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HomeMy WebLinkAbout0252 ~ . . , • f- 'p.. • j i ~ - • + . _ 5. That he will permit. commit. oc sufEer no waste~ impairment. or deterioretion of said property or aay pad the?cof; a~d in the event oE the failure of che moctgagor to keep the buildi~gs o~ seid pcemises ead those tobe erected on said premises, o~ improvements tl~e~eon. in good repau. the mortgagee may make such repairs es in its discretion it awy deem necessary Eor the p~oper preservatlon thereof. aad the full amount of each and every such peyment shall be immediately due aad payable. and shell be secured by the lien of this mortgage. 6. That he will pay all aad singuler the costs, charges. end expenses, includi~g reasonable lawyer's fees. and costs of abstcacts of title~ incuned or peid at any time by the mortgegee because of the failure on the part of the mortgago~ promptly and fully to perfam the agreements and covenents of said promissory note and this mort- gage. and said costs, charges. and expenses shall be imanediately due and payable and shall be secured by the lien af this mortgage. 7: That he will keep the improvements noa existing or hereafter ecected on the mortgaged propedy. insured as may be required from time to time by the moctgage~ against loss by fice and other hezards, casualties, and contirt- gencies in such amounts and for such periods as may be required by matgagee. and will pay promptly, when due, any premiums on such insurance for payment of which pcovision has not been made hereinbefae. All insurance shell be canied in compa~ies approved by moctgagee ead the policies and renewals thereof shall be held by mort- gagee and have attached thereto loss payable clauses in fava of and in form acceptable to the mortgagee. In event of loss he will give immediate ~otice by mail to mortgagee. and mortgagee may make proof of loss if not made promptly by mo~tgagor, and each insurance company concerned is hereby authaized and d'uected to make payment for such loss directly to mortgagee instead of to anatgaga and mortgagee jointly, and the insurance prw 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 restoration or repair of the property damaged. In event of foceclosure of this mortgage or other transfer of title to the mortgaged propedy in exti~guishment d the indebtedness secuced hereby, all right. title. and interest of the mortgaga in and to any insurance policies then in force shall pass tc the purchaser oc grantee. , 8. That the modgagee may. at any time pending a suit upon this mortgage~ apply to the court having jurisdic- tion thereaf for the appointment of a receivec, aad such court shall forthwith appoint a receiver of the premises covered hereby all and singular. iacluding all and singular the income. profits. iasues, and revenues fro~ whatever source derived, each and every of which, it being expressly understood, is hereby modgaged as if specifically set fodh and described in the granting and habendum clauses hereof~ and such receiver shall have all-the br~~and effective functions and powers in anywise entrusted by a court to a receiver, and such appointment shall be made by such coud as an admitted equity and a matter of absolute righf td said modgagee, and vvithout reference to the adequacy or inadequacy of the value of the propedy mortgaged or to the solvency ~ insolvency of said mortgagor or the defendents, and that such rents. profits, i~come, issues, aad r~v~ei?~ig~T~,b~Il be applied by such receiver according to the lien of this mortgage and the practice of snch court. In the event ot any deEault on the p6d of the mortgagor hereunder, the moctgagor agrees to pay to the mortgagee on demand as a reasonable monthly rental for the premises an amount at least eq~ivalent to one-twelfth (1/12) of the aggregate af the twelve toonthly install- ments payable in the then current year plus the actual amount of t~he annual taxes, assessments. water rates, and insurance pcemiums for such year not covered by the aforesaid mopthly, p~yments. 9. That (a) in the event of any breach of this mortgage oi defeult on the pad of the mortgagor. or (b) in the event that any of said sums of money herein referred to be not pcomptly and fully paid without demand or notice, or (c) in the event that each and every the stipulations, agreements, conditions, and covenants of said note and this modgege. are not duly. p~omptly, and fully performed; then in either or any such event. the said aggregate sum mentioned in said note then cemaining unpaid, with interest accrced to that time, and all moneys secnred 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 -mone~were originally stipulated to be paid on such day. anything in said note or in this modgage to the contrary notwithstaading;:~pd thereupon or theceafter, at the optioa of said matga- ~ gee, without notice or demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby had f matured prior to its institution. The mottgagee may foceclose this mottgage, as to the amount so declared due and ` payable, and the said premises shall be sold to satisfy and pay the seme together with casts, expenses,and allow- ~ ances. In case of partial foreclosuce of this mortgage, the modgaged 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 this paragraph may again be availed of thereafter from time to time by the mortgagee. 10. That the moctgagor veill give immediate notice by mail to the modgagee of any conveyance, transfer, oc ' change of ownership of the premises. 11. That no waiver of any covenant hecein or of the obligation secured hereby shall at any time thereaEter be held to be a waiver of the terms hereof or of the note secured hereby. 12. That if the modgagor default in any ~ the covenaats a agreements contained herein, or in said note, then NSe mortgagee a~ay perEorm the samg, 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 shal! be repayable immediately and withont demand by the mortgagor to the mortgagee, and, together wit6 interest and costs accruing thereoa, shall be secured by this modgage. - ' 13. that the mailing of a written notice or demand addressed to the rnivner of record oE the modgaged premises, or directed to the said owner at the last address actually ftunished to the modgagee. or directed to said oarner 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 required by the pcovisioas heceof or by law. 14. The modgagor covenants and ag~ees that so l~g as this mortg,age and the said note secured hereby are insured under the provisions of the National Housing Act, he will not execute or Eile foc record any instrument which imposes a restriction upon the sale or occupancy of the modgaged property on the basis af race, color. or r: creed. Upon any violation of this undertaking, the moctgagee may, at its option, declare the unpaid balance of the debt sec~ued hereby immediately due and payable. 15. The mortgagor further coveasnts that should this mort~a~e and the note secured hers~b}Lg~•be eligible for insurance under the National Honsing Act within ~~1 from the date heceof (written statement of any officer of the Depadment of Housiag and Urban Development or aathorued agent oE the Secretary oE Hons- ing and Urban Development dated subsequent to the ~n~ nAY time from the date of this modgage, declining to insure said note and this mortgage, being deeM~ Eoac~usive proof of such ineligibility), the modga- gee or the holder of the note may, at its optioa, declace all sums secured heceby immediately due and payable. The co~enants herein coatained shall bind, and the benefits and advantages shell inure to, the respective heics, ezecutors, administrators, successors, and assigns of the padies hereto. Whenever used, the singular num- ber shall include the plura~, the plural the singular, and the use of any gender shall include all genders. ~ i r ! 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