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HomeMy WebLinkAbout2443 ~ ~ ~ . S. That he will petmit. commit~ ot suffec ~o wa~te, impititmlent; or deterioration o[ said property or any part thereof; and in the event of the failure of the inottgagoc to~keep the buildings on said premises and thase tobe erected on said pcemises. or improvements thereon. in good repair. the modgegee may make such .-epeirs as In its discretion it may deem necessary for the propec preservation theceof. and the full amount of each and every such peymertt shall be immediately due and p~yable. and shall be secured by the lien of this mortgage. 6. That he rrill pey all and singular the costs. charges, a~d expenses. including reasonable lawyet's tees, and costs of abstracts of titIe. incurred or paid at any tia~e bythe martgagee because of the failure on the part of the mortgagor promptly and fnlly to perfam the agreements and covenants of said promissory note and this mott- gage. and said costs, charges, and expenses shall be imrtiediately due and peyable a~d shall be secured by the lien of this mortgage. 7. That he will keep the improvements now existing or hereatter erected on the modgaged property. insured as may be required from time to time by the moctgagee against loss by fire and ather hazards. casualties, and contin- gencies i~ such acnounts and fw such periods as may be requiced by mortgagee. and will pay promptly. when due. any premiu..s on such insurance for payment of which provisio~ has not been made hereinbefore. All insurance shall be carried in compaaies approved by mortgagee and the policies and renewals thereof shall be held by mat- gagee and have attac~?ed thereto loss payable clauses in favor of and in form acceptable to the modgagee. ln event of toss he will give immediate notice by mail to mortgagee, and mortgagee may make prooE of loss iE not made promptly by mortgagor, and each insurance company con~erned is hereby authocized and directed to make payment foc such lass directly to mortgagee instead of to mortgagor and mortgagee jointly, and the insurance pro- ceeds, or any pad thereof~ may be applied by mortgagee at its option either to the reduction of the indebtedness hereby secured or to the restoration or repai~ of the propedy damaged. In event of foreclosure of this mortgage or other transfer of ti:le to the modgaged property in extinguishment of the indebtedness secured hereby. all right, title. aad interest of the mortgagoc in and to any insurance policies then in fwce shall pass to the purchaser or grantee. 8. That the modgagee may, at any time pending a suit upon this mortgage~ apply to the court having jurisdic- tion theceof for the appointment of a receiver. and such coun shall focthwith appoint a receiver of the pcemises covered hereby all and singular, including all and singular the income. profits, issues. and cevenues from whatever source derived. each and every of which, it being expressly understood, is hereby modgaged as if specifically set fodh and described in the granting and habendum clauses hereof, and such receiver shall have all the broad and e(fective functions and powers in anywise entrusted by a cowt to a receiver, and such appointment shall be made by such court as an admitted equity and a matter of absolute right to said mortgagee, and without refetence to the adequacy or inadequacy oE the value of the propedy mortgaged or to the solvency or insolvency of said modgagor ot 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 ihe prectice of such courf: In the event of any default on the parE-~f- the mortgagor hereunder, the mortgagor agrees to pey 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 current year plus the actual amount of the annual taxes, assessments. water rates, and insurance premiums for snch year not covered by the aforesaid monthly payments. 9. That (a) in the eveni of any breash of this mortgage or default on the pad of the mortgagor, or (b) in the event that any of seid sums of money herein referred to be not promptly and fully paid without demand or notice, or (c) in the event that each and every the stipulations. agreements, conditions. and covenants of said note and this modgage, are not duly, p.romptly, and fully 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, or thereafter, at the option of said mortgagee, as fully and 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 contrary notwithstanding; and thereupon or thetea[ter, at the option of said moriga- " gee, without notice or demand. suit at taw or in equity, may be prosecuted as if all moneys secured hereby had matured prior to its institution. The mortgagee a?ay foreclose this mortgage, 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 foceclosuce of this mortgage, the mortgaged premises shall be sold subject to the con- tinuing lien of this mortgage [or the amount oE 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 mortgagee. !0. That the mortgagor vvill give immediate notice by mail to the mortgagee of any conveyance. transfer, or change of ownership of the premises. 11. That no waiver of any covenant herein or of the obligation secured hereby shali at any time thereafter be held to be a waiver of the terms hereof or of the note secured hereby. I2. T6at iE the mottgagor defanlt 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 j ~ mortgagee in so doing s6a11 draw interest at the rate set forth in the note secured hereby, and shalt be repayable ; , immediately and without demand by the modgagor to the mortgagee, and, together with interest and costs accruing thereon, shall be secured by t~is modgege. ' i ; 13. that the mailing of a written notice or demandaddressed to the owner of record of the mortgaged premises, or directed to the said owner at the last address actually fucnis~ed to the mortgagee. or directed to said owner at said modgaged 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 mortgaga covenants and agFees that so long as this moctgage and the said note secured l~ereby are insured ander 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 property on the basis of race, color, or creed. Upon any violation of this undertaking, the matgagee may, at its option, declare the unpaid balance of the debt secuced hereby immediately due and payable. 15. The modgagor further coveaants that shoutd this moct age and the note secured hereby not be eligible for insurance under the National Housing Act within 3O DAY~ from the date hereof (written statement of any officer of the Department of Housing and Urban Development or authorized agent of the Secretary of Hous- ing and Urban Development dated subsequent to the 30 DAYS time from the date of this mottgege, declining to insure said note and this mortgage. being deem~d conclusive proof of such ineligibility), the mortga- gee oc the holder of the note may, at iis 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 beirs, executo~s, administrators, successors, and assigns of the parties hereto. Whenever used, the singular num- ber shalt incl~+~e the plural, the plural the singular, and the use of any gender shall include all genders. ~ - sooK ~s~ ~z4~ ~~'~~~"~•,,`~~-r, `-~'~v~.,,x,a.;:-: _ _ ~'r_. . . _ ~~,r.~a; . . r7 F.4>~„~ ~ ' ~ -