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HomeMy WebLinkAbout1862 . j 5. That he will permit. comiint. oc suffer no w~ste, impairmeat. or detL~hation oE said pwperty or aay part the~eof; and in the event oi the failure oE the mortgagor to keep the buildi~gs oa said premises aad those tobe erected on said premises. or improvemeats tbeceon. in good repair, the modgagee may make such repairs as ia its discretion it may deem necessery Eor the proper preservation thereot~ aad the full aaaount of each and every such payment shall be ianmediately due and peyeble, and shall be secured by the lie~ of this moctgege. 6. That he will pey all and singular the costs. charges. and expe~ses. iacluding ceasonable lawyer's fees. and costs of abstracts of title. incuned oc paid at any time by the mortgagee because of the failure oa the pert o[ the modgagoc p~omptly and fully to pe~focm the agreea~ents end covenaats of said pranissory ~ote and this mort- gage. aad seid costs. charges. and expeases shall be immedistely due aad payable aad shall be secured by the lien of this mortgage. 7. That he will keep the improvemeats now existiag oc heeeafter ecected on the moctgaged pcopedy. insured as may be requiced from time to time by the matgagee against loss by fire and other haaards. casualties, aad coatin- gencies in such amounts and for such periods as may be required by mortgagee. snd will ~+ay promptly. whe~ due. any premiums oa such insurance for peyment oE which provision has not beea made hereinbefore. All insurance shall be caaied in companies appcoved by mo~tg,sgee and the policies aad renewals thereof shell be held by mat- gagee and have attached thereto loss payable clauses ia favor of and in focm acceptable to the mortgagee. la event of loss he will give immediate notice by mail to mortgagee. and mortgagee msy make proof of loss if not - made promptly by mortgegor, and each iasurance compeay coacemed is hereby euthorized and d'uected to make payment fa such loss directly to modgagee instead of to matgagor and matgagee jointly. end the i~surance pro- ceeds. or any pad thereof. may be applied by mortgagee at its option either to the rednctioa of the indebtedaess hereby secured or to the restoration oc repair ef the propedy damaged. In event of foreclosure of this moctgage or other transfer of title to the mortgaged propedy in eYtinguishment of the iadebtedness secured hereby, all right. title. and intecest of the mortgaga in and to any insurance policies then in force shall pess to the purchaser oc grantee. 8. That the matgagee may, at any time pending a suit upon this mortgage, apply to the court having jurisdic- tion theced foc the appointment of e receiver, and such court shall forthwith appoint a receiver of the premises coveced hereby all and singular. 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 mortgaged as if specifically set Eodh and described in the g~anting and habendum clauses hereof. and such receiver shall have all the braad and e[fective functions and powers in anyarise entrusted by a court to a receiver, and such appointment shall be made by such coud as an edmitted equity and a matter oE absolute right to said mortgagee. and without reference to the adequacy or inadequacy of the value of the propedy moctgaged or to the solvency or insolvency of said moctgagor or the defendents, and that snch rents, profits, income, issues, and revenues shall be applied by such receiver according to the lien of this mortgage and the• pcactice of snch court. In the event of any default on the part of the mortgagor heceunder, the matgaga agrees to pay to the mortgagee on demand as a reasoaable monthly rental for the premises an amount at least equivalent to one-twelfth (1/12) of the aggreg,ate of the twelve monthly install- ments payable in the then current year plus the actual amount of the annnal taxes, assessa~ents, water rates, and insurance premiums for such year not covered'by the afocesaid monthly peyments. ' 9. That (o) in the event of any breach of this moctgage or defeult an the pad of the modgagor. or (b~ in the event that any oE said sums of money herein referred to be not ptomptly and fully paid without demand or notice. or (c) in the event that each and every the stipulations. agreements, caaditia~s, aad covenants of said note and this mortgage, ace not duly. promptly. and fully performed; then in either or any such event, the said aggregate i sum mentioaed in said note thea rentaieiag unpaid. with interest accrued to that time, and all moneys secured hereby, shall become due and payable iorthwith, o~ ti~ereafter, at the option of said moctgagee, as iujiy ana com- pletely as if all of the said sums of money wece originally stipulated to be paid on such day, anything in said note or in this modgage to the contraty notwithstanding; and thereupon or t6ereafter. at the o~ion of said matga- 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 modg,agee may foreclose this mortgage, as to the amount so declared due and payable, and the said premises shall be sold to satisfy and pey the same together with costs, expenses.and allow- ances. In case of partial foreclosure of this moctgage, the modgaged pcemises shall be sold subject to the con- tinuing lien of this mortgage for the amount of the debt not then due and unpaid. In snch case the provisions of this paragraph may again be availed of thereafter from time to time by the modgagee. 10. That the modgagor aill give immediate notice by mail to the modg,agee of any conveyance, transfer, a change oE 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 hereof or of the note secuced hereby. 12. That if the mortgaga default in any of the covenants or agreements contained herein, a in said note, then the mortgagee may perform the same. and all expenditures (inclnding reasonable attaney's Eees) made by the mortga~ee 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 mortgagar to the mortgagee, and, together with interest and costs accruing thereon..shall be secured by this modgage. 13. that the mailing of a aritten notice a demandaddressed to the ovvner of record of the mortgaged premises, or directed to the said awaer at the last addcess actually furnished to the mortgagee, or directed to saidoavner at said mortgaged premises. and mailed by the United States mails, shall be sufficient notice and demand in any case arising under this instrumeat and required by the provisioas heceof or by law. 14. The mortgagor covenants and agrees that so long as this mortgage and the said note secured hereby are insured undet the Provisions of the National Housing Act, he will not execute or file for record any instrument which imposes a restriction upon the sale or occupancy of the modgaged propedy on the basis of race, color, or creed. Upon any violation of this undedaking, the mortgagee may, at its option, declare the unpaid belance of the debt secnred hereby immediately due and payable. 15. The mortgagor further coveaants that should this mortgage and the note secured hereby not be eligible for insurance undec the National Housing Act within 30 days from the date hereof (written statement oE any officer of the Department of Housing and Urban Development or authorized ageat of the Secretary of Hous- ing and Urban Development dated subsequent to the 30 dap8 time from the date of this modg,age, declining to insure said note and this mortgage, being deem?d cafclusive proof of such ineligibitity), tbe mortga- gee oc the holder of tl~e note may, at its option, declare all sums secured hereby immediately due and payable. The covenants herein contained shall bind, and the benefits and advantages shall inure to, the respective heirs, executots, administrators, successors, and assigt~s d the parties hereto. Whenever used, the singular num- ber shall include the plural, the plurel the singular, and the use of any gender shall include all genders. 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