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Home My WebLink About2898 ~ ~ ' . fines~ or impositions. for v?hich provision has not been made hQrei~bcfore, and in default thereof the mort- gagee may pay the same; and that he will promptly deliver the o~icial receipta therefor to the mortgagee. 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 said prem~ses and those to be erected on said premises. or improvementa thereon. in good repair~ the mortgagec may make such repairs as in ita discretion it may deem necessary for the proper preservation thereof, and the full amount of each and every auch payment ahall 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 re~asonable la~~•yer's fees. and casta of abstracts of title~ 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 co~•enants of said prom- issory note and this mortgage. and said costs~ charges~ and expenses shall be immediately due and pay able and ahall be secured by the lien of this mortgage. That he will ke^.p the improvements now existing or hereafter erected on the mortgaged propert~, insured as may be required from time to time by the mortgagee against loss by fire and other hazards~ casualties. and contingenciea in such amounta and for such per~ods as may be requ~red by mortgagee. and will pay promptly. when due~ any premiums on such insurance for pa~ment of ~hich prorision has not been made here~nbefore. All insurance shall be carried in companies appro~•ed by mortgagee and { the policies and renew als 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 Hill gi~e immediate notice by mail to mortgagee. and mortgagee may make proof of loss if not made promptly by mortgagor. and each insurance company concerned is hereby authorized and directe~l 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 indebteciness hereby secured or to the restoration or repair of tt~e property damaged. ln event of lbreclosure of this mortgage or other transfe~r..of title to the mortgaged property in extinguishment of the indebteciness secured hereby, all ri~t. title, and interest of the mortgagor in and to any insurance pol~ies then in force shall pass to the purchaaer or grantee. 8. That the mortgagee may. at any time pendi~~g a suit upon this mortgage~ apply to the court hav- ing jurisdiction thereof for the appointment of a receiver. and such court shall forthv~ ith appoint a receiver of the premises covered hereby all and singular. including all and singular the income. profits~ issues~ and revenues from whatever source derived~ each and every of which. it being expressly undei•- stood. is hereby mortgaged as if apecifically set forth and described in the granting and habendum clauses hereof, and such receiver shall have all the broad and effective functions and powers in an~ v~ 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, issuea. and revenues shall be appl~ed by such receirer 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 o~ demand as a reason- able monthly rental for the premises an amount at least equivalent to one-tv~elfth (~12) of the aggi•egate of the tweTbe monthly instaliments payable in the then current year plus the actual amount of the annual taxes assessments, water rates~ and inauranc~e premiums for such year riot-~overed by the aforesaid mont~lY payments. 9. That (a) in the e~•ent of an~~ bi•each of this mortgage or default on the part of the mortgagor. or in the e~•ent that au~• ot said sums of mone~• herein referred to be not promptly and fully paid ~cith- out demand oi• notice. or (c) in tlie e~•ent that each and e~e~•y the stipulations. agi•eements, conditions. and co~~enants of said note and this mortgage~ are not duly, promptl~•, and fulh• performeci; then in ~ eithei• or au~• such e~•ent, ti~e said aggregate sum mentioned in sai~l i~ote then i•~•maining unpaid. ~~•ith intei•est acci•ued to that time, and all mone~•s secui•eci hereby, shall become due and pa~able forth~~•ith, i or thei•eafter, at the optiou u[ said mortgagee. as full~• and completel,r as iC all of the saici sums of mone~~ ~ ~~•~~re oi•ginall~• stipulated to Ue paid on such day. an~~thing in said uote or in this mortgage to the contrary ~ noh~•ithstanding ; and thercupon or thereafter. at the option of said mortgagee, ~~•ithout notice or demand. ~ suit at la~~• or in equit~•. ma~~ be p~•osecuted as if all mone~•s secu?•ed hereb~• had matui-ed prior to its insti- tution. The moi•tgagee may foi•eclose this mortgage. as to the amount so declai•eci due and payable, and the said premises shall be sold to satisfy and pa~• the same together .rith costs, expenses, and allo~~~~nces. ~ In case of partial furc~closure of this mortgage, the mortgaged premises shall be sold subject to the con- ~ tinuing lien of this mortgage for the amount of the ~iebt not then due and unpaid. In such case the pro- ~•isions of this pai•agraph ma~• again be a~ailed of thereafter from time to time b~• the mortgagee. ~ 10. That the mortgagor ~~'ill gi~'e immediate notice U~• mail to the mortgagee of any con~•eyance, tra~ister, w• change of o~~•neiship of the premises. ~ 11. That no waiver of any co~~enant herein or of the oUligation secured hereby shall at any time thei•eafter be held to be a~ai~~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 repayable immediately and without demand by the mortgagor to the mortgagee, and, together with interest and costs accruing thereon, shall l~e 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 actuaily furnished to the mortgagee, or directed = to said owner at said mortgaged premises, and mailed by the United States mails, shall be sufficient notice ~5 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 provicions of the National ~iousing Act, he will not execute or file for record j any instrument which imposes a restriction upon the sale or cecupancy of tne mortgaged property on the ~ basis of race, color, or creed. Upon any violation of this undert~king, the mortgagee may, at its option, ~ declare the unpaid balance of the debt secured hereby immediately due and payable. ~ 600K 157 P~E 497 z~ _ ~ ::x, . ~ . ~.v*r a~ ~ r.i;•f- 3'~'~'~ri: F' 4,- . h1 .3,~' •ry ~ ,y ~.r