HomeMy WebLinkAbout2469 1 ~ '
. . . ~11 ' ,
, . ;t l
S. That !~e wlll permlt, commit. ot suffer ao waste. lap~iraieat. a deteriaation ~ said p~opeety or aay part
theceoE; pnd ia the eveat of the foilure of the a~orteagoc to keep tl~e buildla~,s oe spid premise~ aad those tobe
ecected oa said premises. o~ iwp~ovemeats therean. In good cepa~C. the matga~eer dwy make such repaus os in its
discretlon It awy deem neces:acy fcr tbe pcoper pcesenratioa theceof, and the tuit amouM of each and every sucb
p~yment slwll be ia~aKdiately doe aad payable. and shall be aecured by the liep oE this awrtgage.
6. That he will poy all 4nd siagular the casts. charges, and expenses. includiag re~soaable lawyer's~ fees,
aad costs ot abstracts of title~ incucred oc paid at oay time by t6e matgagee because of the failure on the port d
t6e mortesgo~ promptly aad Eully to perfam the agceementa and covena~ts of said pcomissory note aad this moct-
eage, aad said coats. chacg~s, and expenses shall be immediately d~ aad payable and shall be secured by tbe
lien of thls matgaga
7: That be will keep the improvemeats aow existleg a hereafter erected oa the matgaged pcopeety. insuced as
may be requiced from timt to time by the matgagee agaiuat loss by flre aad other hasards. casuolties, and contia-
geacies Ia such amounts aad foc such periods as may be required by matgagee. and will pny promptly. whea due,
aay preadun~s oa such Iasuronce for pwymeat of which provisioa hes aot beea made beceiabefae. All iasucance
shall be canied in compaAies appcoved by moctpgee and the policies and renevvals thenwf slwll be held by mart-
gagee aad have attoched theceto loss payable c~auses ia feva of and ia form acceptable to the mortgagee. In
eveat of loss 6e will give immediate aotice by mail to matg,agee, and matgagee aay make pcoof of loss if not
made promptly by mortgagor. and each insucar~ce company conceme6 is hereby authoriaed and directed to make
Raymeat fa such loss dicectly to mortgagee iastead oE to mortgaga aad matgagee jointly. aad the insureace pro-
ceeds, or aay part thereof, mey be applied by moctgagee at its option either to the reductioa oE the indebtedness
hereby sec~ued or to tbe restoratloa a repair of the propedy damaged. In eveat of foreclosure d this mortgage a
other treasfer of tltle to the mortg,aged propedy in extinguishment of the indebtedness sec~ued hereby. all right,
title. and interest of the matgaga in aad to eny insurance pollcies tbea ia fo~ce shell ~pass to the purchaser a
g,~aatee. ' _
8. That the matgagee may, et any time pepding a suit upon this matgage. apply to t6e court having jurisdic-
tion therecE for the eppoiatmeat of a receiver, and such caut shall forthwith appoint a receiver of the premises
covered hereby all and sMgnlar, includiag all and singular the income, profits. issues, and reveaues from whatever
sonrce derived, each and every of which, it being expressly understood. is hereby moctpeged as if specifically set
foeth and described ia the gRaating aad habendum clauses heceof, and such receiver shall have all the broed aad
effective funetioas and powers in eaywise entrusted by a court to a receiver, and such appointment shall be made
by such court as an admitted equity and a metter of ebsolute right to said matgagee, and wiWout refereace to the
adequacy oc inadequacY of the value of the propedy matgaged or to t6e solvency a insolveacy of seid mortgagor
or the defendents. aod thet such rents, p~oEits, income, issaes, and revenues shall be applied by such receiver
accocding to'the lien of t6is mortgage aad tl~e praetice of snc6 court. In tbe event of any default oa ttre part of the
mortgagoc hereuader, the moctgagoc agrees to pey to the mortgagee on demand as a ceasonable monthly reatal for
the premises aa amouat at least eqpivalent to oae-t~velfth (1/12) of the aggreg,ete af the twelve monthly install-
ments payable ia the then current yeaz plus the actual amount of the annual taxes, assessmeats. water rates. and
insurance premiums for such year aot covered by the aforesaid monthly paymeats.
9. Tbat (o) ia the event of aay brea~b of this mortgage or default oa tls~ part of the mortg,agor, or (b) ia the
eveat that any of said sums oE money hereit~`rlferced'to be not pcomptly and fully paid ~rithout.demaad or aotice,
or (c) ia the eveat thet each and every the stipulatiot~s, agteements, conditioos, aad covenants of said note and
this mortgage, ace not duly. promptly, aad fully pecformed; then in either or any snch eveat, tLe said aggregate
` sum mentioned in said aote then remainieg unpaid, with interest acccued to that time. aad all ~noneys secwed
heceby. shall become due and payable forthwith, or thereafter, at the o~Ion of said moctgagce, as fully and coar
pletely as if all af the said sums of money ~ere origiaally stipuleted to be peid on such day~ anything in said
note a ia this niodgege to the contrary notWit6sta~ing; aad thereupon or thereafter. et the-optioa af said matga-
~ gee, without notice or demand, suit at law or ia equity, may be prosecuted as if all aaneys secured hereby had
~ matured prior.to its institution. The moctgi+gee mey foreclose this matgage, as to tLe amoant so declared due and
payable, aad the said premises shall be sold to satisfy and pay the same together ~vith co~ts, expenses,and allaw-
ances. In case of partial foreclosu~e of this mortgage, the matgaged premises shall be sold subject to the con-
tiauing lien of this mortgage for the amount of the debt aot then due and uapaid. Ia such case the provisions of
this peragraph may agaia be availed of t6ereafter from time to time by the mortgagee.
10. T6at the aiatg,agor will give imn~ediate notice by mail to the modgaqee of any coaveyance. transfer, oc
cheage of awnera6ip of the premises.
11. That no waiver of any coveaant hereia or of the obligation secured hereby shall at any time thereafter be
held to be a waiver of the terms hereaf or of the note secnred hereby.
12. T6at if the matgagor default in aay of the covenanta or sgreements contaiaed herein, oc in said note. then
the modgagee may perEorm the samg, ~ and all expeaditures (including reasonable attocney's fees) made by the
modgagee in so doing shall draw interest at the rate set fatb in the note sec~ued hereby, and shell be repayable
immediately and without demand by the mortgago~ to the mortgagee. aad, together with interest and costs accruing
thereon, s6a11 be secured by this mortgage.
13. that the meiling oE e written ndice or demand addressed to the o~vner oE record of the matgaged premises,
or dicected to the ssid owner at the lest addcess actaally furaished to t6e mortg,agee, oc directed to eaid o~vner at
said modgaged premises, aad mailed by tbe United States meils, shall be sufficieat notice and demead. in any -
cese arising uader tbis instrument and teqnired by the provisions hereof or by lavv.
14. The modgega covenants and ag,rees that so long as thia matg,age aad tbe said note secu~ed hereby are
insured w~der the pmvisions of the Natioaal Housing Act, he will not e:ecute or file for record aay instrument
ahich imposes a restriction upcm the sale ~ occupancy of the mortg,aged propedy on the basis of rsce, coloc, or
creed. Upon aay violatioa of this underteking, the matgagee may, at its optioa, declare the unpaid balaace of the
debt sec~red heceby immediately due and payable.
15. The mortgagor Earther coveaants t6at should this matgage and the note secared hereby not be eligible
for ins~uance uader the Natiaaal Housiag Act within 30 from tbe date 6ereof (~rritten stetemeat
oE any officer af the Depadment ef Honsiag aad Urban Develb~fineat or authorized agent af tbe Secratary of Hous-
ing aad Urban Development dated subsequeat to the ~~YS time Erom tbe date of this modgege,
declining to insure ssid ade and this mortgege, being dee canclusive proof of such ineligibility), tbe mortga-
gee oc the holder oE the aote mey, at its optioo. declare all sums secured bereby immediately due and pay~ble.
The covenents hereiA contaiaed shall bind, and tbe benefits aad advanteges shall innre to, the respective
heirs, executas, edministrators, successas, aad assigas of tbe pacties hereto. Wbenever used, the siagulsc num-
ber sh~ll iacinde the plural, the plural the singalar, and t6e use oE any gender shall include all genders.
6~'K~~ PA~Ez~ •
~
- _ - - - - - - -
r$