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HomeMy WebLinkAbout0201 ~ , ' . ~ . 1 E ~ • , 5. That he will permit. commit~ oc suffer no waste. impairment~ or dete~ioratioe ot said property or eny part thereof; and in the event of the failure of the mortgagor to keep the buildings on said premises ena tbuo~a i~:w erected on said premises, or improvements the~eon. in good ceyair~ the modgagee may meke such repairs es in its discretion it may deem necessary [or the proper preservation thereot. and the full emount ot each and every such payme~t shall be imroediately due and payable, and shall be secuced by the lien of this mortgage. 6. That be will pey all and singular the costs, charges~ and expenses. including reasonable lawyer's fees. and costs of abstracts of title~ incuned or paid at any time by the mortgagee because of the tailure on the part of the mortgagor promptly a~d tully to perform the agreements and covenents o[ said promissocy note and this mod- gege. and said costs, charges. and expenses shell be immediately due and p~yable and shall be secured by the Ilen af this mortgage. 7. That he will keep the improvements now existing or hereatter erected on the mortgaged property. insured as may be requiced fcom tia~e to time by the matgagee egainst loss by fire and other hazatds. casualties, and contia- gencies in such amounts end tor such periods es may be required by mortgagee. and will pay promptly, when due, any premiums on such insurance for payment of ahich provision has not been made hereinbefae. All insurance sheli be carried in companies approved by matgagee and the policies and renewals thereof shall be held by mort- gagee and have attached thereto loss payeble clanses in favor of and in form acceptable to the mortgagee. In event of loss he will give immediate notice by mail to modgagee. end mortgagee may make proof of loss if not made prumptly by mortgagor. and each insurance compeny concerned is hereby authorized and d'uected to make payment ta such loss directly to moKgagee instead of to mortgaga and mortgegee jointly, and the insurance pro- ceeds, or any pad thereof. may be applied by mortgegee at its optioa either to the ~eduction of the indebtedness hereby secuied or to the restoratioe oc repair of the property damaged. ln event oE foreclosuce of this moctgage or other transfer of title to the mortgaged propedy in extingnishment of the indebtedness secured hereby. all right. title. and intecest of the mortgaga in and to any insurance policies then in force shall pass to the pucchaser oc grantee. 8. That the matgagee may~ at any time pending a suit upon this mortgage, apQly to the court having jurisdic- tion thereof for the appaintment af a ceceiver, and such court shell fodhwith aQpoiat a receiver of the premises covered hereby all and singular. including all and singalar the incoane, profits, issues. and revenues from vrhatever source derived, each and every of which. it being expressty undetstood, is hereby modgaged as if specifically set forth and described in the granting and habendum clauses hereof. and such recelver shall have all the broad and effective functions and powers in anyarise eutrusted by a court to a receiver. and such appointment shall be made by such court as an ads~itted equity and a matter of absolute right to said mortgagee, and without reference to the adequacy or inadequacy~ of the valne of the propedy mortgaged or to the solvency or insolvency of said modgagor , or the defe~dents. aad that snch rents. proEits~ income, issues, and revenues shell be applied by such receiver ~ accading to the lien of this matgage and the prectice of such cowt. ln the event of any default on the pad of the modgagor hereunder. the mortgagor agrees to pey to the moctgagee oa demend as a reasonable monthly rental for the premises an amount at least eqpivalent to one-twelfth (1/12) of the aggcegate of the twelve monthly instell- ments payable ie the`then current year plos the actual amount of the annuel taxes. assessmeats, weter rates. and ins~:cance premiums Eor such year not c~yered by the aforesaid monthly peyments. 9. That (a) in the event of any bceach of this mortgage or default oa the ped of the mortgagor. or (6) in the event that any of said sums of money herein referred to be not promptly and fully peid without demand or notice. or in the event that each and every the stipulations. agreements. conditia~s. and covenants of said note and this mortgage. are not duly. promptly. aad fully performed; then in either a any snch event, the said aggregate sum mentioned in said note then remaining unpaid. with iaterest accrued to that time. aad all moneys secured hereby, shall become due and payable forthwith, o~ thereafter, at the option of said martgagee, as fally and com- ~ pletely as if all of the said sums of money were originally stipulated to be paid on such day, anything in said note or in this modgage to the contrary notwithstanding; and thereupon or thereafter, at the option of said matga- ~ gee. without notice or demand, suit at law or in equity, may be prosecuted as if all moneys secuced hereby had i matured prior to its institution. The mortg,agee may foreclose tbis ma.-tgage. as to the amonnt so declared due and ; payable, end the said premises shell be sold to satisfy and pay the same together wit6 costs, expenses,and allow- ~ ances. ln case of pertial foreclosure of this mortgage, the nwrtgaged premises shall be sold subject to the coe- ~ tinuing lien of this mortgege for the amount of the debt not then due and napaid. In such case the provisions of this paragraph may again be availed of thereafter from time to time by the mortgage~. i 10. That the mortgagor will give immediate notice by mail to the mortgagee of any conveyance, transfer~ oc change of orovnership of the premises. ~ 11. That no waiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be i held to be e waiver of the tera~s hereof or of the note secured hereby. ` 12. That i[ the mortgaga default in any of the covenants or agceements contained herein, a in said note, then the mortgagee may pedorm the samg, and all expendit~ues (including reasonable attorney's fees) made by the mortgagee in so doing shall draw interest at the rate set forth ia the aote secured hereby, and shall be repayable immediately and aithont demand by the modgagor to the mortgagee, and, together aith interest and costs accruing thereon, shatl be secured by this modgage. ' f 13. that the roailing of a written notice or demandaddressed to the owner of record of the modgaged premises, ~ or dicected to the said owner at the 1~§t address actoally fucnished to the modgagee, or directed to said aarner at = said modgaged premises, and mailed by the United States mails, shall be sufficient notice and demaad in eny case arising under this instrument and required by the provisions here~ or by lew. ~ 14. • The mortgagor covenants and agrees that so long as this matgage and the said note secured hereby are insured under the provisions of the National Housing Act, he aill not execute or file for record any instrument ~ which imposes a restriction upon the sale or occupancy of the modgaged propedy on the basis of race, color, or creed. Upon any vio]ation of this undertaking, the mortgagee may, at its option, declare the unpaid balance of the debt secored hereby immediately due aad peyable. ` 15. The mortgagor further coveaants that should this martgage and the note secared hereby not be eligible ~ Eor insuraace under the Nationsl Housing Act within thirty days from the date hereof (~vrttten statement ; of any officer of the Depa~tmeat of Housing and Urban Development or aathocized agent of the Secretary of Hous- ~ ing end Urban Development . dated subsequeQt to th~ , t~iir-ty ._days time fmm th~ d~+te of t6is matg,oge, declining"t "o`insure said Kde and this mortgage. being deed~d canclusive propf of such ineligibility), the mortga- gee o~ t6e holder af the note mey, at its optioa, declere all sums secured hereby immediately due end payable. Tbe covenants herein contained shell biad, and t6e benefits and edvantages shell iaure to, the respective heirs, executocs, administrators~ successors, and assigns oE the parties heieto. 1Nhenever used, the singuler num- ber shell incl~de the plnral, the plural the singulsr, snd the use of any gender shall inclade all genders. OR ' ~ a~K168 ~E 201 ~ - : - - ~t _ ; SN't„i