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HomeMy WebLinkAbout0948 , **;~~~,~s . , , i~ i .f 5. That he will permit~ commit, or suffer no waste. impairment, oc detecioratia~ of said property or any p4d thee~eof; and ia the event of the feilure of the mortgagoc to tceep tbe buildings on s~id pcemises and those tobe erected on said premises. or improvemeats the~eon. Ia good cepair, the mortgagee may make such repairs as Ia its discretion it may deem necessary foc the proper preservatioa thereof. and the full amouat of each aad every soch payaient shall be immediately due aad peyable. and shall be secuced by the lien of this mortgage. 6. That 6e will pey all and siaguler the costs. charg~s. and exp~ses, includiag reasaaable l~wyer's fees. and costs of abstracts of title. incurred o~ paid et any time by the moctgagee because of the falluce oa the pad of ' the moctgaga promptly and Eully to perform the agaeements aad coveaaats of-said praniasory ade aad this mat- pge. and said coats, cherges. aad expenses shall be immedlately dae 4ad peyable aad sball be secured by the liea d this matgage. . 7. That be aill keep the impcovements now existing a hereafter ecected oa the moetgaaged pcopedy. iasured~ as , ~oay be required fcom time to time by the matgagee agaiast loss-by fire aad other haaards, casualties, and contiu- gencies in such amouats aad for such periods as may be requlred by matgagee. and will pay promptly, when d~. aay pceauums on such iasurance for peymeat of which provision has not beea made heninbefae. All iasurance shall be canied in compaaies appcoved by matgagee aad the poUcies aad reaevrals theieof sball be beld by mat- g,agee and hav~e attached t6ereto loss pey~ble clauses ia favac of and ia form acceptable to the moct~agee. In event af lass 6e will give immediate notice by mail to moctg,sgee. and matgagee may awloe proof ~ loss if aot made promptly by mortgagor,, aad each iasucance company coacerned is bereby aathaised and directed to make peymeat fa~ suc6 loss ditectly to mortgagee instead of to mottgagac aad matgagee jointly, aad the iasuc~ace pro- ceeds, or any pact thec~.wf, may be epplied by moctgagee at its optioa either to the rednction of the iadebtedness hereby sec~red or to the r~storetioa a repair af the pcopedy damaged. Ia event of foeeclo~~ue af this mortgage a othec transfer of title to the mortg,sged pcoperty in estiaguishment of the iadebtedness secured hereby, all right. title, aad int~test oE the matgaga in arid to aay insuran~e'policies then I~i force shall pass to the purchaser a gRBRtl~. 8. That the moctgagee may, at any tlme peading a suit upoa this moctgage. apply to the court having jurisdic- tion thereof foc th~ appointment oE a receiver. and such caut shall forthwith appoint a receiver of the pcemises ~ covered hereby sll aad siagulat, iacludiag all and singular the income, proEits, issues. aad ceveaues from vvbatever source derived, eacb and every af vrhich, it being expressly uaderstoad, is hereby mortg~ged as if specifically set forth aad describe~ ~ tbe gRenting and habendum clanses hereof. aud such receiver shall bave all the broad and effective fw~ctioas~an~po/v~ ~a anywise entnisted by a conrt to s receiver. and suc6 appointment shall be made by such court as an ad~aitle~ etluity and a matter of absolute right to said moctgagee. and without reference to the adequacy or inadequacy of th~ value of the propedy mortgaged or to the solveacy a insolveacy of said mortgagar or the defendeats, and that such reats, pcofits, income. issues. and reveanes shall be applied by sac6 receiver sccading to the liea of this mortgage and t6e pcactice of snch caut. In the event of any default oa the gad of the mortgagoc 6eceunder, the matgagoc agcees to pay to the matg,agee on demand as a reasoneble monthly rental for the pcemises an amount at least eqnivaleat to one-tvvelfth (1/12) of the aggceg~ate oE the tweive mo~hly instalt- ments payable in the thea cumnt yesr plns the actual emonnt of the anaual taxes, aasessmeats, arater rates, and insnrance premiums for such year not covered by the afocesaid monthly payments. 9. That (a1 in the event of any breach of this mortgage or defanlt an the part of the mortgagot, or (b) ia the event that aay of said sums of money herein ceferred to be aot promptly and fully psid without demaad or naRice, oc (e) ia tbe event that each and every the stipulations, egreemeats. co~ditia~s, aad coveaents of seid aote and ~ this mortgage, are not duly, pmmptly. aad fully pcdormed; then 'sn either or any such eveut, tbe said aggregate k sum mentioned in said note then cemaiaiag unpaid. ovith interest accroed to that time,- and eU moneys secnred ' hereby, shall become due and paysble forthwith, a thereafter, at the option of said moctgagee, as fnlly and com- " pletely as if all of the said su~s of money were. originally stipulated to be peid oa'such day, anything in said ~ aote ac ia Wis moctgage to t6e coatrary ndWithstanding; and tbereupon or thereafter, at the optioa of said matga- gee, aithout notice or demaad, suit at la~v oc.in equity. may be prosecuted as if all moneys secuced hereby had matured priac to its iastitutioo. The moctgagee may foreclose this mortg,age, as to the amount so declared due and payable, and the said premises shall be sold to satisfy and pay the same togetbec with costs, expeases,and sllow- ances. In cese of partial foreclosure of this matgage, the moctg,aged pcemises shall be sold sabject to tbe can-. ~ tinuing lien of this mortgage for the amount of the debt not then due and unpaid. In such case We pcovisioas of ` thia paragraph may again be availed of theceafter Erom time to time by the mortg,agee. ~ . 10. T6et the na~tgagor evill glve ipsmediate notice by mail to the modg,ngee of any conveyance, transfer, a chaage of aavnershiQ of t6e premises. ~ . . 11. That ao vvaiver of aay covensnt hecein or of the obligation secured hereby shall et any time thereafter be heW to be a waivec of the teims heced or of the note secnred bereby. - ~ 12. The?t if the moctgaga default in any d t6e covenants a ag~eemeats coatained herein, or in sayd note. thea the mort$egee mey pedorm the same, and all expenditures (including r~soaeble attoraey's fees) made by tbe mortgagee in so doiag shall draw intecest at tLe rate set fath ia t6e aote secured hereby, aad shall be repayable immediately and witbont demaad by the mortgaga to the mortgagee, and, togethec with iaterest and costs accruiag thereon,.shall be seciued by this modgage. 13. thst the mailing of a written notice or demand sddressed to the oovaer record of the matgeged premises, or directed to the said oaraer at the lest address actually fnraished to the moitgegee, or directed to said oavaer at said dod~eged premisea, and mailed by the United States a~ails, shall be sufficient notice and demand in aay case ari~ing under this instrument aad required by tbe proviaions Fiereof a by law. - 14. The a~ortgago~ covenants end agcees thet so loag aa this matg,age sud tbe said note secured 6ereby are iasuced uader tbe Qrovisioas oE t6e Natioaal Hoe~ing Act, he will not execute or file fa recocd any instcument ~vhich impae~ o restriction upoa the sale or occupancy of the modgaged pcopedy on the basis of race, color. oc creed. Upoa aay violatiod of thia undertaking, the moctg,egee may, at its option, declare t6e uapaid balance of the debt secuced heteby immediatelq dne snd p~yable. ~ 15. Tbe moctgagor fnrther coveaants that sho~W this gage and the oote sec~ued hereby not be eligible foc ins~uence nnder the Naticnel Hoasing Act withi~ ~p?~~ fcom the date hereaf (written statement - of any officer af the Departmeat of Housing and Urben Developmeat or autborized agent af tbe Secretary of Hous- ing end Ucban Development dated sabsequeat to c~ 30 DAYS t~ from the dete of this wortgage, decliaing to insure said note aad this mortgage, being deemed coaclusive proof cf snch iaeliglbilitq), the aiatga- gee oc the 6older d tbe note mey. at its option. declare all sums secuced bereby immediately due and payable. The coveaenta haeia contained shaU biad. and the beeefifa aad advantages shall innre to, tbe respective heirs, e:ecutas, administratas. snccessors, and assi~s d tbe podies heceto. Wheaever used, tbe singnlsr aum- ber shall inclnde t6e plnral, tl~e plural the singular, a~d the nse of enY Bendec shall include all genders. ~i66 ~ 9~ , . ; .~4:iS' - ' ~ . ~{yv~~~ .