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HomeMy WebLinkAbout1446 Snea, or impoaitions. for which provision haa not been made hereinbefore, and in default thereof the mort- gagee may pay the same; and that he will promptly deliver the oflicial. receipta therefor to the mortgagee. 5. That he will permit, commit~ or suffer no waate~ impairment. or deterioration of said propert~ or any part thereof ; acid in the event of the failure of the mortgagor to keep the buildings on said premises snd those to be erected on said premises. or improvementa thereon, in good repair~ the mortgagec may make auch repairs as in ita discretion it msy deem necessary for the proper preservation thereof~ and the full amount of each and every such payment shall be immediately c~ue and payable. and shall be secured by the lien of this mortgage. . 6. That he will pay all and singular the costs. charges, and expenses~ including reasonable la~~~~~er's fees. and costa of abstracts of titte~ ineurred 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 co~enants of said prom- issory note and this mortgage. and said costs~ charges~ and expenses shall be immediately due and pay- able and shall be secured by the lien of this mortgage. 7. That he will keep the improvements now existing or hereafter erected on the mortgaged property~ insured aa may be required from time to time by the mortgagee against loss by f?re and other hazards. casualties~ and contingencies in such amounta and for such periods as may be required by mortgagee. and wiU pay promptly. when due. any premiums on such insurance for payment of ~hich pro~•ision has not been made hereinbefore. All insurance shall be carried in companies appro~•ed by mortgag~~e and the policies and renewals thereof shall be held by mortgagee and have attached thereto loss pa~•aUle 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 payment for such loss directly to mortgagee instead of to mortgagor and mortgagee jointly~ and the insurance proceeds, or any part thereof. may be applied by mortgagee at its option either 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 trarisfer of titte to the mortgaged property in extinguishment of the indebtedness secured hereby, all right. title. and interest of the mortgagor in and to any insurance policies then in force shall 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 cuurt shall furthH ith appoint a receiver of the pren~ises covered hereby all and singular. including all and singular the income, pmfits. issues, and revenues from whatever source derived~ each and every of which~ it being expressly undei•- stood. is hereby mortgaged as if specifically ~et forth and described in the granting and habendum clauses hereof. and such receiver shall have all the broad and effective functions and pov?ers in any H ise entrusted 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 insolvency of said mortgagor or the defendants. and that such rents, profits. income~ issues. and revenues shall be applied by such recei~ er accordi~g to the lien of this mortgage and the practice of such courti. 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- able monthly rental for the premises an amount at least equivalent to one-tv?elfth (!12) of the aggregate of the twelve monthly instaliments payable in the then current year plus the actual amount of the annual taxes assessments. water rates~ and insurance premiuma for such year not covered by the aforesaid mont~ly payments. 9. That (a) in the e~•ent of an~• bi•eaeh ot this mortgage or ~lefault on the part of the mortgagoi•, or ( U) in the e~•ent that an~• ot said st~ms of mone~• herein ?•eferred to be not promptl~~ and fully paid ~~-ith- out demand or ~?otice. or (c) in tl~e e~ent that eac{~ and erer~• the stipulations. agreements. conditions. and co~•enants of said note ancl this mortgage. are not duly. pt~umptl~•. and itilh• performed ; then in either or ~n~• surh erent. the sai~i aggregate s~~m mentioned in sai~l note then r~~maining unpaid, ~~~ith interest acc?•ued to that time. and all mone~•s serured hereby, shall bec;ome due and pa~abie foi•th~~•ith, or thereaiter. at the optio~i of said moi•tgagee, as full~• and complete,h• as if all of the said sums of mone~• u•ere oi•ginall~• stipulated to be paid on such da~~, an~•thing in saici note oi• in this mortgage to the contrar~• noh~•ithstanding; and thcreupoe~ or thereafter. at the op:ian of said mortgagee. ithout notice or demand, suit at la~~• or in equit~•, mar be prosecute~l as if all mone~•s secured hereb,r had matured prior to its insti- tution. The mortgagee may foreclose this mortgage, as to the amount so declared due and payable, and the said premises shall be sold to satisf~ am1 pa~• the s~me Mgether ~~•ith costs. expenses~ and allo~~•ances. In case of partial forE~closui-e of this mo~•tgage, the mortgagecl premises shall be sold subject to the con- tinuing lien of tl~is mortgage foi• the amount of the ~lebt not then due an~l unpaid. In such case the pro- ~•isions of this pa~•agi•aph ma~• again be arailed of thereafter from time to time b~• the mortgagee. 10. That the mortgagrn• a•ill gi~e immediate notice b~• mail to the mortgagee of an~• con~•e~•ance, lransfe~•, or change of a~~•nership of the premises. 11. That no ~+~aiver of any covenant herein or of the obli~ation secureci hereUy shall at any time thereafter Ue held to be a wai~~er of the terms hereof or of the note secui~ed hereby. 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 repa~ 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 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 file for record any instrument which impc,ses 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. BooK 150 245 - w ~ ~ - 4~,, _ > r=° ; - ~;Pr:;