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HomeMy WebLinkAbout0006 t a.. ~ . ~ ~j t • - . 5. That he will permit. commi:, o~ sutfet no waste. impairme~t, or deteriaation of said property or any part thereof; and in the event of the failure of the mortgagot to keep the buildings on said premises aad those tobe erected on said premises. or improvementa thereon. in good repeir~ the modgagee may make such repairs as in its disccetion it nwy deem necessary for the proper preservation thereof. aad the full amount of each and every such payment shall be immediately due and payable. and shall be secured by the lien of this mortgage. 6. That he will pay all and singulac the costs. charges, and expenses. including ceasoneble lawyer's fees. and costs of abstrects of title. incurred oc paid at any time bythe matgegee because of the failure on the p~rt of the mortgagoc promptly and fully to perform the agceements and covenants of said promissory note and this mort- gege~ and said costs, charges. and expenses shall be immediately due aad peyable and shall be secured by the lien of thi- mortgage. 7. That he will keep the improvements now existing or heceafter ecected on the modgaged property~ insured as may be required from time to time by the matgagee against loss by fire and other hasards, casualties. artd contin- _ gencies in such amounts aad for such periods as may be~required by mortgagee. and will pay pwmptly. when due. any premiurt~s on such insurance for payment of which provision has not been made hereinbefore. All insurance shall be carried in companies approved by modgagee and the policies and renewals thereof shall be held by mat- gagee and have attached tl~ereto loss payable clauses in favor of and in form acceptable to the mortgagee. In event of loss he will give immediate notice by mail to mortgagee. and mortgagee may make, proof of loss if ~ot made promptly by mortgagor. and each i~surance company concemed is hereby authorized and directed to make payment for such loss directly to modgagee instead of to mortgagor and mortgagee jointly, and the insurance pro- ceeds. or any part thereoE, may be applied by mortgagee at its option either to the reduction of the indebtedness hereby secured or to the restoration or repair of the property damaged. In event of foreclosure of this modgage or - other transfer of title to the modgaged propedy in extinguishment of the indebtedness secured hereby, all right. title. and interest of the mortgagar in and to any insurance policies then in for~e shall pess to the purchaser or grantee. 8. That the mortgagee may. at any time pending a suit upon this mortgage. apply to the court having jurisdic- tion thereof [or the appointment of a receiver, and such court shall forthwith appoint Q receiver of the premises covered hereby all and singular, including all and singular the income, profits. issues, anc: revenues from 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 broad and - effective functions and powers in anywise entrusted by a court 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 reference to the adequacy or inadequacy of the value of the propedy mortgaged or to the solvency or insb7vency 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 modgage and the practice of such coud. 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 art arnount at least equivalent to one-twelfth (1/12) of the aggregate of the twelve monthly install- ments payable in the then current year plds 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 (o) in the event of any breach of this modgage or default on the pad of the modgagor, or (b) in the event that any of said sums of moaey herein referred to be not promptly and fully paid without demand or notice, or (c1 in the event tl~at each and evecy the stipulations, agreements, conditions, and covenants of said note and this mortgage, are not duly, promptly, and fully performed; then in either or any such event, the said aggregste sum mentioned in said note then remaining uapaid. with interest accrued to that time, and all moneys secured hereby, shall become due and payable forthwith, or thereafter, at the option of said matgagee, as Eully 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 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 modgagee 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 partial foreclosure of this mortgage, the mortgaged premises shall be sold subject to the con- j tinuing lien of this mortgage for the amount of the debt not then due and unpaid. In s~h case the provisions of € this paragraph may again be availed of thereatter from time to time by the mortgagee. ~ 10. That the modgagor will give immediate notice by mail to the mortgagee of any conveyance, transfer. or change of ownership of the premises. ° ll . 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 hereaf or of the note secured hereby. , 12. That if the modgaga default in any of the covenants or agr~ements contained herein, or in said note. then the mettgagee may pedorm the same, and all expenditnres (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 artd without demand by the modgagor to the modgagee, and. together with interest and costs accruing ~ thereon, shall be secured by this mortgage. 13. that the mailing of a wcitten notice or demand addressed to the owner of record of the modgaged premises, or directed to the said owner at the last address actually furnished to the modgagee, or directed to said awner 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 mortgagor covenants and agrees that so long as this mortgage and th~ 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 restriction upon the sale or occupancy of the modgaged property on the basis of race, color, or ~ creed. Upon any violation of this undedaking, the mortgagee may, at its option. declare the unpaid balance of the ~ debt secured hereby immediately due and payable. ~ ~ ~ 15. The modgagor Eurther covenants that should this moctgage and the note secured hereby not be eligible ; ~ for insurance under th~ National Housing Act within 30 daya from the date hereof (written statement ; of any officer of the Departmeat of Housing and Urban Development or authorized sgent of the Secretary of Hous- ~ ~ ing and Urban Development dated subsequent to the a~Y.ta~~ time from the date of this modgage, ~ declining to insure said note and this mortgage, being dee canc usive proof of such ineligibility), the mortga- _ j ~ gee or the holder of the aofe may, at its option, declare all sums secured hereby immediately due and payeble. ~ ~ The covenants herein contained shall bind, and the benefits and.advantages shall inure to. the respective heirs, executors, administratots, successors, and assigns d the parties hereto. Whenever used, the siagular num- ~ ~ ber shall include the pl~ual, the plural the singular, and the use of any gender shall include all genders. ~ ~ ~ a~~1b'~ ~ 5 x , ~ . ~ _ _ _ _ _ . _ _ _ y . - ~ - . _ - - _