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HomeMy WebLinkAbout0486 i . ; ~ i ~ 5. That ha will permit. commit, o~ sutEer rio waite. impaic~nent, ct detariaation of said pcoperty o~ any part thereof; anc! in tht event of the tailure of the mortgagot to keep the buildings on said pcemises and thuse to: e ecected on said premises. or improvemeats theceoc~, in good ~epeir, the mortgagee may make such ~e~,nirs as i~ its discretio~ it msy deem necessary foc the prope~ prese~vation theceof. and the full amount of each ac~d eveiy such peyment shall be ima~eciiately due and payable, and shall be secured by the lien of this mortgage. 6. That he will pay all and singular the costs, charges. artd expe~srs. including reasonable lawyer's [ees. ~ and costs of abstracts of title, incurred or paid at aay time by the mortgagee because oE the Faiture on the pe~t of r the mortgago~ promptly and fully to pe~io~m the agreemeMs aod covenants of said promissory note and this mort- gege. and said costs. chacges. and expenses shall be immediate:y due and payeble and shall be secured by the lien of this ~aoctguge. _ 7. That he will keep the improvements now existing oc he~eafter ecected o~ the mortgaged prop~dy. insured as ~ may be requiced from time to time by the m~tgagee against loss by fice artd other hazards. casualties. and contin- ~ gencies in such amounts and fur such periods as may be requiced by matgagee. a~d will pay pcomptly. whert due. ~ any premiums on such insurance for payme~t of which provision has not been made heceinbefore. All insurance shall be carried in companies approved by mortgagee and the policies and renewals thereof shall be held by mc~tt- i gagee and have attached ihereto loss payable clauses irt favor of and in form acceptable to the mo~tgagee. In 1 event of loss he will give immediate notice by mail to r.~ortg~gee, and mortgagee may make proof of loss if not made promptly by mortgagor, and each insurance compa~y cor.cerned is hereby authorized and directed to make payment for such loss directlf to mortgagee instead of to mortgago~ and mortgagee jointly. and the insurance pro- ceeds, or any part thereof, may be applied by mortgagee at its option either to the reduction of the indebtedn~ss ~ hereby secured or to the restoration or repair of the propedy damaged. ln event of foreclosure o[ this mortgage or ~ other transEer of title to the mortgaged propedy in extinguishment of the indebtedness secured heceby, all right, ~ :itle. and interest of the mortgaga in and to any insurance policies then in face shall p3ss to the purchaser or ~ grantee. 8. That the mortgagee may. at any time pending a suit upon this mortgage. apply to the court having jwisdic- i tion thereof for the appointment of a receiver, and such coud shall forthwith appoint a receiver of the pcemises ~ covered hereby al! 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 modgaged as if specifically set ~ [orth and described in the gcanting and habeadum clauses hereof. and such receiver shall have all the broed and s effective functions and powers in anywise e~trusted by a court to a receiver, and such appointment shali 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 propedy moctgaged or to the solvency or insolvency of said mortgagor ; ur the defendents, and that such rents, profits. income, issues, and revenues ~hall be applied by such receiver according to the lien of this mortgage and the practice oE such coud. In the event of any default on the p~art of the r~ortgagor hereunder, the mor'rgagor ,agrees to pay to the mortgagee on demand as a reasonable monthly 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 then current year plus the actual amount of the annual taxes, assessments, water rates. and irsuran~e premiums for such year not coveied by the aferesaid monthly payments. t 9. That (o) in the event of any breach of tIiis mortgage or default on the part of the mortgagor, or (b~ in the ~ event that any of said sums of money herein referred to be not promptiy and fully paid witi?oat demand or notice. ~ or (~1 in the eveni that each and every the.stipulations. agceements. conditions. and covenants of said note and } this mortgage, are noi duly, promptly. and fully performed; then in either or any such event, the said aggregate i sum mentioned in said note then remaining ~unpaid. with interest accrued to that time, and all moneys secared ~ hereby, shall become due and payable forthwith, or theteafter. at the option of said mortgagee. as fully and com- ? ~leiely as i: all of the said suins of money were originally stipulated to be _paid on such day, anything in said ~ note or in this mort~age to the contrary notwithstanding; and thereupon or thereafter, at the option of said mortga- i I gee. without no2ice or demand, snit at law or in equity, may be prosecuted as if all moneys secured heceby had ~ 4 matured prior ta its institution. The mortgagee may foreclose this modgage. as to the amount so declared due and ; ! pay~ble, and the said premises shall be sold to satisfy and pay the same together with costs, exFenses,and allow- ~ ances. In case of partial forec(osure of this mortgage, the mortgaged premises shall be sold subject t~ the con- ~ ~ tinuing ,lien of this mortgage for the amount of the debt not then due and unpaid. In such case the provisions of ~ ~ this paragraph may again be availed of thereafter from time to time by the modgagee. ~ 10. That the modgagor will give immediate notice by mail to the modgagee of any c~uveyance, transfer. or ~ change of ownership oE the premises. 11. That no waiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be held to be a waiver of the terms hereof or of the note secared hcreby. - 12. That if the mortgagor default in any of the covenants or agree~nents 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 interest at the rate set forth in the note secured hereby, and shall be repayable immediatPly and withoat demand by the modgagor 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 sddressed to the owner of record of the mortgaged premises. or directed to the said owner at the last address actually fwnished to the mortgagee, or directed to saidowner at said mortgaged premises, and cnailed by the United $tates mails, shall be sufficient notice and denand in any case arising under this instruer~ent and required by the provisioos hereof or by law. 14. The a~ortgagor covenants anci agRees that so long as this mortgage and the said note secured hereby are insure~ under the provisions of the National Honsing Act, he will not execute or file for record any instrument which imposes a restriction upon the sale ar uccupancy of the mortgaged propetty on th~ basis of race, color, or r creed. Upun any vjolation of this undertaking, the tr.ortgagee may, at its option, declare the unpaid bala~e of the debt secured hereby immediately due and payable. ~ 15. The R~ortgagor further covenants that should this g~ge and the note secured hereby not be eligible - for insurance under the National Housing Act within from the date hereof (written statement 7'~ of any officer of the Deoartment of Housing and Urban Development or authorized agent of the Secretary of Hous- 4 ing and U:ban Developr.ient dated subsequent to the ~{j UQ~'~ Lime from !he date of this mortgage, ' declining to insure said note and this mortgage, being deem?d conclusive prooE of such ineligibility), the moriga- gee or the holder oE the note may, at its option, declare all sums secured hereby immediately due and pa}eble. The covenauts herein contained shall bind, and the benefits and advantages shall inure to, the respective heirs, executors, adminis!rators, successors, and assigns ~ the parties hereto. Whenever used, the singular num- ~ ber s~all include the plnral, the plural the singular, and the use of any gender shall include all genders. ~ B4(1K~VU ~~Ef t ~ ; _ f - ~ _ Y ~ _ y~ z ~ ~ ~ ; . _ ' - W_