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Home My WebLink About2869 ~ _ 5. That he will pecmit, commit, or suffe~ no waste, impairment, or deterioration of said property o~ any part theczof; and in the event of the failu~e of the mortgagor to keep the buildings on said premises and those tobe e~ected on said premises, or improvements thereon, in good repair, the mortgagee may make such cepairs as in its disc~etion it may deem necessary for the p~oper preservation thereot, and the [ul! amount of each and every such payment shall be immediately due and payable, and shall be secured by the lien of this mottgage. 6. That he will pay all and singular the costs, charges, and expenses, including reasonable lawyer's [ees, and costs of abstracts of title, incurred o~ paid at any time bythe mortgagee because of the failure on the part of the mortgagor promptly and [ully to perEorm the agreements and covena~ts of said promissory note and this mort- ~age, and said costs, charges, and expenses shall be immediately due and payable and shall be secured by the lien of this mortgage. 7. That he wil! keep the improvements now existing oc hereafter erecteef on the mortgaged property, insured as ~ may be required from time to time by the mortgagee against loss by fire and other hazards, casualties, and contin- z gencies in such amounts and for such pe~iods as 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 hereinbefore. All insurance ~ shall be carried in companies approved by mortgagee and the policies an~i renewals thereof shall be held by mort- ~ gagee and ha~e attached thereto loss payable clauses in favor of and in form acceptable to the mortgagee. In ~ e~~ent of loss he will giv~ immediate notice by mail to mortgagee, and mortgagee may make proof of loss if not ~ made promptty by mortgagor, and each insurance company concerned is hereby authorized and directed to make ~ payment for such loss directly to mortgagee instead of to mortgagor and mortgagee jointly, and the insurance pro- > ceeds, or any part thereof, may be appiied by mortgagee at its option either to the reduction of the indebtedness ~ hereby secured or to the restoration or repair of the property damaged. In event of foreclosure ot 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 mortgagor in and to any insurance policies then in force shall pass to the purchaser or i grantee. _ 8. That the mortgagee may, at any time pending a suit upon this mortgage, apply to the court ha~~ing jurisdic- ~ tion thereof for the appointment of a receiver, and such court shall forthwith appoint a receiver of the premises ` covered hereby ail and singular, including all and singular the income, profits, issues, and revenues from whaterer i source deri~~ed, each and every of which, it being expressly understood, is hereby mortgaged as if specificali~~ set £ Eorth and described in the granting and habendum clauses hereof, and such receiver shall have all the hroad 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 eqvity and a mattcr of absolute right to said morigagee, and without reference to the ~F adequacy or inadequacy of the value of the property mortgaged or to the solvency or insolvency of said mortgagor ~ or the defendents, and that such rents, profits, income, issues, and revenues shall be applied by such receiver 3 according to the lien ot this mortgage and the practice of such coud. In the event of any default on the part of the ~ mortgagor hereunder, the mortgagor agrees to pay to the mortgagee on demand as a reasonable monthly rental Eor ~ 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 i insurance premiums for such year not ~overed by the aforesaid monthly paye:ents. ~ 9. That (o) in the event of any breach ot this mortgage or default on the part of the mortgagor, or (b) in the event that an~~ 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 r this mortgage, are not duly, promptl}•, and fully pertormed; 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 ihereafter, 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 mortgage to the contrary notwithstanding; and thereupon or thereafter, at the option of said mortga- i i gee, without notice or demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby had ' matured ptior 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 pal~ the same together with costs, expenses,and allov:- ' I ances. In case of partiat foreclosure of this mortgage, the mortgaged premises shall be sold subject to the con- a 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. 10. That the mortgagor will give immediate notice by mail to the mortgagee of any conveyance, transfer, or f change of ownership oE 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 an~• of the covenants or agreements contained herein, or in said note, then ~ the mortgagee may perEorm 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 repa~~able immediately and without demand by the mortgagor to the mortgagee, and, together with interest and costs accruing _ ~ thereon, skall be secured by this mortgage. 13. that the mailing oE 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 furnis:~ed to the mortgagee, or directed ta said owner at ~ said mortgaged 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 note secured 1~ereby are insured under the provisions of the National Housing Act, he will not execute or Eile 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 r debt secured hereby immediately due and payable. ~ 15. The mortgagor further covenants that should this mottgage and the note secured hereby not be eligible s for insurance under the National Housing Act within Th irty Da}~S from the date hereoE (written statement ~ of anp officer of the Department of Housing and Urban Development or authorized agent of the Secretary of flous- ~ ing and Urban Development dated subsequent to the Th irty Dey8 time Erom the date of this mortgage, declining to insure said note and this mortgage, being deem?d conclusive proof of such ineligibility), the mortga- _ gee or the holder of the note may, at its option, declare all sums secured hereby immediately due and palable. ` The covenants herein contained shall bind, and the benefits and advantages shall inure to, the respective Y heirs, executors, administrators, successors, and assigns of the parties hereto. Whenever used, the singular num- ber shall inctude the plural, the plural the singular, and the use of any gender shall include all genders. ~ ~ i 5 { 80UK 1 I~ PAGE 2855 ~ - w~ _ ' ~ ~ ~ ~ : ; , - , ;