The URL can be used to link to this page

Home My WebLink About0013 ' . • , ; . . ~ ` ~ : 5, That he will permit. commit, or sufter no waste. impairment, or deterioration of seid property or any patt 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 repair, the mortgagee may make such iepeirg as in its discretion it may deem rtecessary for the proper preservation thereof. and the full amount of each and every such payment shall be immediately due and payable, and shall be secured by the lien of this mortgage. 6. That he will pay all and singular the costs. charges. and expenses. including reasonable lawyer's fees~ and costs of abstracts of title, incurred or paid at any time bythe mortgagee because of the [ailute on the part of the mortgagor promptly and fully to petfam the agreements and covenants of said promissory note and this mort- gage. and said costs, charges, and expenses shall be immediately due a~d payable and shall be secured by the lien of this mortgage. 7. That he will keep the improvements ~ow existing or heceafter erected on the mortgaged property. insureci 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 required by mortgagee, and will pay promptly, when due, any premiums on such ins~~rance for payment of which provision has not been made hereinbefore. All insurance 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 to the mortgagee. In event of loss he will give immediate notice by mail to mortgagee, and mortgagee may make proof of loss if not made promptly 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 applied by mortgagee at its option either to the reduction of the indebtedness hereby secured or to the restordtion or repair of the propedy damaged. In event of foreclosure of this mortgage or other transfer of title to the modgaged property in extinguishment of the i~ebtedness 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. 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 court 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 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 snch court as an admitted equity and a matter of absolute right to sai3 moctgagee, and without reference to the 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 accordir.g to the lien of 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 for the premises an amount at least equivalent to one-twelfth (1/12) oE 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 (u~ in the event oE any breach of this mortgage or default on the part of the mortgagor, or (61 in the event that any of said sums of money herein referred to be not promptly and fully paid wit'~out demand or notice, or !~1 in the event that each and every the stipulations, agreements, conditions, and covenants of said note and this mortgage, are not duly, promptly, aad fully per[ormed; then in either or any such event, the said aggregate sum mentioned in said note then remaining unpaid, with interest accrueo to that time, and all mone3=s secured hereby, shall become due and payable forthwith, or thereafter, at the oQtion of said mortgagee, as fully and com- pletely as iE all of the said sums of money were originally stiRulated to be paid on such day, any~thing in said ~ note or in this modgage to the contrary notwithstanding; and thereupon or thereafter, at the option of said moctga- I 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 amount so declared due and ~ payable, and the said premises shall be suld to satisfy and pay the same together witn costs, expenses,and allow- ~ ances. In case of partial foreclosure of this mortgage, the mortgaged 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 ~ E this paragraph may again be availed of thereaEter 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 ~ change of ownership of the premises. T 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 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~r interest at the rate set fotth in the note secured hereby, and shall be repayable ~ immediately and without demand by the mortgagor to the mortgagee. and, together with interest and costs accruing thereon, shall be secured by th:s ~ortgag~. i 1. that the maiting of a written notice or demandaddressed to the owner of record of the mortgaged premises, or dire d to the said owner at the last address actually furnished to the mortgagee, or directed to said owner at " said mort d 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:ction upon the sale or occupancy of the mortgaged property on the basis of race. co;or, or ~ creed. Upon any vicl:.,ion of this undertaking, the mortgagee may, at its option, declare the unpaid balance of the ; ~ debt secured hereby immediately due and payable. ~ ~ 15. The mortgagvr further covertants that should this mortgage and the note secured hereby not be eligible ~ ~ for i~surance n~;der the National Housing Act within Tll LTty Ik'ly8 from the date hereof (written statement ~ of any officer ~f the Department of Housing and Urban Development or authorized agent of the Secretary of Hous- i ing and UrbaT, Development dated subsequent to the Th irty Dc'~y8 time from the date of this mortgage, ~ ~ declining to insure said note and this mortgage, being deem~d coaclusive 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 payable. ~ The covenants herein 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 include the plural, the plural the singular, and the use of any gender shall include all genders. ~ ~ ~ ~ ~ ~K171 ~ 13 ' ~ ~ - - ~ ~ . . _ _ _