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HomeMy WebLinkAbout2550 • ~ : ~ , ~ ~ , - 5. Tbat he will permit. commit, or suEfer ~o Mraste. impairme~t, or deterioration of said property or any pact thereof; and in the event of the failure,of the ~soctgagor to keep the buildings on said premises and those tobe erected on said premises. or impcovements theceoa, in good repau~ the modgegee may make such rep~irs as in its discretion it may deem necessary for the propec presenration thereoE, and the fnll amount af cach and every such payment shall be immediately due and payable~ and shall be secured by the lien of this mortgage. 6. That he wlll pay all and singular the costs. charges. and expenses. including ceasonable lawyec's fees. aad costs of abstracts of title. incurred or paid at any time by the modgagee because oE the failure on the p~rt of the mo~tgagoc pcomptly and fully to pecform the agreements a~xi covenants of said promissory note and this mort- gage~ and said costs, charges, and expenses shall be immediately due and payable and shal! be secured by the lien of this mortgage. 7. That he will keep the improvements now existing or hereaEter erected on the mortgaged property, insured as may be required fmm t±me to time by the mortgagee against'loss by fire and other hazards. casualties. and contin- gencies ir? such amounts and for such periods as may be required by matgagee. and will pay promptly. when due. any preauums on such insurance foc payment of which provision has not been made hereinbefore. All insurance shall be carried ia companies approved by modgegee 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 modgagee. In event of loss he will give immediate notice by mail to mortgagee. and mortgagee mav make proof of loss if not made promptly by mortgagor. and each insurance company concerned is heceby authorized and directed to make p~yment for such lass ditectly to modgagee instesd of to modgagor and mortgagee jointly, a~d the i~surance pro- ceeds. or aay 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 modgaged property in extinguishment of the indebtedness sec~:ed hereby. all right, title, and interest of the mortgaga in and to any insurance policies then in force shall pass to the pucchaser or gcantee. 8. That the mortgagee may, at any time pending a suit upon this moctgage. apply to the court having jurisdic- tion thereof for the appointment of a receiver, and such court shall forthwith appoint a receiver of the premises covered hereby all and singular. including all and singular the income, pcofits. issues, and reve~ues from whatever source derived, each and every of which. it being expressly understood. is hereby mortgaged as if specifically set fodh and described in the granting and habendum clauses hereof, and such receiver shall have all the broad and effective functions and powers in :.nywise entrusted by a court to a receiver, and such appointment shall be made by such couct 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 the lien of this mortgage and the practice of such coud. In the event of any default on the pad of the modgagor hereunder~ the mortgagor agrees to pay to the mortgagee on demand as a reasonable monthly cental for the premises an amount at least eqpivalent to one-twelfth (1/12) of the aggregate of the twelve monthly install- ments payable in the then cunent 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 (o) in the event of any breach of this mortgage or default on the pact of the modgagor, 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 (~l in the event that each and every the stipulations, agreements. conditions, and covenants of said note and this modgage, are not duly, promptly, and fully performed; then in either or any such event. the said eggregate sum mentioned in said note then remaining unpaid, with interest accrued to that time, and 'ell moneys secured hereby, shall become d~e and payable forthwith, or thereafter, at the option of said mortgagee, as fully and com- I 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 mortgage to the contrary notwithstanding; and thereupon or thereafter, at the option of said moctga- j gee, without 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 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- ances. In case of partial Eoreclosure of this mortgage, the mortgaged premises shall be sold subject to the con- f 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 mortgagor will give immediate notice by mail to the mortgagee of any conveyance. transfer, or change of awnership of the premises. 11. That no waiver oE any covenant herein or of the obligation secured hereby shall at any time thereafter be ± held to be a waiver of the tecros hereof 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 j the modgagee may pedorm the same, and all expenditures (including reasonable attorney's fees) made by the i modgagee 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 modgagor to the mortgagee, and. together with interest and costs accruing thereon, shall be secured by this modgage. 13. thet the mailing of a written ndice or demandaddressed to the owner of record of the mortga~ed premises, or directed to the said owner at the last address actually furnished to the modgagee, or directed to said owner at said modgaged 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 agcees that so long as this mortgege and the said note secured hereby are insuted under the provisions of the National Housing Act, h~ will not execute or file for record any instrument which imposes a restriction upon the sale or occupancy of the mortgaged propecty on the basis of race, coloc, or creed. Upon any violation oE this undertaking, the mortgagee may, at its option, declare the unpaid balance of the debt secured heceby 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 Natianal Housing Act within Thirty l~ByS from the date hereof (written statement of any officer of the Department of Housing and Urban Development ot authorized agent of the Secretary of Hous- * ing and Urben Development dated subsequent to the ~7 ~YS time Erom the date of this mortgage, ~ declining to insurc said note and this mortgege, being deem~d conclusive proof oE such ineligibility), the mortga- gee or the holder d the note may. at its option, declare all suma secured hereby immediately due and payable. The coveaants herein conteined shall biad, and the benefits and advantages shall inute to, the respective beics, eYecutors, administrators. succesa«s, and essigns d the perties hereto. Whenever used, the singular num- ber shall inclade the Plural, the plural the singular. and the use of any gender shall include all genders. . 6~K1i2 F~25~6 ~ ioo~~72 P~2U35 d~.. w~..~.~, - - _ _ . ~ ~ _ _~r _ :S - j,~ z