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HomeMy WebLinkAbout2083 ~„_l r ~ ~ .`1 ~i i~ _ . \ ~ ry~. ...i ~ ~ s- S. That he will peraait. commit, oc su~fe~ n~ w~te.'im . or detecioration oE said pcopedy or any pad thereoE; and in the event af the failure of the mb~gegor to e bulldiags on said premises and those tobe e~ected oa s~id premises. oc impcovemeats tbereon, ia good re~.air. the mo~tgagee a~ay make such ~eppirs as ia its discretioa it awy deem aecessacy for the proper prebervation thereaf. and the full amount of each aad every such . payment shell be immediately due and payable, end shall be secured by the liea oE this uw~tgage. 6. That he wlll pey all and siagular the coets~ charges. a~d expenses. iacluding ~easoaable lawyer's fees, and costs of abstracts of title, incuned a paid at any time by the matgagee because oE the failuce oa the part of the modgaga pwmptly and fully to perfam the agreementa and covenants of said promissory note and this mort- gage. aad seid costs, charges, and expenses shall be immediately due ead peyable and shall be secured by the lien of this matgege. - 7. That he will keep the lmprovements now existing or hereafter ecected on the matgaged property, insured as may be required fcom time to time by the matgagee against~losa by flce and other hasards. casualties. and coatin- ge~cies -in -~urh amc#unts and for sucb periods es may be requiced by mortgagee. and will pay promptly. when due. any premiums on such insurance for paymeat of which provision has not beea made heceinbefoce. All insurance shall be canied in companies approved by mortgagee and the policies and renewals thereof shall be held by mort- gagee and have ° attathed thereto loss payable clauses in fava of and in form acceptable to the modgagee. Ia event of loss he will give immediate notice by mail to mortgagee. and mortgagee may make proof of loss if not made promptly by mongagor. and each insurence company concerned is hereby authoriaed and d'uected to make payment for such loss directly to mottgagee iastead oE to mortgagor end mortgagee jointly. and the insurence pro- ceeds. or eay part thereoE, may be applied by mortgagee at its option either to the reduction of the indebtedness hereby secuced ot to the restoratioa oc repair of the propedy damaged. In event of foreclosure of this mortgage or other transfer of title to the modgaged pcopecty in extinguishment of the indebtedness secured hereby, all right. title, a~d inteeest of the mortpga ia and to any insurance ~;olicies then ia focce shall pass to the purchaser or g~entee. 8. That the mortgagee anay. at aay time pending a suit upon this mortgage. apply to the court having jurisdic- tion thereaf for the appointment of a receiver~ and such couct shall fodhwith appoiat a receiver of the premises covered hereby all and singular, including all and singular the income, profits. Issues, and revenues from whatever source derived, each and every of which. it being expressly i:ndecstood, is hereby modgaged as if specifically set fodh and described in the granting and habendum clauses hereof~ and such receiver shall have all the broed an~ effective functions and powers in anywise entrusted by a court to a receiver. aad such appointment shall be made by such coud as an admitted equity a~d a matter of absolute right to said matgagee, and aithout refecence to the adequacy or inadequacy of the value of the propedy mortgaged or t~t1~e solvency ot insolvency of said mortgagor or the defendents. and that such rents, profits, income, issues, a ~ehit~~7~?all be applied by such receiver according to the lien of this modgage and the practice oE such court. Ia the ~v~iit of any default on the part of the modgagor hereunder, the mortgagor agrees to pay to the modgagee an demand as a reasonable monthly rental for the premises an amount at least equivalent to one-twelfth (1/12) of the aggceg,ete of the twelve monthly instalt- ments payable in the then current year plus the actual amount of the annual taxes, asaessments, water rates, and insurance pr~miums for such year not covered by the aforesaid monthly payments. 9. That (a) in the event of any breach of this mortgage or default on the part of the mortgagor, or fb) in the event that any of said sums of money herein referred to be not pmmptly and fully paid without demand or notice, or (c) in the event that each and every the stipulations, agreements, conditia~s. and covenants of said note and ~ this mortgage, are nd duly. promptly, and fully performed; then in either or any such event. the said aggregate sum mentioned in said note then remaining unpaid, with interest accrned to that time. and all moneys secured hereby. shall become due and payable forthwith, or thereafter, at the option of said mortgagee, as fully and com- pletely as if all%o# the seid sums of money were originally stipulated to be paid oa such day, anything in said note a in this mortgt~~e to the contrary notwithstanding; and thereupon or thereafter, at the option of said mactga- ' gee, without notice. or demand. suit at law or in equity, may be prosecuted as if all moneys secured hereby had ~ matured pria to its inetitution. T6e modgagee mey 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. tn ca~e of partial Eoreclosure of this moctgage, the moctgaged premises shall be sold subject to the con- tinuing lien of fhis mortgage for the amount of the debt aot then due and unpaid. In such case the pcovisions of this peragraph map agsin be availed of thereafter from time to time by the mortgagee. 10. That the modgagor will give immediate notice by mail to the mortgagee of any conveyance, transfer. or change of ownership of the premises. ~ 11. That no waiver of any covenant herein or of the obligation secuced hereby shall at any time thereafter be held to be a waiver of the terms hereof oc of the note secured hereby. 12. Tf?at i[ the mortgagor defanlt in any of the covenants or agreements contained herein, or in said note, then the mortgagee may perEorm the same, and all expenditures (inclnding ceasonable attorney's fees) made by the mortgagee in so doing shall draw interest at the rate set farth in the note secured hereby, and shall be repayable immediately and without demand by the modgagor to the moctgagee. and, together with interest and costs accruing thereon, shall be secured by this modgage. 13. that the mailing of a wcitten notice a demand addressed to the owner of record of the mortgaged premises, or directed to the said owner at the last address actually furnished to the modgagee, or directed to said owner at said mortgaged ptemises~ end mailed by the United States mails, shall be sufEicient notice and demand in any case arising undec this instrument and required by the provisio~s hereof or by law. 14. The mortgagor covenants and agrees that so long as this mortgage and the said note secured hereby are insured under the provisions of the National Housing Act, he will aot execute or file for record any instrument which imposes a restriction upon the sale or occnpancy of the mortgeged propedy on the basis of race, color, or ~ creed. Upon any violation of this undertaking. the mortgegee may, at its option, declare the unpaid balance of the debt secured hereby immediately due and payable. 15. The mortgagot further coveaants that should this moctga e and the n~e secnred hereby not be eligible foc insurance under the Natiaaet Hoasing Act within from the date hereof (anitten statement of any officer of the Depedmeat of Honsing and Urban Development or authocized agent of the Secretary of Hous- ing and Urban Development dated subsequeat to the ~p~ Y$ time from the date oE this mortgage, declining to insure said nde and this mortg,oge, being dePb~d-conc7asive proof of such ineligibility), the mortga- gee ar the 6older of t6e note mey, at its optioa, declare all sua~s secared bereby ima~ediately due and payeble. The coveaants herein conteined shall bind, and the benefita and advantag~ shall inure to, the respective heics, executocs. administrators, saccessors, and essi~s of the padies hereto. Whenever used, the singuler num- ber shall incl~de the ptural. the plurol the singniar. and tbe use of any gender shall include all genders. ~i7~ ~20~p ~ - _ _ ..,~„_1_ - _ . r ~ ~ ~