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HomeMy WebLinkAbout2564 ~ r , ; t . ~ ' f f ~ 5. 'i'hat he will pecmit. commit, or sufte~ no waste. impairment. oc deterio~ation oE said pcope~ty or any pad ~ . thereof; and ia the eve~t of the feilure d the mortgagor to keep the buildings on said premises and those tobe ~ e~ected on said premises. or improvements thereon, in good repair. the mottgagee may make such rep~irs as in its , discretion it may deem ~ecessary !or the pcopet preservation thereof, and the full amou~t of each and every such payme~t shall be immediately due and papeble. and shall be secured by the lien oE this mortgage. 6. That he will pay all and singular the costs. charges, and expenses. including ce~sonable lawyer's fees. and costs of abstrects of title~ incurred a paid at any time bythe mortgagee because of the failure on th~ pert a the mortgagot promptly a~d iully to perfam the ag~eeme~ts and covenants of said pcomissory note and tl~is mott- gage. and said costs. charges. and expenses shaU be immediately due and payable and shall be sec:~red by the lie~ of this moctgage. 7. That he will keep ihe improvements now existing or heceafter erected on the matgaged property. insured as may be requiced fwm ti~ae to time by the matgagee against loss by fire and other hazards. casualties. and conti~- gencies in such amounts and for such periods as may be required by mortgagee. and will pay ptomptly, when due. any premiums on such insurance for payment of which ptovision has not been made hereinbefae. A!1 insurance - shall be carried in companies approved by mortgagee and the policies and renewals thereof shall be held by mort- gagee and have attached the~eto 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 moctgagee. a~d mortgagee may make proof of loss if not made promptly by modgagor. and each iasurance company concemed is heceby authaized and directed to make payment for such loss dieectly to moctgagee i~stead of to moctgagor a~ moctgagee jointly, and the insurance pro- ceeds. or any patt thereof. may be applied by matgagee at its option either to the reduction of the indebtedness ~ hereby secured or to the restoratio~ or repair o[ the prope~ty damaged. In event of foreclosure of this mortgage or other transEer of title to the mortgaged property in extinguishment of the indebtedness secured hereby. all right. title. and ;ntecest of the mortgagoc in and to any insurance policies then i~ force shall pass to the purchaser or gcantee. 8. That the mortgagee may. at any time pending a suit upon this matgage. apply to the court having jurisdic- tion thereof for the appointment of a receiver. and such court shall forthwith appoint a receiver of the premises covered hereby all and singular. including all and singular the income, profits. issues. and revenues from whatever sou~ce derived. each and every of which. it being expressly understood. is hereby mo~tgaged as if specific:ally set forth and described in the granting and habendum clauses hereof. and such receiver shall have all the broad and effective functions and powe~s in anywise entrusted by a couct to a receiver. and such appointment shall be made by such court as an admitted equity a~d a matter of absolute tight to said mortgagee. and without reference to the adequacy or inadequacy of the value of the property mortgaged or to !he solvency or insolvency uf said modgagor or the defendents. end 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 pad 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 least equivalent to one-twelfth (1/12) of the aggregate of the twelve monthly install- me~ts payable in the then current yeac 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 tQJ in the e~~nt of any breach of this mortgage or default oa 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 (c1 in the event that each and every the stipulatio,u. agreements. conditions, and covenants of said note and this mortgage. are not duly. promptly, a~d fully performed; then in either or any such event. the said aggregate sum raentioned in said note then remaining unpaid, with interest accraed to that time, and all moneys secured h~reby. 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 pai~ a~ 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 notice or demand. suit at law or in equity, may be prosecuted as if all moneys secured hereby had matuced priar 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- ancesi 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 due and unpaid. In such case the provisions of this paragrapfi 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 oE any conveyance, transfer, or change of awnership 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 hereuf or of the note secured hereby. 12. That if the modgagor default in any of the covenants or agreements contained herein, or in said note, then the modgagee may pedorm the same, and all expenditures (including reasonable attorney's fccs) 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 and without demand by the modgagor to the matgagee, and. together with interest and costs accruing thereon, shall be secured by this mortgage. 13. that the mailing oE a written notice oc demandaddressed to the owner of record of the mortgaged premises, or directed to the said owner at the last address actually furnished to the modgagee, or directed to said o~vner at said modgaged premises, and mailed by the United States mails, sha![ be sufficient notice and demand in any case arising under this instrument and required by the provisions hereoE ar by law. 14. The mortgagor covenants and agcees that so long as this mortgage and the said note secured hereby are insured under the provisions of the 1Vational Housing Act, he will not execute or file fot record any instrument which imposes a restriction upon the sale or occu;~ancy of the mortgaged property on the basis oE race, coloc, or creed. Upon any violativn of this undertaking, the mortgagee may, at its option, declare the unpaid balance of the debt secured hereby immediately due and payable. 15. The mortgagor further covenants that should this mod age and the note secured hereby not be eligible for insurance under the Nationai Housing Act aithin 30 DAIf~ from the date hereof (written statement of a~~y 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 30 DAYS time from the date of this modgage, declining to insure said note and this mortgage, being deem?d conclusive proof oE such ineligibility), the mortga- gee oc the holdc. af the note may. at its option, declare all sums secured hereby immediately due and payable. The covenants herein contained shall biad, and the benefi~c and advantages shall inure to, t~~e respective heirs, executors, administrators, successors, and assigns af the padies hereto. Whenever used, the singulsr num- bet shall include the plural, the plural the singular, and the use oE any gender shall include all gende:c. a~K169 P~2546 _