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HomeMy WebLinkAbout1111 ~ ~J s . . ~ ; ; . , Y, t ? .~?i 5. That he will permit. commit. or suffer ~o waste, impairment. or detecio~ation of said property or any part theceof; and in the event of the failure of the mortgagoc to keep the buildings on said premises aad those tobe erected on said premises. or improvements thereon. in good repait. the moKgagee mey make such repeics as In its discretion it may deem necessary foc the proper preservation thereof. snd the full emount of each ared every such ~ayment 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, charges. and expenses~ including reasoneble lawyer's fees. and costs of ebstracts of title, incurred or paid at aay time by the mortgagee because of the failure on the port of the mortgagor promptly and fully to perfam the egccea~ents and covenents of said promissory note and this mort- gage. and seid costs. charges. a~d exQenses shall be immediately due and payable and shall be secured by the lie~ of this mortgage. 7. That he will keep the improveme~ts rtow existi~g or heceatter erected on the mo~tgaged property. insured as mey ba required from time to time by the mortgagee egainst~loss by fice 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 insurance for payment of which provision has ~ot been made hereinbefore. All insurance shall be carried 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 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 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 heceby secured or to the restoration or repair oE the propedy damaged. In event of foreclosure of this mortgage or other transfer of title to the modgaged property in extinguishment of the i~debtedness secured hereby. all right, title, and interest of the mortgaga in and to any insurance policies then in force shall pass to the purchaser or grantee. 8. That the mortgagee may. at any time peading a suit upon this mortgage, apply to the court having jurisdic- tion thereof for the appointcneat of a receiver. and such court shall fodhwith appoint a receiver of the premises coveced heceby all and singular, including all and singular the income. profits, issues~ and revenues from whatever source derived, each and every of which. it being expressiy understood. is hereby mortgaged as if specifically set fodh and described in the granting and habendum clauses hereof, and such receiver shall have al! the broad and efEective functions and powers in anywise entrusted by a court to a ceceiver, and such appointment shall be made by such court as an admitted equity and a matter of absolute right to said mortgegee, 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 end the practice of such coud. In the event of any default on the pad of the mortgagor hereunder, the modgegdr agcees 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 instalt- ments payable in the then current year plus the aciual amount of the annual taxes. assessments, water rates, and insurance pr~miums for such year not covered by the aforesaid monthly payments. 9. That (01 in the event of any breach of this mortgage or default on the pad of the mortgagor, or (b) in the event that any of said sums of money herein referred to be not promptly and fully paid without demand or notice. or (e1 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 intecest accrued to that time, and 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 notwithstanding; and thereupon or thereafter, at the option of said mortga- ; gee, without notice or demand~ suit at law or in equity, may be prosecuted as if all moneys secured hereby had I matured pcior to its institution. The mortg,agee 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- f ances. In case of partial foreclosure 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 modgagor 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 hereoE or of the note secured hereby. 12. That if the modgagor default in any of the covenants or agreements contained herein. or in said note, then the modgagee 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 focth in the note secured hereby, and shall be repayable immediately and without demand by the modgagor to the modgagee, and. together with interest and costs accruing thereon, shall be secared by this mortgage. 13. that the mailing of a written notice a demandaddressed to the owner of record of the modgaged premises. or directed to the said owner at the Isst address actually furnished to the modgagee, or directed to said owner at _ said mortgaged premises, and mailed by the United States mails, shall be safficient notice and demand in any case arising under this instrument and requiced 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 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. Upon any violation 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 further covenants that should this mortgage and the note secured hereby not be eligible ~ for insurance under the National Housing Act within Thirty l~8ps 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 Deveiopment dated subsequent to the i 1' Da~ time from the date of this modgage, ~ declining to insure said note and this mocigage, being dee~conclnsive 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 end advantages shall inure to, the respective ~ heirs, executors, administrators, successors, and assigns af the padies 6ereto. Whenevec used, the singular num- ~ ber shall include the plural, the plural the singular, and the use of any gender shall include all genders. ~ ~ a~17~ ~1107 ~ , _ - - - _ _ : - a~~ ri , tr ~ ~c .