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HomeMy WebLinkAbout2592 c, ~ . ~ . , , 5. That he will permit. commit. oc sutter no waste~ impairment, or deteriocation of said property or any pan thereof; and in the event of the failure of the mortgagor to keep the buildings on said premises and those tobe ecected on seid premises. or improveme~ts thereon. in good repair, the modgagee may make such repeirs as in its . discretion it may deem necessacy for the proper prese~vation thereof. and the [ull amount of each and every such payme~t shall be immediately due and payable, and shalt be secured by the lien of this mortgage. 6. That he will pay all and singular the costs. charges, and expenses. including ceasonable lawyer's fees. and costs of abstracts of title. incurred or paid at any time by the mortgagee because of the failure on the part of the mprtgago~ promptly and tully 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 mo~tgage. 7. That he will keep the improvements now existing or heceafter erected on the modgaged property, insured as may be required from time to time by the mortgagee against loss by fire and other hazards, casualties. and contin- gencies in such amounts and for such periods as may be required by mortgagee. and will pay promptly, when due, any premiums on such i~surance Eor payment of which provision has not been made hereinbefore. Atl i~surance shall be carried in compa~ies approved by mortgagee and the policies and renewals thereof shall be held by mort- gagee and have attached thereto loss payable clauses in favor of and in form acceptable to the modgagee. In event oE loss he will give immediate notice by mail to modgagee. and mortgagee may make proof of loss if not made promptly by mortgagor, and each insurance company concerned is hereby authorized and directed to make payment for such loss ditectly to~nortgagee instead of to mortgaga and mortgagee jointly, and the insurance 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 testoration ot repair of the propedy damaged. In event of foreclosure of this mortgage or other transter 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. 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 oE a receiver. and such court shall forthwith appoint a receiver oE the premises covered hereby all and singular. including all and singular the income, profits, issues, and reve~ues 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 granting and habendum clauses hereof. and such receiver shalt 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 insolvency of said mortgagor or the defendents, ac~d 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 part of the modgagor hereunder. the mortgagor agrees 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 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 sach yeac not covered by the aforesaid monthly payments. 9. That (a) in the event of any breach of this modgage or defanit on the part 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 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 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 thereaEter, 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 f matured prior to its institution. The mortgagee 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- ~ ~ tinuing lien of this mortgage foc the amount of the debt not then due and unpaid. In sach case the provisions of ~ this paragcaph 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 mortgagee of any conveyance, transfer, oc change of ownership 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 terms hereof or of the note secured hereby. 12. That if the mortgagor default in any of the covenants oc agreements contained herein, or in said note, then the modgagee may perform the same, and all expenditures (including reasonable attocney's fees) made by the mortgagee in so doing shall draw interest at the rate set focth 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 thereon, shall be secured by this mortgage. 13. that the mailing of a written notice or demandaddressed to the owner of record of the mortgaged premises, or directed to the said owner at the last address actually furnished to the mortgagee, or directed to said owner at said mortgeged 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 the said npte secured liereby 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 oE the mortgaged property on the basis of 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 and payable. 15. The modgagor further coveaants that should this moctgage and the note secured hereby not be eligible for insurance under the National Housing Act within 3O DAYS from the date hereof (written statement of any officer of the Depadment of Housing and Urban Development or authorized agent of the Secretary of Hous- ing and Urban Deyelopment datec~~ubsequent to the ~ pAYS time from the date of this modgage, declining to insure said note and this mortgage, being d~~d conclusive proof of such ineligibility), the mortga- gee or the holder of the note may, at its option, declare all sums secured hereby iomediately due and payeble. The covenants herein contained shall bind, and the benefits and advantages shall inure to, the respective heirs, executors, administrators. successors, and assigns of the padies hereto: Whenever used, the singular num- ber shall include the plurai, the plural the singular, and the use of any gendershall include all genders. ~ ~ s~Kis7 ~z~sz ~ _ ~ - - m,::;~ ~ ~ ~ . t _ . ""3