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HomeMy WebLinkAbout1703 ` ~t~ . ~ ~ ~.~1., : ~ + • 5. That he will permit. commit. or suffer ~o waste. impairme~t~ or deterioration of seid property or a~y pad thereof; and in the event of the failure of the modgagor to keep the buildi~gs on said p~emises and those tobe erected o~ said premises, or impcovemeats thereoa. in good repair. the modgagee may make such repairs as~n 't„L~_ discretion it a~ay deem necessary for the proper preservation thereof. and the full amount of each and every such payment shell be immediately due and payable. and shall be secuced by the lien of this mortgage. 6. That he will pay all and singular the costs. chargea~ and expenses. including reasonable lawyer's fees. and costs of abstracts of title. incurred or paid at any time by the modgegee because of the Eailure on the pert of the moctgaga promptly and fully to perfam the egreeinents and covenants of said promissory note and this mott- gage, and said costs. charges. and expenses shall be immediately due aad peyable and shall be secured by the lien of this mortgage. 7. That he will keep the improvements now existing or hereafter erected on the mortgaged property. insured as may be required from time to time by the mortgagee against loss by fire and other haaards, casualties, and contin- gencies i~ such amounts and for such periods as may be required by mortgagee, and will pay promptly~ when due, any preraium~ on such insurance tor paymeat of which provision has not been made hereinbefoce. All insurance shall be carried in companies approved by mortgagee and the policies and renewals theceof shall be held by moct- 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 aiail 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 morigagee instead of to mortgagoc 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 secuted or to the restoration ot repair of the propedy damaged. In event of foreclosure of this modgage or other transfer of title to the mortgaged property in extinguishment of the indebtedness secuced hereby, all right. title. and interest of the mortgagot in and to any insurance policies then in force shall pess to the purchaser or grantee. 8. That the mortgagee maq, at any time pending a suit upoa this mortgage. apply to the court having jurisdic- tion thereof for the appointmeat of a receiver. and such coud shall fodhwith appoi~t 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 eapressly understood. is hereby modgaged as if speciEically set forth and described in the granting and habendum clauses hereof. and such receiver shall have all the broad and effective fu~ctions and powers in anywise entrusted by a court to a receiver, and such appointment shall be made by such court as an admitted equity and a matter of absolute right to said modgagee, and without reference to the adequacy or inadequacy of the value of the propedy mortgaged or to the solvency or insolvency of said modgagor or the defendents, and that such rents. profits. income, issues, and revenues shall be applied by such receiver according to the lien of this moctgage and the practice of sach coud. In the event of any default on the pad of tf~e mortgagor hereunder. the mortgagor agrees to pey to the mortgagee on demand as a reasonable monthly rental for the pcemises an amount at least eqyivalent to one-twelfth (1/12) of the aggregate of the twelve monthly install- - ments payable in the then current year plus the actuai amount of the annual taxes. assessments, water rates, and insurance premiums for such year not covered by the aforesaid monthly payments. 9. That (a) in the event of any ,~reac4 of this modgage or default on the part of the mortgagor. or (b~ in the event that any of said sums of moae~ herein referred to be not promptly and fully paid without demand or notice, or (r~ 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 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 thereafter, at the option of said moctgagee, 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 I note or in this modgage to the contrary notwithstandine; and thereupon or thereafter, at the option of said mortga- ~ gee, aithout 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 sold to satisfy and pay the same together with costs, expenses,and allow- ances. In case of partial foreclosute 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 oE this paragraph may again be availed of thereafter from time to time by the mortgagee. 10. That the modgagor will give immediate notice by mail to the mortgagee of any conveyance, transfer, or change of awnership of the premises. 11. That no waiver of any covenant herein or of the obligation secured hereby shall at any time theresfter be held to be a waiver of the terms hereof or of the note secuced hereby. 12. That if the mortgaga default in any of the covenants or agreements contained herein, or in said note, then the mortgagee may pedorm the same, and all expenditures (including reasonable attocney's fees) made by the mortgagee in so doing shall draw interest at the rate set fath 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 s- 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, or directed to the said owner at the last address actually furnished to the mortgagee, or directed to said awner 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 modgage and the said note secured hereby are insured under the provisions of the National Housing Act, he will not execute or file fot 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 undectaking, the mortgagee may, at its option, declare the unpaid balance of the debt secuced hereby immediately due and payable. 15. The modgagar f~uther covenants that shoald this mortgage and the note secured hereby not be eligible for insurance under the National Housing Act wit6in 3O DAYS from the date hereof (written statement of any officer of the Department of Housing and Urban Development or authorized agent of the Secretary of Hous- ing and Urban Development dated subsequent to the 3O DAYS 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 modga- gee a the holder of the note may, at its option, declare all sums secured hereby ia?mediately due and payeble. The covenants herein contained shall biad, and the benefits and advantages shall inure to, the respective heirs, executors, administrators, successors, and assigns of the parties hereto. Wheaever used, the singular num- ber shall include the plural, the plaral the singular. and the use of any gender shall include all genders. ~171 ~1~ . . : . . - ~ _