Loading...
HomeMy WebLinkAbout2023 i 1 ~ j , ,~1• ~t • i + ' S. That he will permit~ commit, or suEfer no waste. impairment. or deteriaation of seid property or any part thereof; and i~ the eve~t of the failure of the mortgagor to keep the buildings on said premises and those tobe erected on said premises. or improveme~ts thereon. in good repau~ the mortgagee may make such repairs as in its discretion it may deem necessary fo~ the proper preservation thereof. and the full emount of each and every such payment shall be immediately due and payable. aad shall be secured by the li•n of this mortgage. 6. That he will pay all and singular the costs. charges. and expenses. including reasonable lawyer's fees, and costt of abstcacts of title, iacurred oc paid at any time by the mortgagee because of the failure on the part of the mortgegor pwmptly and fully to perEam the agreeanents and covenants of said promissory note and this mort- gage. and said costs. chacges. and expenses shall be immediatety due a~d peyable and shall be secured by the lien af this mortgege. 7. That he will keep the improvements now existi~g oc hereafter erected on the matgaged pcopedy~ insured as may be required from time to time by the matgagee against loss by fire and other hazards. casualties. and contia- gencies in such amounts and for such periods as may be required by mortgagee, and will pey promptly. when due. any premiu~ns on such insurance for peyment of which provision has not been made hereinbefore. All insucance shall be canied in compa~ies approved by mortgagee and the policies ead tenearals thereof shall be held by mat- gagee and have attached thereto loss payable clauses in favor of and in farm accepteble to the modgagee. In event of loss he will give immediate notice by mail to modgagee, and mortgagee may make pcoof oE loss if not made promptly by mortgagor, and each insurence company concerned is heceby authorized and d'uected to make payment fa such loss directly to moctgagee instead of to mortgaga and mortgagee jointly, and the insurence pro- ceeds. or any pa~t thereof, may be epplied by mortgagee at its option either to the reduction of the indebtedness hereby secured or to the restoration or repair of the property damaged. In event of Eoreclosure of this mortgage oc other transfer of title to the a:odgaged propedy in extinguishment of the indebtedness secared hereby. all right. title~ sad intere~t of the mortgaga in and to any insurance policies then ia f~ce shall pess to the purchaser or grantee. 8. That the mortgegee mey. at any time pending a suit upon this matgage, apply to the court having jurisdic- tion thereof for the appointment of a receiver. and such coud shall fodhwith appoint a receiver of the premises covered hereby all and singular. including all and singular the income. profits, issues~ and revenues from whatever source derived~ each and every of which, it being expressly understood~ is hereby modgaged as if speciEically set forth and described in the granting and habendum clauses hereof. end such receiver shall have all the broad and effective functions and powers in anywi~e entrusted by a couct to a receiver, and such appointment shall be made by such coud as an admitted equity and a matter ot absolute right to said modgagee, acxl without refc~rence to the adequacy or inadequacy of the value of the propedy moctgaged or to the solvency or insolvency of sai~i mortgagor 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 and the practice of such court. In the event of any default on the ped 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 eq~ivalent to one-twelfth (1/12) of the aggregate of the twelve monthly install- ments payable in the then current year plus the actual amount of the annual taxes, assessments. water rates. and insurance premiums for such year not covered by the aforesaid monthly payments. 9. That (a) in the event of any breach of this mortgage or defeult on the pad of the modgagor. or (6) in the event that any of said sums of money herein referred to be not promptly and fully paid withou"~ 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 not duly. promptly, and fully performed; then in either or any such event~ the said aggregate sum mentioned in said note then remaining unpaid, aith iaterest accrued to thet time. and all moneys secured hereby. shall become due and payable forthwith. or thereaker. at the option of said matgagee, as fully and com- pletely as if all oE the said sums of money were otiginally stipulated to be peid on such day. anything in said note or in this mortgage to the contrary notwithstanding; and theceupon ~ thereafter, at the option of said mortge- gee, without notice or demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby had matured prior to its institution. The mortgagee may foreclose this modgege, as to the amount so declared due and payeble, 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 mortgaged premises shall be sold subject to the con- ; tinuing lien of this mottgage for the amount of the debt not then due and unpaid. In soch case the provisions of ~ this paragraph may again be availed of thereafter from time to time by the modgagee. . I ~ 10- That the modgagor will give immediate notice by mail to the modgagee of any conveyance, transfer, or ; change of awnership of the premises. ; ~ 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 secured hereby. i ; 12. That if the modgagoc default in any of the covenants or agreements contained betein, or in said note, then ~ ~ the mortgagee may perform the samg, and all expenditures (including reasonable attorney's Eees) made by the ~ mortgagee in so doiag shall draw interest at the rate set forth in the note secured hereby, and shall be repayable ~ immediately and without demand by the modgagor to the modgagee, and. together with interest and costs accruing ~ thereon, shall be secured by this modgage. 13. that the mailing of a written notice or demendaddressed to tUe owner of record of the mortgaged premises, E or directed to the said owner at the last address ectually furnished to the mortgagee, or directed to said oqvaer at ~ said modgaged pcemises, and mailed by the United States mails, shall be sufficient notice and demand in any ~ case arising under this instrument and required by the provisions hereof or by Iaw. ~ 14. The modgagor covenants and egrees that so long as this martg,age and the said note secured hereby ere ~ insured under the provisions of the Natioaal Housin~ Act, he will not eaecute or file for record any instrument f which imposes a cestriction upon the sale or occupancy of the mortgaged propedy on the basis of race, color, or creed. Upon any vio2ation 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 coveaants t6at should thi mortgage and the note secured hereby not be eligible ~ for insurance under the National Housing Act within S~IX1Y pqys from tbe date hereof (written statement ~ of any officer of the Depadment of Housing and Urban ~g~lopmDe~nt ar authqrized agent of the Secretary of Hous- " I1C 1 Y ; ing and Urban Development dated subsequent to the Y$ time from the date of this modgage, ~ declining to insure said note and this mortgage, beiag deem+~d conclusive proof of such ineligibility), the moctga- ; ~ gee or the holder d the note may, at its option, declace all sums secured hereby immediately due and payeble. ~ The covenants herein coatained shall biad, and the benefits and advanteges shall inure to, the respective ~ ~ heirs~ executors, administrators, successas, and assig~s af the parties here:a. Whenever used, the singular num- y ber shall include the plural, the plural the singular, and the use of any gender shall include all genders. ~ ~ ~ ~ ~ $ ~ ~i1~3R I~ ;,A?:: ~ ~ ~ ~ ~ . .y~ n . :