HomeMy WebLinkAbout0082 5. That he will permit. commit, or su[ter ao wa~te,- imppument. Qt,deterioratioo of said pcopecty o~ any patt
theceof; and in the event of the Eailure of the awtt~agdt to keep tIW b~ildings on said premises and those tobe
~ erected on said premises, a improvements thereon, in good rePair. the modgagee may make such cepoi~s as i~ its
discretion it may deem necessary for the p~oper presenretion the~eof, and the full amouM of each and evecy such ~
payment shall be iinmediately due end p~yable. and shall be secured by the lie~ of this mo~tgage.
6. That he will pay all and singula~ the casts. charges. and expenses, including ~easonable lawye~'s fees~ ~
and costs of abstracts of title~ incurred or paid at any time bythe mottgagee because of the fail~ue oe the part of
the mortgega promptly and fully to perform the agreements end covena~ts of said promissoty note and this mott-
gage. and said costa. charges. and expenses shall be immediately due a~d payabte and shall be secured by the
lien of this matgage. ~ '
7. That he will keep the improvements now existing or hereafter ecected oe the mortgaged pcopetty, insuted as
may be required from time to time by the matgagee against loss by fire and othec hasards. casu~lties. and contia- '
gencies in such amounts and for such periods as a~ay be required by mortgagee. aod will payr pwmptly. when due.
any premiu~s on such insurance for payment of which pmvisio~ has not been made hereinbefoce. All insutance -
shall be carried in companies approved by mortgagee and the policies and~renewals thereof shall be held by mort-
gagee and have attached thereto loss payable clauses in favor of and in form acceptable to the mortgagee. In
eve~t of lass he will give immediate notice by mail to mortgagee. a~d moctgagee may make ptoof of loss if not
made promptly by mortgagor. and each insurance company concerned is hereby authorized and directed to make
payment Eor such loss dicectly to mortgagee instead of to moctgagor and matgagee jointly. and the insurance pro-
ceeds. or any part thereof. may be applied by mortgagee at its option either. to the reduction of the indebtedness
hereby secured or to the restoration a repair of the prope~iy damaged. In event of foreclosure of this mortgage oc
other transfer of title to the mo~tgaged property in extinguishment of the indebtedness secured hereby. all right,
title. and interest of the mortgagoc in and to any insurance policies then in force shali pass to the purchaser or
grantee.
8. That the mortgagee may. at any time pending a suit upon this mortgage. apply to the court having jurisdic-
tion thereof for the appointment of a receiver. and such court shall forthwith appoint a receiver of the premises
covered hereby all and singular, including al! and singular the income, profits, issues, and revenues from whatever
source derived, each and ever~ of which, it being expressly understood, is hereby mongaged as if specifically seY
forth and described in the granting and habendum clauses hereof. and such receiver shall have all the broad ar~d
effective Eunctions and powers in anywise entrusted by a court to a~eceiv~r, and such appointment shall be mede
by such court as an admitted equity and a matter of absolute Fight'to said mortgagee, a~d without reference to the
adequacy or inadequacy of the value of the property mo~tgaged or to the solvency oc insolvency of said mortgegor
or the deEendents, and that such rents, profits, incomel; is~uel. ~Q~ teve~tt~s shall be applied by such receiver
according to the lien of this mortgage and tt~e practice of such court. M t~l~vent of any default on the part of the
mortgagor hereunder, the mortgagor agrees to pay to the mottgagee oe-~~ad as a reasonable monthly rentel for
the premises an amount at least equivalent to one-twelfth (1/12) of th¢ aggcegate of the twelve monthly install-
ments payable in the then current year plus the actual ~mount of the e~nual taxes. assessments, water rates, and
insurance premiums for such year not covered by the afoieaaid monthly pa~rments.
9. That (a) in the event of any breach of this mortgage or default on the pad of the mortgagoc. or (61 in the
event that any of said sums of money herein referred to be not promptly and fully paid without demand ot notice,
or (~-i 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 oc any such event, the said aggregate
sum mentioned in said note then remaining unpaid, with interest accraed to that time. and all moneys secuted
hereby, shall become due and payable forthwith, or thereafter, at the option of said mortgagee, as fully and com-
pletely as if all of the said sums of money were originally stipulated to be paid on such day, anything in said
i note or in this mortgage to~the contrary.notwithstanding; and thereupon or thereafter, at the option of said mortge-
~ gee, without notice or demand, suit at law or in. equity, may be prosecuted as if all moneys secured hereby had
~ matured prior to its institution. The modgagee may foreclose this matgage, 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, expenses,and allow-
ances. In case of partial foreclosure oE this mortgege, the matgsged premises shall be sold subject to the con-
~ tinuing lien uE this mortgage for the amount of the debt noi then due and unpaid. In such case the provisions of
~ this paragraph may again be availed of theteaEter from time to time by the mortgagee.
~ 10_ That the mortgagor will give immediate notice by mail to the mortgagee of any conveyance, transfer, or
4 change of ovvnership 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. That if the mortgagor default in any of the covenants or agreements contained herein, or in said note. then. ~
the mortgagee may pedorm the same, and all expenditures (including reasonable attorney's fees) made by the f
mortgagee in so doing shall draw interest at the rate set forth in the note secured hereby, and shell be repayable
immediately and without demand by the modgagor to the modgagee, and, together with interest and costs accruing
thereon, shall be secured by this modgage.
~ 13. that the mailing of a written notice ar demand addressed to the ownet of record of the mortgeged premises, :
or directed to the said owner at the last address actua~ly furnished to the mortgagee, oc directed to said awner at ~
said modgaged premises, and mailed by the United States mails, shall be sufficient notice and demand in any
case arising ander this instrument end required by the provisions hereof or by law.
14. The mortgagoc covenants and ag~ees that so long as this matgage and the said note secured hereby are
~ insured under the provisions of the Natiaial Housing Act; he ~ill not execute or file for record any instrument
~ which imposes a rcstiiction upon the sate or occupency of the modgaged propedy on the basis of race, colot, or
~ cceed. Upon any ~riolqtioa of this undertaking, the mwtgagee may. at its option, declare the unpaid balance of the
debt secnred hereby immediately due and payable. J
~ 15. The modgagor Eurther coveaants that stiould this mortgage and the note secuced heceby not be eligible ~
for insurance under the Netioaal Housing Act ~rit6in fran the date hereof (written statement
of any officer of the Depectment of Housing end Urban Development oc authorized agent of the Secretary of Hous-
ing and Urban Development dated subsequeet to the time from the dete of t6is modg,~+ge,
declining to insure said note and this matgege, being deem~d canclnsive ptoof of such ineligibility), the mortga-
gee oc the holder of the note may, at its option. declare all sums secnred bereby immediately due aed pe~eble.
The ~ coveaants herein contained shall bind, and the benefits and pdvanteges shall inure to, the respective
heirs, executas, administrators, snccessocs. and assigns of the padiea hereto. Whenever used, the singular num-
ber shall include the plural, the plural the singular, and the use of any geader shall include all gendets.
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