortgagor. or (G) in the event that any of said sums of money hei~ein ~~eferred to be not promptly and fully paid «:ith- out demand or notice, or (c) in the event that each and eve~y the stipulations. agieements, conditions. and co~enants of saict note and this mortgage, ai~e not duiy. py~tnptly. ai~d full~• perfoimed; then in eithei• or any such e~•ent, the said aggregate sum mentioned in said ~?ote then remaining unpaid, ~~•ith interest acci•ued to that time. and all moneys secured hereby, shall become due and payable forth~ ith~ or thereafter. at the option of said mortgagee, as full~ and completely as if all of the sa~d sums of money ~rere orginally stipulated to be paid on such day. any thing in said »ote oi• in this mortgage to the contrary ; nohrithstanding ; and thereupon or thereafter, at the option of said mortgagee, «ithout notice or demand, suit at la~~• or in equity. may be prosecuted as if all moneys secured hereby had matured prior to its insti- tution. The mortgagee may foreclose this mortgage. as to tlie amount so deciared due and payable, and the said premises shall be sold to satisfy and pay the same together ~~•ith costs. expenses~ and allov~•ances. In case of partial foreclosure of this mortgage. the moi~tgag~ed pi•emises shall be sold subject to the con- tinuing lien of this mortgage foi• the amount of the debt not then due and unpaid. In such case the pro- ~ isions of this paragraph may again be availeci of tliereafter from time to time b~~ the mortgagee. 10. That the mortgagor ~~•ill give immediate notice by mail to the mortgagee of any conveyance. . transfei•, or change of o~~•neiship of the premises. 11. That no waiver of any covenant he~~ein 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 oovenanta or agreements containe~ herein. or in said note, then the mortgagee may perform the same. and all expen ~d'tures (including reasonable attor- ney's feea) 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 coats accruing ther¢on, 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 Isat address actually furnished to the mortgagee, or directed to said owner at said mortgaged premises, and mailed by the United States maila, shall be sufTicient notice and demand in any case arising under this instruraent and required bq the provisions hereof or by law. ~ 14. The mortgagor covenants and agrees that so long as this mortgage and the said note secured herebq are insured under the provisions of the National Housing Act, he will not execute or file for record any instrument which imposea a restriction upon the sale or occupancy of tne mortgaged property on the baeis of 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. ~ ~~K 150 127 _ ~~~y~ ~ _ ~~.~~w - -_a ..4 lt'