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HomeMy WebLinkAbout2788 ' • . ~'.i ~ ` _y'`,. l+ • `,J~ • • S. Tbst he will pe~mit. canmit, a suffer ao waste. impairmeat. or deteriaatloa of said property or any pad the~eof; and ia the event of the tailure ot the mortgagor to keep the buildings on said pnmises and t6ose tobe erected oa said premises~ or improvemeats thereoa. in good repau. the modgagese awy make such eepoirs as in its dl~cretloa It may deem necesspry foc the ~oper presecvatiou thereof. ond the Eull amount of each aad every such p~ymeat shall be immediately due and payable, and shall be secured by the IIeA of thi~ mortgage. 6. Tbat he will pay sll and siagular the costs. cbarges. and expe~ses, inclading re~soaable lawyer's fees, and costs of abstracts of title, incurred or paid at any time by the matgagee becaase oE the Eailure on the part of the martgaga promptly and fully to perfocm the agreements and covenants of said pcoa?issory note and this~mort- gage, and seid costs. charges. and expenses shell be iiaaiediately d~ and poyable and s6a11 be secured by the lien oE this matgage. 7. That he Will keep the improvements novv existing or hereafter ecected on the matgaged property, iasurcd as may be requiced from time to time by the matgagee against loss by fire and other hasards, cesuolties, and coatin- gencies in such amounts and for such periods as may be required by matgagee. and ~vill pay promptly. when due. any premiuu~s on sucb insurance for payment of ahicb provision has not beea made hereinbefoce. All insurance shall be carried in compaaies approved by matgagee and the policies and renewals theceaf slwil be held by mort- gagee and have attaChed theceto loss peyable clauses in fpvor of aad in form acceptable to the modg,agee. Ia event of loss he will give immediate notice by mail to moctg,agee, and moctgagee may maloe proof of loss if not mede promptly by mortgagor, and each insurance compeny concerned is hereby authorized end d'uected to make peyment for such losa directly to mortgagee instead of to m~tgaga aad moctgagee joiatly. and the insucance pco- ceeds. or any part thereof. may be applied by mortgagee at its option either to the redaction of the indebtedness heceby secuced or to the restoration a repair d the property damaged. In eveat oE foreclosure af this modgege oc other transfer of tltle to the modgaged propedy in extinguisha~ent of the Indebtedness secured hereby, all right. title, and interest of the mortgaga in and to aay insureace policies thea in focce shall pess to the purchaser or grantee. 8. That the mortgagee may, at aay time pending a suit upon this mortgage. apply to the coart having jurisdic- tioa thereaf for the appointment of s 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 [ran whatever soucce derived, each and every of which, it being expressly understood. is hereby mortgaged as if specifically set fodh and described in the grunting and habendum clauses hereaf, and such receiver shall l~ave all the broad and effective functims sad powers in anyavise entrusted by a court to a receiver. and snc6 appolntment shall be made by such court as an admitted equity and a matter of absolute right to said mortgagee, and without refereace to the adequacy or inadequacy of the value of the propedy mortgaged or to the solvency or iasolvency of said modgagor or the defendents, and that such reats, proEits, income. issnes. and revenues shall be applied by such receiver . according to the lien of this mortgage and the prectice of such coud. In the eveat of eny default ort the part of the mortgagor hereunder, the mortgagor agcees to pay to the mortgagee on demand as s r~soneble monthly rental Eor the premises an amount at least eqpivalent to one-twelfth (1/12) of the aggreg,ate of the twelve monthly install- ments payable ia the then current year plus the actual amount of the annual taxes, assessa~ents. water rates, and insurance premiums for such year not covered by the aforesaid monthly payments. 9. That (a) in the event of any bceach of this modgage or default oa the pert of tbe mortgagor, 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, conditions, and covenants of said note and this modgage, are ~not duly, promptly, and fully performed; then in either or aay snch event. the said aggreg,ate sum mentioned in said note then remaining unpaid. with iaterest accrued to that time. and all moneys secured hereby, shall become due and psyable forthwith. or thereafter, at the option of said matgagee, as fully and com- pletely as if all of the said sums of money were originally stipulated to be peid on sach day, anything in said note or ia this mortgage to the contrary ndaithstanding; and thereupa~ or thereafter, at the optioa of said matga- gee, without notice or demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby had ~ matured prior to its institution. The modg,agee may foreclose this mortgege. ss to the amount so declared due and - ~ payable, and the said premises shall be sold to satisfy and pay the same together with costs, expenses,and allow- ~ ances. In case of partial foreclosure of this mortgage, the mortgaged premises shall be sold subject to the con- tinuing lien of tbis mortgage fo: the amoant of the debt not then due and unpaid. Ia such case the provisions of this paragraph may agsin 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 conveyance, transfer, or change of aavaership of 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 t6e note secured bereby. 12. That if the mortgagor default ia any of the covenaats or agreements conteiaed herein. oc ia said note, then the modgagee may pedorm the same, and all expendituces (inclading ceasonable attocney's fees) made by the mortgagee in so doing shall draw intecest at the rate set fath in the aote secured heceby, aad sball be cepayable immediately and without demand by the mortgaga to the mortgagee, and, togethet with iaterest and costs accruing thereon, shall be secured by this modgage. 13. that the meiling of a written notice ac demandaddressed to the owner of record of the mortgaged premises, or dicected to the said owaer at the last address actually farnished to the matgagee, or directed to said ovvner at said moctgaged premises, and mailed by the United States mails, shall be snfficient notice aad demand in any case arising under this instcumeat and reqnired by the provisioas hereof or by lew. ~ 14. T6e mortgaga covenants ead agrees that so long es this moctgage and the said nate secured hereby are insured uader the provisions of the Natia~al Housing Act, he aill not execute or file for record any~.instrument w6ich imposes a reBtriction upon the sale or occupancy of the modgaged property on the basis of race, color, or creed. Upon eny violatia~ oE this undectaking~ the mortg~gee may, at its option, declare the unpeid balance of the debt aec~ued hereby immediately due and payable. I5. The mortgagor further covenants t6at shonld Wis mortgage ~ad the aote seeured hereby not be eligible for iasurance under the National Housing Act within thi~ ty da?ys , from the date hereof (written statement ~ aay officer of the Depadment of Housiag and Urban Devel~pmeat or authaized ageat of the Secretary of Hous- ing and Urban Development dated subseqnent to the thitty da?y time from the date of this mort~age, declining to insare said aote aad t6is mortgage. being deemPd coaclusive proof of such iaeligibility), the mortge- gee bc the holder af the aote mey, at its option, declare all sums secared hereby immediatelq dne and payable. The covenaats herein contaiaed shaU bind, and the benefits and advaatages shall inure to, the respective heirs, executas. administrators~ succesaurs, aad assigns of the p~ties hereto. Wheneva used, the singular num- ber shall iaclude the plural, the plwal the singular. and the nse of any geader sball include all genders. ; a~K~s4 P~27'b5 . . _ . - - . _ - n.k~;;:v ~ , ~ , ; _ - ~ - `°^;:;ti