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HomeMy WebLinkAbout0730 S. Thet he wilt pecmit. commit. or sutfec no waste. impairmeat. oc det~riaation of said pcope~ty or any pa~t thercof; and in the event of the failu~e of the modgago~ to keep the buildings un said premises and those tobe erected on said pcemises. or improvements thereon, in good repau. the mottgagee may make such cepeirs as in its discretion it a?ay deem necessary foc the proper pcesecvatios ttv:eeo(. aad the [ull amount of each and every such payment shall be immediately due and payable. and shall be secured by the lie~ of this mo~tgage. 6. That he will pay all and singular the costs. cha~ges, and expenses. includi~g ~easonable lawye~'s fees. and costs of abst~acts of title, i~curced oc paid at a~y time bythe aoctgagee because of the tailure on the part of the mortgagor promptly and fully to perEam the agreements and covenants oE said promissory note and this mort- gage. and said costs. charges. and expenses shall t~ immediately due aad peyable a~ shall be secured by the lie~ of this r.~o~tgage. 7. That he will keep the improvemertts now existing or hereafter ecected on the modgaged pcope~ty. :nsuced as may be ceyuiced trom time to time by the moctgagee against loss by fire and othec hazards. casualties. and contin- gencies in such amounts and for such periods as may be required by moctgegee. and will pay promptly. when due. an~~ p~emiums on such insurance for payment of ahich provision has not bee~ made hereinbefore. All insurance shall be carcied in companies appcoved by mortgagee and the palicies a~d renewals tfiereof shall be held by mort- gagee and have attached theceto loss payable clauses in [avor oE and in form acceptable to the modgagee. ln event of loss he will give immediate notice by mai! to mortgagee. and moctgagee may make proot of loss if not made promptly by matgagor. and each insurance company concerned is hereby authorized and directed to make payment for such loss directly to mortgagee i~stead of to mortgagoc and mortgagee jointly. and the insurance pro- ceeds. or any part thereo[, may be appiied by mortgagee ~t its option either to the reduction uf the indebtedrtess hereby secured or to the restoration or cepair of the property damag~d. In event of forectosure of this mortgage or other transfer of title to the mortgaged propedy in extinguisl~ment of the indebtedness secured hereby, all right. title. ar~d interest of the mortgagor in end to any insurance policies thea in face shall pass to the purchaser or grantee. 8. That the mortgagee may. at any ti~ne pending a suit upoa this moctgage. apply to the court having jurisdic- tion thereof for the appointment of a receiver, and such court shall to~thwith appoint a receiver ot the premises co~ered hereby all and singular. including alt and singular the income, pro(its. issues. and revenues from whatever source deri~ed. each and every ot which. it being expressly understood. is hereby modgaged as if speci(ically set [orth and described in the granting and habendum clauses hered. and such receiver shall ha~e all the b~oad and effective functions and powers in anywise entrusted by a court to a receiver. and such appointment shall be made ty such court as an admitted equity and a matter o[ absolute right to said mortgagee, and without reference to the adequacy or inadequacy of the value of the propedy mortgaged or to the solvency or insolvency of said mortgagor or the deEendents. and that such cent~, profits, income, issues, and revenues shall be applied bp such receiver according to the lien of this mortgage and the practice of such court. In the event of any defauit on the part of the mortgagor hereunder, the mortgagor agrees to pay to the mortgagee on demand as a reasonable monthly rental for -the premises an amount at least equivaleat to one-tvKelEth (1/12) of the aggcegate of the twel~e monthlyinstall- ments payable in the then current year plus the actuel amount oE the annual taxes. assessments, water ~ates, and insurance premiums for such year not covered bythe afocesaid monthly payments_ 9. That (a/ in the event of any breach of this mortgage or default on the pad of the mortgagor, or (6) in the event that any of said sums o[ money herein referred to be not promptly and fully paid without demand or notice, or (r~ in the event that each and every the stipulations. agreemenis. conditio~, and covenants of said note and ~ thi~ mortgage, are not duly. promptly, and futlx performed; the~ in either or any such event, the said aggregate sum mentioned in said note then remai~ing unpaid, with interest accrued to that time, and all moneys secured herebp. shall become due and payable forthwith. oc thereaEter. at the option oE said mortgagee, as Eully and com- - pletely as if alt of the said sums of money were originalty stipulated to be paid on such day, anything in said note or in this modgage to the contrary notwithstanding; and thereupon or therea[ter. at the option of said mortga- - gee, without notice or demand. suit at laa or in equity, may be prosecuted as if ail.~oneys secured hereby had n~atured prior to its institution. The mortgagee .nay foreclose this mortgage, as to the amount so declared dae and payable, and the said premises shalt be sold to satisfy and pay the same together with costs, expenses,and allow- ances. ln case of partial foreclasure of this martgage, the mottgaged premises shail be sold subject to the con- tinuing lien of this mortgage tor the amount oE the debt not then due and unpaid. In such case the provisions of this parag~aph may again be availe~, of therea[ter from time to ti~e by the mortgagee. 10_ That the mortgagor will give immediate notice by mail to the moctgagee a[ any conveyance, transfer, or change of ownership of the premises. 11. That no waiver of any covenant herein or oE ihe obligation secure* hereby shall at any time thereaEter be held to be a waieer of the terms hereof or of the nate secured hereby. 12. That i[ the mortgagor default in any of the covenants oc agreements contained herein. or in said note, then the modgagee may pedorm the same, and al{ expenditnres (including reasonable attorney's fees) made by the mortgagee in so doing shall draw interest at the rate set focth in the note secured hereby, and shall be repayable imrnediately and without demand by the mortgagor to the mortgagee, and, together witt~ interest and costs accruing thereon, shall be secured by ihis mortgage. i3. that the m.ailing of a weitten notice or demandaddressed to the owner of record of the mortgaged premises. or directed to the said op:ne~ at !he last address actually furzished to the mortgagee, or direcicd to saidowner at said mortgaged premises, and mailed by the United States mails, shall be sufEicient notice and demand in any case erising under this instrument and required by the provisions hereof or by law. ~ 14. The mortgagor'co~•enants and agcees that so lo~g as this matgage and the said note secured hereby are insured under the provisions of the I~iationai Housing Act, he will not execute or file for record a~y instrument whicb imposes a restriction upon the sale or occupanry of the mortgaged property on tne basis of race, color, or creed. L`pon any violation of this undertaking, the morigagee may, at its option, declare ti~e unpaid balance of the ' debt secured hereby immediately due and payable_ 15. The mortgagor further covenants that should this martgage and the note secored hereby not be eligible for insurance under the National Housing Act within 30 DAYS from the date hereof (written ~tatement of any officer of the Department of Housing and L'rban Development or authorized agent of the Secretary of Hous- ' ing and Urban pevelopment dated subsequent to the ~Q D~Y$ time from the date of this mortgage, declining to insure said note and this mortgage, being deeawd conclusive proo[ oE such ineligibility), the mortga- gee or the holder af the note may, at its option, declare all sums secured hereby immediately due and payeble. The covenants herein contained shall bind, and the benefits and advantages shall inure to, the respective heics, eaecutors, administrators, successors, and assig~s d t6e padies hereto. Whenever used, Rhe singular num- bec shall include the plura~, the plural the singufar, and the use of any gender shall i~~clude all genders. ~ ~~K 169 P~ 725 - - - -