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HomeMy WebLinkAbout1801 ~ I " J~• ' i, - S.. - 5. That he wiU pecmit. canmit, oc sufEec no ~vaste. impeirment. or dete~ioratioa of said property or any part thereoE; and in the event of the failure of the mortgagor to keep the buildings on said premises and those tobe erected on said preo~ises. o~ improvemeats tbereoa. ia good repau. the modgagee may make such ~epairs as in its discretion it may deem necessary foc tbe proper pceservation t6eeeoE. aad the full emount of each and every such payment shall be immediately due aad peyable, aad shell be secured by the lien oE this a~ortgage. 6. That he vvill pey all and singular the costs. charges, and expenses. includi~g reasonable lawyer's fees. and costs of abstracts of title, incurred ar paid at aay time bythe matgagee because oE the feilure on the part of the mortgagoc promptly and fully to perfacm the agceements and coveaaats oE said pcomissory note and this mort- gage, and said costs, charges. and expenses shall be iinmediately due and peyable and shal~ be secuced by the lien af this moctgage. 'l~at he will i~eep the impcovements no~v existing or hereafter erected on the modgeged pcoperty. i~sured as may be cequired froai time to time by the moctgagee agaiast loss by fire and other hasards. casualties. a~d contin- gencies in such amounts and for suc6 periods as may be required by moctgagee, and will pay promptly. when due, any premiua~s on such insurance tor paymeat oE which provisioA has aot beea made hereinbetore. All insarance shall be carried in companies approved by mortg,agee aad the policies and reneaals thereof shall be held by mort- gagee and have attached thereto loss payable clanses in favor of aad in form acceptable to the modgagee. ln event of loss he will give immediate aotice by mail to moctg,agee. and mortgagee may make proof of loss if not made promptly by mo~tgagor. and each iasurance company coacerned is hereby authocized and directed to make peyment fa such loss directly to mortgagee iastead oE to matgaga a~d mortgagee jointly. and the insurance prw ceeds. or aay 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 propedy damaged. In event of foreclosure of this mortgage or other transfer of title to the mortgaged property in extingnishment of the indebted~ess secured hereby, all right. title. and iatecest of the matgaga in atd to aay iasurance policies thes~ i~ force shall pass to the purchaser or grantee. ~ 8. That the mortgagee may, at any tiaie pending a suit upon this matgage. apply to the court having jurisdic- tion thereof for the appointmeat of a receiver. aad such caut s6all foctbwith appoint e receiver of the premises covered hereby all and singular, including all and singular the iacome. profits. issnes. and revenues from whatever source derived. each and every of which, it beiag e:pressly understood, is hereby e~atg~aged as if specifically set fodh and described in the g~anting and habendum clauses hereoE, and such receiver shall have a11 the broad and effective functions and powers in aaywise entrnsted by a co~rt to a receiver. add sitcfi ap~ointment shall be made by such court as an admitted equity and a matter of absolute rig6t to said mortgagee. and without reference to the adequacy or inadequacy oE the value of the propedy mortgaged or to tbe solvency or insolvency of said modgagor oi`the deEendents, and that such rents, profits. income, issues, and reveanes shall be applied by such receiver according to the lien of this mortgage and the pcactice of such court. In the eveat o~ anX ~efault on the pad of the modgagor 6ereunder. the mortgagor agrees to pay to the mortg,~agee on demand as a teasoaable monthly rental for the premises an amount at least equivalent to one-twelfth (1/12)-of the aggreg,ete of the twelve monthly install- ments payable in the then current year plus the actual amount of the annual taxes, assessments. water rates, and insurance premiums for such year nd crnered by the aforesaid monthly payments. 9. That (o) in the event oE any breach of this mortgage or default on the part of the modgagor, or (b) in the event 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, conditioas, and covenants oE said note and this mortgage, are not duly. pwmptly, aad fully pedoraied; then in eithec or any such event. t6e said aggregate sum mentioned ia said note then remainiag unpaid~ with interest accrued to that time. and all moneys secured hereby, shall become dae and payable forthwith. o~ t6ereaker, at the option oE said moctgagee. as fully and com- pletely as if all of the said sums of money were originally stipulated to be peid on such day, anything in said note or in this modgage to the coatrary ndwithstanding; aad t6ereupon or thereafter, at the option of said moctga- gee. without notice or demand, suit at 1aW or in equity, may be prosecnted as if all moneys secured hereby had matured priar to its institution. T6e mortg,agee may foreclose this moctgage. as to the amount so declared due and ~ payable, and the said premises shall be sold to satisfy and pray the same together with costs, expenses,and allow- ! ances. In case of partial foreclosure of this mortg,age, tl4e moctgaged premises shall be sold subject to the con- ~ tinuing lie~ of this mortgage fa the amount of the debt aot then due and unpaid. In such case the provisions of this paragraph may ag,ain be availed of thereafter from time to time by the mortgagee. _ ~ 10. That the mortgagor will give immediate notice by mail to the mortgagee of any conveyance, transfer, or change of oamership of the pcemises. ~ 11. That no waiver of any covenaat herein or of t6e oblig,ation secnred hereby shall at any time thereafter be ~ held to be a waiver of the terms hered or of the note secuced hereby. ~ 12. That if the mortgagor default in any of t6e covenants or agreements contained herein, or in said note, then the modgagee may perfora? the same, and all expenditures (including reasoneble attocney's fees) made by the mortgagee in so doing sl~all dtaw 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 theteon, shall be secure~ by this modgage. ~ 13. that the mailing of a~vritten notice or demandaddressed to the owner of record of the modgaged premises, or directed to the said awner at the last address actually furaished to the modgagee, or directed to said owner at said mortg,aged premises, and mailed by the Uaited States mails, shall be sufficient notice and demand in any ~ case arising under this instrument and tequired by the p~avisioas 6ered or by law. ~ 14. The mortgagat covenants and ag~ees that so long as this mort~age 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 the mortgaged propedy on the basis of race, color, or ~ creed. Upon any violatioo of this uadertaking, the mortgagee may, at its option, declare the unpaid balance of the ~ debt secured hereby immediately due and payable. ~ 15. The modgagor fnrther coveaants that should this mortgage and t6e note secnred hereby not be eligible ~ ~ ~ for insurance under the Natianal Housing Act within 90 DAYc from the date hereof (written statement z of any officer of tbe Department d Housing aud Urban Development or authorized agent of the Secretary of Hous- ~ ing and Urban Development dated subseqaent to the 30 DAYg time from the date of this modgage, ~ declining to insuce said note and this mortg,age, being deemPd caQClusive proof of such ineligibility), the modga- ~ gee or the holder d the note may, at its option, declare all sums secnred bereby immediately due and payeble. ~ The covenants herein contained shatl b~ad, and the benefits abd advantages shall inure to, the respective ~ heirs, esecutors, administrators, successa~s, and assi~s af the parties hereto. W6enever used, the singular num- ber shall inclnde the plural, t6e plural the singular, and the use of aey gender shall include all genders. ~ ~ ~R . ~ aooK 155 - 598 ~ ~ ~ ~ - = .y ~v