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HomeMy WebLinkAbout0143 t j.( ~ } . ~ . . : V - ' 3 ~ S. Tbat he wiU pecmit, cummit, ot sutfrr no viraste. impairmcnt, or deterioration ut said property o~ any part ~ theceof; snd ie the event ot the failure of the mortgagor to ~Ceep the buiidings on said pr~mises aad thosatc~b~ e:ected oa said premises. or imp~ovements ther~on. in gocd repair. lhe moNgagee may ?uake such repaics as in its discretion it may deem necessa~y for ~he proper presenatinn thereof. and the iull emount of each and e~•ery such paymeat shull be immediately due and pa~~able, and shall be secured bp the lien of this mortgage. ~ 6. That he will pay all a~d singula~ the casts, charges, and eapenses. inciucling reasonable lswver's [ees, and co~ts o; abstracts of title. incurred or paid at any time bythe mortgagee because of th8 failure on the part ~ :he moctgagcx prorapti} and [ully to perform the ag~eemen:s a~d cavenants ~f said pcomissory note and tbis mort- gage. and said costs ^harges, and expenses shall be immediately due aad payable and shall be secured by the ~ lien af this moctgage. 7. '!'hat he wi11 keep the imp~ovea.ants now existing or hereafter ecected on the modgaged prupecty. insuced as may be requiced from time to titue by the mortgagee ~gainst loss by !ire and other hazards. casualties, ar.d contin- gencies in such amounts an~ for such ~ariods as may be cequired by mo~tgagee. and will pay promptly. when due, any premiums oo such insurance foc payment of which provision has aot been made heteinbefore. All insurance ~ shall be ca~ried in companies approved by mortgagee and the policies and renewals thereof shall be held by mort- ~ gagee and have attached thereto loss payable clauses in favor o[ and irt [orm acceptable to the ~aortgagee. In event of loss he ~.vill give immediate notice by muil to mortgagee, and mortgugee may make proof of loss i[ not made promptly by mortgagor, and each insurance company concerned is he~eby suthorized and directed to make , pay ment for such loss dicectly to mortgagee instead of to mortgagor and moctgagee jointly. and the insurance pro- . ceeds. or any part thereof, may be applied by mortgagee at its option either to the rednctio~ of the i~debtedness !~erebv secured or to the ce~t~sation or Kpair of the pcoperty damaged. ln event af foreclosure of tbis :aortgage oc other transEer of iitle to the modgaged propedy in extinguishment of the indebtedness secuzed l:ereby. all ~ight, title, and interest of the mortgaga in and to any insurance policies then in force shall pass to the purchaser oc g~antee. 8. That the modgagee may, at any time pending a suit upon this mortgage. apply to the court having jurisdic- tian thereof for the appointment of a receiver. and such court shall forthwith appoiat 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 understood, is hereby mortgaged as if specifically set torth and described in the granting and habendum clauses hereof, and such receiver shall have all the broad and ef[ective functions and powers in anywise entrusted by a court to a ceceiver, 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 inadequacy of the value of the property mortgaged or to the solvency or insolvency of said mortgagor ~ or the defendents, ancl 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 cou~t. In the event of any default on the part of the ~ mortgagor hereu:~der, the mortgagor agree~ to pay to the mwtgagze on'demana as a reasonable monthly rentat for ~ the premises an amount at least eqyivalent to one-twelfth (1/12) of the aggregate of the twelve monthly install- ment~ payable in the then curreRt year plus the actu~l amount of the annual taxes. assessments, water rates, and rt insurance premiums for such year nd_ covered by the aforesaid monthly payments. ~ 9. That (a) in the event of any breach of this modgage or default on the pad of the modgagor. or (b) in the ~ e~•ent that any of said sums of money herein referred to be not promptlv and fully paid without demand or notice, ~ or (~1 :Z the event that each and every the stipulations. agreements, conditions. and covenants of said note and ~ this modgage. are not duly. promptly, and fnlly perforcned; then in either or any such event, the said aggregate ~ sum mentioned in said note then remaining u~ipaid, with interest accrued to that time, and all moneys secured 3 hereby. shall become due and payable forthwiEh, or thereafter, at the option of said mortgagee,.as Eully and com- ~ ple:ely as if a!1 of the said sums of money were originally stipulated to be paid on such day, anything in said 3 note ot in this mortgage to the contrary notwithstanding; and theceupon or thereafter, at the option of said matga- ~ gee. without notice or demand, suit at law or in equity. may be prasecuted as if all moneys secured hereby had ~ matured prior to its institution. The mortgagee may foreclose this mortgage. as to the amount so-declared due and ` P y p y pa_y the same to ~ a able. and the said remises shall be sold to satisf and gether with costs, expenses.and allow- ances. In case of partial foreclosure of this mortgage, the mortgaged premises shall be sold subject to ttie con- tinuing lien oE this mortgage for the amount of ti~e debt not then due and unpaid. In such case the pro~ isions oE - this paragraph may again be availed of thereafter from time to time by the mortgagee. . 10. That the mortgagor will give immediate noiice by mail to the mortgagee of any conveyance. transfer, or change of awnership of the premises. 11. That no waiver of any covenant herein or of the obligatiun secured hereby shall at any time thereafter be ~ '~eld to be a waiver 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. oc in said note, then : the mortgagee may perform the same, and all expenditures (including reasonable attorney's fees) made by the mortgagee in so doing shall draw irtterest at the rate set forth in the note secnred hereby, and shall be repayable immediately and without demand by the mortgagor to the modgagee, and. together with interest and costs accruing thereon, shall be secisred by this modgage. . - 13. that the mailing of a written notice or desr.andaddressed 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 directe~ to said owner at • said modgaged pcemises, and railed by the United States mails, shall be sufficient notice and demand in any case arising under this instrument and required by the provisions hereof or by law. .14. The a?octgagor covenants and agrees that so long as this mortgage and the said note secured hereby are ? irtsured 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 p~opedy on the basis of race, color, or ~ ~ creed. Upon any violation of this underfaking, the mortgagee may, at its option, declare the unpaid balance of the debt sec~ued hereby immediately due and payable. ~ 15. The r.~ortgagor further covenants that should this mortgage and the note secured hereby not be eligible ~ ' for ir_sarance under the National Housing Act within t~11Tt daq g from the date hereof (writtee statement ~ of any o[ficer of the Department of Housing and Urban Develo~ment br authorized agent of the Secretary of Hous- ~ ing and Urban Development dated subsequent to the thirty day ~ c,~ from the date of this modgage, declining to insure said note a~:d this mortgage, being deemed conclusive ¢roof oE such ineligibility), the mortga- ~ gee or the f.o!der of the note n~ay, at its !~ptiQn, declare all sums secured-hereby imR~ediately due and payable. ;he covenants herein contained sl:all bind, and the benefits and advantages shall inure to, the respective heirs, executors, administrators, successors; and assig~s oE the padies heret~. Whenever ased, the singular num- ~ ber shall include the ~+lcral, the plural the singular, and the use of any gendec shall inclade all genders. 0Q BQOK~c~ ~ACE ~ ~ ~ ~ r _ - T~ ~ 2='=~,~„~.~~,..~-~- .~~,::a. ~ -~"~;'`p' ~ ~ ; ~ a w , ~ , _ _ _ .