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HomeMy WebLinkAbout2619 ! ' • 4 ~ ~ \ ftnea, or impositions. for which provision has not been made hereinbefore. and in defauit thereof the mort- gagee may pay the same; and that he wil! promptly deliver the oflRcial receipta therefor to the mortgagt~. 5. That he will permit, commit, or suffer no waste. impairment. or deterioration of said property or any part thereof ; and in the event of the failure of the mortgagor to keep the buildings on aaid premises and those to be erected on said premises, or impmvements thereon. in good repair. the mortgagee may tttake such repaira aa in its discretion it may deem necessary for the proper preservation thereof, and the full amount of each and every such payment shall be immediately due 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~~•yer's ' ieea. and costa of abstracta of title, incurred or paid at any time by the mortgagee because of the failure on the part af the mortgagor promptly and fully to perform the agreements and co~ enants of said prom- issory note and this mortga~e~ and said costs. charges, and expenses shall be immediately due and pay- able and ahall be secured by the lien of this mortgage. 7. That he will keep the improvemet?ts now existing or hereafter erected on the mortgaged property. insured aa may be required from time to time by the mortgagee against toss by fire and other hazards. casuattiea, and contingencies in such amoants and for such periods as may be required by tnortgagee. and will pay promptly. when due, any premiums on such inaurance for pay ment of N hich pro~ ision has not been made hereinbefore. All insurance shall be carried in companies appro~ ed by mortgagee and the policies and renewals thereof shall be held by mortgagee and have attached thereto loss pa~•able clauses in favor of and in form acceptable to the mortgagee. In event of loss he will give immediate noLice b~r mail to mortgagee. and mortgagee may make proof of loss if not made promptly by mortgagor. and each insurance company concerned is hereby suthorized and directed to make payment for such losa directly to mortgagee instead of to mortgagor and mortgagee jointly, and the insurance proceeds, or anyga rt thereof~ may be applied by mortga,gee at its option either to the reduction of the indebteclness hereby secured or to the restoration or repair of the property damaged. In event of foreciosure of this mortgage or other transfer of title 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 pasa to the purehaser or grantee. 8. That the mortgagee may. at any time pending a suit upon this mortgage, ~pply to the court hav- ing jurisdiction thereof for the appointment of a receiver~ and such court shail forthH ith appoint a receiver of the premises covered hereby all and singular, including ail and singular the income. profits, issues. and revenues from whatever source derived each and every of which~ it being expressly under- stood. is hereby mortgaged as if specifically set fortti and described in the granting and habendum clauses hereof, and such recerver shall have all the broad and effective functions and powers in an~ v? ise entrusted by a court to a receiver, and such appointment ahall be made by such court as an admitted equity and a matter of absolate right to said mortgagee. and without reference to the adequacy 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 shali be applied by such recei~er according to the lien of this mortgage and the practice of such court. In the event of any default on the part of the mortgagor hereunder, the mortgagor agrees to pay to the mortgagee cn demand as a reason- able monthly rental for the premises an amount at least equivalent to one-tNelfth (;12) of the aggi•egate of the twelve monthly installments payable in the then current year plus the actual amount of the annuai taxes assessments, water rates, and inaurance premiums for such year not covered by the aforesaid mont~ly payments. 9. That (a) in thc~ e~•ent of an~• Ui•each of this mo~•tgage or ~l~fault on the part of the mortgagor, or ! G) in the e~•ent that au~• of said sums of mone~• hei•ein referreci to be not promptl~• and full~• paid ~~-ith- out demand or uotice, or (c) in the e~•ent that each and e~e~•~ the stipulations. agreements, conditions, and co~•enants of sxid note and this mortgage, are not duiy. prutnptl~•, and fulh• performed ; then in - eitliei• ot• an~• surh e~•e»t, the sai~i aggregate sum meutioned in said uote then rrmaining unpaid. ~~~ith inte?•est accrueci to that time. and all mone~•s secui•eci hereby, shall become due and pa~able forth~~•ith. or thereafter, at the option uC said mortgagee. as full~• and completels as iC atl of the said sums of mone~• ~~•ere orginail~• stipulated to l~e paid on such da~•, ant~thing in said ~~ote or in this moz•tgage to the contrar~• not~rithstanding; and the~•eupon o~• the?•eafter, at the option of said mortgagee. ~~-ithout notice o?• demand, suit at la~~- or in equit~, ma~• Ue pi•osecuted as if all moue~~s secui•ed hereby had matu?•ed prior to its insti- tution. The moi•tgagee ma3• foi•ec:lose this mortgage. as to the amount so deciared due and payable, and the said premises shall be sold to satisf~• an~ pa~• the same together w•ith costs, expenses, and allo~~•ances. In case of partial forerlosure of this mortgage, the mortgaged premises shall be sold subject to the con- tinuing lien of tl~is mortgage for the amount of the ~iebt not then due anci unpaid. In such case the pro- ~•isions of this paragraph ma~• again be a~•ailed of ti~ereaftei- from time to time bt• the mortgagee. 10. That the mortgago~• ~~•ill gi~•e immediate notice b~- mail to the mortgagee of any~ conre~•ance, lransfei•. oi• change of o~~•i~e~•ship of the p2•emises. 11. That no waive?• of any co~•enant herein or of tlie obligation secured hereby shall at any time the?•eafter be held to l~e a~+aiver of the ternis 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 repay~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 instre~ment and required by the provisions hereof or by law. 14. The mortgagor covenants and ag~•ees 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 imposes a restriction upon the sale or occupancy of ti?e 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 xnd payable. f ~ BOOK15~ PACE z~8 ~ ~ . _ - = ~ `T~=`~~ ~ r~~~t~-.~- ~ y'~', ~ ~ . ~ .r