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HomeMy WebLinkAbout0325 ~ ~ , • ; i, ~ 5, That he will pcrmit. commit. or suffer no waste. impeirment. or deteriocation of said propedy or any pad thereof; and in the eve~t of the failure of the mortgegor to keep the buildings on said premises and those tobc e~ected on said p~emises. or improvements theceon. in good rePair, the mortgagee may make such repeirs as in its discretion it may deem ~ecessacy for the propec presenration thereoE. and the full emount ot each end every such payment shall be immedietely due and peyable~ and shell be secured by the lien of this mortgage. 6. That he will pay all and singular the costs. charges. and expe~ses. includiag reasonable lawyer's Eees, and costs of abstracts of title~ incurred or peId at any time bythe mo~tgagee because of the failure on the pert of the mortgagor promptly and fully to perEam the agreements and covenants of said promissory ~ote and this mod- gege. and said costs. charges. and expenses shall be immediately due and payable and shall be secured by the lien of this modgage. 7. That he will keep the improvements now existi~g or hereafter erected on the mortgaged property. insured as may be requiced fcom time to time by the mortgager against loss by fire and other hazards. cesualties, and contin- gencies i~ such amounts and for such periods es may be required by mortgegee. and will pay promptly, whe~ due, any premiums on such insurance for payment of which provisio~ has not been made hereinbefore. All insurance x shall be carried in companies approved by mortgagee and the policies and renewals theceof shall be held by moct- gagee and have attached thereto loss payeble clauses in favor of and in form acceptable to the modgagee. In event oE loss he will give immediate notice by mail to mortgagee. a~d mortgagee may make proof of loss if not made ptomptly by mortgagor. and Each insurance company concerned is hereby authorized and directed to meke payment for such loss dicectly to mortgagee instead of to matgagoc and mortgagee jointly~ and the insurance pro- ~ ceeds. or any part thereof, may be applied by matgagee at its option either to the reduction oE the indebtedness hereby secured or to the restoration or repair of the property damaged. In event of foreclosure of this mortgage or other transfer of title to the modgaged propedy in extinguishment of the indebtedness secwed hereby, all right~ title, and interest of the mortgaga in and to any insurance policies then in force shall pass to the purchaser or grantee. 8. That the modgagee may. at eny time pending a suit upon this moctgage. apply to the court having jurisdic- tion thereof for the appointment of e receiver. and such court shall fodhwith appoint a receiver of the premises covered hereby all and singuler. including all and singular the income. profits. issues. and revenues from whatever source derived. each and every of which, it being expressly understood. is hereby a?odgaged es if specifically set fodh and described in the granting and habendum clauses hereof. and such receiver shall have all the broad and eEfective functions and powers in anywise entrusted by a court to a receiver. and such appointment shall be made ~ by such coud as an admitted equity and a matter of absolute cight to said mortgagee. and without reference to the ~ adequacy or inadequacy of the value of the property mortgaged or to the solvency or insolvency of said mortgagor 1 or the defendents. and that such rents. profits. income. issue5, and. revenues shall be applied by such receiver ~ according to the lien oE this modgage and the practice of such coud. In the event oE any deEault 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- 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 this modgage or default 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 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 matgagee. 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 thereafter, et 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 pria to its institution. The modgagee may foreclose this modgage, as to the amount so declared due and payable, and the said premises shall be sold to satisEy and pay the same together with costs, expenses.and allow- ~ ances. In case of pertial foreclasure of this mortgage, the modgaqed 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 paragraph may again be availed of thereafter from time to time by the mortgagee. i ~ 10. That the -mortgagor will give immediate notice by mail to the mortgagee of any conveyance, transfer, or - ` change of ownership oE the premises. ~ 11. That no"waiver of any covenant herein or of the obligation secured ~ereby shall at any time thereafter be ; held to be a waiver of the terms hereaf or of the note secured hereby. ~ 12. That if the mortgaga default in any of the covenants ot agreements conteined herein~ or in said note, then ~ the modgagee may perform the same, and all expenditures (including reasonable attaney's fees) 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 mortgaga to the modgagee, and, together with interest and costs accruing . § thereon, shall be secured by this modgage. ~ 13. that the mailing of a written notice a demandaddressed to the owner of record of the modgaged premises, ~ or directed to the said owner at the last address actually Eurnished to the modgagee, ot directed to said awner at ~ said mortgaged pcemises, and mailed by the United States mails, shell 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 thet so long as this moctgage 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 propedy 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 immed'iately due and payable. ~ 15. The mortgagor further covenants that should this mortgage and the note secured hereby not be eligible ~ for insurance under the National Housing Act aithin Sf~1( QF`{$ from the date hereof (written statement ! of any officer of the Department of Housing and Urban Development authorized agent of the Seccetery of Hous- ~ = ing and Urban Development dated subsequent to the Sin i( GAY~ . time from the date of this mortgage, c~ declining to insure said note and this modgage, being deem~d conclusive pcoof of such ineligibility), the mortga- ~ ~ gee or the holder of the note may, at its optiort. declare all sums secuced hereby immediately due and payeble. ~ The co~enants herein contained shall bind, and the benefits and advantages shall inure to, the respective ~ ~ heirs, executors, administrators, successors, and assigps of the padies her~to. Whenever used, the singulat num- ~ ber shall include the plural, the plural the singular~ and the use of any gender shall include all genders. ~ t z 1 ~ ~170 ~ 325 ~ ' ~ ~ , ; _ ~ s ~A ~ :,x=".,~e,,,,~.w ~ ._z - - _y ~ -