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HomeMy WebLinkAbout0669 V • V S. That he wlll permit. commit. o~ suifer no waate. impeirment. or deteriaation oE said pcoperty or any part thereoE; and ia the event of the feilure of the moKgAgor to keep the buildia~s on said premises snd thoBe tobe erected oa said premises~ o~ improvemeats thereoa. ia good cepa~r. the mortga~ee may make such cepairs as in its discretion it may deeao necessuy for tha proper preservatioa theceoE. and the EuU amount of eac;, .~1 every sucb payment shall be immediately due aad payable. and shall be secured by the Ilea of this modgage. 6. That he wiU pay all and singular the coats. charges, and eicpenses. ieclud'uig reaso~able lewyer's fees. aad costs of abstrects of title~ incur:ed ac paid at aay time bythe matgagee bscause ~ ths Eallure oa the pad ot the mortgegoc promptly and fully to perfa:m the agreemeats and covenanta of said pranisaory note ~nd this mort- gage. and said costs. charges. ae~d e:penses shall be immediately doe aad payable and sball be secuced by tLe liea oE this matgage. ~ 7. That he will keep the impcovements aow e:~sting_o~ hereaEter erectcd oa th~ mo~tg,aged pcopeety. iasured ~s may be required from tlme to time by the matgage~ against loss by fire and other h~ards, caswlties, and coatia- gencies in such amounts aad for such perlods as a~ay be ~qsired by mortgagee. and aill pay pcomptly. when due. any premi~ms on such insuraace for paymeat of which provisiou has not been aade herelabefae. All insurance shall be carried in companies approved by matg,agee and the policies aad renc~vals thereof sha:: held by mat- gagee and have attached theceto loss payable clauses in favor of and in form acceptable to tl~e moit~agee. Ia event of loss he will give immediate notice by mail to mortg,agee, and mortgagee may malce proof of loss if ~ot made promptly by mortgagor. and each iasucance company coacemed is hereby authocised aad directed to make payment for such loss dicectly to mottgagec instesd oE to matgaga sad moetgagee joiatly, aad the insurance pro- ceeds. or any part thereof. may be applied by mortgagee at its option either to the reduction of the iadebtedaess hereby secured or to the restaatioa a repair of the pcopedy damaged. 1n event of foreclosure of this mortgage o~ othe~ transfer of titk to the mortgaged pcoperty in extiaguishment oE the iadebtedness secured hereby. all right, title, aad interest of the mortgaga~ in aad to aay insurance policies thea ia focce shall pass to tbe purchaser or graatee. 8. That the matgagee ~aay, at any tlme pendiag a suit upon this mortgage. apply to tl~e court having jnrisdic- tion thereaf for the appointmeat of a receiver. and such caut shall forthwith appoint a receiver of the premises coveced hereby all and singular, including all and singular the income, profits. issues. and revenues from ahatever soucce derived, eacl~ a~d every of which. it being expcessly understood~ is hereby modgaged as if specifically set fodh and described in the granting and habeadum clauses hereof, and such receivec shell have all the broad and effective functions and powers in anyaise entrusted by a court to a receiver, aad such appoiatment shall be a?ade by such court es aa admitted equity and a matter of absolute right to said. mortgagee, and without :efereace to the adequacy or inadequacy of the value of the property matgaged or to the solvtncy or insolvency_oE said mortgagor or the defendents. and that such rents, profits, income. issues, an~, ~e~r t~~e~ .s~all be applied by such ceceiver according to the lien of this mortgage and the practice of soch court. tl0:ibi~l~ntiof aay default on the part of the modgagor hereunder. the mortgagor agrees to,pay to the mort~,agee oa-dea~aad as a reasonable monthly rentel for the premises an amount at least eq~ivalent~tolone-twelftlt (1/12) of the aggreg,ete o[~the twelve moathlyinstall- ments payable in the then current year plus the actual amount of the annuel taxes. assessa~ents. water rates, and insurance premiums for such yeac aot covered by the afocesaid monthly peymeats. 9. That (a) in the event of any breacb of this mortgage ot defeult aa the part of the modgagor. or (b) in the event that any of said sums of money herein referred to be .not' promptly- ~d fully paid without demand or notice. or (c) in the event that each and every the stipul~tions~ ~~reemerits; conaitions, and covenants oE said aote and this modgage. are not duly, promptly, and fully pedormed; then in either or aay such event, the said aggregate sum mentioned in said note then remaining uapaid, with interest accr~ed to that time, and all moneys secured hereby. shall become due and payable fo~thwith, a thereaRer, at the option of said mortgagee, as fnlly and com- - pletely as if all of tbe said sums of money were originally stipulated to be paid on such dayr anything in said note or in this modgage to the contrary notwithstanding; and theteupon or thereafter, at the option of said matga- 4 gee. without notice or demand. suit at law ot in equity. may be prosecuted as if all moaeys secured hereby bad 4 matured prior to its institution. The mortgagee may foreclose this mortgage, as 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 cese of partial foreclosure of this mortgage, the mortgaged premises shall be sold subject to the con- tinuing liea of this mortgage for the amount of tbe debt nut then dne and unpaid. Ia such case the pcovisions of ~ this paragraph may ag,ain be availed of thereafter from time to time by the mortgagee. 10. That the modgagoc will give immediate notice by mail to the modgagee of any coaveyaace. transfer~ or k change of o~waership of the premises. ~ 11. That ao aaiver of any covenant herein or of the obligation secnred hereby shall at any time thereafter be held to be a~vaiver of the tecros hered or of tbe note secured hereby. 12. '1'i~at~if the mortgagor default in anq of the covenants or ag~eements contained herein} a in said note, then the wortgagee may pedorm the same, and all expenditares (including reasonable attoa~ey s fees) made by the mortgagee in so doing shall draw interest at the cate set forth in the note secured hereby, and shall be repayable immediately and without demand by the mortgagor to the modgagee, end, together with iaterest and costs accruing thereon, shall be secured by this awdgage. 13. that the inailing of a written notice a demand add~essed to tbe oovner of record of the matg,eged premises, or directed to the seid owner at the last address actually furnished to'the modgagee, or directed to said owner at said awdgaged premises, and mailed by the United Stetes mails, shall be snfficient notice and demaad in any case atisiag under this instrument and required by the provisions heceof or by law. 14. The mo:tgaga covenants and agrees that so long as this moctgage and the sai~f note secured hereby are insnred nnder the provislons of the Nat~onel Ho~sing Act. he will not execute or file fot recocdany iri.,irument ~ which imposes a restriction upon the sale a occupenty of the mortg,eged propedy on the basis of race, coloc, or creed. Upon any violatiou of this undertakiog, the mortgagee may, at its optioa, declare the nnpaid balaace of the ~ debt secured heceby immedlately due and payable. 15.~ The mortgagor further covenants that should this matgsge and the note secured hereby not be eligible for insurance under the Natiaaal Housing Act vvithin Thirt~ D898 from the date hereof ~anittea statemeat of any officer of the Depedment of Housing and Ucban Development or authorized agent of the Secretary of Hous- ing and Urban Development dated subsequeat to the Thi rty Dajs time fcam the date of t6ig mortg,ege, decliniag to insure said note end this mortg~age, being deem~d conclnsive proof of auch ineligibility), t6e mortge- gee or the 6older of the aote may, at its option, declare all sums secnred hereby immediatelq due and payable. The coveaents herein contained shall bind, and the beneflts end edvantages shall inun to; the respective heirs, executora, edministrators. s~cxestsors, and assigns af t~e psrties~peceto~ Whenevec nsed, the singnlar num- ber shall include the plural, the plural the siagnlar, a~ the usls ot ~ny gender sball include all geaders. ~1~6 ~ 6~7 _ . _ _ r,~- . ~ _ -