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HomeMy WebLinkAbout1706 ; ~ Y~ ~ ~ • . fines. or impositions, for which provision has not been made hereinbefore. and in default thereof the mort- gagee may pay the same; and that he will promptly deliver the olficial receipts therefor to the ir.ortgagee. 5. That he will permit. commit~ or suffer no waste, impairment, or deterioration of said property or anyga rt thereof ; snd in the event of the failure of the mortgagor to keep the buildings on said premises and those to be erected on said premises. or impm~~ements thereon. in good repair, the mortgagee ma~ make such repairs as in its discretion it may deem necessary for tt;e proper preservat~on thereof. and the full amount of each ai~d every such payment shall be immed~ately due and pa,y~able. and shall be secured by the lien of this mortgage. 6. That he will pay slt and singular the costs. charges. and expenses. including reasonaLle la~~•yer's fees. and costs of abstracts of title~ incurred or paid at any time by the mortga~ee because of the failure on the part of the mortgagor promptly and fully to perform the agr~ements and cccenants of said prom- issory note and this mortgage. and said costs. charges. and expenses shall be immediaiely 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 as may be required from time to time by the mortgagee against loss by fire and other hazards. casualties. and contingencies in such amounts ar.d for such periods as may be r^quired by mortgagee. and will pay promptly. when due, any premiums on such insurance for pa~ ment of H hich pro~ is~on has not been made hereinbefore. All insurance shall be carried in compames appro~ed by mortgagee and the policies and renewals thereof shall be held by mortgagee .and have attached thereto loss pa~•able clauses ~n favor of and in form acceptable to the mortgagee. In event of loss he Nill 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 directed to make pay ment for such loss directly to mortgagee instead of to mortgagor and mortgagee jointly~ and the insurance proceeds. ur any part thereof~ may be :~pplied by mortgagee at its option either to the reducti~n of the indebteciness hereby secured or to the restoration or repair of the property damaged. ln e~ent of foreclosure of this mortgage or other transfer of title to the mortgaged property in extinguishmpnt of the indebtedness secured hereby. all right~ title. and :nterest 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 ~epon this mortgage. apply to the court hav- ing jurisdiction thereof for the appointment of a receiver. and such court shall forth~ ith appoint a rece~ver of the premises covered hereby all and singular. including all and singular the income. profits. issues. and revenues fmm whatever source derived, each and every of K hich, it be~ng expressly under- stood. is hereby mortgaged as if specifically set forth and described in the granting and habendum clauses hereof. and such receiver shall have all the broad and effective functior.s and powers in anyNise entrusted by ~ 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 insol~ency of said mortgagor or the defendants. and that such rents. profits, income. issues, and revenues shall be applied by such recei~er according to the lien of this mortgage and the practice of such court. 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 lea.st equivalent to one-twelfth I!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 premiums for such year not covered by the aforesaid mont~ly payments. - 9. That (a) in the e~-ent of an~• breach o[ this mo~•tg~age or ~lefault on the part of the moi•tgagor. oi- 11,) in the e~ent tliat am• ot said sums of moner hei•cin refe: red to be not promptl~ and full~ paid ith- oat demared or ~iotice, or (c) in the e~•ent that earh and e~~er~~ the stipulations. agreements. conditions. ancl co~-enants of sxicl note and this mortgage. are n!~t du1v, prumptl~•. and fuU~- performed; then in i ~~itliE~~• or au~• such r~-ent. the said aggregate si~m mentioned in sai~) notc then mmaining unpaid, ~~•ith I interest arcrued tu that time, and all monet•s secureci hereby. shall become due and pa~•able forth~~•ith. j or thereaftei•, at the o~~tion ~,f saicl mortgage~, as full~- and completel~- as if all uf the sa~d sums of mone~- ~ ~~-ere oi•ginall~• stipulateci to kx~ ~~aid on such da~•, an~•thing i~i saicl ~tiote oi• in this moti•tgage to the contrar~• ~ noh~-ithstanding; and thetrupon or thereafter. at the option of said m~.:ga~~, ~~-ithout notice or demand. suit at la~~• or i~i equit~•, ma~• be pi•osecr:ted as if all mone~-s secui•eci hereb~• had matui•ed prior to its insti- tution. The mortgag~e ma~- foreclase this mortgage. as to tfie amount so declai•ed due and payabie, and ~1:~ saicl premises shalt tx sold to satisf~• and pa~• the same together ~~•ith costs, ex~x.~nses, and allo~rances. In case of partial fareclosure of this mortgage, the mortgaged premises shall be sold suhject to the con- tinuing lien of this morigage foi• the amount of the ~iebt not then due an~l impaid. In such case the pro- ~-isions of this pai•agraph mati• again be a~•ailed of the?•eaftei• from time to time b~• the mortgagee. 10. That the mo~•tgagor ~~-ill gi~-e immecliate notice U~• mail to the mortgagee of an~ com•e~ance. transfe~•. or change of o~~-nership of the premises. 11. That no ~~•ai~er of any co~-enant herein or of the obligation secured hereUy shall at any time thereaftar be held to I~e a~sai~•er of the terms hereof oi• of the note secured hereb~. 12. That if the mortgagor default in any af the covenants or agreements contained herein, or in said note. then the mortgagee may ~erform the same, and all expenditures (including reasonable attor- ney's fees) made by the mortgugee in so doing shall ~raw interest at the rate ~et forth in the note secured hereUy, and shall be repas able immediatel3• and without demand by the mortgagor to the mortgagee, and, together with interest and costs accruing thereon~ sh~:l 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 ow~ner at the last address actually furnished to the mortgagee, or directed ~ to said owner at said mortgageci premises, and mai!ed by the United States mails, shall be sufficient notice ` and de:nand ii~ any case arising under this instrument and rec~uired bS the provisions hereof or by law. ~ 14. The mortgagor covenants and agrees that so long as this mortgage and the said note secured ~ hereUy are insured under the provisions of the National ~iousing Act, he will nat 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 immediat~ly due and payable. ~ ~ ~ ~ • ~ ~ ~ ~0~160 ~ 504 ~ _ ~ 3 } F _ .:~~~rc ~a~~`~ ' - ~ ~_~~~Y. -Y R F' .`S-'. _ o ~r . . . 1 ~ h ~ , kv~`^~_~ .