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HomeMy WebLinkAbout2543 { : ~ , ~ ~ • - t`. finea, or impositior.s. for which prnvision has not been made hereinbefore. and in default thereot the mort- ga8ee may p~,y the same; and that he will promptly deliver the of~icial receipts therefor to the mortgagee. , 5. That he wiq permit. commit~ or suffer no waste~ 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 aaia premises ! and those to be erected on said premises. or improvements thereon, in good repair. the mortgagee may i make such repairs as in ita discretion 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 shalt be secured by the lien of this mortgage, 6. That he will pay all and, singular the costs. charges. and expenses. including reasonable la~ryer's fees and costs of abstracts of title~ incurred or paid at any time by the mortgagee because of the failure on t~e part of the mortgagor promptly and fully to perform the agreements and co~~enants of said prom- issory note and this mortgage. and said costs~ chargea~ and expenses shall be immediately due and pay- able and ahall be secured by the lien of this mortgage. 7. That he will keeF the improvements now existing or hereafter erected on the mortgaged property. insured aa may be required from time to time by the mertgagee against loss by hre and other hazards, casualtiea. a~d contingencies in such amounts and for such periods as may be required by mortgagee. and will pay pmmptly~ when due. at~y premiums on such insurance for payment of v?hich prorision has not been made hereiebefore. All insurance shall be carried in companies appro~•ed by mortgagee and the policies snd renewais thereof shall be held by mortgagee and have attached thereto loss pa~•able , clausea in favor of and in form acceptable to the mortgagee. In 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. and each inaurance company concerned is hereby authorized and directed to make 'payment for such ' loss directly to mortgagee instead of to mortgagor snd mortgagee jointly, and the insurance proceeds. or any part 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 interest of the mortgagor in and to any insurance policies then in force ahall pasa 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 all and singular. including all and singular the income. profits~ issues, and revenues from 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 t hereof, and such receiver shall 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 snivency or insolvency of said mortgagor or the ; defendants. and that such rents. profits. income, issues, and revenues shall be appiied by such recei~•er { according to the iien of thfs 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 cn demand as a reason- ; able monthly rental for the premises an amount at least equivalent to one-twelfth (112) of the aggregate of the twelve monthly installmenEs payable in the then current year plus the actual amount of the annval taxes assessments, water rates, and insnrance premiums for such year not covered by the aforesaid . mont~ily payments. 9. That (a) in tlie e~•ent of att~• breach of this moi•tgage oi• default on tlie part of the mortgagor, or (L) in the e~ent that an~~ of said sums of mone~• he?•cin i~eferi•eci to be not promptly and fully paid «:ith- out demand or iiotice. or (c) in tiie event that each and every the stipulations, agj•eements, conditions. and co~•eiiants of saicl note anci this moi•tgage~ a~•e not duly, ~~~•umptly, and full~• performed; then in eithei• oi• an~ such ere~it. the said aggregatE sum mentioned in sai~l note tlien rrmaining unpaid. ith interest accrued to that time. and all mone~~s secured hereby~ shall Uecome due and payable forth~rith, oc thereafter. at the option uf saicl mortgagee, as fulls- and completely as if all of the said sums of monev n•ere orginall~- stipe:tated to l~e paid on such day, an~•thing in saici note or in this mortgage to the contrary not~~ ithstanding; and thereupon or thereafter. at the option of said moi~tgagee, ~rithout notice or demand, suit at la~~• or iu equit~~. ma~ I~e prosecuted as if all moneys secured hereby had matm•ed prior to its insti- tution. The mortgagee may foreclose this mortgage~ as to the amount so c~eclared due and payable. and the said premises shall be sold to satisfy and pa~•.the same together ~rith costs, expenses, and allo~~•ances. In case of pai•tial foti•ec:losui•e of this mortgage. the mortgagecl premise"s shall be sold subject to the ~con- + tinuing lien of tliis mortgage foi• the amount of the ~lebt ~iot then due an~i unpaid. In such case the pro- ~ isions of this paragraph mat• again be a~•aiied of thereafter fz•om time to time b~~ the mortgagee. 10. That the mortgagor ~~•ill gi~•e immediate notice b~• mai! to the mortgagee of an~~ can~•e~ance, transfer, or change of o~~•nership of the pi~emises. 11. That no w•airer of any corenant herein or of the oUligation secu?•ed hereby shall at any time thei-eafter Ue held to be a w•aiver of the terms hereof or of the note secureci 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- 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 t~e 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 ow~ner at the last address actually furnished to the mortgagee, or directed F to said owner at said mortgaged premises, and mailed hy the Unitec~ States mails. shall be sufl~icient 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 occupancy of ti?e mortgaged property on the basis of race, coior. or creed. Upon ans• violation of this undertaking~ the mortgagee may, at its option, declare the unpaid balance of the debt secured hereby immediately due and payable. _ ; 1 - s~K167 P~~254~ .~.~,~;;n~,~~ , s ~ < , ~;i ~ . ~m ~