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HomeMy WebLinkAbout0439 5 E i~t'~~ . Yl;~ S, Tb~t he wlll pe~mit~ coma?jt, or sut[er no Maste~ in~poirment~ oc deteciar~tian of s~id pwpeny or ony part thereoE; ~nd ia the event of the lsilure cI the mo~t~a~oc to keep the 4uildie~,s on said premises ~ad those tobe emcted on said pce4lses~ or impcoveaients thereon. in good repoir~ the moetgaeee may meke such repairs s+s io its disccetian it a~y deem necessuy Eor tbe pcope~ p~esecvation theceat. and the tutl amount oE e~ch ~ed every sucb p~yment sh~ll b~ imaediately due and ppyrpble. and shall be secuced by the liea of this mortgMge. 6. That he will p~y all and sie~ulac the eosts. cFwrges. and expenses. ipcluding c~aanable lewyer's fees~ aod costs~of abstcacts ot tltle~ incur~ed a peid at any tia~e bythe moetgagte beceuse of the failwe on the part oi tLe mortRagor p~omptly and fully to perEam~ tl~e ag~eeme~ts and coveaaats aE sakf p~anissory nde and this mort- ~pge. and said costs. chorges. and expenses shall be im~oediately due and poyable and shaU be secuced by tbe litn of this mateaga. 7. Tbat he will keep the impcovements nop existing or hereatter ecected on tbe mortga~ed property. insured a~ may be required Ero~s time to time by the moctgagee against loss by fire and otbec b~ards. casualties. and contin- . gencies in suc6 amounts and for such pe~iods es may be requiced by matg,~igee. aad will pay promptly. when due. any premiums on such insurence Eor payment of which provislo~ has not been made hereinbefore. All iasutance shall be carried ia componies approved by matgagee end the pol[cies and rene~vals thereof shall be hetd by m«t- gagee and have attached thereto loss payable clauses in favor of and in fam eccepteble to the mortgagee. In event of loss he will give immediate notice by mail to mortgagee, and moctgegee mey make proof of loss if not ~oade promptly by matgagor, and each insurance company concerned is hereby authorized and directed to meke peyment for such loes di~ectly to mottgagee_instead of to matgaga~_ and mortgagee jointly, anci the insurance pro- ~ ceeds. or pay pad theceof. may be applied by m~tgagee at its optior~ eithec to the reduction oE the i~debtedness hereby secuced or to the cestoratioa a repair of the property demaged. In event of foreclosure of this mo~tgage or other transfer aE title to the mo~tg,sged property in extinguishment of the indebtcdness secur~d hereby, all right. title. and iatecest of the mortg~agar in and to any insurance policies then in force shall pess to the purchaser ar gtontee. 8. That the matgpgee may, at aay tiioe pending a suit upon this mortgage. apply to the conrt heving jurisdic- tion thereaf foe the appointment af a ceceiver. and such court shall forthwith appoint a receiver of the premises covered hereby all and singuiar. Including all and singular the income. profits. issues, a~d revenues from whatever source derived, each and every of which, it being eapcessly uaderstood. is hereby moctgaged as it specifically set fodh and described in the grentiag and habendum clanses hereof. and snch ceceiver shall have all the broed and effective functions and powers in anywise eatrusted by a court to a receiver, end such appointment shall be made ~ by such court as an admitted equity and a matter of absolute right to said moctgsgee, end without refecence to the adequacy or inadequacy of the value of the propeKy matgaged or to the solvency or insolvency of said mortgagor or the defendents, snd that- such reats, p~ofits, income. issues. and revenues shall be applied by such receiver according to the lien of this matgage end the pcactice of such couct. In the event of any default on the part of the modgagor hereunder, fhe matgagor sgrees to pey to the mortgagee on demand as a reasonable monthly rental for the premises an. amount at least eqpivelent to one-taelfth (1/12) of the aggcegete of the twelve monthly instell- ments payable is the then cntrent year plus t actual amount of the annual texes. assessments, water rates, and insurance pcemiums for such year not covered y the aforesaid mo~thly peyments. 9. That (o) in the event of any b~esRla b( mortgege or default on the pad of the modgagor, or (b) in the event that any of said sums d money h~rein re erred to be not pcomptly aad fully peid witho6t demand or notice, or (c1 in the event that each aad every the stipulations; agreements. coaditions, and covenants of said note and this mortgage, are aot duly, prompt~y, aad fally performed; then in either or eny such event, the said aggregate sum mentioned in said note then remaining uapaid, with interest accrued to that time, and ~all moneys secured hereby, shall betome due and payable focthwit6. a thereafter, at the option of said mortgagee, as fully and com- - pletely as if all aE the said sums of money were otiginally stipulated to be {~eid on such day. anything in said note a in this mo~tgege to the contracy notwithstanding; and tbereupon or thereafter. at the option of said matga- gee. without notice or demand, suit at law a in equity, may be proeecuted as iE all moneys secured hereby had I matured prioc to its institution. The moct~,agee awy foreclose this mortgage. as to the amount so declared due and psyable. and the said pzemises shall be sold to satisfy aod pey the same togetl~er with costs. expenses,and allow- ances. Ia case of partial Eoceclosure of this matg~ge. the mort~aged premises shall be sold subject to the con- - ` tiauing lien oE this mortgage for the amount of the debt not then due and nnpaid. In such case the provisions of ! this peragraph a?ay again be avait~ of thereaftec from time to time by the mortgagee. ~ 10. That the mortgagoc will give immediate notice by mail to tl~e mortg,agee of any conveyance, transfer, a ~ ehange of awnersbip ot the premises. ~ 11. That n4 waiver of any covenaat herein or of the obligation secated hereby shall at any time thereafter be held to be a~raiver of the tecros heced or of t6e note secared bereby. 12. That if the moctgaga defeult in any of the coveoaats or agreementa contained herein, a in said note, then the mortgagee ~nay pedorm the samg, end all expenditures (incl~cding reasonable attorney's fees) made by the modgagee in so doing shall draa interest at the rate set Eorth ia the note secnred heceby, ~nd shall be repoyable immediately and without dea~aad by the matgagar to the mortgagee, and. together with interest and costs accruing _ t6ereon, s6a11 be secwed by this modgage. ~ 13. tlwt the ~iling oE a written ndice a demandaddressed to the owner aE recocd oE the mortgeged premises, or directed to the said owaer_ at the lsst address actually Eurnished to the matga~ee, or directed to said o~vaer at said mortg~ged premises, and mailed by the United States mails, shall be sufflcient notice and demand in any case artsiag nndet this instrument and ceqnired by tbe pcavisioas hereaf ot by law. 14. Tl~e mort;aga cavenants and agreea tlwt so long as this moctgage and the said note securcd hereby are insiued nndet the pto~vlsions of tbe National Hous~ag Act, l~e will nd e:ecute or file Eoc iecord any ins!rument ~ which imposes a restriction upon t}~e sale or occupancy of the mortgpged propedy oa the basis of race, cola. or ~ cceed. Upon any violatioa of this undertaking, the mortgagee may, at its option. declare the unpaid balaace of the debt securrd hereby immediately due aod payabte. ~ 15. The mortgagor fucther covenants that should this matgpge and the note secuced hereby not be eligible for inautaace undec tlK National Honsing Act within .3O QAYS from tbe date 6ered (written statement d any oHicer of tbe Depertment d Housing and Ucbaa Development or authorized agent d t!~ Secretery of Hons- ing aad Ucba~ Development dated subsequent to the 30 qYS c~r from the date of this morteage, decliniag to insure aaid note and this mortgage. being dee~conlusive proof af such ineligibility), the mortga- gee or the bol~er af tbe note a~ay, at its option. declare all ~sums secuied bereby inmediately due and popble. ~ The coveoants baein contained shall bind, and the beneEits and advantages shall inure to, the respective heirs. extcutors, adviaistret~ocs, successars, and assigns d the patties hereta ~?heaever used, the aingnlar num- ber shaU include the plurol, the plural the singular, and the use oE any geader shall includr ail genders. . soo 186 ~ 43$ ; _ t_E ~ ~ -