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HomeMy WebLinkAbout2141 ` 'f ~ { ,~i•.. ` , ` ' ~ Y ~ ~ ~ i ' ~ ~ 5. That he will permit, commit. or su[fer no waste~ impaira~eat. oc deterioration of said property or any part theceof; and in the event of the tailure of the mortgagor to keep the buildings on said premises and those tobe erected on seid premises. or improvements thereon, in good repeir. the modgagee may meke such repeirs as in its discretion it may deem necessary Eor the proper preservation thereof. and the ful! amount of each aad 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 casts. charges. and expenses. including reasonable lawyer's fees. and costs of abstracts of title, i~curred or paid at any time by the mortgagee because of the failure on the pert of the mortgagor promptly and fully to perEorm the agreements and covenants of said promissory note and this moct- gege. and said costs, charges. and expenses shall be imme~iiately due aad payable and shall be secured by the lien of this modgage. 7. That he will keep the impcovements now existing ot heceafter ecected on the modgaged propedy. insuced 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 moctgagee~ and will pay promptly. whea 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 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 moctgagee. ln event of loss he will give immediate notice by mail to modgagee. and mortgagee may make ptoof of loss if not made promptly by mortgagor. and each insurance company concemed is hereby authorized and directed to make payment for such loss directly to mongagee instead of to mortgaga a~d mortgagee jointly, and the insurance pro- ceeds. or any part thereof. may be applied by moctgagee 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 foreclasure of this mortgage or other transfer of title to the modgaged 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. 8. That the mortgagee 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 shal! fodhwith appoint a receiver of the premises covered hereby all and singular, including all and singular the income, profits. issues. and cevenues fron ~hatever source derived. each and every of which, it being expressly understood, is hereby modgaged 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 such court as an admitted equity and a matter of absolute right to said mortgagee, and without reference to the adequacy or inadequacy oE the value of the propedy mortgaged or to the solvency oc insolvency of said mortgagw 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 court. In the event of any default on the part of the modgagor 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) 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 (a) in the event of any breach of this mortgage or default on the pad of the modgagor, or (b) in the event that any of said sums of money herein referred to be not promptly and fully paid aithout demand or notice, or (c1 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 ti~ne, a~ 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 modgage to the contrary noiwithstanding; and thereupon or thereafter. at the option of said matga- gee, without notice or demand, suit at law or in equity. may be prosecuted as if all moneys secured hereby had I matured prioc to its institution. The modgagee may foreclose this mortgage, as to the amount so declared due and payable, and the said premises shaYl be sold to satisfy and pay the same together with costs, expenses,and allow- E ances. In case of partial foreclosure of this mortgage. the modgaged premises shall be sold subject to tbe con- ` tinuing lien of this mortgage fot 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 heceof 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 perEorm the same, and all expenditures (including reasonable attaney'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 withoat demand by the modgagot to the mortgagee, and, together with interest and costs accruing thereon, shall be secured by this modgage. 13. that the mailing of a written notice or demand addressed to the owner of record of the modgaged premises. or directed to the said owner at the last address actually furnished to the mortgagee. or directed to said owner at said mortgaged premises, and mailed by the United States mails, shall be sufficient notice and demand in any s case arising under this instrument and required by the provisions hereof or by law. ~ 14. The mortg~gor covenants and ag,rees that so long as this mortgage and the said note secured hereby are a insured under the provisions of the National Housing Act, he will not execute or file for record any instrument = which imposes a restriction upon the sale or occupancy of the~modgaged propedy on the basis of race, color, or ' creed. Upan any violatian of this undertaking, the mortgagee may, at its option, declare the unpaid balance of the ~ debt secured hereby immediately due and payable. ~ 15. The mortgagor huther covenants that should this mortgage and the note secured hereby not be eligible ~ for insurance under the National Housing Act within 30 DAYS from the date hereof (written statement ~ of any officer of the Depadment of Housing and Urban Development or authorized agent of the Secretary of Hous- ~ ing and Urban Development dated subsequent to the 30 pAYS time from the date of this mortgage, declining to insure s~id note and this mortgege, being deem•~dconclusive proof oE such ineligibility). the mortga- ~ gee or the holder of the note may, at its option. declare all sums secured liereby immediately due and pa}sble. ~ The covenants herein contained shall bind, and the benefits and advantages shall inure to, the respective ~ heirs, executors, administrators. successocs, and assigns of the padies hereto. Whenever used, the singular num- ~ ber shall include the plural, the plural the singular, and the ose of any gender shall include all genders. ~ ~ ~ ~ . - ; - ,y W : _