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HomeMy WebLinkAbout1834 ; i , ~ ~3 , . . , A ; ; 3 5. That he will permit, commit, o~ suffer ~o~'vieste. 'impeirmeiit. or deteriaation of said propeaty or any pad theeeof; a~d ia tha event of the failure of the aaortgago~ to ke:ep the buildings on said premises aad these tobe erected on seid premises, or improvemeats theceoa. in good cepaLr. the mo~tgagee may malce soch repaics as in its • discretion it may deem necessary fa the proper presecvation therea[. aad the full amouat of each aAd e~ery sucb payment shall be immediately due aad peyable, and shall be secured by the liea of this mortgage. 6. That he will pay all and singular the costs. charges. and expeases. iacluding reasonable lawyet's fees. and costs of abstrects of title. incurred a paid at a~y time bythe ma~tgagee because of the failure on the pnrt ot the mortgag+x pcomptly and fully to perfam the agceements and coveasnta of said pranissory note aad this mat- gage. and said costs, charges. and expeases shall be immediately due aad peyable and shall be secured by the lien af this moetgage. 7. That he will keep the improvemeats aow existiag o~ hereafter arected on tbe matgaged p~operty. iasur~d as may be nquired from time to time by the matgagee against loss by fire end other hasacds, casualties. and coatia- geacies in such amounts aad for such periods as may be cequiced by matgagee. and will poy promptly. whea due. any premiua~s. o~ such insurance for peyment of which ptovision has not beea ma~e heceinbefore. All insurance shall be canied in companies approved by moctgagee snd the policies and renewals theceof shall ~i7eTield by mat- gagee and have attached theceto loss payable clauses In favor of and in form accepteble to the modgagee. Ia event of loss he will give immediate notice by anail to mortg,sgee, and mortgagee may a~ake pcoof of loss if aot made promptly by mortgagor, and each insurance compaay concerned is hereby authaized and d'uected to make peyment foc such loss directly to modgagee instead of to mortg,ega and matgagee joiatly. and the insurance pro- ceeds. or any pad thereof, may be applied by m~tgagee at its option either to the reduction of the indebtedness ~ hereby secuced or to the restoration oc repair of the propedy damaged. In event of foreclosure oE this mortgage or other transfer oE title to the mortgaged propedy in extinguishment of the indebtedness secured hereby, all right, title, and iaterest of the mortgaga in and to any insurance policies then in force shall pess to the purchaser « graatee. 8. That the matgagee a~ay, at aay time pending a suit upoa this mortgage. apply to the court having jurisdic- tion thereof for the appointanent of a ceceiver, and such court sball fodhwith appoint a receiver of the premises covered hereby all and singular. includi~g all and singular the income. profits. issues~ and cevenues from whatever source derived. each and every of ahich, it being e:pcessly understood. is hereby modg,aged as if specifically set foRh a~d described in the granting and habendum clauses hereof. and such ceceiver shall have all the broed and effective Eunctions and powers in anyarise entrusted by a court to a receiver, and such appointaient shall be made by such coud as an admitted equity and a matter of absolute right to said modgagee, and without reference to the adeqoacy or inadequacy of the value of the property moctgaged or to the solvency or insolvency of said modgagoc or the defendents, and that such reats. profits, income, issues, and reveaues shall be applied by such receiver according to the lien of this moctgage and the practice of such coud. la the event of any default on the part of the modgagor hereunder, the matgagor agrees to pay to the mortgagee on demand as a reas~able monthly rental for the premises an amaunt at least eqpivalent to one-twelfth (1/12) of the aggregate of the twelve monthly install- ments payable in the thea curcent year plus the actual-amount of the annual taxes. assessments, water rates, and insurance premiums for such year aot covered by the aforesaid monthly peyments. 9. That (01 in the event of any breach of this mortgage ot default an the part of !he modgagor, or (b~ in the event that any oE said sums of~~qolEe~rfie~rein referred to be not pcomptly and fully paid without demand or notice, or in the event that each and everii Ehe "stipulatio~, agreements. conditions, and covenaats of said note and this mortgage, are aot daly, promptly, and fully performed; then in either or any snch event, the said aggregate sum mentioned in said note then remaining unpaid. with intetest accrned to that time, aad all moneys secured heceby, shall becorae due and payable forthwith, or thereafter, at the option of said mortgagee, as fully and com- ` pletely as if all of the said sums of moaey were originally stipulated to be paid on such day, anything in said ~ note a in this modgage to the contrary notwithstanding; and thereupon or theceafter, at the option of said moctga- gee, without notice or demand. suit at law or in equity. may be prosecuted as if all moneys secured hereby had matuced pria to its institution. The moctgagee 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 case of partial foreclosute of this mortgage, the mortg,aged premises shall be sold subject to the con- tinuing lien of this moctgage for the amount of the ,debt not then due and unpaid. Ia such case the provisions of this paragraph may again be availed of there.:fter from time to time by the mortgagee. 10. That the modgagor will give immediate notice by maii to the mortgagee of any conveyance, transfer, or change of ownership of the premises. 11. That no waiver of any covenant herein or of the obligetion secuced hereby shall at any time thereafter be held to be a waiver of the terms hereaf or of the note secured heceby. 12. That if the modgagor default in any of the covenants a agreements contained hecein, or in said note, then the modgagee may perform the same, and all expendit~ues (including reasonable ettocney's fees) made by the mortgagee in so doing shall draw interest at the rate set focth in the nde secured hereby, and shall be .repayable immediately and without demand by the mortgagor to the mortgagee, and, together with interest and costs accruing . thereon, shall be secured by this modgage. ' ~ 13. that the mailing of a wcitten notice oc demandaddressed to the owner of record of the mortgaged premises, or directed to~the said owner at the last address actually furnished to the modgagee, or directed to saidowoer at said mod$aged premises, and mailed by the United States maiis, shall be snfficient notice and demand in any case arising under this instrument and required by the provisions hereof or by law. 14. The moctgagor covenants and agcees that so long as this mortgage and the said note secured hereby are insured under the provisions of the National Hous3ng Act, he aill not execute or file for'recocd any instrument which imposes a restriction upon the sale oc occupancy of the modgeged propedy on the basis oE race, cola, or creed. Upon any violation of this ~ndertaking, the morigagee may, at its option, declare the unpaid balance of the debt secured hereby immediatety due and payable. 15. The mortgagor fnrther coveaants that should this mort ege ead the note secured hereby not be eligibie Eor insnrance under the Natioaal Housing Act within' 3O OAY~ from the date 6ereof (written statement of any officer of the Depadment of Housing a~d Urbaa Development or authorized agent of the Secretary of Hous- ing end Urban Development dated subsequent to the 30 pp~5 time from the date of this modgage, declining to ins~ue said note and this mortgage, being deem~d coaclusive proof oE such ineligibility), the mortga- gee or t6e holder d the aote may, at its option, declare all sums secared hereby immediately due and payable. The covenants herein contained shall bind, and the benefits and advantages shall ieure to, the respective heirs, executors, administrators, successas? and assig~s of the parties hereto. Whenever nsed, the singuler num- ber shall include the plural, the plaral the sing~lar, and the use of any gender shall include all genders. ~ ~~.b'6 ~18~ ; _ - Y~ _