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Home My WebLink About1077 - - ~ . : • ~ . . ~ . . 5. That he will permit. commit. or suffer ~o waste. impairment. or deterioration of said property or any part theceof; and ia the event of the failure of the mortgagor to keep the buildings on seid premises aad those tobe erected on said premises. or improvements thereon. i~ good repair. the moKgagee may make such repairs as in its discretion it may dcem necessery for the proper preservation thereof. sod the full amount of each end every such payment shall be immediately due and payable, and shail be secured by the lien of this mortgage. 6. Thet he will pay all and singular the casts, charges, and expe~ses. includi~g reasonable tawyer's fees. and costs o! abstracts of title. incurred a paid at any time by the modgagee because of the failuce on the part of the mortgago~ promptly and fully to perfam the agceea~ents and covenants of said promissory rtote and this mort- gage. and seid costs. charges. and expenses shell be immediately due and payable and shall be secured by the lien aE this mortgage. 7. That he will keep the improvements now existing or hereafter erected on the mortgaged property. insured es ~ may be required from time to time by the matgagee against l~s by fire and other hezards. casualties. and contin- gencies in such amounts and for such periods ~s may be required by mortgagee. and will pay promptly. when due. any premiums on such insurance for payment of which provision has not been made hereinbeEore. All insurartce shall be carried 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 tothe mortgagee. In event oE loss he will give immediate notice by mail to roodgagee. and mortgagee may make proof of loss if not made promptly by mortgagor. and each insurance company concemed is hereby authorized and directed to make peyment for such loss directly to mortgagee instead of to mortgagor 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 restoration ot repair of the propedy damaged. In event of foreclosare of this mortgage or other transfer of title to the modgaged propecty in extinguishment of the indebtedness secured hereby~ all right. title, and interest of the mortgagot 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 appointmeat 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 expressly understood, is hereby mortgaged as if specifically set Eorth 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 rec~iver, 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 mortgagw or the defendents, and that such rents, profits, income, issues, and revenues shall be applied by such ~eceiver according to the lien of this modgage and the practice of snch court. In the event of any default on the part of the mortgagor hereunder. the mortgagor agrees to pay to the modgagee on demand as a reasonable mont6ly rental for the premises an amount at least equivalent to one-twelfth (1/I2) of the aggcegate 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 fo~ such year not covered by the aforesaid monthly payments_ 9. That (a) in the event of any breach of this mortgage or default on the part of the mortgagor, or (b~ in the event that any of said sums of money herein refecred to be not promptly and futly paid without demand or notice. or (e~ 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 soch 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, a 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 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 matured prior to its institution. The modgagee may foreclose this mortgage, as to the amonnt 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. 1n case oE partial foreclosure of this mortgage, the mortgaged premises shall be sold subject to the con- tinuing lien of this mortgage for the amount d 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. 10. That the mortgagor will give immediate notice by mail to the mortgagee of any conveyance, transfer, or •:hange 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 secuced hereby. ' 12. That if the modgagor default in any of the covenants or agreements contained herein, or in said note, then i the 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 forth 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 thereon, shall be secured by this mortgage. 13. that the mailing of a written notice ac demand addressed to the owner of record of the mortgaged premises, I ur directed to the said owner at the last address actually furnished to the mortgagee, or directed to said owner at ! said mottgaged premises, and mailed by the United States mails, shall be sufficient notice and demand in any • ~ case arising under this instrua~ent and required by t6e provisions hereoE or by law. ~ 14. The mortgagor covenants and agFees 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 fite for record any instrument which imposes a resUiction upon the sale or occupency 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. ~ 1 15. The modgagor further covenants that should this mortgage aad the note secured hereby not be eligible for insurance under the National Housing Act within tL11Tty deys from the date hereof (written statement of any officer of the Department of Housing and Urban Development or authorized agent oE the Secretary of Hous- ing and Urban Development dated subsequent to the thirty deys time from the date of this modgage, declining to insure s~id note and this mortgage, being deem.~d conclusive proof of such ineligibility), the mortga- ~ gee oc the holder of the note may, at its optioo, declare all sums secured hereby immediately due and payeble. ~ The covenants herein contaiaed shall bind, and the benefits and advantages shall inure to, the respective ~ heirs, executocs, administrators, successacs, and assigns of the pacties hereto. Whenever used, the singular num- ber shall include the plural, the plural the singular, and the use of any gender shall include all genders. _ s ~ E 600K 1 1 O PAGE1O74 ~ . ; r ~ . ' > _ ~~z ~ ~ ~aih~~ T_ _ ~