Loading...
HomeMy WebLinkAbout2714 ~ t 5, That he will permit. commit. or su[fer no waste~ impeisment. or deterioration of said property or any pazt ~ thereof; and in the event of the failure of the mortgagor to keep the buildings on said premises and those tobe 1 erected on said premises. or improvements thereon, in good repair, the mongagee may make such repairs as in its ' discretion it may deem necessary for the proper preservation thereof, and the full amount of each and every such ' payment shall be immediately due a~d payable, and shall be secured by the lien of this mortgage. ' 6. That he will pay all and singular the costs, charQes, and expenses, including reasona5le lawyer's fees. and costs of abstracts of title, incurred o~ paid at any time by the mortgagee because of the failure on the part of the ~ortgagor promptly and [ully to perform the agreements and covenants of said promissory note and this mort- ' gage, and said costs, charges, and expenses shal! be immediately due and payable and shall be secured by the lien of this modgage. 7. That he will keep the improvements now existing or hereafter erectecl on the mortgaged propedy, 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 requiced by mortgagee, and will pay promptly. when ciue, any premiums on such insurance for payment of which provision has not been made hereinbefore. All insucance shall be carried in companies approved by mortgagee and the policies and rehewals 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 notice by mail to mottgagee, 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 ~eduction of the indebtedness . hereby secured or to the restoration or repair of th.e property damaged. In event of foreclosure of this mortgage or other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby, ali right, title. and interest of the mortgagor in and to any insurance policies then in force shall pass to the purchaser or grantee. _ I 8. That the modgagee 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 shall forthwith appoint a receiver of the premises covered hereby all and singular, including all and singular the income, profits, issues. and revenues from whatever source derived, each and every of which, it being expressly understood, is hereby mortgaged as if specifically set forth and described in the granting and habendum clauses hereof, and such receiver shall have all the broad an3 effective Eunctions and powers in any~wise entrusted by a court to a receiver, and such appointment shall oe made I b such court as an d' y a mitted equit~~ and a matter of absolute right to said mortgagee, and without reference to the ~ adequacy or inadequacy oi the value of the property mortgaged or to the solvency or insolvency of said mortgagor or the defendents, and that such rents, proEits, income, issues, and reve~ues shall be applied by such receiver according to the lien of this mortgage and the practice of such court. I~ the event of any default on the part of the mortgagor hereunder, the mortgagor agrces 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 instali- 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 part of the mortgagor, or (G) in the event that any of said sums of money herein referred to be not promptly and fully paid without demand or notice, or (c) in the event that each and every the stipulations, agreements, conditions. and ~ovenants of said notQ 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.~maiqing unpaid, with interest accrued to that time, and all moneys secured hereby, shali become due and paya~le Eorthwith, or thereafter, at the option of said mortgagee, as fully and com- - pletely as if all of the said surps of money were originally stipulated to be paid on such day, anything in said note or in this mortgage to the cbntrary noiwithstanding; and tnereupon 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 matured prior 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 satisfy 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 this paragraph may again be availed of thereafter from time to time by the mortgagee. 10. That the mortgagor will give immediate notice by mai! 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 an}~ time theceafter be held to be a waiver of the terms 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 the mortgagee 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 repayabte immediately and without demand by the mortgagor to the mortgagee, and, together with interest and costs accruing thereon, shall be secured by this mortgage. ' 13. that the mailing of a written notice or demandaddressed to the owner of record of the mortgaged premises, or directed to the said owner at the last address actually furnistied to the mortgagee, 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 ot by law. ~ 14. The mortgagor covenants and agrees that so long as this modgage and the said note secured l~ereby are insured under the provisions of the National Housing Act, he will not execute or file Eor record any instrument which impases a restriction upon the sale or occupancy of the mortgaged property 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 heteby immediately due and payable. 15. The mortgagor further covenants that should this mort age and the note secured hereby not be eli¢ible for insurance under the National Housing Act within 30 DA1~S from the date hereof (written statement of any officer of the Department of Housing and Urban Develo ment or authorized agent of the Secretary of Hous- ing and Urban Development dated subsequent to the 30 ~AYS time from the date of this mortgage, declining to insure said note and this mortgage, being deem?d conclusive proof oE such ineligibility). the mortga- gee or the holder of the note may, at its option, declare all sums secured hereby immediately due and payeble. The covenants herein contained shall bind, and the benefits and advanteges shall inure to, the respective heirs, executors, administrators, successors, and assigns of the parties hereto. Whenever used, the singular num- ber shall include the plural, the plural the singular, and the use of any gender shall include all genders. a~K1?2 P~2698 - _ ~ ~ , - - - - - - - - - - - -