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HomeMy WebLinkAbout0972 ~ 5. That he will permit. commit. or suffec no waste,` i,p~itment, or ~dptti~oration of said property or aay psct thereof; and in the event of the failure of the mortgagor to keep the bii~tdltigs on said premises aad those tobe erected on said premises. or improvements thereoa, in good rep~'u. tbe modg,eo~e a~ay awke such repairs ss in its discretion it may deem r~ecessary for the propet presenration thereaf, ard the full amount of each and every such payment shall be immediately due and peyable, and shall be secured by the lien oE this mortgage. 6. That he will pay all and siagular the costs. charges, and expenses, includiag reasoaable lawyer's fees, end costs of ebstracts of title. incurced or paid at any tiaie by the ma~tgagee because of the failure on the part of the moKgagot promptly e~d futly to perform the agreeatieats and coveaants af~ said ptoa?issory note aad this mort- gage. and seid costs, cha:ges. and espenses shall be immediately due and peyable aM shall be secured by the lien of this awdgage. 7. Tt?at he will keep the improvements now existiag or hereafter erectr.d oa the mortgaged property. iasured as may be required from time to time by the matgagee against loss by fire aad other hazaeds, casualties. and coatin- gencies in such amouats and for such periods as aiay be required by matgagee, aad ~vill pey promptly, when due, any premiua~s on such insurance for payment of which provision has aot beea made hereinbefoce. All insurance ' shall be canied in companies approved by matgagee and the policies and cenevvels theceoE shall be held by mat- gagee and have attached thereto loss payable clauses in Eava of and ia form acceptable to t6e mortg,sgee. In event of losa he wili give immediate aotice by mait to matgegee. and mottgagee may make proof of loss if not made promptly by matgagor. and each insurance company concemed is her~by authorized and directed to make payment foc such loss dicectly to a~oitgagee instead oE to matgaga and matgagee joiatly, ead the insuraace pro- ceeds, or any part thereof, may be applied by mortgagee at its optioa eithec to the reduction of the indebtedaess hereby secured or to the restoration ac repair o[ the propedy damaged. Ia eveat of faeclosure oE this mortgage a other t~ansfer of title to the mortgaged property in extinguishment ot tae indebtedness secured hereby, all right, title, and interest oE the mortgaga in and to any insurance policies then in force shall pass to the purchaser a - grantee. 8. That the mortgagee a~ay~ at any time pending a suit upoa this mortgage, apply to tl~e conct having jurisdic- tion thered for the appoiatment of a receiver, and such court shell forthwith appoiat a receiver of the premises covered hereby all and singular, including all and singular the incotne, profits, issues, and revenues from whatever source derived. each and every of which, it being expressly understood. is hereby anortgaged as if specifically set fodh a~d described in the granting and habendum clauses hereof. and such receiver shall have all the broed aad effective fw~ctions and powers in aaywise entrusted by a court to a receiver, and such appointment shall be made by ~uch court as aa admitted eqaity and a matter of absolute right to said mortgagee, and w}thout reference to the adequacy or inadequacy of the valne of the propedy matgaged or to the solventy or insolvency o~,said modgaagor or the defendents, and that such rents, profits. income, issues. and revenues shall be applied by such receiver according to the lien of this modgage and the practice of such caut. ln'the eveat of aay defaalt on the part of the mortgagor hereunder, the mortgagor agrees to pay to the mortgagee on demand as a reasonable moathly rental for the premises an amount at least equivalent to one-twelfth (1/12) of the aggregate of the twelve monthly install- ments payable in the the~ current year plus the actual amount of tl~e annual taxes, assessments, water rates. and insurance premiums for such year not covered by the aforeseid monthly peyments. 9. That (a) in the event of any breach of this modgage or default on the part of the mortg,agor. or (b) in the eveai that any of said sums of money herein referred to be not promptly and fully paid without demand or notice, or (c) in the event that each and every the stipulations, agreements~ coaditions, and covenaats of said note and - this moctgage, are not duly, promptly, and fully performed; then in either or any such event, the said aggregate , sum mentioned in said note then remaining unpaid, with intecest aocrued to that time~ and all moneys secured . ' hereby, shall become due and Fayable forthwith. or thereaHer, at the option of said mortgagee, as fully and com- ; ~ pletely as if all of the said sums of money were originally stipulated to be paid on such day. anything in said ~ note or in this modgage to the contrazy ndwithstahding; and thereupon or thereafter; at tbe option of said aaortga- ; gee, without aotice ot demand, suit at law or in equity, may be prosecuted as if atl moneys secuced hereby had ~ ~ matnred prior to its institution. The mortgagee may Eoreclose this mortgage. as to the ainount so declared due and ~ ~ payable. and the said premises shall be sold to ~atisfy and pay the same together with costs, e:penses,and allow- s f ances. In case of partial foreclosure of this matgage, the modgaged premises shall be sold subject to the con- ~ f tinuing lien of this mortgage for the amount of the debt not then due and unpaid. In such case the provisions of ; this paragcaph niay again be availed of thereafter from time !a time by the mortgagee. i ( 10. That the modgagor will give immediate notice by mail to the modgagee of any conveyance, transfer, or ~ change of oqvnership of the premises. F 11. That no waiver of any covenant herein or of the obligation secnred hereby shall at any time thereafter be ' , held to be a waiver of the terms hereof or of the note secored hereby. 1 12. That if the matgagoc default in any of the covenants or agreements contaiaed hereia, or in seid note, then ~ the modgagee may perform the same, and all expenditnres (including reasonable attaney's fees) made by the 2 mortgagee in so doing shall draw interest at the rate set fort6 ia 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 mortgage. 13. that the mailing of a wtitten notice a demandaddressed to the owner of record of the mortgaged ~remises. ~ or directed to the said orvner at the last address actually fnrnished to the mortgagee, or directed to said awner at said mortgaged premises, and mailed by the United States mails, shall be sufficient notice and demand in any case arising under this instrnment and reqvired by the pcovisions hereof or by law. ? 14. The mortgaga 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 wilt not execute or file for record any instrument which impases a resUiction upon the sale or occupancy of the mortgaged propedy on the basis oE race, cola, ~ ' creed. Upon any violation of this undertaking, the mortgagee may, at its option, declare the unpaid balance of the i deb~ secured hete'by immediately due and payable. ; 15. The modgagor Eurther coveaants that shonld this mort age and the note secured hereby not be eligibte s for ins~uaace under the Natioaal Housing Act within 30 DAY~ from the date hereof (written statemeat = of any officer of the Departme~t of Honsing and Urban Devejopment or authorized agent of the Secretary of Hons- ~ ing and Urban Development dated subseque~t to the~ (~AY$ ~ time from the date of this modgage, ~ declining to insure said note and this mortgage, being eemed conclusive proof of such i~eligibility), the mortga- gee a the holder oE the note may, at its option. declare all sums ~ecured t~ereby immediately due and payeble. The covenants herein contained shall bind, end the benefits and advantages shatt inur~e to, the respective s heirs, executas, administrators, successots, end assigns d the parties hereto. Whenever used, the singular num- ber shall include the plural, the plural the singular, and the use of any gender shall include all genders. { ~ r aooK ~.54 3?~ ~ ~ °'u 7~~. - - - ~ - - - - - - - ~ R ~ ~ _~=y- ~