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Home My WebLink About0408 . . C i ~ ~ ~ s i • . i+;"~ ...J ~ U ~ S. Tyat he wlll permit. commit~ a su[fec eo weste~ In~pairmeat~ o~ deteriastion of s~id prope~ty oc, any ped thereof; and in {he lveat of the failure of the moNgago~ to keep the buildings on said premises and those tobe erected ~ said premises, or improvements tbereon. in good cepeir, the moetgagee may make such repaics as i~ its dlscretion it m~y deem ~ecessary foc the proper preservation theceoE, aad the Eull amount of ~~ch end every such payment shall be immediately due a~d payable. and shall be secured. by the lien of this mortgage. 6. That he aill pey all and singular the casts, charges, and expenses, including r~sa:shle lawyer's fees, aed costs of abstracts of title~ incurred or paid at any time by the mottgagee because of the failure oe the part oE the moctgagor promptly and fully to perfam the agreements and covenants of said promissocy note and this mort- gage. and said costs, cbarges. a~:d expenses shall be immediately due and peyable and shall be secured by the liea d this matgage. 7. That he aill keep the improvements now existing or hereafter erected on tl~e modgaged propeety. insuced as may be required from time to time by the mortgagee against loss by fice and other hasards. casualties. and contin- gencies in such amounts and for such periods as ~oay be required by matgogee, and will pay promptly. when due. any premiums o~ such insurance for paymeat of vrhich provision has aot beea made hereinbefore. All insurance shall be canied in companies approved by moctgagee and the policies and renewals thereof shall be held by mat- gagee and have attached thereto loss payable cEauses in favor of and in form acceptable to the mortgagee. In evert of loss he will give immediate notice by mail to mortgegee. and awrtgagee ~nay make proof of loss if not made promptly by moctgagor, end each insurance company concemed is hereby authaised and d'uected to make payment foc such loBS directly to moctgagee instead oE to mottgaga and matgagee jointly. and the insurance pro- ceeds, or aay pad theceof. may be applied by mortgagee at its option either to the reduction of the i~debtedness hereby secured or to the restoration a repair of the property damaged. In event of foreclosure of this mortgage or other transfer of title to the mortgaged prope~ty in extinguishment of the indebtedness secuced hereby, all right. title. and interest of the mortgagor in a~l to any insurance policies then in force shall pass to the purchaser or grantee. 8. That the moctgagee may, at aay time pending a suit upon this mortgage, apply to the coi..'~ having jurisdic- tion thered fa the appoiatmeat oE a receiver. and such court shall fodhwith appoiat a receiver of the premises covered hereby all and singular. inclndiag all and singulat the income, proEits, issues, and revenues from whatever source derived, each and every of which. it being expressly understood, is hereby modgaged as if specifically set forth and described in the gnenting and habe~dum clauses hereof. and snch receivec shall hav~ 311 the broed and effective functions and powecs in anywise entrusted by a court to a receiver. and suc6 appoiata~ent shall be made by such couct as an admitted equity and a matter of absolute right to said mortgagee, and aithout reference to the adequacy or inadequacy of the value of the propedy mortgeged or to the solvency or insolveacy of said mortgagor or the defendents. and that such rents. profits, income. issye~~n~ cgv~nues shall be applied by snch receiver according to the lien of this mortgage and the practice of sucR c lh tLe event of any default on the pad of the mortgegor hereunder, the mortgagor agrees to pay to the mortgagee on demand as a reasonable monthly rental for the premises an amount at least eqpivalent 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 anaual taxes, assessments, water rates, and insurence premiums for such year not covered by the aforesaid monthty payments. 9. That (aJ in the event of any breach oE this mortgage or default on the part of the mortgagor~ or (6) in the event that any of said sums of money herein referred to be not promptly sad f~lly paid withont demand or notice. or J in the event that each and every the stipulations, agreements. conditions, and covenants of said note and this mortgage. ere not duly, promptly. and fully pedormed; then in either or any such event, the said aggregate sum mentioned in said note then remaining unpaid, with interest accrued to that time, and all moneys secnred hereby. shall become due and payeble forthwith, a thereafter, at the option of said mortgagee. as fully and com- ~ pletely as if all of the said sums of money were originally stipulated to be paid on such day. anything in said note oc in this mortgage to the contrary notwithstanding; and thereupon or thereafter, at the option of said matga- j gee. withoat notice or demand, suit at laa or in equity, may be prosecuted as if all moneys secured hereby had f matured pr:or to its institution. The mortgegee may foceclose this mortgage, as to the amount so declared due and payable, and the said ptemises 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 modgaged premises shell be sold subject to the con- ~ tinuing lien of this mortgage for the amount of the debt not then due and uapaid. In soch cese the provisions of ~ this peragraph may again be availed of thereafter Erom time to time by the mortgagee. = 10. That the modgegor will give immediate notice by mail to the mortgagee of any conveyance. transfer, or ~ change of ovvnership of the premises. Il. That no waiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be held to be a waiver of the terms hered or oE the note secured hereby. ~ 12. That if the moctgagor default in any of the covenants or agreements contained herein, or in said note, then the mortgagee may perform the samg. and all expenditures (including reasonable attorney's fees) made by the mortgagee in so doing shall draw interest at the rate set forth ia the note secured hereby, and shall be repayable immediately and withont demand by the modgaga to the mortgagee, and, together with interest and costs accruing thereon, shall be secured by this modgege. 13. that the mailing of a written notice oc demandaddressed to the rnivner of record of the mortgaged premises, ~ or directed to the said owaer at the lest address actually furnished to the mortgagee, or directed to said awner at said modgaged pcemises, and mailed by the United States mails, shaU be sufficient notice and demend in any case arising under this instrument aad cequired by the provisions hereof oc by law. 14. The modgagoc covenaats a~d agrees thot so long as this matgage and tbe said note secured hereby are insured under the provisions of the Nationel Housing Act, he will not execute or tile for record any instrument ~ which imposes a restriction upon the sale or occupancy oE the moctgaged propedy on the basis of race, coluc, or " creed. U n an violation of this undertalc' po y uig~ the mortgagee may, at its option, declare the unpaid balance of the ~ debt secnred hereby immediately due aed payable. - 15. The matgagor fnrther covenants tleet should thia mort age and the note secnred hereby eot be eligible for insurence under the National Housing Act ~vithin 30 DAY~ from the date hereof (written statement oE any officer d the Depactment of Housing and Urbaa Developmeat or euthaized agent of the Secretacy of Hous- ing and Urban Developmeat dated subseqnent to t6e 30 DAYS time from the date of this matgage, dectining to insure said aote aad this mortgege, being deem~d conclusive proof'of such iaeligibility), t6e moctga- ~ gce oc tbe holder d the aote may, at its option, declare alt sums secured hereby immediately due and payable. . The coveaaats herein contained shall biad, and the benefits and ~+dvantages shall inure to, the respective beics, executo~s, administretora, successors, and assigns d the psrties 6ereto. W6enever nsed, the aingular aum- - ber shall include the plural, the plural the singular, and the use of any gender ahall includt aU genders. ~O~ 17"1 n~ ~0~ ~ ~ _ _ _ n , ~ ~ ~TM, ~ ~~Y