The URL can be used to link to this page

Home My WebLink About1051 ~ . . ~ ~ i L j ~ • ; ~ y 1 S. Tbat he will.permit. commit~ at sufter no waste. ia~peicmeat, oc deteria~tioe of said propeKy o~ aay patt theceof; ~nd ia the evept of the tallure~oE the modgagor to keep the buildin~,s on said premises aad those tobe e~ected on said pcemises. a impcovemeets tl~ereon. ia good repelr. the matga~ee mey awke such cepoirs as ia its discretioa It awy dcem necessary foc tbe proper pceservatioa thereaE, aad tbe fitll amount ot each aad every such payment shall be ima~cdiately due aad poyable. and shall be secured by the llea aE this mortgege. 6. That he will pay all and siagular the costs, charges~ end expenses. iacluding raaaoaable l~~vyer's fees. and costs of abatracts of title, incuned or poid at ~y tlme by the matgagee because of the failuce on the p~d oE the mortgagor pcomptly and fully to perfam the agreements and covenaata of said pcanissory note aad this mott- spge, and sald costa. cherges. end expenses shall be immediately due pud poyable and shall be securea by the lien d thls e~octgage. 7. That he will keep the impcovemeats aow existiag a heceafter erected oa tbe mortgaged pcopedy. insured as may be required fro~s time to tiaie by the matgagee against loss by Eire and othec 6asards, casualties, and coetln- gencies ia auch amounts aad for such periods as may be required by matgagee. prd wiU pey promptly. whea dne, any pceasiums on such insnrance Eor payment of which provisio~ has not been made hereiabeforc. All insura~ce shatl be canied in compenies approved by matgagee aad the policies and renewals thereof shall be held by mort- gagee and have attached thereto loss peyable clauses i~ fava of and ia form acceptable to the modgagee. Ia event af loss he ~rill give immediate notice by mail to matgpgee, and mortgagee aay awke ptooE of loss if not made promptly by matgagoc, aad each insuraace company concemed is hereby authociaed aad dlrected to meke peyment for such less dieectly to mortgagee iastead of to mortgag« and mortgagee jointly, and tbe insurance pco- ceeds. or any pact thereof. may be applied by mortgagee at its option either to the reduction of the indebtedaess hereby secured or to the restoratioe a repair af the propedy damaged. In event of foreclosure uf this moctgage oc other transfer oE t1tR to the modgaged p~ope~ty in extinguishment of the indebtedness secured hereby, all right, title, a~d interest of the matgagar in and to any insurance policies then in force shall pass to the purchaser oc grantee. 8. That the mortgegee may. at aay time pendi~g a suit upon this mortgege, apply to the coud heving jurisdic- tioa thereof fo~ tbe appoiatioent of a teceivec~ and such caud shall fotthwith appoint a ceceiver of the premises covered heceby all and singuler. includiag all and singular the iacoa~e, profits. issuea, and revenues fcom whatever source derived, each and eve~y of ~vhich. it being expcessly uaderstood. is 6ereby mortgaged as if specifically set fodh and described in the granting and habendum clauses hereof, and such ceceiver shall have all the broad and effective functions and powers in anywise entrusted by a coutt to a receiver, and snch appointment shall be made by snch court as an admitted equity a~d a matter of absolute right to said matL~ragee, and vvithout reference to the adequacy or inadequacy of the velue of the pcoperty mortg~gtd :ot ~o ~ solveacy or insolvency of said mortgagor or the defendents. and that such reats, prafits, income. ~ss~; siki` ceveaues shall be epplied by such receiver accocding to the lien of this modgage and the pcactice of such caut. ,In the event of aay default on the pad of the modgagor hereunder. the matgagor agrees to pay to the wort~agee oa demand as a reasonable monthly rental for the premises an amount at least eqpivalent to o~e-twelfth (1/12) of the aEgregate af the twelve moathly install- ments p~yable in the then current year ptus t6e actual amount of the annuel ta:es. assessments. water rates, and insurance premiums for such year not covered by the aforesaid monthly payments. 9. That (a) in the event of any bceach of this modgage or default on tLe ped of the modgagor, or (b) in the event that any of said sums of moaey 6erein referred to be not prowptly aad fnlly paid withou't demand or notice. or (c1 in the event that each and every the stipulations, agreements, conditioas. and covenaats of said aote end this matgage, are not duly. promptly. aad fully performed; then in either or any such event, the said aggregete sum meationed in said note then remeining nnpaid. with interest accrued to that time. atd all moneys secuced hereby, shall become due aad payable focthwith~ oc t6ereafter, at the optioa of said mortgagee, as fully and com- pletely as if all of the said sums of money were origiaally stipulated to.be ~eid aa such day, anythiag in said note or in this modgage to the coatrary notwithstaadiag; and thereupoa a thereafter. at the option of said martga- gee, without aotice or demand. suit at law a in equity, may be pcosecuted as if all moneys secured hereby had j matured pciar to its institntion. The matgegee may foceclose this matgage, es to the amount so declered due and ! payable, a~ the said premises shall be sold to satisfy aad pay the same together with costs, expenses,and allow- ~ ances. Ia case of partial foreclosuce of this matgage, the mortgaged premises shall be sold snbject to the con- ~ tinuing liea of this awrtgage foc the amount af the debt not then due and unpeid. In snch case the provisioas of , this pacagcap6 may agaia be evailed oE thereaEter from time to time by the matgagee. 10. That the mortgaga will give ,~mmediate notice by mail to the mortgragee of aay conveyaace~ transfer, oc change of orvners6ip af the premises. 11. That ao waiver of any coveneat herein o~ of the obligetion secured hereby shall at any time thereafter be held to be a aratver of the terms hered or of the note secnred 6ereby. - 12. That if the mortgegor default in any of the covenants or agreemeats contained herein, or in said note, th~n the mortgagee may perfocm the samg. and all expenditures (including reasonable attaney's fees) made by the awrtgagee ia so doing shall draw interest at the rate set facth ia t6e aate secnred heceby, and shall be repayable immediately and ~rithont demand by the matgagoc to the matgagee. and, togeWer wit6 iaterest wd costs accruing thereoe, shall be secured by this mod~age. , 13. that the moiling of a~vrittea notice a demandaddressed to the ow~r of cecord of the mortgaged premises. o~ directed to t6e said o~vner at We last address actuolly faraished to the a~atgpgee. a dicected to said ownec at said mort~ged premises, aad awiled by the United States mails. s6a11 be auEficient aotice and demand ia any case arisin~ w~der this iastrument aod required by tbe pravisiaas 6eced oc by law. 14. The mortgaga cavenants and agrees tbat so loag as this matg,age and tbe said aote secured hereby are insured under the provisioas of the Natianal Housing Act. he ~vitl aot e:ecute or file fot recocd aay instrumeat ~ which imposes a restriction upoa tbe sale ot occupency of the mortg,aged propedy on the basis of race, cola, or creed. Upon any violatioa of this undertaking. the matgagee nwy. at its option, declare the unpaid balaace of tbe debt secnr~d 6errby immediately due aad payable. 15. Tbe ~wtgagos fuetber coveoaats tbat should tbis oatg,sge a4d ths aote aecur~d hereby not be elisibM fo~ iasurance under the Natiooal Housing Act wit6in from ihe date bered (written statemeat d any oglcec af tbe Departmeat of Nousia` and Ut~aa ~eve7o~nt oc autbaised a~ent ef the Secretary of Hous- in~ and Urbau Development dated subsequent to tbe time fror tbe date of thjs moet~p~e. declinin~ to ins~re said ade a~d this matga~e. beiag dee~~ve pcoof d such ioeligibility), tl~ mort~,a- gee cr tbe 6older aE t6e aote eay, ~t its optioa, declue all snms sec~ed berebp ia~ed'utely due nnd pay~ble. T!~ coven~nts hereia coatained sball bind, and tbe beaefib aad advaato~es s6a11 inure to, the respective heia. execntoes. adaiiaistratocs. successas, and assi~s af t6e p~rt~s berato. w6toeva nsed. t6~ singnl~r num- ber sball incl~de t6~ plunl, the plural the singulat, aad t6e use ot any ~nder s6a11 iaclude all `enden. ~~75 ~1048 ; . w~~ _ ~ _ = _