HomeMy WebLinkAbout0092 - . . - .
L ~ {~~~r • ' %
flnes. or impositiona. for wt~ich provision haa not been made hereinbcfore. and in default thereof the mort-
~ee mqy p~y the $ame; and that~he will pmmptty deliver the ot8cial receipta therefor to the mortgagee.
b. That he will permit. commit~ or su~'er no waste, impairment~ or deterioration of said praperty or
any part thereof; and in the event of the failure oi the mortgagor to keep the buildings on said premises
and thv~e to be erected on said premises, or impmvementa tfiereon, in good repair. the mortgagee may
naske such repaira as ia its discretion it may de~m necessary for the proper preservation thereof. and the
iull amount of each and every auch payment ahaU be immediatety due and payable~ and shall be secured
by the Jien of this mortgag~e. . • _
6. That he will pay all and aingular the casta. charges~ and expenses, inciuding reasonabie laNyer's
!~ea, and costa of abatracte of title~ incurred or paid at any time by the mortgagee because of the failure
on the part of the mortgagor promptly and fully to perform the agreementa and covenanta of said prom-
issory note and thia mortgage. and said costa~ chargea, and expensea ahall be immediately due and pay-
able and shali be secured by the lien of this raortgage.
7. That he will keeF the improvements now existing or hereafter erected on the mortgaged property~
it~ured as may be required fmm time to time by the mo~agee againat loss by fire and other hazards,
casualtiea, and contingenciea in such amounta and for suc perioda as may be required by mortgagee.
and wiil pay promptly, when due. any premiums on such insurance for ~ayment of "W hich provision has
not been made hereinbefore. All inaurance shall ~e carried in companies approved by mortgagee and
the policies and renewals thereof shall be held by mortgagee and have attached thereto loss pa~ able
clause~ in favor of and in form acceptable to the mortgagee. It? event of loss he will give immediate
notice by mail to mortgagee, and mortgagee may make proof of loss if not made promptly by mortgagor.
ar!~ each it~surance company concerned is hereby authorezed and directed _to make payment for such
lass directly to mortgagee instead of to mortgagor and mortgagee jointly, and the insurance proceeds. or
anypa
rt thereof, may be applied by mortgagee at its option either to th+e reduction of the indebtedness
hereby secured or to the restoration or repair of the property damageci. In event of foreclosure of this
mortgag~e or other transfer of title to Lhe 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 s receiver, and such court shall forthwith appoint a
receiver of the preraises covered herehy all and singular. including all and singular the income, profits,
issues. and revenues frnm whatever souroe derived~ each and eve•y of which. it being expressly under-
stood. is hereby mortgaged as if apecifically set forth and described in the granting and habendum clauses
here~f, and such receiver~ shall have all the broad and eft'ective functions and powers in anywise
entrusted hy a court to a reeeiver, and sneh appointment shall be made by such court as an admitted
~uity and a matt~er of ahsolute 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 revenues sha11 be applied by such receiver
according to the lien of this mortgage and the practice of such courk In the event of any default on the
part of the mortgagor hereunder. the mortgagor agrees to pay to the mortgagee on demand as a reasot?-
able monthly rental for the premises an amount at least equivalent to one-tweifth (y~12) of the aggregate
of the tweive monthly instaliments payabie in the then current year plus the actua! amount of the annual
taxes assessments. water rates, and insurance premiuma for such year not covered by the aforesaid
mont~ly payments.
9. That (a) in the e~ent of any bi~each of this mo~•tgage orzlefault on#l~e.part of the mortgagor, or
(6) in the event that any of said sums of money hei~cin i-eferreci to.be not promptly and fulty paid ~4ith-
out demand or notice. or (c) in the event that eacii and every the stipulations. agreements~ conditions.
and co~•enants of said note and this mortgage, ai~e not duly, prumptly, and fulh• performed; then in
eithe?• oi• an~• such e~•ent, the said aggi•egate sum mentionecl in said ~iotr then rrmaining unpaid, ith
interest accrued to that time, and all moneys securecl hei~eby. shall become ciue and payabie forth«•ith,
oi• thei•eafter, at the optia~i of said moi•tgagee. as fu111• and completely as if all of the said sums of money .
~~•ei•e o2•gina)l~~ stipulated to l~e paid on such day, anything in said note or in this mortgage to the eontrary
not~~ ithstanding; and thereupon or thereafter, at the option of said mo~~tgagee, ithout notice or demand,
suit at la~~ or in equit~, ma~ be prosecuteci as if all moneys secured hereby had matureci prior to its insti-
tution. The mortgagee may foi•eclose this mo:~tgage, as to tlze 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 allo~ ances.
tn case of partial foreclosui•e of this mortga~e, the mo~~tgaged premises shall b~ sold subject to the con- ~
tinuing lien of this mortgage foc the amount of the ciebt not then due and unpaid. tn such case the pro- t
risions of this pai•agi•aph mav again be a~•ailecl of tliereaftei• from time to time bi• the mortgagee. ~
10. That the moz•tgagot• ~ri)1 give immediate notice b~~ mail to the mortgagee of any con~eyance. i
iransfei•, o?• change of o~~•nei•ship of the premises. ~
1
21. That no waiver of any covenant herein or of the obligation secured hereby shall at any time
thereafter be held to Ge 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 in
said note, then the mortgagee may perform the same. and all expe~ditures (including reasonahle attor- -
ney's fees) made by the mortgagee in so doing shall draw interest at the rate set forth in the note secured
4 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 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 State~ mails, shall be suflicient notice
and demand in any case arising under this insttument 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 ~nsured under the provisions of the National Housing Act, he will not execute or file for record ;
any instrument which imposes a restriction upon the sate or occupancy of tne mortgaged property on the '
basis of race, color, or creed. Upan any violation of this undertaking, the mortgagee may, at its option, `
declare the unpaid balance of the debt secured hereby immediately due and payable. y
~
_
~
i
;
i
OR ~
60pK q~ ~ j
3 ks:.~ ~ . . , _ _ . - _ 1 ` _
. ~ ~ r'~'Y~a~~'~ ~~~c~'~~~€S~ - y'. ~ ~ 3 .
~