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HomeMy WebLinkAbout2297 • ~ S. That he will permit. commit. or sufte~ no waste. impairmeat. oc deterioratio~ of said property or any part thereof; and in the event oE the failu~e of the matgagor to keep the buildings on said premises and those tobe erected on said premises. or improvements thereon, in good cepair. the mortgagee may make such repeirs as in its disccetion it may deem necessary for the pcoper preservation thereof. and the full amount of each and every such payme~t shall be immediately due and payable. and shall be secured by the lien of this mortgage. 6. That he will p~y all and singular the costs. charges. and expenses. including reasonable lawyer's fees. a~d costs of abstracts of title. incurred or paid at a~y time by the matgagee because of the failure on the pert of the mortgagor promptly and fully to perfam the agreements and covenants of said promissory note and this mort- gage. and said costs. charges. and expenses shall be immediately due and payable and shall be secured by the lien of this mortgage. 7. That he will keep the improvements now existing or heceafter erected on the mortgaged propedy. insured as may be required from time to time by the mortgagee against lass by fire and other hasards, casualties. and contin- gencies in such amounts and for such periods as may be required by mo~tgagee. and will pey 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 mortgagee and the policies and renewals thereof shall be held by mat- gagee and have attached thereto loss payable clauses in fava of and in form acceptable to the modgagee. In event of loss he will give immediate notice by mail to matgagee. and mortgagee may make proof of loss if not made promptly by mortgagor, and each insurance company concerned is hereby authocized and d'uected to make payment foc such loss dicectly to mortgagee instead of to modgagoc and mortgagee jointly. and the insurance pro- ceeds. or any part theceof. may be applied by matgagee at its option either to the reduction of the indebtedness hereby securrd or to the restoration or repair of the propedy damaged. In eveat of foreclosure of this modgage or other transfer of title to the modgaged property in e:tingaishment of the indebtedness secured hereby. all right, title. and interest of the mortgago~ in and to any insurance policies then ia force shall pess to the purchaser or grantee. 8. That the modgagee a~ay. 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 premi~es covered hereby all and singular, including all and singular the income, profits. issues. and revenues from whatever source derived. each and every oE which. it being expressly understood. is hereby modgaged as if specifically set fodh and described in the granting and habendum clauses hereoE. and such receiver shall have all the broad and effective fuactions and powers in anyarise entrusted by a court to a receiver, and such appointaient shall be made by such coud as an admitted eqnity and a matter of absolute right to said mortgagee, and without reference to the i adeqnacy or inadequacy of the vaiue of the propedy mortgaged or to tl~e solvency oc insolvency of said mortgagor ~ or 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 the practice of such court. In the event of any default on the pad of the ~ mortgagoc hereunder, the moctgagor agcees to pay 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 aggcegate oE the twelve monthly install- - ments payable in the then current year plus the actual amount of the annuai taxes, assessments, water rates. and insurance premiums for such year not covered by the aforesaid monthly payments. 9. That (a) in the event of any breach of this modgage or default on the pad of the modgagor, or (6) in the event that any of said sums of money herein referred to be not promptly and fully peid without demand or notice, or {c) in the event that each and every the stipulations, agreemeats, conditions, and covenants of said note and this mortgage, are no: duly. promptly. and fully pecEormed; thea in either or any such event, the said agg~regate k sum mentioned in said note then remaining unpaid, with interest accrued to that time, aad all moneys secured ~ hereby. shall beco~ne due and payable focthwith. 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 peid on such day, anything in said ~ note a in this aaortgage to the contrary notwithstanding; aad thereupcm or thereafter, at the optiQn of said matga- ~ ~ gee, witbout notice or demand. suit at law oc in equity. may be prosecated as if all mo~eys secured hereby had ~ matuced prior to its institution. The modgagee may foreclose this mortgage. as to the amount so declared due and ~ payable, snd the said premises shall be sold to satisfy and pay the same together with costs, expenses,and allaw- ~ ances. In case of partial foreclosure of this matgage, the modgaged premises shall be sold subject to the con- - tinuing lien of this mortgage for the emount of the debt not then due and unpaid. In such case the provisions of 4 this peragraph may again be availed of thereafter from time to time by the modgagee. ; 10. That the mortgagor will give immediate notice by mail to the modgagee of any conveyance, transfer, a ~ change of ownership of the premises. 11. That no ~raiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be held to be a waiver of the terms hereof or of the note secnred hereby. 12. That if the mortgagor default in any of the covenants or agreements contained herein, or in said note, then the modgagee may perform the same, and all expenditures (inclnding reasonable attaney's fees) made by the mortgagee in so doing shall draw interest at the rate set forth in !he note secured hereby, and shall be repayable 3 immedia2ely and without demand by the modgaga to the mortgagee, and, together with interest and costs accruing ; ~ theteon,.shall be secured by this modgage. ~ . : 13. that the mailing of a written notice or demandaddressed to the owner of record of the modgaged premises. ~ or directed to the said owner 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 sufficient notice and demand in any ~ case acising under this instrument and requiced by the provisions h~ereoE or by law. ' ' 14. The mortgagor covenants and egrees that so long as this mortgage and the said note secured hereby are ~ insured under t6e provisions of the National Housing Act, he will not execute or file for record any instrument ; which imposes a resUiction 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 further covenants that should this mortga e and the note secured hereby not be eligible : for insurance under the National Housing Act aithin $~y ~(O~d!?yE 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 SiZty ~60} c]8y8 time fcom the date of t6is mortgage. ~ declining to insure said note and this mortgage, being deem•~d conclusive pcoof of such ineligibility), the mortga- ~ gee oc the holder of the note may, at its option, declare all sums secared heteby immediately due and pay~ble. R The covenants herein contained shall bind, and the benefits and advantages shall inure to, the respective j heirs, executors, administrators, successors, and assigns d the parties hereto. Whenever used, the singular num- ber shall include the plaral, the plural the singular, and the use of any gender shall include all genders. 600K1~ 1 FACE229? ~ - - - - - - - k ~ r - s - .