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HomeMy WebLinkAbout2310 - . ( ` ~ / ~ ` t.J r , ~ , ;fil S. That he will pecmit, commit. a suffer no~w~st~~~eicwea~. ~~dateriaatlon of said propeety or any pad thereof; 4c~d ia the eveat oE the failure af the mortgagoc to keep tbe bulldin~,s on said premiaes aad thoae tobe ecected oa said premises. or improvements tbeceon. ia good repau, tl~e matga~ee awy make such rep4irs aa Ia its disccetioa it ~wy deem necessary fa tbe proper preservation theceoE. aad the fuli amouat of eacb aral every such payment sl~11 be ~~omediately due aad poy~bie. ~nd shall be secuced by tht llea cf this nartgage. 6. That be plll pey all and singular the casts. charges, aad expeases, iacluding reasaaable lawyer's fees, aad costs oE abstracts oE title, incurred or p~td at aay time by the matgagee because oE the failw~e on the part of the matgagor promptly aad fully to pecfam tl~e agccements and covenaats ef said ~comissay note and' this mat- gage, and said costs. cbarges. end e:penses slwll be immediately due aad pay~ble and shall be aecured by the liea of this matgage. . 7: That be will keep the improvemcats aow exiating or hereafter erected on tbe matgaged property. insured ~s may be nquired froo time to time by the matgagee egainst loss by fire and other b~acds. cosualtles, and contia- gemcies ia such amounts and for such periods as awy be required by matgagee. and wiU pay pcomptly. Mrbea due. aay preuniums ou such insuraece fo~ peyment oE w6ich provlsion has not beea made heceinbefae. All ias~uance shall be canied In companies appcoved by ~atgagee aad the policies and renewals thereoE shall be held by mart- gpgee and have atteched thereto loss payable clauses in fava of and ia form acceptable to the moctgagee. Ia event of loss he will give immediate aotice by meil to matgagee. and mortgagee msy ~oake proof of loss if aot made pranptly by matgagor. and esch insurance caapeny couceraed is hereby authaized aad d'uected to make p~c~yment fa such loss dicectly to mortgagee instead of to matgaga~ aad matgagee joiatly, and the iasuraace ~xo- ceeds. or aey pad thereof, may be applied by natgagee at its option either to the cednction of the indebtedness hereby secured oc to the restoratioa ac repair af the propedy damaged. In event of foreclos~ue eE this mortgage oc other traasfer of title to the mortg,aged property ia extingaishmeat of the Indebtedaess secuced hereby. all right, title, and iaterest of the matgagoc in and to aay iasurence policies then in focce shell •pess to the puccl~ser oc gra~tee. " 8. That the matgagee may, at any time pending a suit upoa this matgage. apply to the caud haviag jarisdic- tion thereaf for the appoiatmeat of a ceceiver. and such court shall fortharith appoint a receiver of the premises coveced hereby all and singulet, iacluding all and singular the income, profits, issues, and revenues fcom vvhatever source derived, each and every of which, it beiag expcessly understood, is hereby mortg~aged as if specificelly set . forth a~d described in the granting and habendum clauses 6ereoE. and such receiver s6a11 have all the brood and eEfactive functions and powers in anyarise entrusted by a conrt to a receiver. and such appoiata~eat shall be made by snch caut as an admitted equity aad a matter of absolute right to said matgagee. and without refereace to the adequacy or.inadequacy of the value of the propedy mortgaged or to the solvency oc insolveacy of said matgagoc or the defeadents. aad that such reats, profits, iacome~ isst~es, and reveaues shell be applied by such receiver according to the liea oE this mcxtgage aad the practice of such caict. In the event af any default on the pad of the mortgagor hereunder. the matgagor agcees to pay to the murtga~ee oo demand as a reasonable monthly rental for the pcemises an amouat at least eqpivaleat to ooe-twelfth (1/12) of the aggcegate of the twelve monthly iostell- ments payable ia the then current year plys the a~tual amount of the aaaual tezes, assessments. water rates, aad insurance premiums for snch year aot coveted by the atoresaid monthly payments. 9. That (o) in tl~e event oE any bceach of this awrtgege os defanlt oa t6e ped af the modg,agor. or (6) ia the event that any of aaid sums of money herein referred to be aot promptly and fully peid without demand or aotice, or (c) in the event that each and every the ~stipulations. ag~eements, canditioas, and covenants of said note e~ this mortgage. are aot duly, promptly. and fully pedora~ed; thea in either or auy snch eveat. t6e seid aggtegate 9 sum mentioned ia said aote thea remaiaing anpaid. with interest accrued to that time, and all moneys secured hereby~ shall become due and payable forthvrith, or thereafter. at the op~ioa of said moctgages, as fully aad com- ; pletely as if all af the said sums of money vvere origiaally stipulated to be paid oa such day, snything in said . note a in this modgage to the contrary ndaithstaading; and thereupon ac thereaher, at the option af said matga- I gee. aithout notice or demand. suit at law or ia equity. may be prosecnted as if all moneys secuced hereby had f matured prix to its institution. The matg~gee may foreclose this mortgage, as to the amount so declared due and ( payable. and the said premises shell be sold to satisfy end pey the seme together with coats. expeases,and aUow- ances. Ia case of p~rtial foreclosure oE this mortgage, the mortgaged premises shall be sold subject to the coa- tinuing lien of this matgage for the amouat af the debt not then dne end anpaid. In s~ch case the pcovisioas of _ this peragraph may again be availed oE thereafter from time to time by the matgagee. 10. That the mortgagor will give immediate notice by mail to the mortg,agee of any coaveyaace, transfer. oc change oE ownership of the pcemises. 11. That no waiver of any coveaant herein or of t6e obligation secnred hereby shall at any time theceafter be held to be a~vaiver of the terms hereaf or of the note secnred hereby. 12. T6at if the mortg,sgor default ia any of the covenants oc agreements contained herein, oc in said note. then the moctg,agee may perfocm the samg. end all expendit~res (including ressoaable attacney's fees) msde by the mortgagee in so doing shall draw iaterest at the rate set fath in t6e_ aote secured hereby, and s6a11 be repayeble immediately aad aithout demand by the mortgaga to the matgagee, aad, together ~rith intecest and costs accruing thereoa, shall be secnred by this modgage. 13. t6at the meiling of a written notice a demaadaddressed to the o~vner af rececd of the matgaged pcemises, or directed to t6e said o~vner at the last.addcess actually furaished to the matgagee, oc directed to seido~vner at said mortgaged pcemises, and mailed by the United States mails, s6aU be snfficient notice and demaad in any case arising ander this iastrument aad reqnired by the provisiaas hereaE oc by law. 14. T6e moctgagoc covenants and ag~eea that so loag as this m«tgsge and tl~e seld note secnred hereby are insured ~ader the provisia~s of the Natioaal Housing Act, he will not e~ecnte or file tor recad suy iastcument which impoBes a restriction upon the sale or occupeecy of the moctgaged propedy on the basis of race, cola, or c~reed. Upon aay violation of this undertakiag, the matgpgee may, at its option, declare t6e ~wpaid balance af the ' debt secured hereby immediately due and psyable. - 15. The mortgagor f~uther covenants tbat should this mortgage and t6e note secnred 6ereby not be eligible E, for iaaurence nnder the Natiaoal Honsiag Act within thi]Cty da?,ys frao tbe date hered (acitten atatemeat of any officer d the DeQadmeat of Hoasing aad Urban Development a atdhocized ageat of the Secretary of Ha~s- ing aad Urbon Development dated subsequent to the thiZty days time from the date d t6is mortg~ge, declining to iasure said note and this mortg,age. being dcemPd ceoclusive pcoof .af such ineligibility)~ tbe matga- gee « the holder of. the note may, at its option~ declare all snma secnied 6ereby imaiediately dae and payable. The coveaants 6erein coatained slwU bind. and the benefIts and advaatages shall inure to, the respecttve l~eirs, e:ecutas. sdministrators, succesaas, and assigps af the porties hereto. ~ihenever used, the singular aum- ber s6olt incl~de the plnral, the plnial the singular, and the use of any gender sl~all include all genders. s~168 ~2305 - - ~ _ . _ .