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HomeMy WebLinkAbout1193 r U ~ t U . .a ti . p `'t A~l " 5. That he wiU permit. coa~mit. a suf~er no w~ste. iinp~trmeat. oc deteriaation oE wid pcoperty a aay paet theceof; ~nd ia the weat ot the failure of the mort~agot to Icee tbe buildiap oa said premisas aad those tob~ erected oa sold peemisea. os impcovemeat~ thereoa. la ~ood repa~. tbe moetgp~ee moy inake snch cepalrs ~s ln its discretlva it awy deew aecess~ry Ea t6~ p~oper prese~v~tioa tl~eceaf. ~nd tM Eull amouat of eacb aod eve~y sacb p~yoeat sl~ll b~ ima~ediately due aad payoble, aad shall be secnred by the lien oE this aartga~e. 6. Ttwt he will pay all ~ad slaeula~ the casts. charges, and expenses, includiag ce~soaable lawyer's fees. and costs oE abstracta of title, Inc~rred o~ p,id at aay time by the a~at~agee becanse ~ tLe failure oa the psrt of the moctpga promptly aad Eully to perfao~ tba 4~eeemeats aad covenaats of said pcomissay note ~nd tbis mat- Qage. and said costs. clw~rges. aad expenses sball be ienmediately due and poyable aad shall be a~cured by the lien of this mat~age. 7. Tbat he wiU keep the improvemeats now existla~ a hereafter erected oa the mo:tga~ed pcopecty, insured as nwy be requieed fco~e time to tiaie by the mat~agee agaiast'loss by fire and othec hasards. casuolties, and contia- geacies in such amounts ead for sach periods os may be cequtred by matgagee. aad will poy promptly. whea dae. any premiums oa such iasurance for poymeat oE which provlsioa has. not been awde beceinbcfoee. All insuraace shall be carcied ia compoaies appcoved by matg~~ oad the policies and :enewals thercof ahall be held by mat- gagee aad have attathed thereto loss pQyable clauses ia feva of end in fam acceptable to t!u mat~agee. In event oE loss he will give immediate aotice by mell to matg,agee. aad mort~agee may aialc~e praof of lo~s if aot made promptly by matgagc~. and each iasurance compaay coacerned is hereby autho~iaed nad d'ua;ted to make paya?ent Eor such loss directiy to mortgagee instesid of to matgagoc and mortgagee jointly. and the iasuraace pro- ceeds. oc aby psrt theeewE, may be applied by matgagee at its option either to the reduction of the indebtedness hereby secured oc to the restoratioa or repair oE tbe propedy demaged. Ia eveat of foreclosure of this modgage oc other traasfer aE title to the mort~aged property ia extiagnishment oE the indebtedness secured hereby. all right, title, and 'u?tecest of the matg,aga in aad _ to any insurance policies then in face shaU pess to the purchaser a g~antee. 8. Tl~t the moctgagee isay, at any tlme peading a suit npon this matgege. apply to the court having jurisdic- tion thereaf for the appointmeat af a receivec. aad such court shall forthwith appoiat a ceceiver of the pcemises covered hereby all aad singular. includiag all aad siagular the income. profits. issues, and reveaues from vvhatever source derived, each and every of ~vhich. it being eapressly uaderstood, is hereby mortgaged as if specificelly set fodh and described in the gcanting aad habendum clauses hereof. and auch receiver shall have all the broed aad effective functions ar~d powers in anyrwise entrusted by a co~ut to a receiver. ead such appointment shall be made by such co~ut as aa admitted equity and a matter of absolute right to said matg,agee. aad without reference to the adequacy or iaadequecy of the value of the pcopedy matgaged or to the solvency a iasolvency of said modgagor or the defendents. and that such r~nts. ~afits, income, issues. and revenoes ahall be applied by such receiver according to the lien of this mortgage aad the p~actice of such couct. In the event of a~y default on the pad of the modgsgor hereuader. the matgagoc agrees to pay to the mortgagee oa demand as a reasoaable monthly rental for the pcemises an amount at least eq~ivalent to one-twelfth (1/12) of the aggcegate of the taelve monthly install- ments payable in the then current yesr plus tbe actual amount of the aaaual ta~ces, assessments, water rates, and insurance premiums for such year not covered by the aforesaid monthly peymeats. 9. Thst [o) in the event of any breac6 of this modgage or default on the pad of the mortg,egor, or (b) ia the event that any of said sums of money hereiafe~e,t~d tg ~e not promptly and fully paid aithout demand or notice, or (c) ia the event that each and every the ~tip~lat'ions, -ag~eea4ents, eoaditia~s, and covenants of said note and this modgage. are not duly, promptly, aad fully performed; then in either or aay suc6 event, the said aggregate sum mentioned in said aote then remaiaing unpaid, with interest accr~d to that time, and all moneys secured hereby, shsll become due and payable focthwith, oc thereafter, at the option of said mectgagee. as fully and com- pletely as if all of t6e said sums of money were origiaally stipulated to be Qaid on s~h day, anyt6ing in said note a in this modgage to the contrary aoE~vithstanding; and thereupon or t6ereafter, at the option of said matga- gee, aithout notice or demaad, suit at law or in equity, may be prosecuted as if all moneys secured hereby had matured prioc to its inetitutioa. The mortg{agee 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 togetber with costs, expenses,and allow- ' ances. In case of partial foreclosare of this mortgage, the mortg,aged premises shall be sold subject to the con- ~ tinuing liea of this mortgage for the amount ~ the debt not then due and unpaid. Ia such case t6e provisions of ~ this paragraph may ag,ain be availed of thereafter from time to time by the matQ,egee. ~ 10. Thet the mortgagor will give immediate notice by mail to the modg,agee of any conveyance, trensfer, or ~ change of o~anership of the premises. . 11. That no aaiver of any covenant herein or of the oblig,ation secnred hereby shall at any time thereafter be held to be a aaiver of the tecros hereaf or of the note secared Mreby. . 12. Tf~at if the mortgaga default in any of the covenants ar agreements contained herein, or ia said note, then the moctgagee mey perform the same, and all eapenditures (iacluding reasonable attaney's fees) made by the mortgagee in so doing shall draw interest at t6e rate set fath in the note secured hereby. sad shall be repayable immediately aad without demand by the mortgaga to the moctgagee. and. together with interest and costs accruing theccon. shall be secnred by this modgage. 13. that the mailing of a writtea notice or demandaddressed to the oa?ner of record of the moctgaged premises, or directed to the said oqvner at the last address actually fnruished to the modgagee, or directed to said owner at said mortg,~ged premises, aad mailed by the Uaited States mails, shall be sofficieot n~ice and de~oend in any case arising uadet this Iastmmeat and reqnlred by the pto~visioas hereof oc by law. 14. T6e moctgagor covenants and ag~rees tlmt so long as thla mortg~ge and the said note secared hereby are insnred mder tbe pro~vistoas of tbe Natiaaal ~Honsing Act, he will not execute _or file 'for record eay instrument ~ ahich Imposea a restriction upon the sale or occupaacy of the mortg,eg~d propecty on the basis of race, cola, or ~ creed. Upoa aay violatioo of this uadectakiag, the matg,Rgee may, at its option, declan the uapeid balance of the ~ debt secnced hereby imn~diately due ~ed p.yabi.. ~ 15. 'The mort~p~or fnrther coveaaats that shouW this matg,age and the note scciued hereby aot be eligible Ea insurance nnder tbe Natlonal Housing Act ~rithia ~~Y~ fro~ the date hereof (~rrittea statemeat ~ of aay ofticer of the Departmeat af Housing aad Ucbaa Deve opmea or audhocised egent oE the Secretary of Hous- ing and Urban Developmeat dated snbsequent to tbe ~ Ys tioe from tl~e date oE tLi~ mort~age. declining to iasnre aaid ede ond tbis mortLa~e, belo~ dee~oitelnsive proof d auch iaeli~ibility), tbe mort~a- ge~ ar tlse holder d tbe aote moy. at ih optlao, decl~ all su¦s secured h~r~by ims~diatefy due ~ad papble. Tbe coveaaats hereia coetaioed shall bind. aad tb~ benetib aad odvaat~ges rhall iaure to, t~ oespective beirs. eucutas. administntccs. snccessors, aad usi~s af tbe parties 6ereto. ~fieaevar ased, tbe siu~ulac awn- ber ahall includ~ the plaral, tbe. plncal tbe sia~ular, ud the use of any ~en~c shall Iuclude all eenders. f ~~i?~ ~~~2 . ~ _ ~ - .