Loading...
HomeMy WebLinkAbout0732 ~ s ~ } ~ ~ . ; S. That he wlll pecmit~ commit. at suff oo:wa~te. i4p~icp~ent~ or deteriaation of said p~opecty or any part c thereof; ~nd ia tke eveet ot the tollure o( ha tioet~agor to ~C~ep the buildln~s on soid premises aad those tobe erected on said premises. or improvements the~eon. In good repeu. the mottga~ee mey make sucb repeirs as In its dlscretlon it nwy deem necessuy fa tbe p~oper pcesecvation thereof. apd the full amount oE each and every sucb p~ymeat sball be immediately due aad payable. and shall be secured by the llen of this mortgage. 6. Tbat he ~rilt pay all and singular the casts, charges~ and expensea~ Including ceasoneble lawyer's fees, and costs oE abstcects of title, incurced oc paid at a~y time bythe matgagee because of the failure oa the part oE the mortgago~ pcomptly and fully to pedorm the agreements and covepents oE said pranissory note and this mort- gage, and said costs, charges. end expenses shall be immediately due aad payable and shall be secured by the lien of tbis matgage. 0 7: That he ~vill keep the improvements now existing a hereafter erected on the modgaged propedy. insured es may be cequired from tiaie to time by the matgagee against loss by fire and other hazards, casualties. and contin- gencies in such amounts and for such periods as may be required by matgagee, aad will pay promptly. whea dus. any preauums on such Insurance for paymeat of which provision bas not beea made hereinbefore. All insucance shall be cenied in compenies approved by mortgagee and the policies and renewals thereof shall be held by mact- gagee a~d have attached thereto loss payable clauses in favor of and in form acceptable to the mort~gee. In event of loss he will give immediate notice by mail to mortgagee. and mortgagee may make pcoof of loss if not _ made promptly by mortgagor, and each insucaace company concemed is l~ereby authorized and d'uected to make payment for such Ioss directly to mortgagee i~stead of to moctgaga and mortgagee jointly. and the insurance pro- ceeds, or any part-thereoE, may be applied by matgagee at its optioa either to the reduction of the indebtedness hereby secured or ta the restoration oc repair of the propecty da~naged. I~ eveat of foreclosure of this mortgage or other tcansfer of title to the modgaged propedy in extiaguishment of the iadebtedness secured hereby. all right. title. and iatetest of the mortgaga in and to any insurance policies then ia face shall pass to the purchaser or gtantee. . ' 8. That the mortgagee may, at any time pending a suit upon this mortgage, apply to the court having jurisdic- tion thereaf fa the appointenent of a ceceiver. and such coud shall focthwith appoint a receiver of the premises covered hereby all and singuler, 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 modgaged as if specifically set forth and described in the granting a~d habendum clauses hereof. and sucb receivet shall have all the broad and effective functions and powers in anywise eatrusted by a court to a receiver, aad such appointment shall be made by snch court as an admitted eQuity and a matter of absolute right to said mortgagee. and without reference to the ~ adequacy or inadequacy of the value of the propedy mortgaged or to the solvency or insolvency of said modgagor or the defendents,~end that such rents, profits, income, issnes. and revenues shell be applied by such receiver according to the lien of this modgage aad the practice of s~ch court. In the event of any default on the pad of the modga~oi ;hfreundec, the moct~agor ~a~regs to pay to the mortgagee oa demand as a reasonable monthly rental for the premises an amount at least 'eq~ivaleAt to one-twelfth (1/12) of the aggcegate of the twelve monthly instail- ~ ments payable in the then current year plus the actual amount of the annual taxes. assessments, water rates, and . insurance premiums for such yeac not covered by the aforesaid monthly payments. 9. That (o) in the event of any breach of this mortgage or default on the part of the moctgagor, or (6) in the event that any of said sums of money herein referred to be not promptly snd fully paid without demand or notice, or (c1 in the event that each and every the stipulations, agreements. conditions, and covenants of said note and this mortgage, are not duly, promptly. and fully performed; then in either or any such event, the said aggregate ' sum mentioned in said note then remaining unpaid, with iaterest accrued to that time, and all moaeys secured hereby, shall become due aod payable forthwith, or thereafter, 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 paid on such day, anything in said ~ note or in this modgage to the contrary notwithstanding; and thereupcm or thereafter, at the option of said moctga- ; gee. withont notice or demand, suit at law or ia equity, may be prose,cuted as if all moaeys secured hereby had E matuced prior to its insti!ution. The mortgagee may foreclose this mortgage. as to the amount so declared due and ~ payable, aad the said premises shall be sold to satisfy and pay the same together with costs, expenses,and allow- ~ ances. 1n case of partial foreclosure of this mortgage. the moctgaged premises shall be sold subject to the con- tinuing lien of this modgage for the amount of the debt not then due and unpaid. Ia 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 moctgagee of aay conveyance, transfer, or change of ownership of the premises. ' ' lt. That no waiver of any covenaat herein or of the obligation secared hereby shall at any time thereafter be held to be a waiver of the terms hereuf or of the nofe secured hereby. 12. That if the mortgagor default in any of the coveaants or agreemeats contaiaed herein. or ie said note, then the modgagee 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 in the note secured hereby, and shall be repayable immediately and without demand by the modgaga to the moctgagee, and, together with interest and costs accruing thereoo, shall be secured by this modgage. 13. that the mailing of a written notice oc demand addressed to the owner of record of the modgaged premises, or directed to the said ovvner at the last address actpally furnished to the modgagee, or dicected to said awner at said modgage~ premises, and mailed by the United'States mails, shall be soffi~ieat notice and demand in any case arising under this instrument and required by the provisions hereof or by law. 14. The modgagor cavenants and ag~ees that so long as this matg,age aad the said note seciued hereby are ' insured uader the provisions of the National Housing Act, he will not eaecute or file' for record acry insttument ~ which imposes a restriction upon the sale or occupancy of the modgaged propedy on the basis of race, color, or creed. Upon any violatioa of this undertaking, the mortgagee may, et its option, declare the unpaid balance of the debt secured hereby immediately due and payable. 15. The modgagor further covenants that should this mor~tgage and the note secured hereby not be eligible for insurance under the National Housing Act within 'rhitty 1~YY5 from the date hereof (written statement ~ of eny officer of the Department of Housing and Urban Development ot euthorized agent of the Secretery of Hous- ; ing and Urban Development dated subsequent to the Z~~ ]~ays time from the date of this modg,age, declining to iasqre said aote and this mortgage, beiag deemed coaclusive proof af such ineligibility), the modga- gee ac the holder of the note may, at its optioa, declare all sums secured bereby immediately due and payable. ~ The covenants herein coatained shell bind, and the benefits and advantages shall iaure to, the respective heirs, executors, administrators, successors, aad assigps d the parties hereto. Whenever nsed, the singular num- ber shall include the plural, the plaral the singulac, and the use of aay gender shall include all genders. • 600K ~85 PACE .1 ~ ~4W ~ . ~s::,~ . . . _ __w . ~ _