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HomeMy WebLinkAbout2671 , ~ 5. That he will permit, commit, or su[ter ~o waste~ impei~me~t. or deterioratiort of said property or any part thereof; and in the event of the tailure of the mortgagor to keep the buildi~gs on said premises and those tobe erected on said premises. or improvements theceon. in good repair, the modgagee may make such repairs as in its disccetion it may deem necessery tor the proper presenration theteof. a~d the full a~ount of each and every such . payment shall be immediately due and peyable. and shall be secured by the lien of this mortgage. 6. That he will pay all and singular the costs, charges, and expenses. includi~g reasonable lawyer's fees. and costs ef abst~acts of tttle. incucred a paid at any time bythe modgagee because of the feilure ort the port of the mortgago~ promptly and fully to perfam the agreements and covenartts of said promissory ~ote and this mort- gage. and said costs. charges. and expenses shall be immedietely due and peyable and shall be secured by the lien of this modgage. 7. That he will keep the improvements now existing a hereafter erected on the modgaged property~ insured as may be required from time to time ~y the matgagee against loss by fire and othec hasards. casualties, and contirt- gencies in such amounts and for such periods as may be required by moctgagee, and will pay promptly, when due. _ any premiums on such insurance for payme~t of which pcovision has not been made hereinbefoce. All insura~ce shall be canied in companies approved by moctgegee and the @olicies and renewals thereof shell be held by mort- gagee and have attached t6ereto loss payable clauses in favor of and in form accepteble to the mortg,agee. ln event of loss he will give immediate notice by mail to moctgagee. and mortgagee may make proof of loss if not made promptly by mortgagor. and each i~surance company concerned is hereby authorized and directed to make payment for such loss dicectly to modgagee instead of to mortgagoc and mortgagee jointly, and the insurance pro- ceeds, or any part theceof. may be applied by mortgagee at its option either to the reduction of the indebtedness hereby secured or to the cestoration or repair of the propedy damaged. In event of Eoreclosure of this mortgage or other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby, all right~ title, and interest of the mortgaga iR and to any insurance policies then in force 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 thereof for the appointment of a receiver, and such court shall forthwith appoint a receiver of the premises covered hereby all and singular, including all and singular the income, profits, issues. and revenues fcom whatever source derived, each and every of which. it being expressly understood, is hereby mortgaged as if specifically set forth and described in the granting and habendum clauses hereof. and such receiver shall have all the broed and effective functions and powers in anywise enlrusted by a court to a receiver. and such appointment shall be a~ade by such court as an admitted equity and a matter of absolute right to said mortgagee, and without reference to the adequacy or inadequacy of the value of the property mortgaged or to the solvency or insolvency of said mortgagor or the defendents. and that such rents. profits, income. issues, and revenues shall be applied by such receiver accocding to the lien of this mortgage and the practice of such coud. In the event of any default on the pad of the modgagor hereunder. the mortgagor 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 aggregate of the twelve monthly install- ments payable in the then carrent year plus the actual amount of the annual taxes, assessments, water rates, and insurance premiums for such year not covered by the aforesaid monthly payments. 9. That (01 in the event of any breach of this mortgage or default on the part of the modgagor, or (b) in the event that any of said 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 mortgage, are not duly. promptly, and fully pertormed; then in either or any such event~ the said aggregate sum mentioned in said note then remainiag 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 aad com- pletely as if all of the said sums of money were originally stipulated to be paid on such day, anything in said • note or in this mortgage 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 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 pay the same together with costs. expenses,and allow- ances. In case of Qartial foreclosure of this mortgage. the mortgaged premises shall be sold subject to the con- ~ tinuing lien of this modgage for the amount of the debt not then due and unpaid. In sach case the provisions of i j this paragraph may again be availed of thereafter from time to time by the modgagee. ~ ~ 10. That the modg,agor will give immediate notice by mail to the modgagee of any conveyance, transfer, or ~ ~ change of awnership 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 tera~s hereof or of the note secured hereby. ~ 12. That if the mortgagor default in any of the covenants or agreements contained herein, w in said note, then 3 the mortgagee may perEorm the same, and all expenditures (including reasonable attorney's fees) made by the ~ ~ mortgagee 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 modgagor to the modgagee, and, together with interest and costs accruing g ~ thereon, shall be secured by this mortgage. 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 rnaner at the last address actually furnished to the mortgagee, or directed to said owner at ~ ~ said modg,aged 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 agFees that so long as this mortgage and the said note secured hereby are ~ insured under the provisions of the National Housing Act, he will not execute or file for record any instrument which imposes a restr ~ction upon the sale or occupancy of the mortgaged property on the basis of race, cola, or ~ n cre~d. Upon any viol: :ion 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 thilty d2?ys from the date hereof (written statement ~ of any officer ~.f the Department of Housing and Urban Development or authorized agent of the Secretary of Hous- ~ ing and Urban Development dated subsequent to the thilty d1y time from the date of this mortgage, ~ declining to in~uce said note and this mortgage, being deem~d conclusive proof of such ineligibility), tbe mortga- ~ gee or the holder.of the note may, at its option. declare all sums secured hereby immediately due and payeble. ~ ~ The covenaats herein contained shall bind, and the benefits and advantages shall inure to, the respective ; ~ heirs, executors, administrators, successas, and assig~s of the padies hereto. Whenever used, the singuler num- ; ~ ber shall incl~e the plural, the plural the singular, and the use of any gender shall include all genders. ~ ~ ~ ~ ' ~ ~ gooK164 ~?~E2668 t ' ~"~~r;qb'-.-`~.:~.a.=-.r.: c ~ _ y vr