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HomeMy WebLinkAbout1224 ~ ~ t ~ d ..~~J 5. That he will permit. commit. oc sutfer no waste. impoirment, or deterioration of seid propecty or any paK theceof; and in the event of the failure aE the mortgagor to keep the buildings on said premises end those tobe e~ected on said premises, or improvements thereon. in good repaic, the mortgagee mey make such repetrs as in its discretiort it may deem necessary tor the pcoper preservatioe thereof~ and the full amount of each and every such payment shall be lmmediately due and payable. and shall be secured by the llen aE thia a~o~tgage. 6. That he will pay all and singular the costs. charges. and expenses, including ~sonable la~vyer's fees. and costs of abstcacts of title~ incuncd or peid at any time by the matgagee because of the failure on the pert of the mortgagor pcomptty and fully to perfam the agreeme~ts and covenants of said praaissory note and this mort- gage. end seid costs~ charges. and expenses shall be immediately due and payabl.e and shall be secured by the lien oE this moctgage. That he aill keep the improvements now existing a hereafter erected on the matgaged ~opedy. iasured as may be required from time to time by the mortgagee against loss by fire and other hasarda. casualties, and contin- gencies~in such aa~ounts and for such period~ ss ~aey t+e required by matgagee, and will pay promptly, when due~ " any pcemiums on such insurance Eor payme~t of arhich pravision has not beea made hereinbefore. All insurance shall be canied in compaaies approved by mortgagee and the policies and renewals theceof shall be held by mort- gagee and have attached thereto loss payable cleases in fava of and in form acceptable to the modgagee. In event of loss he will give immediate notice by mail to mortgagee. and mortgagee may make proof of loss if not made promptly by mortgagoc. and each insurance company concerned is hereby authorized and d'uected to make payment for such loss directly to mortgagee instead of to mortgagoc and mortgagee jointly, and the insucance pro- ceeds. or any pad thereof, may be applied by mortgagee at its option either to the reduction of the indebtedness hereby secared or to the restoration oc repair of the property dameged. In event of Eocecloeure oE this mortgage or other traasfer of title to the modgaged propedy in extinguishment of the indebtedness secured hereby. all right. title~ and :nterest of the mortgaga i~ and to any insurance policies then i~ force shell pass to the pucchaser oc grantee. 8. That the matgagee may, at any time pending a suit upon this mortgage, apply to the court having jurisdic- tion thereof for the appointment of a receiver~ and sucfi coud shell fodhwith ap~oint a receiver oE the premises covered hereby all and singular, including all and singular the income. pcofits, issues, and revenues from whatever soucce derived. each ar~d every of which. it being expressly understood~ is hereby modg,aged as if specifically set Iodh and described in the granting and habendum clauses hereof~ and such receiver shall have all the broad and effective functions and powers in anywise entrusted by a court to a receiver. and such appointment shell be made by such coud as an admitted equity and a matter of sbsolute right to seid mortgagee. and without reference to the adequacy or inadequacy of the value of the propedy matgaged ar ta the solvency oc insolvency of said modgaga or the defendents, and that such rents. profits, income, issues, and revenues shall be applied by such receiver according to the lien of this mortgage a~d the practice of such coud. In the event of any default on the part of the mortgagor hereunder, the moctgagor agrees to pay to the mortgagee on demand as s reasonable monthly rental for the premises an amount at least equivalent to one-twelfth (1/12) of the aggregate of the taelve moathly install- ments payable in the then current year plus the actual amount of the aanual taxes. assessments, water rates. and insurance premiums for such year not covered by the afocesaid moathly payments. 9. That (o) in the event of any breach of this mortgage or defeult on the p~d of the modgagor, or (b) in the event that any of said sums of money herein referred to be not promptly and fully peid arithout demand or notice, or (c1 in the event that each and every the stipulations, agreements, conditions, and covenants of said note and this mortgage, are noi duly. pcomptly, and fully performed; then in either or aay such event, the said aggregate sum mentioned in said note then remaining unpaid, with interest acerued to that time. and all moneys secured hereby, shall become due and peyable forthwith, oc thereafter. at the option of said moctgagee, as fully aad com- pletely as if all of the said sums of money were originally stipulated to be paid on such day. anything in seid note or in this modgage to the contrary notwithstanding; and thereupcm or thereafter, at the optioa af said matga- ' gee, without notice or demand, suit at law or in equity. may be prosecuted as if all moceys secured hereby 6ad matured prior to its institution. The modgagee may foreclose this mortgage, as to the amount so declated due and i payable, and the said premises shall be sold to satisfy and pay the same together with costs, expenses,and allow- ~ ances. In case of partial foreclosure of this mortgage. the modgaged premises shall be sold subject to the con- ~ tinuing lien of this mortgage for the amount oE the debt not then due aad uopaid. In such case the provisions of this paragrap6 may again be availed of thereafter from time to time by the mortgagee. ~ 10. That the mortgagor will give immediate notice by mail to the modg,agee of any conveyance, transfer, or change of ownecship of the premises. P ~ 11. That no waiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be held to be a waiver of the terms hereof or of the note secared hereby. 12. That if the mortgagor default in any of the covenants or agreements contained herein, oc in said note, then the modgagee may perfocm the samg, and all expenditnres (including reasonable ettaaey's fees) made by the modgagee in so doing shal! draw interest at the rate set forth in the note secured hereby, end shall be repayable immediately and without demand by the mortgagor 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 oc demand addressed to tbe owner of record of the mortgaged premises, ~ or directed to the said owner at the last address actnelly furnished to the modgagee, or directed to said o~vner at ! said modgaged premises, and mailed by the United Stetes mails, shall be sufficient notice and demand in any ~ case arising uader this instrument and required by the provisions hereof or by law. ~ 14. The modgagor covenaats and agrees thet so long as t6~F ^-ortg~ge and the said note secnred hereby are insured nnder the provisions of the National Honsing Act, he wili aot e:ecute or file for recocd any insirument ~ which impc~ses a restriction upon the sale or occupancy of the modgaged pcopedy on the basis of race, color, or ~ ~ creed. Upon any violatioa of this undertaking, the mortgagee may, at its option. declare the unpaid balance of the ~ debt secured hereby immediately due and payable. ~ 15. The modgagor further covenants that shauld this mortgege and the note secured hereby not be eligible . ~ for insuraace under thf• n~tiooal Housing Act within $()('(Y DA Erom tbe dsite hereof (~vritten statement ; ~ of any oKicer of the Department .~f Housing snd Urbaa Devel men~or authocized ageat of the Secretary of Hons- ~ ~ ing and Urban Development datew subsequeat to the S~ DAYS time fcom the dete of this mortgage, ~ declining to insure said note and tliis matgage, being dcemPd conclusive proof of such iaeligibility), tbe moctga- ~ gee oc the holder of the note may, at its optioa, declare all sums secnred hereby immediately due and payable. The covenents herein contained shall biad, and the benefits end advaateges shall inure to, the respective heirs, ezeeutors, administrators, successacs, end essigps af the p~cties hereto.. Whenever used, the singular num- ~ ber shall include the plural, the plural the singular, and the use of any ~ender shell include all genders. ~ ~ a~K171 ~122~ i ~ _ . , ~ ~ ~ _ - J ' 1~~~ t '_..~sr _ ~ . . - - _ . . . . ~ - - - - ' ' ~ - . _