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Home My WebLink About1159 fines, or impositions, foi• ~~•hirh ~~ro~~ision has t~ot Ueen !nade hereinbefore, and in default ther~~of thc~ mort- gagee may pay ihe s~me; and th~t he ~~•ill proii~ptly deli~~er the oflici~l receipts theref~~r to the n:ortga~ee. i 5. That lie ~~~ill permit, commit, or suf~er no ~~~aste~ impaii•ment, or detei•ioration of said propei•t~• ai• an~• part thereof ; and in the event of the failure of the martgagor ta keep the buildings on saici premises ~nd those to be erected on said premises, oi• impro~•en~eiits thereon, i~i gaod i•epair, the moi•tgagf~e ma~• make such repairs as in its discretion i~t may deem »ecess~ry for tiie proper preser~~ation thereof, ~nd the full amount of each and e~•ery such payment shall Ue immediately due and pa~•able, ~nd si~all E,e secui•ed ; by the lien of this mortg~ge. 6. That he ~~•ill pay ~Il and si~igular the costs, charges, ~iid expenses, including i•easonable la~~•~•er's fees, and costs of abstracts of title, incurred or paid at any time b~~ the mortgagee because of the failure on the part of the mortgagor promptl~~ and full~~ to perform the agreements and co~•enants of said prom- issory note and this mortgage, and sa~d costs, charges, and expenses shall Ue immediatel~• due znd p:~~•- able and shall be secured by the lien of this mortgage. 7. That he «•ill kcep the imp?•o~•Emeiits no~s existing or hereafter erected o~i ttie mortgaged pi•opei•t~•, insured as may be required from time to time by the mortgagee against loss b~• fire and other hazards, casualties~ and contingencies in such amounts and fo~• such periods as ma~• be rec~uired b~~ mortgagee, and «~ill pay promptly, ~~~hen due, any premiums on such i~2surance for pa~'ment of ~rhich pro~•ision has not been made here~nbefore. All insurance shall be carried in companies appro~•ed b~• mortgag~~e and the policies and rene~~•als thereof shall he held by mortgagee and ha~•e attacheci thereto loss pa~•able clauses in fa~~or of and in form acceptable to the mortgagee. ln event of loss he ~sili gi~•e immediate notice by mail to mortgagee, and mortgagee n~a~r make proof of loss if not made pramptl~• by~ mortgagor, and each insurance company concern~d is hereby authorized and directed to make pa~•ment for such loss directly to mortgagee insteaci of to mortgagor and mortgagee jointl~•, a»d the 1RS111'~111CC' proceeds, or any part thereof, may be applied by m~rtgagee at its option either to the reclucti~n of the indrhteciness hereby secured or to the restoration or repair of the property damaged. I» e~•e:~t of foreclosure of this mortgage or other transfer of title to the mortgaged property in extinguishment of the inde~tedness secured hereby, all right, title, and interest of the mortgagor in and to an~• uis~u'ance policies then in force shall pass to the purchaser or grantee. 8. That the mortgagee may, at an~• time pending a suit upon this mortgage, appl~• to the court hav- ing jurisdiction thereof for the appointment of a recei~•er, and such cou~•t shaU forth~~•ith appoint a receiver of the premises co~~ered hereby all and singular, including all and singtilar the income, profits, issues, and revenues from ~ti~hate~•er source derived, each and e~~er~• of «•hich, it being expressly under- stood, is hereby mortgaged as if specifically set forth and descriUed in the granting and habendum clauses hereof, and such receiver shall have all the broad and effecti~•e functions and po«•ers in an~•~~•ise 2ntruJt~d b~ : ~~~rt tQ ~ rec~iE~er, and such ?gYeintmP!?t shall h~ rr~~de by st~ch court as an a~lmitted equity and a matter of absolute right to said mortgagee, and ~ti•ithout referenee to the adec~uae~• or in~cl- equacy of the value of the property mortgaged or to the solvency or insol~•enc~• of saici mortgagor or the defendants, and that such rents, profits, income~ issues, and revenues shall be applied b~• such recei~•er according to the lien of this mortgage and the practice of such court. In the e~•ent of an~• default on the part of the mortgagor hereunder, the niortgagor agrees to pay to the mortgagee ~n demand as ~ reason- able monthly rental for the premises an amount at least equivalent to one-t~~~elfth of the aggi•egate of the tweh•e monthly installments pa}•able in the then current ~~ear plus the actual amount of the annual taxes assessments, ~~•ater rates, and insurance premiums for such yeai• not co~•ered b~~ tiie aforesaid mont~ly payments. ~ 9. '['hnt (u) in tlie e~~~~iit c~f an~- ~~•e~ach uf this m~»•t~;a~;e ur el~~fattlt tl~~~ ~~ai•t of the moi•tgagoi•, ui• l h) i» thr c~~~ent lh.tt <tii~• ~?i' saicl stuns ~,f mon~~}• her~~in referreci tc~ be not prumptl~• and full~• paid ~~~ith- ~~ut ci~~ma~ul rn• ~u~tic~~, (r) in the e~•ent that ~~acli ~nd e~•~.~r~- th~~ sti~~ul.iti~n~s, agre~~me~~ts, conditia~s, ancl cu~~e»ants ~~t~ s~ii~l ne~te~ ~uul this mo~•tgage, a~•e ni~t clu1~~~ l~~•umptl~~. ancl fuli~• p~~rformECl; tlieu in rith~~r ~~r <u~~• ~url~ ~~r~~nt. thE~ saicl aggregatE~ sum nu~~?ti~ined in s.~i~l uul~~ th~~i~ r~~niaining unp.li~l, ~~•ith i~~te~•~~st accrued t~~ that time~, anci ali m~~n~~~'s seru~•ecl he~re~b~•, shall 1~ecum~~ ~lue ancl pa~•ab1_e fot•tll~~•itli, ur th~~r~~aCte~•, at the ~?pti~m ul' saicl mortgagre, as full~• ~incl eompiet~~l}• as if ~ill c~f the' S11(I SUI115 Of IllOlll'\' ~~~~~~•e e,rgi»all~• stipulated to l~e ~~aicl oi~ such cla~•, an~•thing in s~iicl ~~ute or in this mt~rtgage to the eontrarS~ not~~-ithst~incling; ~?ncl the~reui~on cn• thc~reafter, ~l~ tI1C O~)UOII l)1~ S~LI(1 I1101'lgagee, ~~-ithout notice o~• demand, suit at la~~- or in ecluih•, ma~• be prosecutecl as if all nio»~~~s sectu•~~cl he~•eb~• had I11StUPl'<~ j)1'lOY t0 ItS lllStl- tution. Tl~e mortgage~~ ma~• forerl~~se this moi•tgage, .?s tu thc~ amotu~t so d~~rlared ciue and pa~•able. ancl th~~ saicl p~'~~mises shall be solcl to satisf~• anci pa~- th~~ same togeth~~r ~~-ith c~sts, expensE~s, and allo~~•ances. In rtse Of })ill't1.ll 1~11'l~closurc~ of this mo~•tg~ig~~, the mrn•t~aK~~ci pr~~mis~~s shal! be solci SUUJeCt t0 tI1C' COIl- tinuii~g lien of this nu~rtga~;c~ for the amrnu~t of the ~l~~bt »ot then ciu~~ an~l unpaicl. In such case the ~rro- ~-isions of this parag~•aph ma}• again bc~ a~•aile~cl of th~~reaft~~r tl•om time t~? time b~• the mortgagee. 10. 'I'hat thr m~n•tgag~n• ~~•ill gi~~~~ immecliate n~~ticc~ 1~~~ mail tu th~~ mo~•iga~*e~~ c~f an~~ con~~e~~ance, iransf~er, or change ~~f o~~-nership <,f the pretnises. 11. That n~~ ~+~ai~•er uf .u~~• cc?~'en.tnt herein c»• of the uhlig.ition sc~etn•eci herel~~• shall at an~~ time ihe~•eaftei• l~e helci to he a~+~ai~-ei• of the te?•ms liei•eof oi• of the n~+te seeiu•ec~ hei•el~~•. „ 12. That if the mortgagor defauit in any of ine covenanis or agreemenis coniaineu nere~n, ur said note, then the mortgagee may perform the same, and all expenditures (including ~-easonable attor- ne~~'s fees) made by the mortgagee in so doing shall dra~+• interest at the rate set forth in the note secured hereby, and shall be repa~•able immediately anci ~+•ithout demand by tlie mortgagor ±o the mortgagee, and, together with interest and costs accruing thereon, shall be: secured by this mortgage. 13. That the mailing of a~sritten notice or demand addressed to the owner of record of the mortgaged premises, ar directed to the said o«•ner at the last address actuail~~ furnished to the mortgagee, or directed to said o~+•ner at said mortgaged premises, 1nd mailed by the United States mails, shall be sufficient notice and demand in any c~~se ai•ising under this instrument and required by the provisions hereof or by law. 14. Tlle moi•tgagor co~•enants and agrees that so long as tliis mortgage and tiie said note secured hereUy~ are insured under the pro~~isions of the National ~Iousing Act, he ~~•ill not e~cecute or file for recurd any instrument which imposes a restriction upon the sale or occupancy of tne mortgaged property on the basis of i•ace, color, or creed. U~~on an3~ violation of this undertaking, the moi•tgagee ~nay, at its option, declare the unpa~d balance of the debt secured hereby immediately due and payable. ~ o - 1 , ~ ~ ~ BOOK 1~6 553 ;