HomeMy WebLinkAbout2250 t
\
5. That he will permit. canmit, oc sutfec ~o waste. impairment, oc deterio~ation of said property oc any pad
thereof; and in the event o[ the failure ot the mortgagor to keep the buildings o~ said p~emises aad those tobe
ec~cted on said premises. or i~aprovemeats thereon. in good repair. the mortgagee may make such repai~s as in its
disccetion it may deem necessary [or the propec presenration thereof. and the full amount of each and evecy such
payment shall de immediately due and payable. a~d shall be secured by the lien ot this mortgage.
6. That he will pay ali and si~gular the casis. charges. and expenses. includi~g ceasonable lawyer's tees.
and costs of abstracts of title. incurred or paid at any time by the mortgagee because of the failure on the p~rt of
the mo~tgagor promptly and Eully tc perEo~m the agreements and covenants o[ said p~omissory note a~d this moct-
gage. and said costs. charges. aad expenses shs+ll be immediately due and payable and shall Ee secured by the
lien of this mortgage.
That he will keep the imp~ovements now existing or hereafter erected on the mortgaged propecty. insured as
may be required from time to time by the mortgagee against loss by fice and other hazards. casuelties. and contin-
gencies in such amounts and tor such peciods as may be required by mortgagee. and will pay promptly. when due.
an~ piemiums on such insurance for payment of which provision has not bee~ made hereinbefore. All insur3~ce
sh~il be car~ied in companies approved by modgagee and the policies and renewals thereof shall be held by mort-
gagee a~d have attached thereto loss payable clan: as in favor of and i~ Eorm acceptable to the mortgagee. In
event of loss he will give immediate no:ice by mail to mortgagee. and mortgagee may make proof of loss if not
made promptly by ~ortgagor. and each insurance compa~y concerned is heceby authorized and directed to make
payment for such loss dicect(y to modgagee instead o[ to matgagoc and moctgagee joinlly. and the insurance pro-
ceeds. or any part thereof. may be applied by mortgagee at its option either to the reduction of the indebtedness
he~eby secured or to the restoratioa oc repair of the propedy damaged. In event of foreclosure of this mortgage or
other transfer of title to the mortg,aged prope~ty in extinguishment of the indebtedness secured hereby. all right.
title. and interest oE the matgagar ia and to any insurance policies then in force shall pass to the purchaser or
grantee.
8. That the mo~tgagee a~ay. at any time pending a suit upon this mortgage. apply to the court having jurisdic-
tion thereof for the appointment of a receiver. and such coud shall forthwith appoint a receiver of the premises
covered hereby all and singular. including all and singular•ths i:~ome, p~ofits, issues. and revenues from whatever
source derived, each and every of which. it being expressly unde~stood. is hereby modgaged as if specifically ~et
forth and described in the granting anu !~abendum clauses hereof. and such receiver shall have all the broad and
effective Eunctions a~d powers in anywise entrusted by a court to a receiver. and such appointment shall be made
b~ such court as an admitted equity and a mattec o[ absolute right to said mortgagee. and without reference to the
adequacy or inadequacy of the value of the property matgaged or to the solvency or insolvency of said mortgagor
or the deEendents. and that such rents, pro(its, income. issues. and revenues shall be applied by such receiver
according to the lien of this mortgage and the practice of such coad. In the event of any default 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 eqpivalent to one-twelfth (1/12) ot the aggcegate of the twel~~e monthly install-
ments payabte in the then currrnt year plus the actual amount of the annual taxes, assessments, water rates. and
insurance premiums for such year not covered by the afocesaid monthly payments.
9. That (a1 in the event of any breach o[ this modgage or default on the part of the mortgagor. or (6) in the
event that any of said sums of money herein reEerred to be not promptly and fully paid without demand or notice.
' or (~1 in the event that each and every the stipulations. agreements, conditions. and covenants of said note and
' this mortgage, are not duly. promptly, and fully performed; then in either or aay such event. the said aggcegate
sum mentioned in said note then remaining unpaid, with interest accrued to that time, and a!l moneys secured
hereby, shall become due and payable forthwith, a thereafter, at the option of said mortgagee, as fully and com-
pletely as iE all of the said sums of money were originally stipulated to be paid on such day, anything in said
note or in this mortgage to the contrary notwithstanding; and thereupon or therea[ter, at the option of said mortga-
gee, without notice or demand, suit at law or. in equity. may be prosecuted as if all moneys secured hereby had
~natuted prior to its institution. The mortgagee 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-
~nces. tn case of partiat Eoreclwure oE this mortgage, the mortgaged premises shall be sold subject to the con-
tinuing lien of this modgage for the amount of the debt not then due and unpaid. In such case the provisions of
this paragraph may again be availed of the~Pafter Erom time to time by the morcgagee.
10. That the mo?:gagor will give immediate notice by mail to the mortgagee of any conveyance, transfer, or
change of ownership of the premises.
Il _ That no waiver of any co~enant herein or of the obligation secured hereby shall at any time therea[ter be
held to be a waiver of the terms hereaf or of the note secured hereby.
12. That if the moctgagor default in any of the covenants a agreements contained herein, or in said note, then
the mortgagee may perform the same, and all expenditures (including reasonable attorney's fees) made by the
mortgagee in so doing shall draw interest at the rate set Eorth in the note secured hereby, and shall be repayable
immediately and without demand by the modgaga to the modgagee, and, together with interest and costs accruing
thereon, shall be secured by this mortgage.
13. that the mailing of a written notice or demandaddressed to the owner of record of the mortgaged premises,
or directed to the said awner at the last address actually furnished to the mortgagee, or directed to said owner at
said mortgaged premises, and mailed by the l;nited States mails, s:~all be su[ficient notice and demand in any
case arising under this instrument and required by the provisions hereof or by law.
14. The mortgagot covenants and agrees that so long as this mortgage artd the said note secsred hereby are
insu:ed nnder the provisions of the National Housing Act, he wil! not execute or file for record any instrument
which imposes a restriction upon the sale or occuFancy of the mortgaged property on the basis ot race, coior, or
creed. Upon any violation of this undertaking, the mortgagee may, at its option, declare the unpaid balance of the j
debt secured hereby immediately due and payable.
15. The .:rortgagor further covenauts that should this mortgage and the note secured hereby not be eligible
for insurance under the National Housing Act within 30 DAYS Erom the date hereof (writtzn statement
of any officer oE the Depadment of Housing and Urban Development or authorized agent of the Secretary of Nous-
ing and Urban Development dated subsequent to the 30 Ct1Y5 time from the date of this modgage,
declining to insure said note and this mottgage. being deem~d conclusive prooE d such ineligibility), tfie mortga-
gee or the holder o[ the note may, at its optioa. declare all sums secured hereby immediately due and payeble.
The covenants herein contained shall bind, and the benefits and advantages s6a11 inure to, the respective ;
heirs, executocs, administrators. successas, and assigns of the padies hereto. Whenever used, the singular num- '
ber shall include the plural, the plural the singular, and the use of any gender shall include all genders.
e~K 169 ~2~33