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HomeMy WebLinkAbout1789 ~ . _ . ~4~ ~ ~ ~ finea. or impositions. for which prnviaion has not bee~i tnade he~bef , and in default thereoi the mort ~agee may p~y the same; and that he will promptiy deliver the oflicial receipta therefor to the mortgagee. b. That he will permit~ commit~ or auffer no waate, imps~irment~ or deterioration of aaid property or aqy p~urt thereof; and in the event of the iailure of the mo r to keep the buildings on aaid premises snd thaee to be erected on aaid premisea~ or improvements~ n. ia good repair~ the mortgagee may make such repaira as in its discretion it may deem necessary for the proper preaervat~on thereof. and the full amount of each and every such payment shall be immediately due and payable. and ahall be secured by the lien of this mortgsge. 6. That he will pay all and, aingular the costa, charges, and expenses. including reasonable law•yer's fees, and coata of abatracta of title~ incurred or paid at any time by the mortgagee because of the failure on the part of the mortgagor prnmptly and fully to perform the agreementa and covenanta of said prom- iaaory note and this mortgage. and said costs~ chargea, and expenaea ahall be immediately due and pay- able and ahall be secured by the lien of this mortgage. Thut he will kee~ the improvementa now exiating or hereafter erected on the mortgaged property. inaured as ms~? be required fmm t~me to time by the mortgagee against losa by ~fire and other hazards~ caaualties. and contingenciea in such amounta and for such periods as may be required by mortgagee. and will p~y prompt~y. when due~ any premiuma on such insurance for payment of H hich provision haa not been made h~ereinbefore. All insurance ahall be carried in companies approved by mortgagee and the polici~ and renewals thereof shall be held by mortgagee and have attached thereto lass payable clausea in favor of and in form acceptable to the mortgagee. In event of loss he will give immediate notice ~y mail to mortgagee. and mortgagee may make proof of loss if not made promptly by mortgagor. snd each insurance company concerned is hereby authorized and directed to make payment for such loas directly to raortgagee instead of to mortgagor and mortgagee jointly~ and the insurance proceeds. or ; any part thereaf~ may be applied by mortgag~ee 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 i mortgage or other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby. all ri ht, title, and interest of the tnortgagor in and to any insurance policies then in force ~ ahAll pass to the pu~a~er or grantee.~ . 8. That the mortgagee may. at any time pending a suit upon this mortgage. apply to the court hav- ing juriadiction 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. prnfits, ; issues, and revenuea from whatever aonrce derived~ each and every of which, it being expressly under- stood. ia hereby mortgaged as ii apecificaUy set forth and described in the granting and habendum clauses hereof. and such receiver shall have ali the broad and effective funetions and powers in anywise entnisted by a court to a receiver. and such appointment shall be made by such court sa an admitted equity and a matter of absolute right to said mortgagee, and without reference tn the adequacy or inad- eqnacy of the value of the property mortgaged or to the solvency or insolvency of said mortgagor or the defendanta. and that such rents, prof~ts, income, issues, and revet~ues shall be applied by such recei~er acoording 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 on demand as a reason- ~ able monthly rental for the premises an amount at least.eqLivalent t6 one-twelfth (3is) of the aggregate ~ of the twelve monthly installments payable in the then current year plus the actual amount of the annual t taxea ssaesaments, water rates~ and insurance premiums for such year not covered by the afore~aid mont~?lY P~?3rments. ~ 9. That (a) in the e~•ent of any breach of this mortgage or default on the part of the mortgagor, ot• f ( L) in the e~ent that an~~ of said sums of money hei•ein i~eferred to be not promptly and fully paid ~~ith- i out demand or notice. or (c) in the event that each and every the stipulations, agreements. conditions~ ~ and co~enants of saicl note and this mortgage. are not duly, pi~umptly, and full~~ perfoimed; then in ~ eithei• or auy surh e~-eut. tlie said aggregate sum mentioned in said note then r~main~ng unpaid. ~~•ith ' interest accrued to that time, and all moneys secured hereby, shall become due and payable forthK ith, ui• the~•eafte?•, at the optiou uC said mortgagee, as full~ and completely as if all of the said sums of mone3• r ~~•e~•e orginall3~ stipulated to be paid on such day, anything in said note or in this mortgage to the contrary ~ not~~ ithstanding; and the~•eupon or thereafter. at the option of said moi~tgagee. ~~•ithout notice or demand, suit at la~~ or in equity. may be prosecuted as if all moueys secured hereby had matured prior to its insti- 1 tution. The mortgagee may foreclose this moi~tgage, as to the amount so declared due and payable, and ~ the said premises sliall be sold to satisfy and pay~ the same together H•ith costs, expenses, and allo~~ ances. ~ ln case of partiat forerlos~~re of this moi~tgage. the mortgaged premises shall be sold subject to the con- ~ tinuing lien of this mortgage foi• the amount of the ciebt not then due and unpaid. In such case the pra i ~•isions of this pai•agn•aph may again be availed of thereafter fl~om time to time bS• the mortgagee. ~ 10. That the mortgagoi• ~~•iU give immediate notice by mail to the mortgagee of any conveyance. ~ transfer. or change of o~~•nei~ship of the pi~emises. : ; 11. That no waivei• _of any covenant hei~ein or of the obligation secured hereby shall at any time ~ thereafter be held to be a w•aiver 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 expenditures (including reasonable attor- f 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, ~ together with interest and costs accruing thereon, shall be secured by this mo'rtgage. ~ ~ 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 suflicient notice i and demand in any case arising under this instrument and required by the pmvisions hereof or by law. ~ ~ I4. 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 ot 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. Upon any violation of this undertxking, the mortgagee may, at its option. ~ declare the unpaid balance of the debt secured hereby immediately due and payable. ~ s ~ : ~ _ ~ ~ ~ ~K16? P~E1789 t~ " s - - - - ~ _ xa>^'^Y E ~-y~„~ ~ - _ ~~,3