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HomeMy WebLinkAbout0463 C + i~ t ! 't~ ~ + ( ` , i ~r ~ ` ~ ~ xi S. That he aill permit. commit. or suEfer no waste, impairment. oc deteriaation of said propedy or any pad thereoE; a~d ie the event of the tailuce of the mortgago~ to keep the buildin~,s on said premises aad those tobe ecected on said premises. or imp~ovements thereon~ in good repau. the moetgagee may ~aake such rep4irs as ia its discretiot~ it awy deem necessary for the proper presecvatioa thereof, a~d the full amount of each ond every such payment shall be immediately due aad ppyable. and shall be secuced by the lien of this mortgage. 6. That he wlll pay all and singular the costs~ charges. and expenses. iacludi~g repsoaable lawyer's Eeea, and costs of abstracts of title~ incurred oc peid at any time bythe mortgegee beceuse of tl~e fallure on the p4rt of the mortgago~ pwmptly and fully to pedam the agreements and covenents of said promissory note and this mo~t- gege, and said costs. cherges. and expenses shall be immediately due and pnyable and sholt be secured by the lien af this mortgage. 7. That he will keep the impcovements r~o~v existing a hereafter erected on the mortgaged pcopedy. iasured t~s may be required from time to time by the matgagee ageinst loss by fire and other hazards, casualties. and contin- gencies in such amounts and for such periods es may be required by mortgagee. and aill pay pcomptly, when due. any premiua~s _ on such insurance for peyment of which provision has not bee~ made hereiabefae. All insurance shall be carried in companies appcoved by mortgagee and the policies and re~ewals thereof shall be held by mort- gagee and have attached thereto loss payable clauses in favor of and in form acceptable to the mortgagee. In event of loss he will give immediate notice by mail to mortg,agee. and mortgagee a~ay make proof of loss if not made promptly by mortgagor. aad each insurance company coacemed is hereby authorised and d'uected to make payment foc such loss dicectly to mortgagee instead of to martgaga ead moKgagee joiatly. and the insurence pro- ceeds. or any part the~eof, may be applied by moctgagee at its option either to the reduction of the indebtedness hereby secured or to the restoration or repair of the propedy damaged. In event of foreclosure oE this mortgage or other transfer o~ title to the moctgaged propedy in extinguishment of the indebtedness sec~ued heceby, all right. title. and interest of the mortgaga in and to any insurance policies then i~ force shall pess to the purchaser or grantee. 8. Tnat the modgagee may. at any time pending a suit upon this mortgage, apply to the court having jurisdic- tion thereof fa the appointment of a receiver, and such coud shall fodhwith eppoiat a receiver of the premises covered bereby all and singular, including all and singular the income. profits. issues. and revenuss from whatever 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 receiver sball have all the broed and effective functia~s and powers in anywise entrusted by a co~ut to a receiver, and such appoiatme~t shall be made by such coud as an admitted equity and a matter of absolute right to seid mottgagee~ and without reference to the adequacy or inadequacy of the value of the property mortgaged or to the solvency or iasolvency of said modgagoc or the defendents. and that such rents. profits, income, issues, and revenues shall be epplied by such receiver according to the lien of this mortgage and the pcactice of such coud. In the event of ep~y~d~fault on the pert of the modgagor hereunder, the mortgagor agrees to pay to the mortgagee on demand as a reesoaable monthly rental for the premises an amount at least equivalent to one-twelfth (1/12) of t6e aggreg,ate of the tvrelve monthly install- ments payable in the then current year plus the actual amount of the annual taaes, assessments, ~vater rates, and insurance premiums for such year not covered hy the aforesaid monthly p~yments. 9. That (a) in the event of any breach of this modgage or default on the p~d of the modgagor, or (b) in the ~ event that any of said sums of money herein referred to be not promptly and fully peid withou't demand or notice, or (c) in the event that each and every the stipulations, agceements, coaditions, and covenants of said note and this mortgage, are not duly, promptly, and fully performed; then. in either or any such event. the said aggcegate sum mentioaed in said note then remaining unpaid, with iMerest accrned to that time, and all moneys secured hereby, shall become due and peyable forthwith. a thereaker, at the option of said mortgagee, as fully aad com- pletely as if all of the said sums of money were originally stipulated to be ~aid on such day, anything in said note or in this modgege to the contrary notwithstanding; and thereupon or thereafter, at the option of said matga- ' gee, without notice or demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby had ~ matured prio~ to its institution. The modgagee may foreclose this mortgage, as to the amount so declared due and j payable. and the said premises shall be sold to satisfy and pay the same together with costs, expenses,and allow- f ances. In case of pertial foreclosure of this mortgage, the mortgsged premises shall be sold subject to the con- ~ tinuing lien of this mortgage for the amount of the debt not then due and uepaid.. In such case the provisions of ! this paragraph may again be availed of thereafter from time to time by the modgagee. ~ 10. That the modgagor witl give immediate notice by mail to the mottgagee of any conveyance, transfer. a change of ownership of the premises. ~ 11. That no waiver of eny covenant herein or of the obligatioa secuted hereby shall at any time thereafter be held to be a waiver of the terms hered or of the note secnced hereby. ~ 12. That if the mo~tgagor default in any of the covenants or agreements contained herein, or in said note, then the modgagee may pedorm the samg. and all expenditures (including reasonable attocaey's fees) made by the modgagee in so doing shall draw interest at the rate set fath in the note secured hereby, and shall be repayable immediately and withovt demand by ihe mortgagor to t6e modgagee. and, together with interest and costs accruing thereon, shall be secured by this mortgege. 13. that the meiling of a written notice a demandaddressed to the oWaer of recocd of the mortgaged premises, or dicected to the said aovaer at the last address actually farnished to the mortgagee, ar directed to said oovaer at ' said modgaged premises, and mailed by the United States mails, shall be sufficient aotice aad demand in any case arising under this instrument and required by the provisions hereof or by lew.` 14. The modgegor covenants and egcees tl~t so long as this matgage and the said note secured bereby are insured under the provisions of the National Housing Act, he will not execute or file for record any instrument which imposes a ~restriction upon the sale oc occupency of the mortg,eged pcopedy on the basis of rece, color, or ~ creed. Upon any violation of this undertaking. the mortgagee may, at its option, declare the unpeid balance of the debt secuced 6ereby immediately dus aad payable. ~ 15. The mortgagoc further covenants that shouW this mortgage aod tbe nde secured heceby not be eligible for insurance under the Natioael Housing Act within ~llgyj from the date 6ereof (written statement of eny officer of the Department of Housing and Urbaa-Development or authorized agent af the Secretary of Hous- ing end Urban Development dated subsequent to the -~-},i ~ time from the date of this moctg,age, declining to insure said note and this mortg,age, beiag de~-~canc ualve pcaof af sucb ineligibility), the mortga- gee or the holder d the note mey, at ita option, declare ell suma aecured hereby immediately due and payable. { The covenants herein contained shall bind, and the benefits and advantages sball inure tQ, the respective ~ heics, e:ecutors, administcatocs, successas, end assigns af the puties ~iereto. Nhenever used, tbe siaguler num- ber shptl include the plural, the plural the singular, and the use of any gender shall Inclade all genders. ~ . B oK177 ~ 463 ? ~ ~~:T, _ - ~ - .~y~ r .