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HomeMy WebLinkAbout0919 ~ ~ ~ S. That he will permit~ commit, or suffer no waste~ impeirment, or deteriocetion of said property or any part theceof; and in the eve~t of the failuce of thc Woctg*gor, to keep We building~ on said premises and those tobe erected on said premises~ or improvements thereon~ iA good repeir. the mortgagee a~ay make such cepairs as in its discretio~ it may deem necessary for the proper preservation thereof~ and the full amount of each and every such payment shall be immediately due and payeble, and shall be secured by the lien of this mortgage. 6. That he will pay all and singular the costs. charges. end expenses~ includi~g reasonable lawyer's tees. a~d costs of abstracts of title. incuned or paid at any time bythe mortgagee because of the failure on the pert of the mortgago~ pcomptly and fully to perform the agree~aents and covenants of said pcomissory note and this moct- gage. and said costs. charges. and expenses shall be immediately due and payable and shall be secured by the lien oE this mortgaga 7. That he will keep the improvements now existing or hereafter erected on the modgaged ptoperty. insured as may be requiced from time to time by the mortgagee against loss by fire and other haaards. 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 insucaace for payment of which provision has not been made hereinbeEore. All insurance shall be canied in companies approved by mortgagee and the policies end renewals thereof shall be held by mort- gagee and have attached thereto loss payable clauses in favor of and in form acceptable to the modgagee. 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 concemed is hereby authorized and directed to make payment Eor such loss directly to modgagee instead of to mortgagor and mortgagee joiatly, and the insurance pro- ceeds. or any part thereof, may be applied by mortgagee at its option either to the red~tion of the indebted~ess hereby secured or to the restoration a 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 mo~tgaga in and to any insurance policies then in force shall pass to the purchaser or grantee. " 8. That the mortgagee may, at any time pending a suit upon this mortgage, apply to the court having jutisdic- tion thereof far the appointment of a receive~, anu ~uch coud shall forthwith appoint a receiver of the pcemises covered hereby all and singular~ including all and singular the income, profits. issues, and revenues irom whatever sou~ce derived, each and every of which. it being expressly understood~ is hereby modgaged as if specitically 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 such couct as an admitted equity and a matter of absolute right to said mortgagee. and without refereace to the adequacy or inadequacy of the value of the propedy 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 according to the lien of this mortgage and the practice of such conrt. In the event of any default on the pad of the mortgagor hereunder. the mortgagor agrees to pay to the modgagee on demand as a reasonable monthly rentel for the premises an amount at least eqt~ivalent 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 (u) in the event of any breach of this modgage or default on the part of the modgagor, or (b) in the event that any oE said sums of money herein referred to be not promptly and fully paid without demand or notice. or fc1 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 snch event. the said aggregate sum mentioned in said note then remaining unpaid, with interest accrued to that time, and all moneys secneed 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 modgage to the contrary notwithstanding; and thereupon or thereafter, at the option of said mortga- ' gee, without notice or demand, snit 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 declared due and ' payable, and the said premises shall be sold to satisfy and pay the same together with casts, expenses.and allow- ~ ances. In case of partial foreclosure of this moctgage, the mortgaged premises shall be sold subject to the con- tinuing lien of lhis 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 change 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 ~er~of 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 moKsagee may perform 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 mortgagor to the mortgagee, and. together with interest and costs accruing thereon, shall be secured by this modgage. _ S 13. that the mailing of a written notice or demand addcessed to ihe owner of record oE the mortgaged premises, or directed to the said owner at the tast address actualty fnrnished to the mortgagee, or directed to saidowner at ~ ~ said modgaged premises, and mailed by the United States mails, shall be sufficient notice and demand in any ~ case arising under this instcument and tequired 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 a~e J insured under the provisions of the Nationel Housing Act, he will not execute or file for record any instrument ; ~ which impoBes a restriction upon the sale oc occupancy of the mortg,eged propedy on the basis of race, colar, or ~ creed. Upon any •iolation of this undectaking, the mortgagee may, at its option, declare the unpaid balance of the ~ debt secured hereby immediately due and payabie. i 15. The mortgagor further covenants that should this moct ege and the note secured hereby not be eligible for inaurance under the Natimal Nousing Act within ~irt~ 1~,y~ irom the date hereof (wcitten statement : of any officer of the Department of Housing and Urban Developmeat or authorized agent of the Secretary of Hous- ing and Urban Development dated subsequent to the Thirty DsYe time from the date of this mortgage, declining to insure said note and this mortgage, being dee¢r~d conctusivr proof oE such ineligibflity), the mortga- j gee a the holder d the note may, at its option, declare all sums secured hereby immediately due and payable. ~ The cavenants herein conteined shell bind, end the beneffts end advantagea shall inurc to, the reapective ~ heira, executora, adminiatrators, successors, and assigns of tbe portiea bereto. Whenever used, the singular num- ber shali include the plural, the plural the singular, and the use of ~ny gender shal! include •ll gendeta. 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