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HomeMy WebLinkAbout0974 S. Tbat he will permit, commit. a su[ter no waste. impairment. o~ dete~ioration of said pwpetty o~ any pa~t tbereof; and in the event oE the feilare of the modgago~ to keep the buildiags on said premises and Ihose :obe - erected or said pcemises. or improveeueats tbecea?. i~ good repair. the mortgagee may make such repoirs as in its discretioe it may deea~ necessary fo~ the prope~ p~eservatioa the~eof. and the full amount of each ac~d svery such payment sball be immediately due and payeble. and shall be secured by the lien of this mortgege. 6. That he will pey all and singular the cvsts~ charges. and expenses, including ceaso~able lawye~'s tees. and costs of abstracts of title. incurred or paid at any time bythe matgagee because oE the feilure on the pert of the mortgaga promptly aud fully to perfam. the agreements and coveaants of said promissory note and this s~ort- gage, and said costs. charges, aAd expenses shall be imeaediately due and payeble and shall be secured by the lien af this modgege. 7. That he will keep the impcovemeats now existi~g oc hereafte~ erected on the mostgaged propedy, insured as may be cequired fcom tiaie to time by the matgegee against'loss by fire end other hazards. casualties. and contin- ~ gencies i~ such amounts end for suc.h per~ods as may be required by mortgagee. acd will pey promptly. w4~en due. any premiua~s on such insurance for paymeat of which provision has not been made hereinbefore. All insurance ~ shall be carried in companies approved by mortgagee and the pc~licies and renewals thereof shall be held by mat- gagee and have attached thereto loss peyable clauses in iavoi of ard in form accept~ble to the mo~tgagee. Ia event of loss he will give immediate notice by mail to mortgagee. and mortgagee may make prooE of loss if not made promptly by mortgagor. and each insurance compaay concerned is hereby authorized and directed to make payment for such loss directly to mottgagee instead of to matgagor and mottgagee joiatly. and the insurance pra- ~ ceeds. or any part tfiereoE, may be applied by matgagee at its option ei!her to the reductioR of the i~sdebtedness hereby secured or to the restoratioa ar repair of the propedy damaged. In event of foreclosure of this modgage or ~ other t~ansfer of title to the modgaged property in extinguishment of the indebtedness secured hereby. all right. ~ title, and interest of the mortgagor in and to any insurance policies then in force shall pass to the purchaser oc ~ grantee. 8. That the mortgagee may. at any time pending a suit upon this mortgage. apply to the court having jurisdic- i tion thereof for the appoint~neat of a receiver. and such court shall forthwith appoint a receiver of the premises ( covered hereby all and singuler. including all and singular the income. profits, issues. and revenues fram whatever ~ source derived, each and every of which. it being expressly understood, is hereby mortgaged as if speciEically set ~ Eorth and described in the granting and habendum clauses hereof, and such receiver shall have all the broad and ef:ective fu~ctions and pow~rs in anywise ent~usted by a cowt to a receiver, and such appointment shall be made i by such court as an admitted equity and a matter of absolute right to said mortgagee. at~d without reference to the adequacy -or inadequacy of the value bf the propedy mortgaged or to the solvency or iaSolvency of said modgagor or the defendents. and that such rents. profits, income. issues. and revenues shall be applied by such receiver according to the lien of this mortgage and the practice of such c~ud. In the event of aay deEault on the part of the ~ modgagor hereunder. the mortgagor agrees to pay to the mortgagee on demaMt as a reasonable monthly rental for the pcemises an amount at least eq~ivalent to one-twelfth (1/12) of the aggregate of the twelve monthly install- ments peyable in the~ then current year plus the actual amount of the annual taxes. assessments. water rates. and ~ insurance premiums for such year not covered by the aforesaid monthly paydents. 9. That (a) in the event of any breach oE this modgage or default on the part of the modgagor. or rb) in the ~ event that any of said sums of money herein referred to be not promptly and fully paid without demand or notice, i or (c) in the event that each and every the stipulations, agreements. conditions, and covenants af said note and ; this modgage, are not duly, promptly. and fulty perEorcaed; then in either or any snch event, the said aggregate ` 'I sum mentioned in said note then remaining unpaid, with interest accrued to that time. and all moneys secured , hereby, shall become due and payable forthwith, or thereafter, at the optioa of said mortgagee. as fully and com- pletely as if all of the said sums of money were originally stiFulated to be paid on such day. anything in said - , note oc in this modgage to the coatrary notwithstanding; and thereupon a thereafter. at the option of said moctga- ~ gee, without notice or demand. suit at law or in equity, may be prosecuted as 1f all moneys secured hereby had ~I~~ matured prioc to its institution. The oortgagee may foreclose this mortgage. as to the amount so declared due and # i payable, and the said premises shall be sold to satisfy ac~d pay the seme together with costs, expenses,and allow- ~ ances. In case of partial forecIosure of this mor?_gage, the mortgaged premises shall be sold subject to 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 agai~be a~railed of thereafter from time to time by the mortgagee. ~ ~ 10. That the modgagor will give immediate notice by mail to the modgagee of any conveyance. transfer, or ~ change of orovnership of the premises. - ~i 11. That no waiver of any covenant herein a of the obligation secured hereby shali at any time thereafter be I held to be a waiver of the tecros hereaf or of the note secured hereby. ~ 12. That if the mortgagor defanlt in anS of tbe covenants or agreements contained 'nerein, or in said note, then ~ ~ the modgagee may perform the same, and all expenditures (including reasonable attaney's fees) made by the mortgagee in so doing shall draw interest at the rate set fath in the note secured heceby, and shall be repayable imm.ediately and without demand by the ~odgaga to the modgegee, and. together with interest and costs accruing I thereon. shall be secured by this awdgage. 13. that the mailing of a written notice or demandaddressed to the owner of record of the mortgaged preroises, . or directed to the said owner at the last addcess actually furnished to fhe mortgagee, or dicected to said aaner at said mortgaged premises, and mailed by the United States mails, shall he sufficient notice and demand in any - # case arising under this instrument and required by the provisions hereof or by Iaw. . ~ 14. The mortgagor covenants and ag,rees that so long as this mortgage and the said note secured hereby are ~ insured under the provisions of the Natia~al Housing Act, he will nat ezecute or file for record any instrument ' ~ which imposes a restriction upon the sale or occupancy of the modgaged propedy on t~e bssis ef :ace, c~;or, ar ~ f creed. Upon any_violation of this uadertaking, the mortgagee may, at its option. declare the unpaid balance of the ' ! debt secured hereby imciediately due and payable. ' ? ' 15. The mortgagor fiuther covenants that should this mortgage and the r~ote secured hereby not be eligible for insurance under the National Housing Act within thi7Cty da?ys from the date hereoE (written statement ~ of any officer of the Department of Housiag and Utban Development or authocized agent of tf~ Secretary of Hous- ; ing and Urban Development dated subsequent to the thilty d2ry time from the dete of this mortgage, declining to insure said note and this mortgage. being deemed conclusive prooE of such ineligibility), the mortga- ~ gee or the holder oE the note ~ay, at its option, declare all sums secured hereby imaiediately due and Fayeble. The covenants herein contained s6a11 bind, and the benefits and advantages shall inure to, the respective ~ heirs, executors, administrators, successas, and assigps af the pacties hereto. Whenever used, the singular num- ~ ber shall include the olural, the plural the singular, and the use of eny gende? shall include all genders. ~ ~ aoox 15~ P~~~ 37~- ~ 4 ~ ~ ~ . ~ . . . . _ ~ , :=,t'_'~S G*,= ~ ~ -F:' ,.~y~.`~ ~ ~ _ ~ ~a~-::. r I ~ _ - _ i i, - ~.3 - t ~