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HomeMy WebLinkAbout2997 . . ~ ~ ~ S. That he will permit, commit. or suffer aa w~ste. impairment. or deterioration of said property or a~y pad thereof; a~d in the event of the failuce of the mbctgagor to keep the buildings on said premises aad those tobe erected on said.premises~ or improvements theceoa, in good repair, the mo~tgagee may make such repairs as in its disccetio~ it may deem necessary fo~ the proper preservatioa thereof. end the full amount oE each and every such peyment shall be immediately due ac~d payeble, and shall be secured by the lien oE this mortgage. 6. That he wlll pay all and singular the casts. charges. and expe~ses. including reaso~able lawyec's fees. and costs oE abstracts of title, incurred a paid at eny time by the mortgagee because of the failure on the pa~t of the mortgaga promptly and fully to perfaaa the agrcements and covenants of seid promissory note and this mort- gage. and said costs, charges. and expenses shall be immediately due and payable a~d shall be secured by the lien af this mortgage. 7. That he will keep the impcovements noar existing or hereafter erected o~ the moitgaged property. insuced as may be required fmm time to time by the moctgagee against loss by fire and other hasards. casualties. and coatin- gencies in such amounts and for such periods as a~ay be requiced by matgegee. aad will pay ptomptly, when due. ' any premiuuis on such insurance for payment of which provisio~ has not been made hereinbefae. All insnrance shall be carried in companies approved by matgagee and the policies and tenewals thereof shatl be held by mart- gagee and have attached thereto loss payable clauses in favor of and in form acceptable tothe modgagee. In 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 insurance company concemed is hereby authorized and d'uected to make payment for such loss dicectly to mortgagee i~stead of to mortgego~ and matgagee jointly, and the insurence 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 or cepair oE the propedy damaged. In event of foreclosure oE this mortgage or other tcansEer of title to the modgaged prope~ty in extinguishment of the indebtedness secured hereby, all right, title. and interest of the mortgaga in and to any insurance policies then in force shall pass to the purchaser or grantee. 8. Tnat the modgagee may, at any time pending a suit upon this mortgage, apply to the court having jacisdic- tion thereoE for the appointmeat of a receiver, and such coud shall forthwith appoint a ceceivec of the premises covered hereby all and singular, includ'ing all and singular the income, profits, issues. and revenues from whatever source derived. each arnl every of which. it being expressly understood. is hereby modgaged as if specifically set forth and described in the granting and habendum cleuses hereof. and such receiver s}wll'have all tite broad and effective functions and powers in anywise entrusted by a court to a receiver, and such appointmep~ shall be q~de by such cou~t as an admitted equity and a matter of absolute right to said modgagee, ard without referenoe 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 revenuss shall be applied by such receiver according to the lien of this modgage and the practice of such coud. In the event of arty default on the ped of the mortgagor hereunder. the mortgagor agrees to pay to the mortgagee on demand as a reasonable moathly rental for the premises an amount at least equivalent to one-twelEth (1/12) of the aggregate of the twelve mos~hly install- ments peyable in the then current 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 (a) in the event oE any breach of this modgage or default on the pad of the mortgagor, 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 modgage, are not duly, promptly. and fully performed; then in either or any such event, the said aggregate sum mentioned in said note then remaining unpaid, with interest accrned 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 were originally stipulated to be paid on such day~ anything in said note or in this modgage to the contrary notwithstanding; and thereupon or thereafter, at the option of said mortga- gee, without aotice or demand~ suit at law or in equity, may be prosecuted as if all moneys secured hereby had I~ matured prior to its institution. The modgagee may foreclose this mortgage. as to the amount so declared dne and ~ payable, and the said pcemises 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 modgaged premises shall be sold subject to the con- ~ ~ tinuing lien of this mortgage for the amount of the debt not then due and unpaid. In sach case the provisions of ~ this paragraph may again be availed of thereafter from time to time by the mortgagee. 10. That the modgagor will give immediate notice by mail to the modgagee 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 shell at any time thereafter be ~ held to be a waiver of the terms hereof or of the note secured heteby. 12. That if the modgagor default in any of the covenants or agreements conteined herein, or in ~said note, then ~ ~ the modgagee may perEorm the same. and all expenditures (including reasonable attorney's fees) made by the - mortgagee in so doing shalt draw interest at the cate set Eorth in the note secured hereby. and shall be repayable immediately and without demand by the modgaga to the mortgagee, and, together with interest and costs accruing thereon, shall be secured by this modgage. 13. that the mailing of a written notice a demandaddressed to the owner of record of the moctgaged premises, or directed to the said oarner at the last address actually farnished to the modgagee, or dicected to said avner at said modgaged premises, and mailed by the United States mails, shall be sufEicient notice and demand in any case atising 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 _ insuced under the provisions of the National Housing Act, he will not execute or file for r~cord any instrument ~ which i~„~.oses a resUiction upon the sele or occupancy of the modgaged propedy on the basis of rece, colot, or creed. Upon any viola:ion of this undertaking, the moctgagee may, at its option, declare the unpaid balance of the ~ debt secwed hereby i~mediately due and peyeble. ~ ~ - - ~ 15. The mortgagor fwther~covenants that should this mortgage and the note secured hereby not be eligible „ for insurance under the Natianal Housing Act within thirty Ci2~ys from tbe date hereof (written stetement g of any oEficer oi the Depadment of Housiag and Urban Devefipment or authorized agent of the Secretary of Hous- ~ ing and Urbar. Development dated subsequent to the th2=ty d2?y- time fcom the date of this modgage, ~ declining to insure said note and this mortgage, being deem~d conclusive proof of such ineligibility), the modga- ~ gee or the holder of the note may, at its option, declare all sua?s secured hereby immediately due and payeble. The covenants herein conteined shall bind, and the benefits and adventages shall innre to, the respective ~ heirs, executors. administrators, successors, and assigns of the Qa~ties hereto. Whenevet used, the singular num- ~ ber shall include the plnral, the plural the singular, and the ose of aay geader shall include al! genders. ! ~ ~ ~ ~ ' OR ~ a~K165 ~2992 { - - ~ ~ ; - - ~ ~ i ~ ~ -