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HomeMy WebLinkAbout1711 r~ ' c ~ l t~~ °j`` rC1~'~ ~ 1 fines. or impositions. for w~hich pro~~ision has not been made hereinbefore. and in default thereof the mort- ~ gagee may pay ' he same; and that he will promptly deliver the offisial receipts therefor to the mortgagc~e. ~ b. That he wil! perrnit~ comsnit~ or suffer na waste, impairment, or de!erioration of said propert~ or nny part thereof ; and in the event of the failure of the mortgagror to krep the buildings on gaid premises and thoae to be erected on said prnmises. or improvements thereon. in gaod repair, the mortgagee rriay make such repairs as in ita discretion it may deam necessary for the proper preservation thereof. and the full amount of each and e~ery such p~yment shall ba immed~ately due and p~y able, and shall be secured by the lien of this mortgage. 6. That he will pay aq and_ singular the costs. charges, and expenses. including reasonable la~r~ er'~ fees. and costs of abstracts of t~tle~ incurred or paid at any time by the mortgagee because of the failure ot? the part of the mortgagor promptly and fully to perfotm the agrc~ements and co~•enants of said prom- ~ issory note and this mortgage. and sa~d costs, charges, nnd expenses shall be immediately due and pay- ~ able and shall be secured by the lien of this mortgage. 1'hat he will keep the im~rovements now existiug or hereafter erected on the mortgaged propert~ . insured as may be requin~i from time to time by the mortgagee against loss by fire and other hazards. casualties. and contingencies in auch amounts and for such periods as may be req•~ired by mortgagee. J and will pay promptly. when due~ any premiums on such insurance for pa~ ment of ~~•hich pro~ ision has ; not been made hereinbefore. All insurance shall be carried in companees approred by mortgagee and ; the policies and renewals thereof shall be held b~ mortga8~ and have attached thereto ioss pHi•able ; clauses in favor of and in form acceptable to the mortgagee. In event of loss he ~+ill gitie immediate notice by mail to mortgage+e. and mortgagee may make proof of loss if not made promptly by mortgagor. and each insurarice company concerned is hereby authorized and directed to make pa~ ment for such loss directly to mortgagee instead of to mortgagor and mortgagee jointiy, and the insurance proceeds. or ; any part ther¢of, 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. Ia e~ent of foreclosure of this mortgage or other transfer of title to the mortgaged property in extinguishment of the indebteciness secured hereby. all right, title. and interest af the mottgagor 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 court shall forth~+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 µ hich, it being expressly under- stood. is herehy 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 functions and poHers in anyKise ; entrusted by a court to a receiver, and such appointment shall be made by such court as an admitted equ~ty 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~e~?.,y of said mortgagor or the defendants, and that such rents. pro6ts. income. issues. and-revenuey shall 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-tv?elfth of the agge•egate of the twelve monthly instailments payable in the then current year plus the actual amount of the annual taxes assessments, water rates~ and insurance premiums for such year not co~ered by the aforesaid mont~?ly payments. 9. That (c~) in the et•ent of a~ir breach of this mot•tgage or ~li~fault on ll~e part of the mortgagor, or 1 l,) in the e~•ent that an~• of said sums of mone~• hei•ein referi•ed to be not pi•omptl~• and fu11~~ paid ~~-ith- ~~at demand or iiotice. or (c) in the e~•ent that earli and e~er~• the stipulations. agreements. conditions. ~i~id co~•enants of sxid note and this moi•tgage, are not dtily, prumptl~•. att~i ft~llt• perfo~•med; tlien it~ either ar .~ti~- sutl~ rrent. the saic! aggi•egate sum mrntiaieci in sai~l notr thE•n rrmaining w~~1id. ~~•ith i~iterest accrt~ed tu that time. and all mone~•s secureci hereby, shaU 1x~c:ome due and pa~able forth~rith. ur thereaCter~ at the opiion uC s~~id mortgagee. as fulh• and completel~• as iC all of the said sums of moner ~~~ei•e orginalt~• stipulated to fx.~ pai~i o» such ~iay, ant thing i~~ saicl note or in this moi•tg~ge to the contrarl- nut~~-ithstai~ding; ancl thereupon o~• the~•caftei•, at the vption of said mortgagee, n-ithout notice or demand. suit at la~~- or iu equih•, ma~- be p~•osccuted as if all mo~?e~~s seciu•eci he~•eb~• had matu~•ed pi•ior to its insti- tution. The mo?•tgagee ma~• forcrlo.te this mortgage, as to the amount so deciared due and pas•able, and thc said premises shall be sold to satisf~• and the same together .+•ith costs. ex~~enses, and aUo~rances. In case of partial foreclosure of this mortgage, the mortgage~l premises shall be sold subject tu the con- tinuing lien~f this moi•tgagc• for the amount of the ~1eUt not the~: due and unpaid. In such case the pro- ~-isions of this paragraph ma~• again be a~•ailed of thereafter from time to time b~• the mortgagee. 10. ihat the mortgagar ~~-ill gi~•e immediate notice b~- mait to the moc•tga~ee of an~• ~onre~•ance, transfer, or change of o~~•nershi~ of the premises. 11. That no ~~•ai~~er of ~ny corenant herein ui• of the ot~ligation secured hereby shall at any time tliee•eafter be held to be a~+-ai~•er of the terms hei•eof or of the note secui•eci herel~~. ~ 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- ne~'s fees) made by the mortgagee in so doing shali draw interest at the rate set forth in the note secured hereby, and shall be repa~•able immediately and v?ithout 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 addrecsed to the owner of record of the mortgaged pre*~ises, or directed to the said owner at the last address actually furnished to the mortgagee, or directed to said ow•ner at said mortgaged premises, and maited by the United States mails: shal! be sufficient notice and demand in any case arising under this instrument and required by the prorisions hereof or by law. 24. The mortgagor covenants and agrees that so long as this mortgage and the said note secured hereby are insured und~r the provisions uf the National Iiousing Act. he will not execute or file for record 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 viotation of this undertzking, the mortgages may~ at its option, declai-e the unpaid balance of the debt secured hereby immediately due and pay able. ~ 800K 1~ PAGf . - , ° s ~ ~ . ~ . : ~ ' - p > - ~ . _ - ~ . ~