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HomeMy WebLinkAbout2983 ~ • ' ' ' ~ • ~'t: . ~ 5, That he will permit. commit. or, suffer no waste. impairment. or deterioration of said property or any part thereof; and in the event of the failure of the mortgagor to keep the buildings on said premises and those tobe erected on said premises, or improvements thereon, in good tepair, the modgagce may make such repairs as in its discretion it may deem necessary for the proper p~eservation thereo[, and the full amount oE each and every such payment shall be immedietely due and payable, and shall be se~:ured by the lien of this mortgage. 6. That he will pay al! and singular the costs, charges, and expenses, including reasonable lawyer's fees. and costs of abstracts of title, inc~rred or paid at any time bythe mortgagee because of the failure on the part of the mortgagoc promptly and fully to perform the agreeme~ts anci•covenants of said promissory note and this mort- gage, 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 will keep the improvements now existing or heceafter erected 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- gencies in such amounts and for such periods as may be required by mortgagee. and will pay promptly. when due. 3 any premiums on such insurance [or payment of which provision has ~ot been made hereinbe[ore. All insurance shall be carcied 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 o[ and in form acceptable to the mortgagee. In t event of loss he will give immediate notice by mail to mortgagee. ar~d mortgagee may make proof of loss it not ? made promptly by mortgagor, and each i~surance company concerned is hereby authorized and directed to make ~ payment for such loss dicectly to mortgagee instead of to mortgagor and mortgagee jointly, and the insurance pro- i 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 restor~,tion or repair af the property damaged. In event o[ 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 mortgagor in and to any insurance policies then in force shall pass to the purchaser or = grantee. j 8. That the mortgagee may, at any time pending a suit upon this moctgage, 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 co~~ered 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 ~ ~ forth and described in the granting and habendum clauses hereof, and such receiver shall have alt the broad and ; effective tunctions and powers in anywise entrusted by a court to a recei~er, and such appointment shall be made by such court as an admitted equity and a matter of absolute right to said mortgagee, and without refecence to the ~ ;~dequacy or inadequacy of the value of the property morigaged or to the solvency or insolvency of said mortgagor c~r t;~e defendents, and that such rents, pro[its, income, issues, and revenues shall be applied by such receiver ~+ccordir.g to the lien of this mo~tgage and the practice of such court. In the event of any default on the part of the ~ ~ortgagor 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) o[ the aggregate of the twelve monthly install- ; ments payable in the then current year plus the actual amount of the annua! taxes, assessments, water rates, and ~ insurance premiums for such year not covered by the aforesaid monthly payments. 9. That in the event oE any bieach of this mortgage or default on the part af 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 i~1 in the event that each and every the stipulations, agreements, conditions. and co~~enants 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 intecest accrued to that time, and all moneys secured ~ hereby, 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 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- 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 mortgagee may foreclose this mortgage, as to the amount so deciared due and ~ t payable, and the said premises shall be sold to satisfy and pay the same together with costs, expenses,and allovr- ~ ances. In case of partial foreclosure of this mortgage, the mortgaged premises shall be sold subject to the con- ~ ~ ~ tinuing tien _of _this mortgage for the amount of the debt not then due and unpaid. In such case the provisions of 5 ° this paragraph may again be availed of thereafter from time to time by the mortgagee. 3 ~ 10. That the mortgagor will give immediate notice by mail to the mortgagee of any conve~•ance, transEer, or ; change of ownership of the premises. ~ 11. 'I'hat no wai~~er of any covenant herein or of the obligation secured hereby shall at an~~ time thereafter be ; held to be a waiver of the terms hereof or of the note secured hereby. ' ~ 12. That if the r~ortgagor default in any of the covenants or agreements contained herein, or in said note, then ~ the mortgagee may perform the same, and all expenditures (including reasonable attorney's fees) made by the ' mortgagee in so doing shall dra~ interest at the rate set forth in the note secured hereby, and shall be repayable ; ~ inmediately and without demand by the mortgagor 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 or demandaddressed to the owner of record of the mortgaged premises, ~ ur directed to the said owner at the last address actually furnished to the modgagee, or directed to 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 hereby are insured under the pro~~isions of the National Housing Act, he will not execute or file for record any instrument which imposes a restr:,:tion upon the sale or occupancy of~tlie mortgaged property on the basis of race, color, or creed. Upon any viol: .ion of this undertaking, t}~e mortgagee may, at its option, declare the unpaid balance of the - debt secured hereby i~mediately due and payable. - z 15. The cnortgagor further covenants that should this mortgage and the note secured hereby not be eligible : for i~surance u:~dcr the National Housing Act within Th LY'ty DayS from the date hereof (written statement _ of any oificer ~ f the Department of Housing and Urban Development or authorized agent of the Secretary of Hous- ~ ing and Urban Development dat~d subsequent to the ThfTty DByS time from the date of this mortgage, ; o declining to ins~:re said note and this mortgage, being deemed conclusive proof of such inel:gibility), the mortga- ~ gee or the holder of the note may, at its option, declare all sums secured hereby immediately due and payeble. = The covenants fierein contained shall bind, and the benefits and advantages shall inure to. the respective ~ 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 oE any gender shall inc!ade all genders. ~ ~ s~ ~ ~ aoox~.~ y _ _ _ - - - - - - ~.s ~ - _ v _ _