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HomeMy WebLinkAbout2292 ~ ' 5. That he will permit. commit, or sutfer ~o waste. impairment. oc deterioration of said property o~ any part thereof; and in the event ot the failuce of the moctgago: to keep ihe buildings on said premises aad those tobe erected on said premises. or improvements thereon. in good cepair. the modgagee may meke such repairs as in its disccetion it may deem necessary Eor the proper preservation thereof. and the full amou~t ot each sad every such payment shal! be immediately due acxl payable. and shall be secured by the lien of this mortgage. 6. That he will pay all and singular the costs. charges. and expenseS. iacludiag ceesonable lawyer's fees. and costs of abstracts of title, incurred o~ paid at any time by the mottgagee because of the [ailure on the part of the mortgagoc promptly and fulty to perform the agreements and covenants of said promissory note and this mott- gage. and said costs. charges. and expenses shall be immediately due and peyable and shall be secured by the lie~ of this mortgage. ~ 7. That he will keep the improvements now existing or hereafter e~ected on the mortgaged propedy. insured as ~ _ may be required from time to time by the mortgagee against loss by fire and other hazacds. casualties. and contin- . ~ gencies in such amounts and Eor such periods as may be required by mortgagee, and will pay promptly, when due. any premiums 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 theteof shall be held by mo~t- gagee and have attached thereto loss payable clauses i~ fava of aad in form acceptable to the mo~tgagee. In event of loss he will give immediate notice by mait to mottgagee. and mortgagee may make proof of loss if not made promptly by mortgagor. and each insurance company concemed is hereby authorized a~d directed to make payment for such loss dicectly to mortgagee instead of to matgagoc and moNgagee jointly. and the insurance pro- ceeds, or aay pact thereoE. may be applied by mortgagee at its option either to the reduction of the indebtedness hereby secured or to the restoration oc repair of the property damaged. In event of foreclasure oE 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 mortgagor in and to any insurance policies then in force shall pass to the purchaser or grantee. • 3 8. That the modgagee may. et any time pending a suit upon this mortgage, apply to the court having jurisdic- - ~ tion thereof fot the appointment of a receiver, and such coud shall fodhwith appoint a receiver of the premises covered hereby all and singular, including all and singula~ 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 forth and described in the granti~g and habendum clauses hereof. and such receiver shall have alt the broad and effective functions and powers in aaywise entrusted by a court to a receiver, and such appointment shall be made by such court as an admitted equity and a matter of absolvte right to said mortgagee, and without reference to the adequacy or inadequacy of the value of the propedy mortgaged or to the solvency or insol~ency of said modgagor or the defendents, and that such rents, profits. income. issues, and cevenues shall be applied by such receiver according to the Iien 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 an amount at teast 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 such year aot covered by the aforesaid monthly peyments. 9. That (01 in the event of any bteach of this modgage or default on the part of the mortgagor. or (b) in the event that any of said sums af ~aaney herein reEerred to be not promptly and fully peid without demand or notice. or (~1 in tbe evertt that each and every the stipulations, agreements, conditions, and covenants of said ~ote and this mortgage, 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 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 ali of the seid sums of money were originally stipulated to be paid on such day, anything in said note or in this mortgage to the contrary_ notwithstaading; 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. Tfie mudgagee may foreclose this mortgage. as to the amount so declared due and 2 payable, and the said premises shall be soid 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 of this mortgage for the amount of the debt not then dae and unpaid. In such case the provisions of > this paragraph may again be availed of therea[ter from time to time by the mortgagee. ~ , 10. That the mortgagor will 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 rovenant herein or of the obligation secured hereby shall at any time thereafter be ; hc3d to be a waiver of the terms hereof or of the note secured hereby. ~ ; 12. TF~at if the motfgagor default in any of the covenants oc agceements contained herein, or in said note, then ! the mortgagee may perform the same, and alt expenditares (includiag reasonable attorney's fees) made by the ; i mortgagee in so doing shall draw interest at the rate set fath in the note secuced hereby. and shall be repayable ; ir~mediately and without demand by the modgagor to the mortgagee, and, together with interest and costs accruing 3 ~ thereon, shall be secured by this mortgage. ~ I3. that the ~eailing of a written notice or demandaddressed to the owner of record of the modgaged premises, ' or directed to the said ovrner at the last address actually farnished to the modgagee, or dicected to said owner at ; said moitgaged premises, and mailed by the United States mails, shall be sufEicient notice and demand in any case arising undec this instrument and required by the provisions hereof or by law. 14. The mortgagor covenants and agrees that so long as this mortga.ge and the said note secured hereby are insured under the provisions of the National Housing Act, he will noi execute or file for record any instrument which imposes a r~striction upon the sale or occupaecy of the mortgaged property on the basis ot race. color, or creed. Upon any violation of this undertaking, the mortgagee may, at its option, declare the unpaid balance of the debt secured hereby immediately due an~ payable. 15. The mortgagor further covenants that should this moctgage a~d the note secared hereby not be eligible Eor insurance under the National Housing Act within ~{~ty ddys i~a~ the date hereof (written statement of any ofEicer of the Depadment of Housing and Urbaa DeveloQment or authorized agent of the Secretary ot Hous- ing and Urban Development dated subsequent to the -a1xtY ~YS time from the date of this modgage, ~ declining to insure said note and this mortgage, being deem~d caaclnsive proof of such ineligibility), the mortga- ! gee or the holder of the note may, at its option. declare all sums secured hereby immediately due and payeble. ~ The covenants herein contained shall bind, and the be~efits and advantages shall inure to, the respective ; heirs, executors. administrators, successas. and assigns of tbe parties hereto. Whenever used, the singular num- ber shail include the plural, the plural !he singular, and tbe use of any gender shall include all genders. a~x 1~7 P~~F 2292 ~ ~w~~ ~ = . . - - - _ _ ' ~