HomeMy WebLinkAbout0719 l_
~ t ~~'f ~j ~
~ !
5. That he arill permit. commit. ot suffet eo waste, impairment, or detecioration of said property or any pad •
theteof; and ia the event of the failure of the moctgegor to keep the buildings on said premises aud those tobe
erected on satd pcemises~ or impcovemeats thereon. in good repeu. the modgagee may make such repairs as In its
discretion it awy deem necessary Eoc the proper prese~vation thereoE. and the full emount of each aad every ~uch
payment shell be immedietely due aad payable, and ahall be secured by the lien of this mortgage.
o. That he wlll pey all end siagular the costs. charges, aad expe~ses. including r~sonable lawyer's fees.
and costs of abstracts of title, inc~ured or psid at aay time by tbe mortgagee because of the tailure on the part of
the modgagoc ptomptiy and fully to perEam the agreemeets a~d covenants of said promissoty note and this mott-
gaae. and said costs, cherges. end expeases sball be immediately due and payable aad shell be secured by the
lien of this matgage.
7. That he will keep the improvemeats aow existing or hereaftec erected on the mortgaged propedy, insuccd as
mey be required_ from time to time by the matgagee against lo~s by Eire and other hazards. casualties, and coatin-
gencies in such amow~ts and for such periods as may be required by matgagee, and wilt pey promptly. whea due.
any preauua~s on such insurance Eor peyment oE ~vhich provision has aot been made hereinbefore. All insurance
shall be canied in companies approved by matpgee end the policies and renewals thereof shall be held by mat-
gagee arid have attached thereto loss payable clauses in favor of and in form acceptable to the modgagee. In
event of loss he -aill give immediate notice by mail to modgagee. and moctgagee may make proof of loss if not
made promptly by matgagoc, and each insurance compeay concemed is hereby authorized aad directed to make
payment fa such loss dicectly to mortgagee iastead of to mortgaga~ and mortgagee jointly, and the insurance pro-
ceeds, ~or any part thereof, may be applied by mortgagee at its option either to the reduction of the indebtedness
hereby secureci or to the restoration a cepair af the propedy damaged. 1~ event of foceclosure of this modgage or
other transfec of title to the mortg,aged propedy in extinguishment of the indebtedness secured hereby, all right.
title, and iatecest of the matgaga in and to any insurance policies then in force shall pess to the purcheser or
graatee. . . , .
8. Thet the mortgagee may, at aay time peading a suit upon this mortgage.~apply`to the court having jucisdic-
tion thereof for the appoiatment of a receiver, and such coud shal! 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 which, it being eapressly undecstood, is hereby mortgaged as if specifically set
forth and described in the gcanting aad habeadum clauses hereof, and such receiver shall have all the broed and
effective functiaos and powers in anyvvise entrusted by a court to a receiver, and such appointment shall be made
by such court as an admitted equity and a matter of absolute right to said mortgagee. and without reference to the
adequacy or inadequacy of the value of the propedy mortgaged or to the solvency oc insolvency of said mortgagor
or the defeadents, and that such reats. profits, income, issues, and revenues shall be applied by such receiver
according to the liea of t6is mortgage and the practice of such coud. In the event of any default on the part of the
mortgagor heceunder, the matgagor agrees to pay to the modgagee on demand as a reasonable monthly rental for
the premises an amount at least equivalent to one-twelfth (1/12) of the aggregate of the twelve monthly install-
, ments payable in the then current year plus the actoal amount of the annnal 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 default on the pad of the modgagor, or (b) in the
event that any of said sums of moaey hereia referred to be not promptly and fully paid without demand or notice,
or (c) in the event that each aad every the stipulatioas, agreements, conditions. and covenants of said note and
this modgage. ace not duly, promptly, and fully performed; then in either or any such event, the said aggregate
sum mentioned in said note then remaining unpaid, with interest accrued to that time. and all moneys secured
hereby, shall become due and payable fortharith, oc thereaEter, 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 or in this mortgage to the contrary notwithstaading; and thereupon oc thereafter, at the option of said matga-
gee, without notice or demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby had
matured priot to its institution. The mortgpgee may foreclose this mortgage, as to the amount so declared due and
~ payable, and the said premises shell be sold to satisfy and pay the same together with costs, expenses,and allow-
f ances. In case of partial foreclosure of this mortg,age, the mortg,aged premises shall be sold subject to the con-
~ tinuing lien of this mortgage for the amount of the debt not then due and unpaid. In such case the provisions of
this paragraph may again be availed of thereafter from time to time by the mortgagee.
~ 10. That the modgagor will give immediate notice by mail to the mortgagee of any conveyance. transfer, or
~ change of ownership of the premises. `
11. That ao waiver of aay covenant herein or of the obligation secured hereby shall at any time thereafter be
held to be a waiver of the terms hered or of the note secured hereby.
12. Tfiat if the modgagor default in any of the covenants or agreements contained herein, or in said note, then
the modgagee 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 forth in the note secured hereby, and shall be repayable
immediateiy and without demand by the mortgagor to the mortgagee,,and, together with interest and costs aceruing
thereon, shall be secured by this mortg,ege.
13. that the mailing of a written notice a demand addcessed to the owner of record of the mortgaged premises,
or directed to the said owaer at the last addcess actually furnished to the mortgagee, or directed to saidawner at
said mortgaged premises, and mailed by the United States mails, shall be safficient notice and demand in any
case arising under this instrument and required by the ~ovisions hereof or by law.
14. The modgagor coveaants and ag~ees that so long as this modgage and the said note secured hereby are
~ insured under the provisions of the National Hbusing Act, he will not execute or file for record any instrument
~ which imposes a restriction upon the sale or occupancy of the mortgaged property on the basis of race, color, or
~ creed. Upon any violation of this undettaking, the mortgagee may, at its option~ declare the unpaid balance of the
debt secured hereby immediately dae and payable.
15. The modgagor fnrther covenants that shouId this mortgage and the note secured hereby not be eligible
for insurance under the National Housing Act arithin 30 DAYS from the date hereof (written statement
of any officer of the Departmeat of Housing and Urban Development or aathorized agent of the Secretary of Hous-
ing and Urban Development dated subseqaeat to the 30 D YS . time from the date of this mortgage,
declining to iusure said note a~ this mortgage, being dee~conclusive proof of such ineligibility), the modga-
gee or the holder of the aote may, at its optioa, declare all sums secured hereby immedistely due aad payeble.
The covenants herein contained shall bind, and the benefits and advantages shall inure to, the respective
heics, executors, administrators, s~ccessors, and assigas of the parties hereto. Whenever used, the singular num-
ber shal~ include t6e plnral, the pl~ral the singular, and the use of any gender shall include all genders.
aoo~173 ~ .7~
~