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HomeMy WebLinkAbout0479 . i ~ ~ ~ ~ ! ° . . fines~ or impositions. for H hich provision has not been made hereinbefore~ and in default thereof the mort- gagee may pay the same ; and that he will promptly deliver the otTicial receipts therefor to the mortgagee. ~ 5. That he will permit, commit, or suffer no vysste. impairment. or deterioration of said propert~• or any part thereof; and in the event of the failure of the mortgagor to keep the buildings on saia premises and those to be erected on said premises. or improvementa thereon. in good repair. the mortgagee may make such repairs as in its diacretion 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 wilt pay all and singular the cests. charges, and expenses. including reasonable la~~•~~er's fees~ and costs of abstracts of title~ incurred or paid at any time by the mortgagee because of ti?e failure on the part of the mortgagor promptly and fully to perform the agreements and co~ er.ants of said prom- issory note and this mortgage. and said costs~ charges, ar?d expenses shall be immeniately due and pay- able and shall be secured by the ~ien of this mortgage, 7. That he wiil keep the imprnvements now existing or hereafter erected on the mortgaged propertp, ~ insured as may be required from time to time by the mortgagee against loss by fire and other hazards. casualties, and contingencies in such amount~4 and for such periods as may be required by mortgagee, ~ and will pay promptly, when due~ any premiums on such insurance for payment of H•hich pro~~ision has not been made hereinbefore. All insurance shall be carried in companies approved 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 Kil~ vi~e immediate notice by mail to mortgagee. and mortgagee may make proof of loss if not made promptiy by mortgagor, ~ and each insurance company concerned is hereby authorized and directed to make payment for such los.s 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 the property damaged. In event of ~oreclosure 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 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 forthw~ith appoint a ~ receiver of the premises covered hereby al! and singular~ including all and singular the income, profits, ~ issues, and revenues from whatever source derived, each and every of w hich, it being cxpressly undei•- stood. is hereby mortgaged as if specifically set forth and described in the granting and habendum clauses hereof. and such receiver shal[ have all the broad and effective functions and powers in anyw~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 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 shall be applied by such recei~er according to the tien 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 least equivalent to one-twetfth (!12) of the aggi-egate ; of the twelve monthly instatlments 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~•ei~t of an~• breach of this mortgage oi• clefault un thc pai•t of the moi•tgagoi•, or ~ ~ ( G) i~i the e~~ent that a~i~• of said sums of mone~• heycin referrecl to be not pi•omptl~• and full~- paid «-ith- ~ ~ out demanci ot• uotice. oi• (c) in the e~•ent that eacli and e~•ez•~• the stipulations, agreements, conditions, ~ and cu~•enants of said note and this mortgage, are not du1y, prumptl~•, and full~• performed; then in ~ either or an~• surh e~•ent, the said aggregate sum mentioned in sai~l nute then remaining unpaid, ~~•ith intei•est accrued to that time, and all mone~•s secured hereby, shall become ciue and payable foi•th«•ith, ~ or thei•eaCtei•, at the option of said moi•tgagee, as fulh• and complet~~l~• as if a)1 of the said sums of mone~• ? »•ere orginalh• stipulated to be paid on such day, ancthing in said note or in this mortgage to the contrar~• ~ uoh~•ithstandin ? g: and the~•eupou or thereafter, at the option of said mortgagee, ~~•ithout notice or demand, E suit at la~~• or in equih•, ma~- be prosecuteci as if all moneys secured hereby had mat~ered prior to its insti- i tution. The morigagee. ma~~ fot~eclose this ma2•tgage. as to the amount so declared due and payable, and ~ the said premises shall be sold to satisf~• and pa~• the same together ~~•ith costs, eapenses, and allo«•ances. ~ In case of partial foreclosu~•e of this mortgage, the mortgaged premises shall be sold subject to the con- tinuing lien of this mortgage for the amount of the debt not then due ancl unpaid. In snch case the pro- ~•isions of this paragt•aph ma~~ again be a~•ailerl of tl~ereafter from time to time b~• the moi•tgagee. 10. That th~ moi•tgagnz• ~t-ill gi~•e immediate notice U~- mail to the mortgagee of an~~ com~e~•ance, transfei•, oi• change of o~~-nership of the p~•emises. ` 11. That no waiver of any co~-enant herein or of the oUligation secured hereby shall at any time ~ thereafter be lield to i~e a~~•ai~•er of the terms hereof oi• of the note secured hereb~~. . 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 (inc~uding 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 mo~tgagor to the mortgagee, and, 1 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, sitall be sufficient notice ; 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 provisions of the National Housing 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 violation of this undertaking, the mortgagee may, at its option. declare the unpaid balance of the debt secured hereby immediately due and payable. i~~ ~ ~ ~ ~ ~ ' _ , ' ' ~z: z.:;" „-..t:•:v_ . ~ ~a ~ . _ r.,~° . „ w~.~ =v ~,~-~c-'~, e~.~~=,_ _ . -`s~ . ~ m~ "zK.~ t . F w ,.n- _ .T€~Y.,-,~_ 'w~'~. `,,a~`~-e-~sP,-,_a»c~...+~. .-,.,..,h..,... s