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HomeMy WebLinkAbout1755 V 1 ' ~ ~ t.i ' ~ 5. T6at he will j,eraait~ caamit. oc sufter no waste~ impeirment, oc dete~iaatioe of said pcopeny w a~y pact theceof; and ia the event of the feilure oE the mortgagor to keep the bulldings oa said premises and tbose tobe erected on said p~emises. or improvements thereon~ in good repelr. the moctgagee may make such cepeirs as In its discretioa it awy deem ~ecessary for the proper presenratian thereof. and the full amount of eacb and every such payment shell be imaiediately due and peyable. and shall be secu~ed by the lien ot this nwrtgege. 6. That be wilt pay all and singular the cests. charges. and expenses. iacluding reasonable lawyer's fees. a~ costa of abstcects of title~ incuned or peid at any time by the mottgaga! because of the Eailure on the part oE the mortgagoc pwmptly and fully to perfo~m the agreements and covenents of said promissory note and ~this mo~t- gage, ead said caats. charges. and expenses shall be immediately due pnd ppyable and shall be secuced by t6e liea of this moctgage. 7. That he vvill keep the improvements now existing a hereafter erected on the mo~tgaged propedy. insuced as may be required Emm time to time by the matgagee against loss by fire and other haaards. casaalties. and co~tin- gencies ia such amounts and for such periods as may be requlred by aaatgagee, and will pay praaptly. when due, any premiums oa such insucance for payment of which provision has not be~n made heceinbefoce. All insurance shall be carried in companies approved by mortg,agee and the policies and cenewals thereof shall be held by mat- gagee and have attached thereto loss payable clauses in fava of and in form acceptable to the mortgagee. In event of loss he will giva immediate notice by a~ail to mortgregee. and mortgagee mey make proof of loss if not made promptly by mortgagor. aad each insnrance company concecned is heceby authocized and d'uected to make payment for such loss directly to moctgagee instead oE to mo~tgagoc and mortgagee joiatly. end the insurence pro- ceeds. or any part thereof, may be epplied by moctgagee at its option either to the reduction of the indebted~ess hereby secuced or to the restoration or repair of the propedy damaged. In event of foreclasure of this mortgage or - ather transfec oE title to the modgaged property in exti~guishment of the indebtedness secured hereby. all cight. title. and intecest of the mortgaga in and to any insurance policies then in force shall pass to the purchaser or grantee. . . 8. That the mortgagee may, at any time pending a suit upon this mortgage. apply to the court having jurisdic- tioa theceaf for the appointment of a receiver. aad such coud shall forthwith appoint a receiver of the premises covered hereby all and singular. inclading all and singular the income, profits. issues, and cevenues from whatever source derived. each and every of which~ it being expressly understood, is hereby mortgaged as if specifically set fodh and described in the granting and habendum clauses hereof, and such receiver shall have all the broed and effective functions and powers in anywise entrusted by a court to a receiver, and such appoiatment shall be made by such court as an admitted uity and a matter of absolute right to said modgagee. and without reference to t6e adequacy or inadequacy of th~value of the property mortgaged or to the soivency oc insolvency of said matgagor or the defendents. and that such rents, profits, income. issues, and revenues shall be applied by such receiver accocding to the lien of this modgage and the practice of such coud. In the event of any defeult on the Qad of the mortgagor hereunder, the mo~tgagoc agrees to pay to the mortgagee on demand as a reasonable monthly rental for the premises an amount at least eqµivatent to one-twelfth (1/12) of the aggregate of the twelve monthly install- ments payable in the then cunent year plus the actual amount of the annual taxes, assessments, water rates, and insurance premiums for si~ch ysar a0tccovered by the aforesaid monthly payments. 9. That (a~ in the event of~ any "bceech of this mortgage or default on the part of the mortgagor. or (b) in the event that eny of seid sums of money herein referred to be not promptly and fully peid withoGt demand oi aotice. or (c1 in the event that each and every the stipulations, agreements, coaditions, and covenants of said note and this modgage, are not duly, promptly. and Eully performed; then in either or any such event. t6e said aggregate sum mentioned in said pote then remaining unpeid, with interest accrned to that tia~e, aad all moneys secured hereby. shall become due and p~yable forthwith, oc thereafter. at the option of ::aid mortgagee, as fully and com- pletely as if all _of the said sums of money were originally stipulated to be ~.~id on such day, snything ia said note ot in this modgage to the conUa:y notwithstanding; and thereupon or thereafter, at the option of said matga- ; gee, without aotice or demand~ suit at law or in equity. may be prosecated as if all moaeys sec~ued hereby hed ~ matured prior to ita institntion. The mortg,egee may foreclose this modgage. as to the amount so declared due and paysble. ac~d the said premises shail be sold to satisfy end pay the seme together with costs, expenses,and allow- ~ ances. In case of partial foreclosure of this moctgage~ the matgaged premises shall be sold subject to the con- tinuing lien of this mortgege foc the amount of the debt not then due and unpaid. In suc6 case the provisions of ~ this paragraph may agsin be availed of thereafter from time to time by the modgagee. 10. Tbat the modgagor will give immediate notice by mail. to the modgagee of any conveyance, transfer, or change of awnership of the premises. ~ 11. That ao waiver of any covenant herein or of the obligation secured hereby s6alt at any time thereafter be held to be a Waiver of the terms hered or of the note secured hereby. - 12. That if the moctgagoc default in any of the covenants ~ agreements contained herein, a in said note, then the modgegee mey pedorm the samg, and all expenditures (including reasonable attaney's fees) made by the mortgagee in so doiag shall draw interest at the rate set fat6 in the note secured hereby. and shall be repayable immedietely and without demand by the matgega to the modgagee, aad. together ~vlth interest and costs accruing thereon, sball be secured by this moctgage. 13. that the ma~ling of a~vritten ndice oc demandaddressed to the o~vner of reco~d oE the mortgaged premises, or directed to the said awner at the last address actually fwnished to the modg,agee, a directed to said o~vner at said mortgaged premises, and mailed by the United States mails, shall be snfficient noticc and demand in eny case uisia~ nnder tbis iastcnment and required by the provisions hereof or by law. ~ 14. The martgagor covenants and ag~ees that so long as this mortg,age and the said aote secured hereby are - insured tuider tbe pcovisions of the National Hoasing Act, he will not execute oc file fa recocd any instrument whic6 imposes a~estriction upcm the sale or occupency of t6e mortg,~ged pcopedy on !he basis oE cace, cola, or creed. Upoe aay violatiaa of tbis uadertalcing, the mortgagee may~ at its option, declare the uapaid balaace oE the debt secured heraby immediately due and payable. ~ 15. The vortg,oQor furtber covenaats that shouW th' e and the aot~ secured hereby n~se eli~ible ~ for inswance under the Notiooal Housing Act within [raa tbe date hereo~ (written statearcnt of any oEficer af the Department of Houain~ and Urban Developm or aMlwrised azeat af the Secretary oE Hoas- ing snd Urban Development dated subsequent to the j~y~ tLoe from the date of this inoetqa~e, declinin~ to iasure saW aote aod this morteage, bein~ dee~anclbsive ,~xoof d ancb ineli6ibillty), the mortga- gee or the bolder d tbe oote m~y, ~t its option, dsclae all suoa secnred l~ereby imeediately due and poy~ble. Tbe coveaants herafn containai shali bind, and the benetlts and ~dvanta~es shall inure to. t1~e respective heirs. e:ecutas, adwinistntors, successocs. aod asai~na d t6e parties hereto. N6enevec used, the singul~r nun- ber shall include the ptunl, the plnral the singular. ~nd the use of any ~ender sh~lt include sll ~enders. ~ P~Gf .