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HomeMy WebLinkAbout1740 i a 5. That he will permit. commit. or suffer no waste. impairment, or deterioratio~ of said property or any part thereof; and i~ the eve~t of the failure of the mortgagor to keep the buildings on said premises and those tobe erected on said premises, or improvements thereon. in good repair. the modgagee may make such repeirs as in its discretion it may deem necessary for the pcoper preservatio~ thereof. and the full amount of each and every such payment shall be immediately due and payable, and shall be secured by the lien of this mo~tgage. 6. That he will pay all and singular the costs. cherges. and expenses. including reaso~able lawyer's fees. and costs of abstracts of title, incurred or paid at any time by the mortgagee because of the failure on the part of the mortgaga promptly and fully to perfam the agreements end covena~ts of said promissory note and this mort- gage. and said costs. charges. and expenses shall be immediately due and payable and shall be secured by the lien of this mortgage. 7. That he will keep the improvements now existing or hereafter erected on the modgaged property. insured 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 mortgagee, and will pay promptly. when due. ~ any premiums on such insurance for payment of which provision has ~ot been made hereinbefore. All insuraace ~ shall be carried in companies approved by modgagee 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 mortgsgee. In event of loss he will give immediate notice by mail to modgagee, and mortgagee may make proo[ 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 hereby secured or to the restoration or repair of the property damaged. In event of foreclosure of this mortgage or other transfer of title to the mottgaged property in extinguishment of the indebtedness secured hereby. all right, title, and interest of the mortgaga i~ 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 coud shall fodhwith appoint a receiver of the premises covered hereby all and singular, inclnding all and singular the income. profits. issues. and reve~ues from whatever source derived, each and every of which, it being expressly understood, is hereby mortgaged as if specifically set ' Eocth ar_d 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 coutt 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 of the value of the property 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 tF~ lien of this modgage and the practice of such coud. In the event of any deEault on the part of the mortgagor hereunder. the mortgagor agrees to pay to the mortgagee on demand as a reasonabie monthl~~ 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 br default on the pad of the mortgagor, or (b) in the . event that any of said sums of money herei~ referred to be not promptly and fully paid without demand or notice, or 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 mortgagee, as fully and com- pietely as if all of the said sums of money were originally stipulated to be paid on suc'.: day. anything in said note or in this modgage to the contrary notwithstanding; and thereupon or thereatter, 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 ; matured prioc 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 satisEy and pay the same together with costs, expenses,and allow- ~ ances. In case of partial foreclosure 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 of T ~ this paragraph may again be availed of thereafter from time to time by the mortgagee. j 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 ihe terms hereof or of the note secured hereby. ~ 12. That iE the mortgagor default in any of the covenants or agreements contained herein, or in said note, then ~ the modgagee may pedorm 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 mortgage. s ~ 13. that the mailing of a written notice or demand addressed 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 owner 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 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 mortgaged propedy on the basis of race, color, or creed. Upon any oiolation 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 modgage and the note secured hereby not be eligible ~ for insurance under the National Nousing Act within lliirt) liays 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- s ~ ing and Urban Development dated subsequent to the ~lhirty liays time from the date of this mortgage, ~ ~ declining to insure said note and this modgage, being deem?d conclusive proof of such ineligibility), the mortga- ; gee or the holder of the note may, at its option, declare a11 sums secured hereby immediately due and payeble. ~ The covenants herein. contained shall bind, and the benefits and advantages shall inure to, the respective b heirs, executors, administrators, successas, and assi ns of the rties hereto. Whenever used, the sin ular num- ~ B Pa 8 ber shal! include the plural, the plural the singular, and the use of any gender shall include all genders. ~ ~ ~ ~ . , ~ _ -~~:z~ ~ - - - - - - ~.A ~ts'~. ~J-:"Y