Loading...
HomeMy WebLinkAbout1099 ~ ~E ~ , S. That he will pe~mit, commit. ot sufEec no waste, impairmeat, or dateriaation oE said pcoperty oc any pa~t theceof; and In the event of the failuce of the matgagoc to keep the buildiags on said premises and lhose tobe e~ected on said premises~ o~ impmvemeats thereoa. in good cepair, the moetga~ee may make such repairs as ia its diacretion it iaay deem r~ecessacy for the proper pcesenration thereoE. and the full amount of each aad every sucA paymeet shall be immediately due aad psyeble. and shall be sec~ued by the lien of this mortgage. ~ 6. That ho a?ill poy all and singular the casts. charees. and expenses. iaclnding reasonable lawyer's fees. and costs oE abstracts of title. incurred or paid at eay time bythe matgegee because of the failure oa the part oE the mortgagor promptly and fully to pertam the agireemeats and coveaants of said promissory note and this raat- gage. and said costs. charges. and e:penses slwll be immediately due and p~yable aad shall be secured by the lien of this mortgage. - 7. That he will keep the improvemeats now eYistiag a heceaftec erxted oa the matgaged property. iasured ~s may be required from time to time by the matgagee agaiast loss by Eire a~d other hasards~ casualties. and contin- gencies in such amounts and for such peciods as awy be required by moctgpgee. and will pay promptly. when due. any premiums on such insurance for peymeM oE which provision has aot bee~ made hereinbefore. All insorance shall be carried in companies approved by mortgagee aad the policies and renewals thereof shall be held by mat- gagee and have attached theceto loss payable clauses in favoc of aad in form acceptable to the mortgagee. I~ eve~t of loss he will give immediate notice by mail to mortgagee. and mortgagee may meke proof of loss if not mede promptly by mortgagor, and each insucance compaay coacerued is hereby authorized and d'uected to a.ake - payment foc sach loss dicectly to modgagee iastead of to mortg,ugor end matgagee jointly, and the insucance pro- ceeds. or any pad thereof, may be applled by matgagee at its option either to the reduction of the i~debtedness hereby secured or to the restoratioa a repair of ihe prope~ty damaged. Ia event oE foreclosure oE this mortgage or other transfec of title to the mortgaged propertq in e:tingaishment oE the iadebtedness secured hereby. all right, titte. and intecest of the moctgagar ia end to a~y insurance policies then ia face shall pass to the purchaser ac grantee. . 8. That the matgagee may, at aay time pe~uling a suit upon this mortgage, apply to the court haviag jucisdic- tio~ thereaf for the appointmeat of a receiver. aad such caud shall fodhwith appoint a receiver of the premises covered hereby all and singular, including all and singular the income, profits, issues~ and reve~ues from whatever source derived. each and every af which. it beiag expressly understood, is hereby modg,aged as if specifically set forth and described in the g~anting and habeadum clauses hereof, and such receiver shall have all the broad and effective functioe~s and powers in anywise entrusted by a court to a receiver, and such appointment shall be made by such court as a~ admitted equity and a matter of absolute right to said mortgagee, and aithout reference to the adequacy or inadequacy of the valne of the propedy moctgaged or to the solvency or insolvency of said mortgagor or the defendents, and that such rents, proEits. iacoa~e. issues. and revenues shall be applied by such receiver according to the lien of this mortgage and the practece of such coud. In the event of any default on the part of the mortgagor hereunder. the mortgagor agrees to pay to the mortgagee on demand as a reasoaable monthly rental for the premises an amount at least eqpivaleat to one-tvvelfth (1/12) of the aggregate of the twelve monthly install- ments payable in the then current year plas the actual amount of the annual taxes. assessments. water rates. and insurence premiums for such year not covered by t6e afotesaid montbly peyments. 9. That (01 in the event of any breach o~ this modgage oc default on the pad of the modgagor, or (b) in the event that any oE said sums of money herein referced~ to be not promptly and fully paid arithout demand or aotice; or (~1 in the event that each and every the stipulatioos, ag~eements, conditions, and covenants of said note and this mortgage, are not duly, promptly, and fully perfamed; . then ia either or any suc6 event. the said agg~egate sum mentioned in sdid note then remaining unpaid, with. interest accrued to that time, and all moneys secured ~ hereby, shall become due and payable forthwith, oc thereaker, at the option of said matgagee, as fully and com- pletely as if all of the said sums of money were origiaally stipulated to be paid on such day, anything in seid note a in this mortgage to the contrary notaithstanding; and thereupon a thereafter, at the option of said moctga- gee, aithout notice or demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby had matured prioc to its institution. The mortgagee may foreclose this modgege~ as to the amount so declared due and ' j payable. and the said premises shall be sold to satisfy and pay the same together with casts, expenses,and allow- ~ ances. In case of partial fareclosure of this mortgage, the mortgaged ~emises shall be sold subject to the con- tinuing lien of this modgage for the amount of the debi not then due and unpaid. In sach case the provisions of ~ this paragraph may again be availed of thereafter Erom time to time by the mottgagee. 10. That the modg,agor wil! give immediate notice by mail to the modgagee of any conveyance, transfer, or ~ change of ownership of the premises. - 11. That no waiver of any coveaaat herein or of the obligation secnred hereby shall at a~y time theceaEter be held 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. or in said note, then the mortgagee may pedorm the same, aad all e:peaditures (iaclt~ding reasonable att~ney's fees) made by the mortgagee in so doing shall draw interest at tf~e rate set fath in tbe aote secured hereby, and shall be repayable immediately and without demand by the mortgaga to t6e mortgagee, aad. together with interest and costs aectuing thereon, shall be secured by this modgege. 13. that the mailing of a written notice oc demaadaddressed to the owner of record of the moctgaged premises, or directed to the said owner at the last address actually farnished to the mortgagee, or directed to said owner at seid mortgaged premises. and mailed by the United States mails, shall be sufficient notice and demand in any case arising under this instrument and required by the provisioas hereof or by law. 14. The mortgagor covenants and agtees tbat so long as this m«tgage and the said note secured hereby are insured under the provisions of the National Housing Act, he will not execute or file Eor record any instcument which imposes a restriction upon the sale or occupaacy of the mo~tg,aged propedy on the besis of race, colar, or ~ creed. Upon any violetion of this undectaicing, the mortgagee may, at its option, declare the unpaid balaace of the debt secured her~by immediately due and payable. 15. The mortgagor further covenaats t6at should this mat ge aad the note secured herebg not be eligible for insurance under the Natianal Housing Act aithin 30 DAI~ fran the date hereof (~vritten statement of any officer of the Depadment of Honsing end Urban Development or authorized agent of the Secretary of Hous- ing and Urban Development dated subsequent to we 3Q DAY~ time fro~ the date of this modgage, declining to insure s~id note and this mortg,age, being deem~d coac usive proof of such ineligibility), the mortga- gee or the holder d the note may, at its option, declare all sums secuced hereby immediately due and paysble. The coveaants herei~r contained shall biad, and the benefits and advantages shall inure to, the respective heirs, executors, administrators, successas, and assigi~s af t6e parties hereto. " Whenevec used, the singular num- ber shall include the plural~ the plural the singular, and t6e nse of any gender shall include all genders. ~~1c 1~ Qas~~O~ . - xA~- ~ ~'--v 's:~ s _ . ~ ~ ~s`~P,.~`~~ { ' ' i. ~