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HomeMy WebLinkAbout2337 V V _ r. ~ ' i 4' ~ ~ .l l . ~ 5. That he wiU permit. commit. a snfEet no waste~ Imp~Irmea , a detecioration of said prope~ty ot any part thereof; and in the eveet od the taiture of the mortgaeor to keap the buildia~ oa said premises aad those tob~ e~ected oa sald presises, or impcovemeats tbereon. ir good repo~t. the modgatese a~ay make auch repoirs as ia ib discrettoa it m~y deaw necesaary fa tbe pcope~ peoservat~on theceef. aad the tull 4naunt of each aad every such poya~ent shall be immediately due aad p~yable, and shall be secured by the liea of~this mortgage. 6. That he wili p4y all and slegulu the eo~ts. chargess. aad e:penses. iacludiag reasoaable l~wyer's Eees. aad costs of abstracts of title. iacurred cc patd at aay tlme by the matgagee because of t6e failure oa the pa~t of the mort~agoc promptly and fully to perfam tbe ~~rreca~eats aad coveaaata of said promissory t~ote aad this mott- gege~ and said co~ts. ch~cges. aad exp~?nses s6a11 be Imriediately due aad payable and shall be secured by the lisa af this matgege. ~ ~ 7. Thet he will keep the imp~ovements aow exlattag o~ heee~fter ecected on the mo~tgaged propedy. insured as may be required from time to time by tbe mortgagee against'loas by tire and other hasuda, ceswlties. uad contia- gencies in such amouats aad for such periods aa m4y be reqaiced by mortgpgee, aad will pay praoptly, when dne. aay prea~iums on such ias~uance for poyment of which p~ovisioa iws aot beea awde hereinbefae. All insurance shall be canied ia compaaies approved by mat~pgee and the policies and renewals tbereof shall be held by mat- gagee and have attatbed thereto loss peysble clauses in fava of and in fam acceptable to the modg,agee. In event of loss he will give i~mediate notice by mail to maE~gee. aad matgagee may make proof of loss if not made promptly by matgagoc. aad eseb insucance compeay co~ceraed is hereby authoriyed and d'uected to make peyment fa such lo~ diiectly to mortgagee instead of to matgegoc aad mactgagee jointly, and the insurapce pro- ceeds, ot any pad thereof, a~ay be appli~ed by moctgagee at its optioa either to the reduction of the indebtedness hereby secured or to the restoratiea a repair a~ .l~e propedy damaged. In event of fo~eclosure of this modgage a other transfer of title to the mortg,aged property in extinguishment of the indebtedness secured hereby, all right, title, and interest of the moetgaga in and to any insurance policies then in face shall pess to the purchaser a gcantee. 8. That the mortgegee may, at any time pending a suit upon this mortgage, apply to the court having jurisdic- tion thereaf fa the appoiatmeat of a ceceiver. and such court shall fodhwith appoiat a receiver of the premises covered hereby all aad singulsr. iacludiag all aad singular the i~come. profits, issues, and cevenues fmm whatever source derived, eac6 and every of which, it being eantessly understood. is hereby modg,eged as if specifically set fodh a~d described in the graating anc habendum clauses hereof, and snch receiver shall l~ave all the broed and effective functions aad powers in anyvvise eatrusted by a court to a receiver, and snch appoiniment shall be made by such cowt as an admitted equity and a matter of absolute right to said matgagee. aad without reference to the adeqaacy ar inadequacy of the value of the propedy matgaged ot to the solvency a insolvency of seid modgagor or the defeadeats. aad that such reats, profits. income, issues, and cevenues shall be spplied by such receiver according to the lien of this modgage aad the practice of soch co~u~t. In tbe ev~gt.of any default on the part of the mortgagor hereunder. the mortgago~ agrees to pay to the ma-tgagee oo de~sWd `o~?a re~sonable monthly rental for the premises an amount at least eqpivalent to oae-tarelfth (1/12) of the aggceg~ate af the twelve uwnthly install- ments payable in the then current year plus the actual emouat of the annoal tases, assessments, aater rates, and insurance premiums for such year not covered by the afocesaid monthly payments. 9. That fa1 in the event of any breach of this modgage or defeult oa the ped of the mortgagor, or (b~ in the event that any of said sums of money herein referred to be not promptly and fully paid without demand or notice, or (c) in the event that each and every the stipulations, agreements. coaditions, aad covenants of said note and this mortgage. ace not duly, promptly, and fully performed; thea in either or aay such event, the said aggregate sum mentioned in said note then remaining unpaid, with iaterest accrued to that time, snd all moneys secured hereby, sball become due and payable forth~avith, or thereafter, at the option of said mortgagee, as fully aad com- pletely as if all of t6e said sums of money were originally stipulated to be paid ~on such day, anything ia said note or ia this modgage to the contrary notwithstanding; and thereupon or thereafter. at the option of said mortge- gee, withont notice or demand, suit at law ~ iq equity. may be prosecuted as if all moneys secured hereby had ; matured p~ior to its institutioa. The mortg,~gee ~nay foceclose this mortgage, as to the amount so declared due and I peyable. aad t:~e said premises shall be sold to satisfy and pay the same together with costs, expenses.and allow- ! ances. In case of pertial foreclosure oE this mortg,age. the moctgaged premises shall be sold subject to the con- ~ tinuutg lien of t6is mortgage foc the amount ~ the debt not then due and unpaid. In such case the provisions of i this peragraph mey again be aveiled of thereafter from time to time by the mortgagee. ~ 10. That the mortgagor wiil give immediate notice by mail to the mortgagee of any conveyance, transfer, or chaage of awaers6ip oE the premises. 11. That ao waiver of any coveaent herein or of the obligation secured hereby shall at any time thereafter be held to be a w~iver of the terms hereaf or of the note secured hereby. ~ 12. That if the mortgagor deEault in any of the covenants or agreements contained herein, or in said note, then the mortpgee may pedorm the same. and all expendit~res (including reasonable attoraey's fees) made by the ~ mortgagee in so doiag sbaU draw iaterest at the rate set fath in the nde secnred hereby, and shall be repayable immediately ead without demaad by the mortgagor to the modgagee. and, together with interest aad costs accruing ~ thereon, sha11 be secured by tMis awdgage. s 13. that the mailing of a writtea notice oc demand eddressed to the aovaer of record of the matgaged premises, S or directed to tbe said orvner at the last address act~lly fiuniahed to the moctgagee, or dicected to said awner at ; seid modg,aged premises, and mailed by the United States mails. siwll be sufficieat aotice and denwnd in any = case arising uader this Instrumeat and required by the pravisions hereof or by la~v. ~ ; 14. Tbe moctgaga coveaants and agcees thst so lon~ as this matg,age and the said noie secured hereby are ` insured under the provisions of the National Housing Act, he will rtot execute or file for record any instrument r whic6 imposea a restriction upan the sale or occupancy of the modgpged pcopedy on the basis of race. color, or 3 creed. Upon ~ay violatlon of this uadertalcing, the matgagee may, at its option. declare the unpeid balence of the ~ debt sec~ced hereb~ immediately dne aad payable. . $ 15. Tha moctg,a~or fnrthec covenaats tbat shouW moct ge and the note sacured hereby not be eligible } for inaurance under tbe Natiaoal Housi~g Act within trom the date hered (arjtten stetement ~ a~ any otficer d the Department of Housin w~d Urb. vel mant or aatbaised a g oQ 6eat d tbe Secretary of Hous- ~ ing and Urban Developmeat dated sudsequent to the ~ys time froo the date of this moct~,a~e, ~ declining to iasure s~id nate and t6is oort~~e. boiag d caaclnsive pco~ d such ineligibility), the rtiortg,a- ~ gee a the 6old~ d the note o~r. at its option, declare all su4s secure~f bereby immediately d~u and psyable. ~ Tha coveasnts hereia ceotained sbaU biad, and the benefib a~d advanta~ps sball ionre to, tbe cespective s 6eirs. e:ecutocs. administcatas. anocessas. and ossi~s af tbe p~t~ss hereto. whensv~ used, tbe siagulor aum- ~ ber shall iaclnde tbe pl~al. tbe plnral the sin~lar. and the use o~ ~ny geuder shall iriclude all genders. ~ ' t : • ? ~ b ~ ~~.'~3 ~~9 ~ .