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HomeMy WebLinkAbout1500 t S. That he will permit, cumm~t, or ~u(fer na KASIC, impairment, ot c~eteriorat~on <i( said pro~rty or any pa~t theceof; and in the event ot the [aihue at the mortgagot to keep the buitding~ on said premises and those tobe erected on seid prPmises, or impravements the~eo~, in good tepair, the mo~tgagee mHy m.+ke ~uch repairs a~ :n its discretio~ it may deem necessary for the propet precervation theteot, and the tutl c~mount of each e~d e~ery ~uch payment sha11 be immcdiately due and payable, and shall be sccured by the lien o[ ihis mortg~gc. 6. That he will pay all and singular the co~ts~ cherges, and expenses, includ~ng reasonable lawper's [ees, and costs of abstracts uf title, incurrc~d ot paid at any time bythe mortgagee becc~use ot the tailu~e on the pa~t ot the mottgag~x promptly and (ully to petfotm the agrecmentc and covenants of said promissory note end this mort- gage, and ~aid costs, cluirges, and expenses shall be immediately due and payable and shall be secured by the lien of this mortgage. ~ 7. That he v?il1 kcep the impro~•ements now ~xisttng ot herepiter e~ected on tt~e mortgaged prope~ty, insured as may be required f~om time to t~me by the mortga~ee ~~8inst ~toss by (ite and other hazerds, casualties, and contin- gencies in such amounts and for s~ch periods as may be required by mortgagee, and will pay promptly, when due, anp premiurt~,c on such insurance tar payment of which provision has not been mode hereinbefore. All insurance shall be catried in compt~nies appro~•ed by mortgagee and the policies and renewals the~eo( shall be held b~~ mort- ~agee and he~•e attached thereto loss payable clauses in fevor ot and in form acceptable to the mortgagee. In ~•~•ent of lo~s he W ill gire immediate notice by mail to mortgagec, and mottgagee may make proof of I~ss if not made promptl~• by mortgagoc, and each iasarance cumpany concerned is herebp authorized and directed to make ~~~ment for such lass dirertly to mortg.+gee instead i~[ to mortgagor and mortgagee jointly, and ihe insurance pro- ceeds, or any part thereof, may be applied by ~ortgagee at its option either to the reduction of the indebtedness hereby secured ot to the restocation or repair o[ the property d~maged. la event ot foreclasure of this mortgage or other transfe~ of title to the mortgaged property in extinguishment o( the indebtedness sccured hereby, all right. title, and interest of the mortgagor in and to any insurance poli~ies then in focce shall pass to ihe purchaser or ~rantee. 8. That the mortgagee may, at any time pending a suit upon this mortgage, apply to the court having jurisdic- i~on thereot for the appointment of a receiver, and such court shall forthwith appoint a receiver ot the premises ~ co~~ered,hereby all and singular, including all and singular the income, profits, issues~ and revenues from whatever ~uurce'~ferived, each and every of which, it being expressly understood, is hereby mortgaged as if specifically set forth a d described in the grenting and habendum clauses heceof, and such receiver shall have all the brond and ~ effrcti~e functions and powers in anywise entrusted by a ccurt to a receiver. and such appointment shall be mede b~~ such court as an admitted equity and a matter of absolute right to said mo~tgagee, and without reference to the adequacy or inadequacy nf the value of the Qcope~ty m~rtgaged or to the solvency or insolvency of said mortgagai ~~r the c~efendents, and that such rents, pso[its, income, issues, and revenues shall be epplied by such receiver :+c~:ording to the lien of this mortgage and the practice of such court. In the event oi any default on the part ot the mortgagor hereunder, the mortgagar agrees to pay to the mortgagee on demand as a reasonable monthly rental for the premises an amount at least equivalent to one-tweltth (1/12) of the aggregete o[ the twelve monthly instelt- ments payable in the then current year plus the actual amount of the annual taxes, assessments, water rates, end ~ tnsurar_ce premiums ior such year not covered by the aforeseid monthly payments. 9. That Jo / in the event of any breach of this mortgage or de[ault on the parl of the mortgagor, or (6) ia the e~•ent that any of said sums of money herein referred to be not promptly and fully paid without demand or notice, or ~ 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 pecformed; then in either or any such event, the said aggregate ~um mentioned in said note then remaining unpaid, with interest accrued to that time, and all mo~eys secured hereby, shall bc~ome due and payable forthwith, or therea[ter, at the option of said mortgagee, as fully and com- ~letely as if all of the said sums of money were originally stipulated to be paid on such dsy, anything in said note or in this mortgage to the contrary notwithstanding; and thereupon or therea[ter, at the option of said mortga- gee, without notice or demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby had ~ I matuced ptioc to its institution. The mortgagee may foreclose this mortgage, as to the amount so declared due and ~ ~ payabl and the said premises shall be sold to satisfy and pay the same together with costs, expenses,and altow• ~ E ances.~ln case of partial foreclosure of this mortgage, the mortgaged ptemises shall be sold subject to the con- ~ ~ tinuing ~en of this mortgage fot the amount of the debt not then due and uapaid. In such case the provisions of ~ this pa~graph ma~~ agein be availed of thereatter from time to time by the mortgagee. ~ lu. That the mortgagor aiii give immediate notice by mail to the morxgagee of any eom•eyance, transfer, os ~ change of ownership oE the premises_ 11 Thet no waiver of any covenant herein or ot the obligation secured hereby shall at any time thereafter be ~ held to be a weiver ot the terms hereof or of the note secured hereby. 12. That if the mortgagor default in any of the co~•enants or agreements contained herein, or ~n said note, then the mortgagee may perform the same, an~ ail expenditures (including reasonable attorney's fees) made by the mortgagee in so doing shall draw interest at the rate set forth in the note secuced hereby, and shall be repayable irnmediately and without demand b~• the mortgagor to the mortgagee, and, together with interest and costs accruing thereon, shall be secured by this mortgage. 13. that the mailing of a written notice a demand addressed to the owner oE record o[ the mortgaged premises, cr directed to the said owner at the last address aciually furnished to the mottgagee, or directed to saidowner at said mortgaged premises, and mailed by the United States mails, shall be sufficient notice and demand in any case arising under this instrument and required by the provisions hereof or by law. 14. The mortgagor covenants and agrees that so long as this moctgage and the said note secured hereby are - insured under the provisions of the Netional Heusing Act, he will not execute or file for recocd any instrument ~ which imposes a restriction upon the sale or occupancy of the mortgaged property on the basis of race, color, or creed. Upon anS~ violation of this undertaking, the mortgagee may, at its option, declare the unpaid balance of the ~ debt secured hereby immediately due and payable. 15. The mortgagor further covenants that should this mortgage and the note secured hereby not be eligible ~ for insurance under the National Housing Act within 30 Dr~YS from the date hereof (written stetement ~ of any o[ficer of the Depactment of Nousing and Urban Develo pment or authotized agent of the Secretary of Hous- ' ing and Urban Development dated subsequent to the 3J Ui~YJ time [rom the date of this mortgage, declining to insure said note and this mortgage, being deem~~d conclusive Qroof d such ineligibility), the mortga- gee or the hclder of the note may, at rts option, declare all sums secured hereby immediateiy due and payeble. The covenants herein contained shall bind, and the benefits and ad~~antages shall inure to, the respective _ heirs. executors, administrators, successors, and assigns of the parties hereto. Whenever used, the singular num- ber shall include the plural, the ~lural the singular, and the use of any gender shall include all genders. pCR! 1S7 PACEIJW ~ 4 - .