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HomeMy WebLinkAbout0922 ^j ~ ' 1 . r'~'t j ~ ~ 5, Tbat he will permit. commit, oc sutfer no waste. impairmeat, or detecia~atioc~ of said property or any part Nereof; and in the event of the failure of the mortgagor to keep the buildings o~ said premises aad those tobe erected on said premises, or impcovemeats thereon~ in good repeir, the moetgagee nwy make such ceppirs as in its disccetlon it awy deem necessary fa the pcoper pceservation theceof ~ and the full amourtt of each and every suc6 Qoyment shall be immediately due and peyable. and sball be secured by the lien of this mortgage. 6. That he aill pay alt and si~gular the costs~ charges. and expenses. Including reasonable lawyer's fees, aad costa of abstrects of title. incuned a peid at aay time by the mortgagee because of the failure o~ the part of tbe mortgagor promptly and fully to pe~fam the agree~nts aad covenants of said promissory note and this mort- gage. and said costs~ che~ges. and expenses shall be immediately due and payable aad shall bc secur~d by the lien aE this mortgaga 9. That he arill keep the improvements now existing or hereafter erected on the mortgaged propedy. insu~ed as aaay be required itom time to time by the mortgagee against lo~ss by fire end other haserds, cesualties, and contin- gencies in such amounts aed for such periods as may be required by matgagee, aad will pay promptly. whea dne~ any preauums on such insuraece fo~ payment of which provision has not beea made hereinbefoce. All insurance shall be canied in companies approved by mortgagee and the policies acrd cenewals tl~reof shall be held by mat- gagee and have attached thereto loss payable clauses in favor of and in form acceptable to the mo~tgngee. In event of loss he will give immediate notice by mail to moctgagee. and mottgagee may make proof of loss if not made promp~ly by mortgagor. and each insurance compa~y concerned is hereby authorized and dicected to make payment for such loss directly to moctgagee instead of to mortgagoc and mortgagee jointly. and the insurance pro- ceeds. or any pad thereof. may be applied by matgagee at its option either to the reduction of the indebtedness heteby secured or to the restoratio~ or repair of the propedy damaged. In event of foreclosure of this mortgage or other transfer of title to the mortgaged propedy in extinguishment of the indebtedness secured heceby~ all right. title. and interest of the mortgagoc in a~d to a~y insurance policies then in force shall pass to the purchaser a grantee. 8, That the mortgagee mey, at any time pending a suii upon this mortgage. apply to the court having jurisdic- tiort thereof fo~ the appointment of a receiver, and such coud shall forthwith appoint a receiver of the premises covered hereby all and singular, includi~g all and singular the income. profits. issues. and revenues from ahatever source derived, each and every of which, it being expressly understood. is hereby modgaged as if specifically set fodh and described in the granting and habendum clauses hereof, and such receivet shall have all the broed and effective fuaciiorts a~d powers in anywise entrusted by a court to a receiver, and such appointment shall be made by such coud as an admitted equity a~d a matter of absolute right to said mortgagee. and without refecence to the adequacy or inadequacy of the value of the propedy mortgaged or to the solvency or insolvency of said mortgagor or the defendents, and that such rents~ profits, income. issues. and revenues shall be apptied by such receiver according to the lien oE tt~is mortgage and the practice of such court. In the event of any default on the pad of the mortgagor hereunder, the matgagor agrees to pay to the mortgagee on demand as a reasonable mo~thly 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 actual amount of the annual ta~ces, assessments, water rates. and insurance premiums for such year not coveced by the aforesaid monthly peyments. 9. That (o) in the eveat of any breach of this modgage or default on the part of the modgagor, or (6) in the event that any of said sums of money herein referred to be not promptly aad fully paid aithout demand or notice. or (c) in the event that each and every the stipulations~ agreements, conditia~s, and covenants of said note and this moctgage. are not duly, promptly, and fully performed; then ue either or any such event~ the said aggregate sum mentioned in said note then remaining unpaid, with interest eccrued to that lime, and all moneys secured heteby, shall become due and payable forthwith, or thereafter, at the option af said mortgagee, as fully and com- pletely as if all of the said s~$ns of motiey were originally stipulated to be paid on such day, anything in said note a in this modgage to the contrary notwithstanding; and thereupcm or thereafter, at the option of said mortga- gee, without notiCe or demand, suit at law or in equity, may be prasecuted as if all moneys secared hereby had matuc~ed prior to its institution. The mortgagee may foreclose this mortgage, as to the amount so declared due and payable, and the said premises shall be sold to satisfy and pay the same together with costs, expenses~and allow- ances. In case of partial foreclosure of this mortgage, the mortgaged premises shall be sold subject to the con- tinuing lien of this mortgage foc the amount of the debt not then due and unpaid. In snch case the provisions of this paragraph may again be avaited of thereafter from time to time by the mortgagee. 10. That ihe mortgagor will give immediate notice by mail'to the mortgagee of any conveyance, transEer, or change of awnership of the premises. 11. 1'hat nb waiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be held to be e waiver of the tera?s hered or of the note secured hereby. 12. That if the moctgagor default in any of the covenants or agreements conteined hetein, a ia said note, then t~e mortgagee may pert'orm 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 aote secured hereby. and shall be repayable immedietely and without demand by the mortgaga to the mortgagee, and, together with interest and costs accruing thereon, shall be secured by this mortgage. 13. that the mailing of a written notice or demandaddtessed to the owner of record of the mortgaged premises, or directed to the said avner at the last address actually furnished to the modgagee, or directed to said owner at said moctgaged premises, and mailed by the United States mails. shall be sufficient notice and demand in any case arising under this instcument end required by the provisions hereof or by law. 14. The mortgagor covenants and agrees that so long as this mortgage and tE?e said no~e secured hereby are insured under the provisions of the National Housing Act, he wi11 not execute or file for record any instrument which imposes a restrictior~ upon the sale or occupancy of the mortgaged propedy on the basis of race, cola, oc creed. Upon any violation of this undectaking, the moctgagee may, at its option. declare the unpaid balance of the debt secured hereby immediately due and payable. 15. The mortgagor further covenants tbat should this mortgage and the note secuced hereby not be eligibte fot insurance under the Netlonal Housing Act within 3Q ~YS from the date hereof (written stetement of any officer of the Department of Housing and Urban Developme:~t or authorized ageat of the Secretary oE Hous- ing and Urban Development dated subsequent to tbe 30~AYS time from the date of this mortgage. ~ declining to insure soid note and this mortgage, being dee conclusive pcooE af such ineligibility). the mortga- gee or the holder oE t6e note n~ay, at its option. declore all aums aecured bereby immediately due and payeblc. The coveoanta herein contained slwll biad, and the benefits and ~dvantaees shalt inure to, the respective heirs. executas, edminiatrators, auccessors. and aasi~s oE the porties haeto. whheaever nsed. the singul8r num- ber shall include tl~e plural, !he plural the singular, and the use of any gender shall include all genders. 8~1'7~ ~ 9~~1 ~.~~~~--~-.~-~,A- ~ - - .~.~..n. ~a= ~ a. ~ ,~,.~~-a~ _ . ~ -