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HomeMy WebLinkAbout2807 . . fines. or imp~aitiona. for which prnvision has not D~en tr~ade ~~reinbefore. and in default thereof the mort- gag~ee msy psy the sune; and that he will promptly deliver the otRcial receipts therefor to the mortgagee. 5. That he will permit. commit~ or suffer no w~?ste, impairment, or deterioration of said property or part thereof; and in the event of the failure of the mortgsgor to keep the buildings on aaid premises y~a {h~ on said premiaes. or improvementa tFiereon, in good repair. the mortgagec may make such repaira as in its discretion it may deem necessary for the proper preservation thereof. and the full anaount of each snd every such payment shall be immediately due and payable. and ahs~ll be secured by the lien of this mort,~ag~e. 6. That he will pay ~11 and.singular the coeta. charges. and expenses~ including reasonable lav?yer's fees and coats of abstracts of title~ incurred or paid at any time by the mortgagee because of the failure on t~e part oi the mortgagor promptly and fully to perform the agreements and covenants of said prom- issory note snd this mortgage. and said costs, chargea~ and expensea shall be immediately due and pay- able and ahall be secured by the lien of this mortgage. Tlu~t he will keep the improvementa now existing or hereafter erected on the mortgaged property~ insured aa may be required from time to time by the mortgagee against loss by fire and other hazards. casualtiee. and contingencies in auch amounta and for such periods as may be requ~red by mortgagee~ and will pay promptly. when due, any premiums on such insurance for payment of v? hich pro~ ision has : not been made hereinbefore. All insurance shall be carried in companies approved by mortgagee and ~ the policiea and renewala thereof ahall 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 will gi~e immediate notice by mail to mortgagee, and mortga~ee may make proof of loss if not made pmmptly by mortgagor, and each inaurance company concerned is hereby authorized and directed to make payment for such losa directly to mortgagee instead of to mortgagor and mortgagee jointly, and the insurance proceeds. or anypart thereof~ 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. In event of foreclosure of this mortgage or other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby, all right, title. and intereat of the mortgagor in and to any insurance policies then in force shaU ps~s to the purchaser or ~~:3t~. 8. That the mortgagee inay. 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 forthwith appoint a receiver of the premises covered hereby all and singular. including all and singular the income. profits, issues. and revenuea fmm whatever source derived~ each and every of which~ it being 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 broa d and effective functions and powers in anywise entrusted by a court to a receiver. and such appointment shall be made by such court as an admitted eqaity 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 defendanta. and that such rents. profita, income. issues. and revenuea 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 agreea to pay to the mortgagee on demand as a reason- able monthly rental for the premises an amount at least equivalent to one-twelfth (ii12) of the aggregate of the twelve monthly instaliments payable in the then current year plus the actual amount of the annual taxea assessments~ water rates, and insurance premiums for such year not covered by the aforesaid montf?ly psymenta. 9. That (a) in the ereut of an~- bi•each of this mortgage or default on tl~e part of the mortgagor, or (6) in the e~~ent that au~~ of said sums of money hei•cin referred to be not promptly and fully paid ~4ith- out demand or uotice. or (c) in the event that each and e~ery the stipulations, agreements. eonditions. - and co~•enants of said note and this mortgage. are not duly, promptl~~, and full,r performeci; then in cithei• o~• an~• sucti e~'ent. the said aggregate sum mentionecl in sai~l iiote then remaining unpaid. «•ith interest acci•ued to that time. and all mone~~s secured hei•eby~ shall become due and payable forth~rith, or thereaftei•, at the option uf said moi•tgagee~ as full~~ and completely as if all of the said sums of mone~• I'E ~~•ere orginall~• stipulated to be paid on such day. anything in said note or in this mortgage to the contrary I not«itbstanding ; and thereupon or thei•eaftei•, at the option of said mo~~tgagee~ ithout notice or demand~ suit at la~r or in'L~quity. may be prosecuteci as if all moneys seeureci hereby had matured prior to its insti- tution. The mortgagee may foreclose this mo~~tgage, as to the.amount so declared due and payable, and the said pi•emises shall be sold to satisfy and pa~~ the same together ~~•ith costs, expenses. and allo~~•ances. ~ R In case of partial foreclosui•e of this moi~tgage. the moi~tgaged premises shal! t~e sold subject to the con- i tinuing lien of this mortgage foi• the amount of the ciebt not then due and unpaid. ln such case the pro- ! ~•isions of this j~aragraph may again be a~ailed of tl~ereafter from time to time b~• the mortgagee. ~ 10. That the mortgagor ~~•ill gi~•e immediate notice by mail to the mortgagee of any conveyance. i i t?•ansfer, or change of o~~•nei•ship of the premises. ; 11. That no waivei• of any covenant herein or of the obligation secured hereby shall at any time ~ thereafter be held to be a waiver of the terms hereof or of the note secured hereby. 12. That if the mortgagor default in any of the covenants or agreements contained herein~ or ia 's 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, s together with interest and costs accruing thereon. shall be secured bq 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, shall be sufi'icient r.otice and demand in any case arising under this instrnment 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 occupancy of tae 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. ~ E a~K165 PACE2804 ~ . _ ~ F~ - - - _ _..~.w... _ _ - r:,..--~ . - ~if:'.'i ~_ti•'