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HomeMy WebLinkAbout0729 ~ ' ` t` ~ * ` • ' ~ • • i • _ , ' , t ~ati =~f! ~ ~ ~ 5. That he alll per~nit. commit, a su[fer no waste. impaicment. a deterioration ot said property or any part thereof; and in the event of the failure of the modgegor to keep tbe buildia~s oa said premises aod those tobe erected o~ said premises. or improveme~ts theceon. in good cepeir~ the modgagee may make such repairs as in its discretion it awy deem necessery foc the proper presecvation thereof. and the full amount of each and every such payment shall be immediately due and payeble, and shall be sec~ued by the lien of this mortgage. 6. That he ~rill pey ali and singular the casts, charges. end expenses. iucludiag ressonable lawyer's ~ees. and costs of abstracts of tltle, incurced or peid at any tirae by the mortgagee because of the Eailure on the paK of the moctgagoc promptly and fully to perfaa~ the agreements and covenants of said promissory note and this mo~t- gage. a~d said costs, charges, a~d expenses shall be immedietely due and payable and shall be secured by the lien of this moctgage. 7. That he will keep the improvements aow existing or hereafter erected on the mortgaged property. iasured as may be required fmm time to time by the mortgagee against loss by fire end other hasards. casuslties. and cootin- gencies in such amounts and for such periods as may be required by matgegee. and will pay promptly, when ~due. any preauums on such insurance for payment of which p~ovision has not been made hereinbefore. All insuran~e shall be canied in companies approved by mortgagee and the policies and rertewals tt~ereof shall be held by mart- gagee and have attached theceto loss payable clauses in favor of and in form acceptable to the modgagee. In event of loss he will give immediate notice by mail to mortgagee. and mortgagee a~ay make proof of loss if not made promptly by mortgagor, and esch insucance company coc~cemed is heceby authorized and directed to make peyment fac such loss directly to mortgagee instead of to mortgagoc and mortgagee jointly. aad the insurance pro- ceeds, or any part thereof. may be apptied by mortgagee at its option either to the reduction of the indebtedness hereby sec~ued or to the restoretion or repair of the property damaged. In event of foreclosure of this mortgage oc other transfer of title to the martgaged property in extinguishment of the indebtedness secured hereby. all right. title. and intecest of the modgago~ in and to any insurance policies then in force shall pass to the purchaser o~ grantee. 8. That the mortgagee may, at any time pending a suit upon this moctgage, apply to the court having jurisdic- tion thereof for the appointmeat of a receiver, end such coud shall fodhwith appoint a receiver of the premises covered hereby all and singulac, including all and singular the income. profits, issues. and revenues from whatever source derived. each and every of which, it being expressly understood. is hereby mortgaged as if specificelly set Eodh and described in the granting and habendum clauses hereof, and such receiver shalt have all the broad and effectave functions and powers in anywise entrusted by a court to a receiver, and such appointment shall be made by such court as an admitted equity and a matter of absolute right to said matgagee, and without reference to the adequacy or inedequacy of the value of the propedy mortgaged or to the solveacy a insolvency of said mortgagor or the defendents, and Lhat such rents. pcofits, income. issues, and cevenues sha }by such receiver according to the lien of this moctgage and the practice of such coud. In the event ~ dlt on the part oE the mortgagor hereunder, the matgagor agrees to pay to the mortgagee on demand as a reasooable monthly 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 araount of the annnal taxes, assessments. water rates, and insurance premiums for such year not covered by the aforesaid monthly payments. 9. That (a) in the event of any bteach of this modgage or default on the pad of the modgagor, or (b) in the event that any of said sums of money herein referred to be not promQtly and fully paid withont demand or notice, or (c) in tMe event that each and every the stipulations. agreements. conditioas, and covenants of said note and this mortgage, are not duly, promptly, and fully performed; then in either oc any such event. the said aggregate sum mentioned in said note then remaining unpeid, with interest accrued to that time, and all moneys secured hereby, shall become due and peyable forthwith, a thereaher, at the option of said matgagee. as fully and com- pletely as if all of the said sums of money were originally stipulated to be {ra~ ~ such day. anything in seid note or in this modgage to the contrary notwithstanding; and thereupon or theceafter, at the optia~ of said matga- gee~ without notice or demand, suit at law or in equity, may be pcosecuted as if all moneys secured hereby had ' matured ~xioc to its institution. The modgegee may foreclose this moctgage, as to the emount so declared due and j payable. and the said premises shell be sold to satisfy and pay the same together with costs. expenses,and allow- ~ ances. In case of partial foreclosuce of this mortgage. the modgaged premises shall be sold subject to the coa- tiauing lien of t6is modgage foc tl~e amount of the debt not then due and unpaid. In such case the provisions of this paragraph may again be availed of thereafter from time to time by the mortgagee. 10. That the modgagor will give immediate notice by mail to the modgagee of any conveya~e. transfer. or change o[ ownership of the premises. 11. That no waiver of any covenant herein or of the ohligation secured hereby sbell at any time thereafter be held to be a waiver of the terms hereof or of the note secured hereby. , 12. That if the mortgagoc default in any of the covenants a agreeccents contained berein, or in said note, then the mortgagee may pedorm the samg, and all expenditures (including reasonable attocney'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 repaya~le immediately end without demand by the mortgagor to tbe mortgagee, and, tugether with interest and costs accruing thereon, shall be secured by this modgage. 13. that the mailing of s written notice ac demandaddressed to the owner of record of the mortgaged premises. or dicected to the said owner at the last address actually furnished to the modgagee, or directed to said ovvner at said moctgaged premises, and mailed by the United States mails, s6a11 be sufficient aotice and demaad in any case arising under this instcument and requiced by the provisions hereaf or by law. 14. The mortgagor covenents and agtees that so long as this matgage and the said note secured hereby are ~ insured undec the provisions of the National Housing Act, he will not exeente or file Eor record any instrument ` which imposes a restr~tion npon the sale or occupancy of the mortgaged propedy on the basis of ~ace. color, or ~ creed. Upon any v2olation d' this undedaking, the matgagee may, at its option, declare the unQaid balance of the ~ debt secured heceby immediately due and payable. ~ 15. 'Pbe modgagor fucther coveaaats that shwld this matgage and the note secured l~ereby not be eligible Eor insurance nnder the National Housing Act within (~itJ ~sp~ Erom the date heceoE (written statement ~ of any officer of the Depadmeat of Housing and Urban Developmeat a authocized agent of the Secretary of Hous- ~ ing and Urban Developmeat dated subsequent to the ya time fcom the date of t6is matgAge, ~ declining to insure seid note and this mortgage, being d~con~sive proof aE such ineligibility), the mortga- ry gee or the holder d tbe note may, at its optioo, declarc all sums secured bereby immediately due and payable. ~ ~ The coveaants 6erein contained shall bind, and the beaefits and advaateges shall inure to, the rcspective heirs, eucntas, edminiatretors, successocs, aad assigps d the pectles hereto. Wheaever used. the singular num- ~ ber shall include the plaral. the plural the singular, and the use of any gender sheil include all genders. ~ - - R g~1?8 ~ ?z8 ~ ~177 ~z~6i ~ . _ _ _ : ~ ~ - - ~ ~ - ~ ~ .~~,r ~ .r~...~.~ ~ f -~~~~--p~~~