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HomeMy WebLinkAbout1433 L~ ~ ~ ' - ~ . i:_~ ~ y. p` . $ ; E : ~ ~ finea, or impoaitions. for which proviaion haa not been made hereinbefore. and ln default thereof the mort- Qag~ee ms,y p~y the same; and that he will pranptly deliver the otQcial receipts thParefor to the mortgagee. b. That he will permit, commik or suRer no waste. imp~airmenk or deferioration of aaid propert~, or aoypart thereof; and in the event of the failure of the mortgagor to keep the buildinga~ on said premises and thoae to be er~cted on said premises. or improvemeats tFiereon. in good repair. the mortgagee may make such repairs aa in ita discretion it msy deem neoessary for the proper preservation thereof. and the fuU amount of each and every such payment at?aU be immediately due and payable, and ahall be secured by the lien of thia mort~a,~e. 6. That he will pay all and aingular the coeta, charge~s. and expensea, including reasonable la~yer's ieea. and costa of ~abatracts of title, incurred or paid at any time by the mortgagee because of the fa~ture on the part of the mortgagor promptly and fuliy to perform the agreements and covenants of said prom- iasory note snd this mortga~e, and said costs~ chargee~ ued expenses ahall be immediately due and pay- able and ah~U be aecured by the lien of this mortgage. ~ 7. That he will keep the impmvemenLe now exiating or hereafter erected on the mortgaged pmperty. inaated aa m$y be required from time to time by the mort~agee against loss by fire and other hazards. casualties. and contingenciee in auch amounta and for such perioda aa may be required bq mortgag¢e. ~?nd wiU pay romptly, when due~ any premiums on such insurance for payment of W hich provision has ?n not been m e hereinbefore. Al! insurance shall be carried in companiea approved by mortgagee and the policiee and renewals_ thereof ahall be held by mortgagee and have attached thereto loss payable clausee in favor of and in form acceptable to the mortgagee. In event of losa he will give immediate notice by mail to mortgagee. and mortga~ee may make proof of loss if not made promptly by mortgagor. aad each insurance company concerned ia hereby authorized and direeted to make payment for such lo~ss directly to mortgagee instead of to mortgagor and mortgagee jointly. and the insurance proceeds. or suypa~ thereof~ may be applied by mortgagee at ita option either to the reduction of the indebtedness here6y 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 indelitedness secured hereby. all right. title, and interest of the mortgagor in and to any iusurattce policies then in force _ ahaU pasa to the purchaser or grantee. 8. That the mortgage~ inay. at any time pending a suit upon this mortgage, apply to the court hav- ing jurisdiction thereof for the appoiatment of~ a receiver. and such eourt shall forthwith appoint a receiver of the premisea covered hereby all and singular, including all and singular the income. profits, issuea. and revenues frnm whatever source derived~ each and every of which. it being expressly under- stood, ia hereby mortgaged aa if specifically set forth and described in the granting and habendum clauses hereof. and such receiver shall have al! the broad and effective functiona and powers in anywise 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 valuie of the property mortgaged or to the solveacy or insolvency of said mortgagor or the ~ defendanta. and that such rents. profits, income. isauea and revenuea ahall be applied by such receirer according to the lien of thia 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 aa a reason- able monthlq rental for the premiaes an amount at least equivalent to one-twelfth (3iY) of the aggregate of the twelve monthly instaliments payable in the then current year plus the actual amount of the annual ta~cea aasesamenta, water ratea, and insurance premiums for such year not covered by the aforesaid mont~ilY PaYn?enta. 9. That (a) in the e~•ent of any breach of this mortgage or default on the part of the mortgagor, or (6) in the event that an~~ of said sums of money het~cin i~eferred to be not promptly and fu11y paid ~cith- out demand or ~iotice. oi• (c) in the event that eacli and eve~y the stipulations. agreements. conditions, and co~enants of saicl note and this mortgage~ ai~e not duiy, pi~umptly, and full~• performed; then in either or any such e~e~it. tfie said aggregate sum mentioned in said notc then i•rmaining unpaid, t~~ith interest acci•ued to that time. and all moneys secured hereby, shall become due and payable fortha ith, or thereafter, at the optio~i of said mo~~tgagee. as full~• and completely as if all of the said sums of money ~~•ere orginall~ stipulated to be paid on such day, anything in said note or in this mortgage to the contrary not«ithstanding; and thereupon or thereaftei•. at the option of said mot~tgagee, «•ithout notice oz• demand~ suit at la~~ or in equit3, may be prosecuted as if all moneys secured hereby had matured prior to its insti- tution. The moi•tgagee may fo~•eclose this moi-tgage, as to the amount so declai•ed due and payable, and the said premises shall be sold to satisfy and pa~~ the same together ith costs. expenses, and allowances. In case of partial foreclosure of this mortgage, the moi-tgaged premises sha~l be sold subject to the con- tinuing lien of tliis moi•tgage foi• the amount of the ciebt not then due and unpaid. In such case the pra ~isions of this pa~•agraph may again be a~ailed of thereafter fl•om time to time b~~ the mortgagee, 10. That the mo~•tgago~• ili give immecliate notice by mail to the mortgagee of any conveyance. Lransfer, or change of o~~•neiship of the pirmises. 11. That no waivei• of any covenant herein or of the obligation secured hereby shall at any time thereafter be held to t~e a waiver of the terms hereof or of the note secured hereby. 12. That if the mortgagor default in any of the covenanta or agreements contained herein, or in said note, then the mortgagee may perform the same, and all expenditures (including reasonable attor- ney's fees) made by the mortgagee in so dofng shall draw interest at the rate set forth in the note s¢cured hereby, and shall be repayable immediately and without demand by the mortgagor to the mortgagee, and, together with interest and costs accruing thereon~ shall be secured by thi8 mortgage.~ 13. That the mailing of a written notice or demand addressed to the owner of recorr~ 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 sufficient notice and demand in any case arising under this instrument and required by the pmvisions hereof or by taw. 14. The mortgagor cavenants and agrees that so long as this mortgage and the said note secured hereby are insured under the prnvisions of the National Honsing Act~ he will not execute or file for record any instrument which imposes a restriction upon the sale or occupancy of tne mortgaged property on the basis of race, color, or creed. i3pon any violation of this undertaking, the mortgagee may, at its option, declare the unpaid balance of the debt secured hereby immediately due and payable. ~1~~ t ~ ~ ~ ~Y~~ ~ r _ ~ ~