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HomeMy WebLinkAbout0121 t_.= ' ~ ` r ~ , h \ ~ . . . . S. That he wiU pecmit. commit. oc sutfec no waste. impairmeat. or detetio~ation of said propedy or any part theceof; and ia the event of the failure ot the mortgagoc to keep the buildings on said premises and those tobe erected on sald premises. or impcovemeats tl~eceoa. in good cepeir. the mo~tgagee may make such repairs as in its discretion it a~ey deem necessary foc the propec pceservation thereof. and the full amount of each aad every such payment shall be imanediately due and payebie, and s~all t,~ secured by tt~e Ti~~i vf this ;:~~ii~a~a. 6. That he will pey all and ai~gular the eeets. charges. and expenses. iacluding :pasonable lawyec's fees. an~ costs of abstracts ef title. incuaed oc paid at any tia~e by the mortgagee beceuse of the failure on the part of the mortgagoc ptomptly aad fully to perform the agreements aod covenants oE said promissory note and thi° mort- gage. and said costs. charges. and expenses shall be immediately due and payable and shall be secured by the liea ~ l6is iaostgsge. 7. That he aill keep the improvements eow existing or heceafter erected ot? the modgaged propedy, insuced es may be cequired from time to time by the~ mortgagee against loss by fire and other hasards. casualties. and coptia- gencies in such amounts and for such periods a~ may be re~luired by mortgagee, ar~d will pay ptomptly, when due. any pcemiums on such insurance for payment of which provision hes not been mede heceinbefore- All insurance shall be carried in companies approved by modgagee and the policies and reaeaels thereof shall be held by mat- gagee and have attached thereto loss payable clauses in favor of and in form acceptable to the modgagee. 1~ event of loss he will give immediate notice by mail to mortgagee. and mortgagee may ~nake proof of loss if ~ot mede promptly by mortgagor. and each insuraace company concemed is hereby authorized and directed to make payment for such loss directly to mortgagee iastead of to mortgaga and mortgagee jointly, and the insurance pro- ceeds. or any pad thereof. may be applled by awrtgagee at its option either to the reduction of the indebtedness hereby secaced or to the restoration oc repair of the propedy daa~aged. In event of foreclosure of this modgage or other transfer of title to the nwrtgaged propedy in extinguishment of the indebtedness secured hereby, all right. title, and intecest of the mortgagor in and to any insurance policies then in force shall pass to the purchaser or gcgntee. 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 such coud shall forthwith 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 ahich. it being expressly understood. is hereby mortgaged as if specifically set fodh a~d 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 shall be made by such coud as an admitted equity and a matter oE absolute right to said modgagee. and aithout reference to the adequacy or inadequacy of the value of the propedy mortgaged or to the solvency or insolvency of said modgagor or the defendents. and that such cents, profits, income, issues. and revenues shall be applied by such receiver according to the lien of this mortgage and the practice of such coud. In the event of any default on the pad of the mortgagor hereunder, the mortgagoc agcees to pay to the modgagee on demand as a reasonable monthly rental for the premises an amount at least eqpivalent to one-twelfth (1/12) of the aggregate of the twelve monthly install- ments payable in the then current ~eai ~ly~,tbeiectual amount of the annual taxes. assessments~ water rates. and insurance premiums Eor such year nDY eovei@.~d by the aforesaid monthly payments. 9. That (o) in the event oE any breacb of this mortgage or deEsult on the pad of the mortgagor, or (6) in the event that any of said sums of money herein referred to be nbt promptly and fully paid without dema~ or notice, or (~1 in the event that each and every the stipulations. agreements, conditions, and covenants of said note and this modgage. are not duly, promptly, and fuily performed; then in either or any such event. the said aggregate sum mentioned in said note then remaining uapaid, with interest acctued to that time, and ~all moneys secured hereby, shall become due and payable forthwith, or thereafter, at the option of said mortgagee, as fully and com- pletely as if all of the said sums of money were originally stipulated to be paid on such day. anything in said note ot in this modgage to the contrary notwithstanding; and thereupon or thereafter, at the option of said matga- gee, without notice or demand. suit at law or in equity, may be prasecuted as if all moneys secured hereby had matured priot to its iastitution. T6e 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- ; ances. In case of Qartiai foreclosure of this mortgage, the modgaged 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 oE ~ this paragraph 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 mortgagee oE any conveyance, transfer, or ~ change of oanership oE 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 We terms hereof or oE the note secared tiereby. ~ 12. That if the modgaga default in any oE the covenants ot agreements contained herein, or in said note, then the mortgegee may perform the same, and all expenditures (including reasonable ettoraey's fees) made by the mortgagee in so doing shall draw interest at the rate set fort6 in the note secured hereby, and shall be repayable immediately and without demand by the mortgagor to the mortgagee, 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 direcied to the said rnwner at the last address actually furnished to the modgagee, or directed to said owner at said awdgaged premises, a~ mailed by the United States mails, shall be sufficient notice and demand in any case arising under this instrument and required by tbe pcovisions hereof or by law. ~ 14. The mortgagor covenants and agtees that so l~g as this mortgage and the said note secured hereby are ~ insured under the provislona of tt~e Natiawl Housiag Act, he will noi exec:ute or file Eoc recocd any instrument ~ ~ which imposes a restriction upon the sale or occupency of the mortgaged property on the basis of race, col~, or ~ creed. Upon any violation of this undecteking, the mortgagee may, at its option, declare the unpaid balance of the ~ debt secured hereby immediately dae and poyable. ; 15. The mortgagor f~uther covenants that shouW this moct age and the note secured hereby not be eligiole ~ from the date 6ereof (written statement for insurence under the Netiawl Housing Act within 30 DAY ~ ot any officer of the Departmeat of Housing and Utben Development or authorized agent of the Secretary of Hous- ~ ing and Urben Development dated subsequeat to the 30 pAYS time i.~n the date of this mortga~e. declining to insure ssid nde end this moetg,oge, being deem•~ conclnsive proof oE such inelig,ibil:ty), the mortga- ~ gee a the holder of the note may, at its optioo, declare all sums aecuced hereby immediately due and payable. ~ ~ The covenants hereia contained shall bind, and the benefits and advantages shall inure to, the respective ~ heira, executas, administratocs, auccessors. and asaigns af the podies hereto. Whenever used. the singuler num- ~ ber shall include the pl~ual. the plnrat the singular. and the use of any gender shall include all genders. ~ ~172 P~ 1~1 , _~:t _ : - ~ : ~ _ _