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HomeMy WebLinkAbout0195 e . ~ ~ ' . . ~t ~ ~ i~.; „ 5. That he witl permit, commit. or sutter no weste, impeirme~t. or dete~ioration oE said property or any part thereof; and in the event oE the failure of the mortgagor to keep the buildings o~ said premises and those tobe erected on said premises, or improvements thereon. in good repair. the modgagee may make such repairs as in its discretion it may deem necessary [or the proper preservation thereof. a~d the full amount of each a~d every such payment shall be immediately due and payable, and shall be secured by the lier~ of this mortgage. 6. That he will pay all end singular the casts. •charges. and expe~ses, including reasonable lawyer's fees, and costs of abstracts of title, incurced or paid at any time bythe mortgagee because of the failure on the part of the mortgegor promptly a~d fully to perfam tl~e agceea~ents a~d covenants of said promissory noie and this mort- gege. and said costs, charges, and expenses shap be immediately due and payable and shall be secured by the lie~ of this mortgage. - 7. That he will keep the impcovements now existing or hereaEtec erected on the mortgaged propecty. insured as may be required from time to time by the matgagee against loss by fire and other hazards. casualties. and contin- gencies in such amounts and for such periods as may be eequired by mortgagee. and will pay promptly. when due. any premiums on such insurance for payment oE which provision has not been made hereinbefore. All insurance shall be cerried in companies 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 mortgagee. In event of loss he will give immediate notice by mail to modgagee. and mortgagee may make proof of loss if not made promptly by matgagor, and each insurance company concemed is hereby authorized and directed to make payment for such loss dicectly to mortgagee instead of to mortgagoc and moctgagee 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 propedy damaged. In event of foreclosure of 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 moctgagoc ia and to a~y 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 of a receiver~ and such coud 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 source derived, each and every of which. it being e:pressly understood. is hereby modgaged 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 inadec~:~acy of the value of the propedy mortgaged or to the solvency or insolvency of said mortgagor or the defendents, and that such rents, pcofits. income. issues, and revenues shall be applied by such receiver according to the Iien of this mortgage and the practice ot 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-twelEth (1/12) of the aggregate of tfie 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 not covered by the aforesaid monthly payments. 9. That (a) in the event of any breach of t6is mortgage or default on the pad of the mortgagor, or (6~ in the , event that any of said sums of money herein referred to be not promptly and fully paid without demand or notice, or 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 Eully and com- i pletely as if all of the said sums of money were originally stipulated to be paid on such day, anything in said ~ note a in this modgage to the contrary notwithstanding; and thereupon or thereaEter, at the option of said matga- ; gee, without notice or demand. suit at law or in equity. may be prosecuted as if aIl 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- i ances. In case of partial foreclosure of this mortgage, the modgaged premises shall be sold subject to the con- 't tinuing lien of this mortgage for the amount of the debt not then due 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 mortgagot will give immediate notice by mail to tt~e mortgagee of any conveyance, transfer, or ~ change of ownership of the premises. r 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 hered 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 !he mortgagee may pedorm the same, and all expenditures (including reasonable attorney'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 mortgagee, and, together with interest and costs accruing t thereon, shal! be secured by this modgage. ~ 13. that the mailing of a written notice or demandaddressed to the owner of record of the mortgaged premises, 1 or directed to the said owner at the last address actually furnished to the mortgagee, or directed to said owner at ~ said modgaged premises, and mailed b;+ the United States mails, shall be sufficient notice and demand in any j ~ case arising under this instrument and required by the provisions heteof or 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 National Housing Act, he will not execute or file for record any instrument ~ which imposes a restriction upon the sale or occupancy of 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 mortgagor further covenants that should this moctg,age and the note secured hereby not be eligible for insurance under the National Housing Act withinTtl~Tty DeyB 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 Th irty Days time from the date of this mortgage, _ declining to insure said note and this mortgage, being deemed conclusive proof of such ineligibility), the mortga- gee or the holder of the note may, at its optioo, declare all sums secured hereby immediately due and payable. ~ ~ The covenants herein contained shall bind, and the benefits and advantages shall inure to, the respective heirs, executors, administrators, successors, and assigns d the parties hereto. Whenever used, the singular num- ; ber shall include the plural, the plural the singular. and the nse of any gender shall include all genders. i.^y: ~ ~ ~ ~ ~ . 2 a~K170 ~95 = q ,~.y.~ t_~.;~ ~ A;.__ - ~ ~~n 7