Loading...
HomeMy WebLinkAbout0983 " , : ~E ~ ~ - . . ~ S. That he will permit, commit. or suffer no waste. impairment. or deterioratio~ of said property or any part theceoE; and in the event of the failure of the mortgagor to keep the buildings on said premises and those tobe erected on said prec~ises. or improvements thereon. in good repair~ the mo~tgagee may make such repeirs as in its discretion it may deem necessary for the proper preservation thereof. a~d the full amou~t ot each and every such payment s}?all be immediately due and payable, and shall be secured by the lien of this mortgage. 6. That he will pay all and singular the costs. charges, and expe~ses. including reasonable lawyer's fees, and costs of abstracts of title. incurred or paid at any time by the madgagee because of the failure on the pert of the mortgegor promptly and fully to perfo~m the agreements and covena~ts of said promissory note e~d this mott- gage. and said costs. charges. and expenses shall be immediately due and payable and shall be secured by the lien of this mortgage. 7. That he will keep the improvements now existing or hereafter erected on the mortgaged propedy. insured as may be required from time to time by the mortgagee against loss by fire and other hazards. casuaities, and contin- gencies in such amounts and for such periods as may be required by mortgagee~ and will pay ptomptly, when due. any premiums on such i~surance for payment of which provision has not been made hereinbefore, All insarance shall be carried in companies approved by mortgagee and the policies and re~ewals thereof shall be held by mort- gagee and have attached thereto loss payable clauses in favor of and in form acceptable to the modgagee. In event of loss he wil! gi~e immediate notice by mail to mortgagee. and mortgagee may make proof of loss if not made promptly by martgagor. and each insurance company concemed is hereby authorized and directed to make payment for such loss directly to mortgagee instead of to mortgagor and moctgagee jointly. and the insurance prw ceeds. or any part thereof, may be applied by mortgagee at its optio~ either to the reduction of the indebtedness hereby secured or to the restoration or repair of the property damaged. Ia event of foreclosure of this mortgage or other tcansfer of title to the mortgaged propedy in extinguishment of the indebtednes~ secured hereby. all right. title. and irtterest of the mortgagoc in and to any insurance policies then in fo~ce shall pass to the purchaser or grantee. 8. That the modgagee may, at eny time pendinga 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 receivec of the premises covered hereby all and singular, including all and singular the income, profits, issues, and revenues from whatever - soucce derived. each and every of which, it being expressly understood. is hereby mortgaged as if specifically set forth and des~ribed in the gcanting and habendum clauses hereof, and such receiver shall have all the broad and effective functions and powers in anywise entrusted by a couct to a receiver. and such appointmeat shall be made by such court as an admitted equity and a matter ut 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. and that such rents, profits, income, issues, and revenues shall be applied by such receiver according to the lien of this mortgage and the practice of such cou~t. In the event of any default on the part of the mortgagor hereunder. the mortgagor;agrees to pay to the mortgagee on demand as a reasonable monthly rental for the premises an amount at least equivalent to one-twelfth (1/12) of the aggregate of the .twelve monthly install- ments payable in the then carrent year plus tre actual amount of the annual taxes, assessa~ents. water rates, and insurance premiums for such year not covered by the aforesaid monthly payments_ 9. That (n) in the event of any breach of this modgage or default on the pad of the ~artgagor. or (6) in the event that any of said sums of money herein referced to be not promptly and fully paid without demand or notice, or (r1 in the event that each aad. eyery the stipulations, agreements. conditions. and covenants of said note and this mortgage, are not duly, promptly~ and ~ully performed; then in either or any such event, the said aggregate sum mentioned in said note then remaining unpaid, with interest accrued to that time, and all moneys secured hereby. shall become due and payable forthwith, a 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 note a in this modgage to the contrary notwithstanding; and thereupon or thereafter, 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 ~ matured ptior to its institution. The mortgagee may foreclose this modgage, 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 of this mortgage, the mortgaged premises shall be sold subject to the con- tinuing lien oE this mortgage for the amount of the debt not then due and unpaid. In such case the provisions of this paragraph may again be availed of thereafter from time to time by the mortgagee. 10. That the modgagot will give immediate notice by mail to the mortgagee of any conve.yance, transfer, or change of 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 secured hereby. 12. That if the modgagor default in any of the covenants or agreements contained herein, or in said note, then the mortgagee may perform the same, and all expenditures (including reasonable attorney's fees) made by the moctgagee in so doing shalt draw interest at the rate set forth in the note secured hereby, and shall be repayable immediately and without demand by the mortgaga to the modgagee, and. together with intetest and costs accruing i thereon, shall be secured by this mortgage. . 13. that the mailing of a written notice or demand addressed to the owner ot record of the modgaged premises, or directed to the said owner at the last address actually furnished to the mortgagee, or directed to said ovvner 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 mortgage and the said note secured hereby are insured under the provisions of the Natlonal Housutg Act, he will not execute or file for'record any instrument which imposes a_restriction upon the sale or occupancy of the mortgaged propedy on the basis of race, color, or creed. Upon any violation of this undertaking, the mortgagee may, at its option, declare the unpaid balance of the debt secnred hereby..immediately due and payable. 15. The modgagor further covenants that should this mod age and the note secured hereby not be eligible for insurance under the National Housing Act within 30 DAY~ from the date hereof (written state~nent ~ of any officer of the Depactment of Housing and Urban Development or authorized agent of the Secretary of Nous- ing and Urban Development dated subsequent to the 30 df1~~ S time from the date of this mortgage, ; declining to insure said note and this mortgage, being deemed conclusive proof of such ineligibility), the mortga- - ' gee or the holder of the note may, at its option, declare all sums secured heteby immediately due and payeble. ~ The covenants herein contained shall bind, and the benefits and advantages shall inure to, the respective ~ heics, executors, administrators, successors, and assigt~s of t6e padies hereto. Whenever used, the singular num- ber shall include the plural, the plucal the singular. and the use of a~y gender shall include all genders. ; ~c~~ PAI;E - r . _ _ - ~ ~ - : ; . ~ ~ _ ^r-~°a-v k' ~ ~j~. _ I ,yµ~