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HomeMy WebLinkAbout2814 ~ . j r Y . ~ .i.. . r- ? '1`. 7 5. That he will permit~ commit, oc suffe~ no waste, impairment, or deteriocation oE said property or any paK thereof; and in the event of the failure of the mortgego~ to keep the buildings on said premises end those tobe ~ ecected on said pre~uises~ or improvemeats thereon. i~ good repair, the modgagee may meke such repairs as In its discretion it may deem ~ecessary for the proper preservation thereof, and thr full amount of each arid every such payment shall be immediately due and payable. and shall be secuced by the lien of this mortgage. 6. That he will pey all a~d singular the casts. cherges. and expenses, including reasonable lawyer's fees. and costs of abstracts oE title~ incuned or paid at any ti~ae by the mortgagee because of the failure or~ the pert of the mortgaga promptly and fully to perfam the agreements and covenants of said promissory note e~d this mort- gage. and said costs. charges. and expenses shall be ima~ediately due aad peyable aad shall be secured by the lien of this mortgege. 7. That he will keep the impcovements now existing or hereafter erected on the moRgaged propedy~ insured as may be required fcom time to time by the moctgagee against loss by fire end other hazerds. casualties. and coatin- gencies in such amounts and for such periods es may be required by mortgagee. and will pay promptly. when due, any preauums on such insurence for payment of which provision has not been made hereinbefore. All i~surance shall be carried in companies approyed by modgagee and the policies and renewals theceof shall be held by moH- gagee and have attached thereto loss payable clauses in favor of and in form acceptable to the mortg~agee. In eve~t of loss he will give immediate notice by mail to moctgagee. and mortgagee may make proof of loss if not made promptly by mortgagor. and e~ch insurance company concerned is hereby authocized and directed to make payment for such loss dicectly to mortgagee instead of to mortgagoc and mortgagee jointly, and the insurance pro- ceeds, or any pa~t thereof. may be applied by mortgagee at its option either to the reduction oE the indebtedness hereby secured or to the restoration a repair of the propedy damaged. In event of foceclosure of this mortgage or othec transfer of title to the modgaged property in extinguishment of the indebtedness secured hereby. all right, title. and ;nterest of the mortgagoc in and to any insurance policies then in force shall pess to the purchaser a grantee. 8. Thet the mo~tgagee may, at any time pending a suit upon this mortgage, apply to the court having jurisdic- tion thereof fa the appointa~ent of a receiver, and such court shall fodhwith eppoint a receiver of the premi~es covered hereby all and singuler. including all and singular the income, profits. issues, and revenues from ahatever source derived, each and every of which. it being expressly undecstood, is hereby modgaged as if specifically set fodh and described in the granting and habendum clauses hereof, and such receivet shail have all the broad and effective functions and powers~ in anyarise entrusted by a court to a receiver, and such appointment shsll be made by such court as an admitted equity and a a~atter of absolute right to said mortgagee, and without reference to the adequacy or inadequacy of the value of the property mortgaged or to the solvency or insolvency oE said mortgagor or the defendents, and that such rents. profits, income. issues. and revenues shall be applied by such receiver according to the lien of this mortgage and the practice of such coud. In the event of any default on the pad of the mortgagor hereunder, the matgagor agrees to pay to the mortgagee on demand as a reasonable monthly rentel for the premises an amount at least equivalent to one-twelfth (1/12) of the aggregate of the twelve monthly iastall- ments payable in the then current year plus the actual amount of the annnal taxes, assessments, water rates. and insurance premiums for such year not covered by the afwesaid monthly payments. ' , 9. That (o) in the event of any breach of this mortgege or .default on the pad of the awdgagoc. or ~b~ in the event that any of said sums of money herein referred to be not promptly and fully paid vvithout demand or notice. or (c) in the event that each and every the stipulations, agreements, conditions, and coveasnts of said aote and this modgage, are not duly. promptly. and fully performed; then in either ot any such event, the said aggregate sum mentioned in said note then remsining unpaid. with interest accrned to thet time~ and all moneys secured hereby, shall become due and payable forthwith, or thereaHer, at the option of said mar:gagee, as fully and com- pletely as if all ~ the said sums of money were originally stipulated to be paid on such day. anything in said note or in this mortgage to the contrary notwithstanding; and thereupon oc thereafter. at the option of said matga- gee. wiihout notice or demand. suit at law or in equity, may be prosecuted as if all moneys secured hereby had ~ matured prioc to its insti!ution. The mortgagee 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 together with costs, e:penses.and allow- ances. In case of partial Eoreclosure of this mortgage. t6e mortgaged premises shall be sold subject to the con- tinuing lien of this mortgage for the amount of the debt not then due and unpaid. In such case the provisions of f this peragraph may agaia 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 conveyance, transfer, a change of ownership of the premises. 11. 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 hereaf or of the note secured hereby. 12. Tfiat if the mortgaga default in any of the covenants o~ ag~eea~ents contaiaed herein, or ih said note, then the modgagee a~ay pedorm the samg. and all expenditures (inclnding reasonable attaney's fees) made by the mortgagee in bo doing shall draw interest at the rate set fath in the note secured hereby, and shall be repayable immediately and without demand by the modgagor to the modgagee, and, tobether with interest and costs accruing thereon, shall be s,Fcured by this mortgage. a 13. that the mailing of a written notice oc demand addressed to the owner of record of the mortgaged pcemises, or directed to the said owner at the last address actually furnished to the mortgagee. or dicected to said o~vner at said modgaged premises, and mailed by the United States mails, shall be sufficient notice and demaad in any case arising under this instrument and required by the provisions hereof oc by law. ~ 14. The modgagor covenants and agcees that so long as this mortgage and the said note secured hereby are ~ insured under the provisions of the National Honsing Act, he will noE execute or file fa record eay instrument ; which imposes a restriction upon the sale or occupancy of the mortgaged propedy on the basis of race, color, or • _ creed. Upon any eiotation of this undertaking, the mortgagee may, at its option, declare the unpaid balance of the ~ debt secured hereby immediately due and payable. 15. The modgagor further coveaants that should t' o t e and the note secnred hereby not be eligible ~ ~ for insurence under the Netional Housing Act within ~ from the date hereof (written statemeat i ~ of any officer ot the Department of Nousing and Urbaa velopment or authaized agent of t6e Secretary of Nous- ~ ~ ing and Urban Development dated subsequent to the ZLiity 1~j1~ time from the date of this modgage, • f ~ declining to insure said note and this mortgage, being deemPd conclusive ptoof of such ineligibility), the modga- ! ~ gee or the holder af the note may, at its optioa, declare all smns secured hereby immediately due and pa~sble. The covenants herein contained shall bind, and the benefits and advanteges shall inure to, the respective ~ heirs, executas, administretors. successocs, and assig~s of the pedies hereto. Whenever used, the aingular num- ~ ber shall include the plaral, the plaral the singular, and the use of any gender sball include all genders. ~ ~ ~ . ~0~1~4 P~28~; _ _ , ~ ~ ; - _ _ _ _ _ g'" c _ _ _ " , _ ' " ' ~ _ .XY; ~,.5,.,"