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HomeMy WebLinkAbout2568 a ~ ~ • ti , ~ 'r , ~ 5. That he will permit. canmit. a sutEek no 7rast~; Impaira#eat; b~ deterioration oE said property or any part the~eof; aad ia the event of the tailure ot the modgaRor to keep tbe buildtags on said p~emises aad tbose tobe erected on said premises, a impcovemeats tbereon. in good cepalr. the mortgagee may make such repai~s as in its discretion it aiay deem necessary foc tbe proper pcesen?atio~ th~~scf~ a~d the full amouat of each aad every such payment shall be immedistely due aad payable~ and shall be secured hy the lien of this modgage. . 6. Tfiat he will pay all and singular the costs, charges. and expeases, iacludiag r~sonable lawyer'a fees. aad costs of abstracts of title, incurred or paid at any time bythe a?atgagee because of the failure on the part oE the mortgaga promptly and fully to perfam the agreements and coveaaats of said promissory note and this mott- g,oge. a~d said costs, charges. and expenses slwll be immediately due and peyable end shall be secuced by the lien af thia mortgage. ~ 7. Tbat he will keep the improvemeats now existiag oc hereafter erected oa the matg,aged pcopedy, iasured as may be required from time to time by the moctgagee ag~inst loss by fir and other haserds, casualties, and coatia- gencies ia such amounts and for sucb periods as may be cequiced by matgegee. and aill p~y promptly, whea due. any premiums on such insurance for paymeat of which pcovision has not been made hereiabefvice. All iasurance shall be carried in companies approved by moctgagee and the policies and renewals thereof shall be held by moct- gagee and have attached thereto loss peyable clAuses in fevor of and in focm acceptable to the modg~agee. In event of loss he will give immediate notice by mail to matgagee~ and mortgagee may make proof ot loss if not made pcomptly by mortgaga. and each insurance company concerned is hereby auth~ued and d'uected to make payr.ient Eor such loss dlrectly to mortgagee instesd of to matgaga and mottgagee joiatly. aad the insurar~ce pro- _ cegds. or any part theceof, may be applied by mortgagee at its option either to the reduction of the i~ebtedness hereby secnred or to t6e restoration a repair of the propedy da~ged. la event of foreclosure of this modgage or other transier of tltle to the modgaged propedy i~ extiaguishment of the iadebtedness secured hereby. all right. title, and interest of the mortgagor ~n and to any insurance policies the~ in force shall pess to the purchaser or graatee. ~ 8. Tt?at t6e mortgagee may. st any time pending a suit upon this mortgage. apply to the coart haviag jurisdic- tion thered fa the appointment of a receiver, and such cou~t shell focthaith appoiat a receiver of the premises covered l~ereby ell and singular. including all and singular the iacome~ profits, issues, and cevenues from whatever source derived, each and every of w6ich, it being expressly nnderstood, is hereby mortgaged as if speciEically set forth and described in the granti~g 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 recelver. aad such appoiatment shall be made by such court as an admitted equity apd a matter of absolute right to ssid mortgagee. and without reference to the adequacy or inadequacy of the value of the propedy matgaged or~ta tbe. sekrency or insolvency of seid mortgagor or the defeadents, and that such rents. profits, income, issues. and teveeu~s shall be applied by sach receiver according to the lien of this modgage and the practice of sucb caut. In tbe event of any deEault on the part of the . mortgagor hereunder, the matgagot agrees to pey to the mortg,egee oa demand as a reasonable aioathly rental for the premises an amount at least eqpivalent to one-twelfth (1/12) of the aggregate of the twelve m~thiy install- ments payable ia the then current year plns the actual amount of the annual taxes. assessrnents, water rates, and insurance premiums for such year not covered by the aforesaid mpnthly payments. 9. That ~o~ in the event of any breach of this mortgage or default on the gad of the modg~gor, or (b) in the event that any of said sums oE money herein referred to be not promptly and fully paid withou`t demand or notice, ~or (cl in the event that each and every the stipulations, agceemeats, conditioas, and covenants of said aote and this modgage, are not duly. promptly, and fully performed; then in either oc any snch event. the said aggregate sum mentioaed in said ~ote then remaining unpaid, With ~intetest accrued to that time. and all moneys secured hereby. shall hecome due and payable forthwith, or thereaker, at the option of seid moctgagee, as fully end com- pletely as if all of the seid sums of money were originally stipulated to be {~eid o~ such day. anything in said note a ia this modgage to the contrary notwithstanding; and thereupon or thereafter, at the option of said matge- gee, aithout notice or demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby had ~ matured prioc to its institution. The mortgagee may foreclose this mortgage, as to t6e smount so declared due end ; payable, and the said premises shall be sold to satisfy aad pey the seme together with costs, eapenses.and allow- ` ances. Ia case of pertial foreclosure of this mortgage, the mortgaged premises shell be soW subject to the con- tiauiag lien of this mortgage foc the amount of the debt not then due and uapaid. In such case the provisions of this peragraph may again be availed of thereafter fcom time to time by the mortgagee. 10. That the mortgagoc will give immediate notice by mail to the modgagee of any conveyance. transfer, or change of oarnership of the premises. ~ 11. Thst no waiver of any covenant herein or of the obligation secured hereby~shall at any time thereafter be held to be a~vaiver of the terms hereof or of the note secured hereby. 12. Thet if the mortgagor default in any of the covenants or agreements contaiaed herein~ a in said note, then the moctgagee mey pedorm the samg. end all expenditures (iacluding reasoaable attoraey's fees) made by the modgagee in so doing shall draw intecest at the rate set fath in the note secnred hereby, end shall be repeyable immediately and withont demand by the mortgego~ to the mortgagee, and~ togetl~er ~vith interest and costs accruing thereon, shall be secured by this modgage. 13. thet the mailing of s written notice a demandaddressed to the orvaer of record of the mortgaged premises, or directed to the soid owaer at the last addcess actualiy furnished to the moctgagee, oc directed to said oqvner at said mortga~ed premises, and mailed by tbe United States mails. shall be sufficieat notice and demand in sny case arising uader this instcument and required by the pcovisions hereuf or by lew. 14. The modgagor coveaants and agcees tl~t so loag ~s this matgage and the said aote secured hereby ere ~ insured under t6e provisioos oE the Natianel Housing Act, he will not execute or file foc record eny instrument ~ which impo~es a restriction upon tbe sale or occupancy of the mortgaged propedy on the bsais of race, cola, or creed. Upon any v~olation of this undertaking. the mo~tgagee may. at its option, declare the unpaid balance of the K debt sec~ed heceby immediately due aad payable. 15. T6e mortga~oi furtber covenants tbat should this mectg;age aad tbe aote secnred bereby aot be ~ligible f« insurance under the Notia~al Housiag Act within 30 daya from the.date hereoE (~rritten statement oE any oHicer d tbe Dep4rtment of Nousing aad Urban Developmeat or a~thodzed a~ent of the Secretacy af Hous- iag aad Urbon Development dated subsequent to t6e 30 d8 time trom the date of tbis ~oct~a~e, declining to iaswc soid ade and this mortgaee, being deemad ca~c~uslve prooE af such ineligibility), tbe mortgA- , 6ee oc the holder af the aote ~ay, at its optioe. declw~e oll swns secnred bereby immediately dne and popble. . T6e covea~nts hereia contained shall biad, and the beneflta aad.advantages s6a11 Iaure to, the cespective ~ bain, executas. odministrators. successocs. and assi~s af tlie parties hereto. I~henever used~ tbe singulu aum- ber siudl inclnde she plural, tbe plural the singular, and tbe use ot aoy ~eadec s6a11 iaclude ~Il 6endecs. ~i~'3 ~~~0 ~ ~ ti - _ _ _ . _ .._r.._.. _ :H. , a _ -