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Home My WebLink About0549 . ~ ? ~ , M' y\`~ ' ~ 1~ i , ~ llnes. or i~apo~sitions. for which provision has not been made hereiAbeiore, ~nd in defauit thereoi' the mort- ~~ee m~r pa~y the same; and that he wiU p.romptl,y deliver tho ot~cia! receipb therefor to tEe mortea~ee. 5. That he wiU permit, couimik or suRer no waata impairmeut, or deterioratioa of said Qmperty or sny put thareof; snd in the event oi the failure oi tfie mort~aQor to keep the buildir?~s on aa~d prem~ses and thc~ee to be erected ea said premi~es, or improvemeata thereon, iA ~ repur~ the mortga~ee rr~~y mak~e auch rep~ira as in its discrrtioa it may deem neoe~sa:y for the proper preservation thereof, and the fuA amount of each and every such paymeut shaU be icnmediste~y due snd payable. and ahsll be aecured by the lien oi this mortQa~e. ~ 6. Th~t he will psy sll and ain~ular the costa, chatges. ~und expensea. including reaaonsble lawyer's iees, and ooats oi s~tracts of title, mcurred or psid st any time by the mortgagee because of the faiture on the part o# the morigagor pmmptly aitd ful tci perform the agreements and covenanta of said prom- t uti n a is~wry note w~d this mo and said oo~ts, arr~es, and expenaa ahall be imanediatel~r due and pay- sble and shall be accured by e Gen of this mortg~ge. 7. That he will ke~F the improvements no~v exiatitig or hereaftar erected on the mortgaged property~ insured asm~y be requu~ed fmm time to time by the mo aga~ nat losa by tire and other hazards. caaualtiea. and ~,ntingencie~s in auch amounta and for su~rioda aa may be reqaired by mortgagee, n ind wiD p~y ptly~ when due, nny premiums on such inaurance for ~ayment of v?hich provision haa not beea m e hereinbefore. All insurance shall be carried in companies approved by mortgagee and the policiea and renewala thereof shall be held by mortgagce and have attached thereto loss pa~•able cla~ in iavor of and in-form soceptable to the mortgag~e, In event of loss he will give itrimediate notice by mail to mertgagee, and mortga~ee may make proof of loss if not m~de promptly by mortgagor, ' and e~?ch insurance company concerned us hereby authorized and directed to make payment for such loea directiy to martgagee instead of to mortgagor and mort~ jointly~ and the insurance proeeeds~ or any part thereof. may be applied by mortgagee at ita option ert er to the reduction of the indebtedness hereby secured or to the restoration or repair of the prop~rty damaged. In event of foreclosure of this mortgage or other tranafer af title to tt~e mortgaged property in extinguishment of the indebtedaess secnred hereby, all right~ title, and interest ot.the mortgagor en and to sny insurance policies then i~n force shall pasa to the purchaser org~antee, 8. That the mortgagee m~y. at any time pending a auit upon this mortgage, apply to the court hav- ing juriadiction thereof for the appoipi~ment of a receiver~ and such oourt shall forthwith appoint a receiver of the premises covered hereby ~li and singular. including all and singuiar the income. profits. issu~, and revenues from whatever aource derived~ each and every of which~ it being expressly under- stood. is hereby mortgaged as if apecifically set forth and described in the granting and habendum clauses heteof~ and such receiver shatl have all the broad and effective functions aad powera in anywise entruated by a court tt~ s receiver. and auch appointment ahatt be made by such court as a~ admitted equity and a matter of $bsolute rigi~t to said mort~agee, and without reference to the adequacy or inad- equscy of the value of the prnpertq mortgaged or to the solvency or in$olvency of said mortgagor or the defendants, and that snch rents, profits, income, iasuea, and revenues shall be applied by such recei~er accord" to the lien of thia mortgage and the practice of such courk In the event of any default on the part of~e mortgagor hereunder~ the mortgagor agrees to pay to the mortgagee an demand as a reason- able monthly rental for the premisea an amount at least equivalent to one-twelfth (3i:) of the aggregate of the twelve monthly installments payable in the then current year plus the actual amount of the annual taxea assessments~ water ratea, and inaurance premiuma for auch year aot covered by the aforesaid mont~l,y payments. - 9. Thst (a.) in the erent of any bi~each of this moi~tgage or defaalt on tlie part of the moitgagor, oi• (6) in the eti~nf thnt an~ of said sums of mone~ hei~ein t~eferred to be not promptly and fully paid ~~ith- out demati~'. :~olice, oi• (c~ an ti~e e~ent that eacli and e~eiy f.he stipuiations. agreements, conditions, anii co~enants of saicl note and this mortgage. ai~e not duiy. pi~vmptly, an~ fully performed; then in either,or any such e~ent. the said aggregate sum mentioned in said note then r~maining unpaid, with interest accrued to that time, and all moneys secured hereby~ shall become due and payable forth~•ith, oi• there~fter. at the option of said mortgagee. as fuil~~ and completel3~ as i[ all of the said sums of money ~~•ere oi•ginally stipuiated to be paid on sach day, anything in said note or in this mortgage to the contrary nota•ithstanding; and thei•eupon or thei•eafter, at the option of said moi~tgagee, ithout notice oi• demand, suit at la~~ or iu equitt, may be pi•osecuteci as, if all moneys secui•ed hereby had maturect prior to its insti- tution. The mortgagee may foreciose thig jnortgage, as to the amount so declared due and payable, and the said pi•emises shall be sold to satisfy and pay the same together H ith costs, expenses, and a11oH ances. [n case of partial foreclosure of this mortgage. the mortgaged premises shall be sold subject to the con- tinuing lien of this mortgage for the amount of the ~1ebt not then due,and unpaid. In such case the pro- ~ isions of this paragraph may again be availeci of tl:et•eaftee• fi~om time to time by the mortgagee. 10. That the moi~tgagoi• ~rill give immediate noticP by mail to the mortgagee of any con~•eyance, iransfer, or change of ow•nei~ship of the premises. - 11. That no ~aiver of any covenant herein or of the obligat~on secured hereby shall at any time thereafter Ue held to be a v?ai~er of the terms hereof or of the note secured hereby. 12. That if the mortgagror default in any of the covenants or agreements contained herein. or in said note, then the mortgagee may perform the same, and all expenditures (inciuding reasonabte 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 unmediately and without demand by the mortgagor to the mortgagee, €nd, together with interp.st and costs accruing thereon, shall be secured by this mortgage. 13. That the mailing of a written notice or demand addres.ged to the owner of record of the mortgaged premises, or directed to the said owner at the iast address actualiy furnished to the mortgagee, or directed to said owner at said mortgaged ~remises, and mailed by the United States mails, shall be suflicient notice and demand in any case arising under this instrumeh~and required by the provisions hereof or by law. l~. The mortgagor covenants ar.d agrees that so long as this mortgage and the said note secured hereby are insured u:,der the pmvisions of the National Honsing Act, he will not execute or fiIe for record any instrument which imposes a r~triction upan the saie or occu~ancy of tne mortgaged property on the basis of race, color. or creed. Upon any violation of t_his undertzking, the mortgagee may, at its option, declare the unpaid balance of the debt secured hereby immediately due"and payable. ~1~ ~ 549 . ~ ~ _ ~ - _ - _ _ _ - - - ~ ~ v ~ : ~ - ~ 0.~ ~ ` ~~-ra~