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HomeMy WebLinkAbout0371 ~1` , ~,i, . , . t~ . t S 1 y 5. That he will permit. commit. or sutfer no waste. impairment, or deterioration of said propecty or any part theceof; and in the event of the failure of the mortgagor to keep the buildings on said premises and those tobe erected on said premises~ or impcove~nents thereon. in good repau. the moctgagee may make such repairs as in its discretion it a~ay deem necessary foc the proper preservation thereof. and the full amount of each and every such payment shall be imraediately due and payable, and shall be secured by the lien of this moctgage. 6. That he will pay all and singular the casts. charges. and expenses, including reasonable lawyer's feea, and costs of abstracts of title. incuned or paid at any time by the mortgagee beceuse of the failure on the pert of • the mortgagor promptly and fully to perfam the agreements and covenartts of said promissory note and this mort- gage, and said costs. charges, and expenses shall be immediately due and peyable and shall be secured by the lie~ of this mortgage. 7. That he will keep the improvemeats now existing or hereafter ecected on the modgaged propedy, insured as may be required from time to time by the mortgagee against loss by fire and other hazacds, casualties. and contin- gencies in such amounts and for such periods as may be required by matgagee. and will pay promptly, whert due. any premiuaLS on such insurance fot peyment of which provision has not been made hereinbefore. All insurance shall be carried in companies approved by mortgagee and the policies and renewals thereof shall be held by mort- , gagee and have attached theceto loss payable clauses in favoc of and in Eorm acceptable tothe modgagee. In event of loss he will give immediate notice by mail to mortgagee, and moctgagee may make proof of loss if not made promptly by mortgagor, and each insurance compaay concerned is hereby authorized and directed to make payment for such loss dieectly to modgagee instead of to mortgagoc and mortgagee jointly~ and the insurance pro- ceeds. or any part thereof, may be applied by moctgagee at its option either to the reduction of the indebtedness hereby secured or to the restoration or repair of the propedy damaged. In event of foreclosure of this mortgage or other transfer of title to the mortgaged propedy in extinguishment of the indebtedness 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 •pending a suit upon this mortgage. apply to the court having jurisdic- tion thereof for the appointmeat of a receiver, and such court shall fodhwith appoint a receiver of the premises covered hereby all and singular, including all and singular the income, pcofits. 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 tfie broad 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 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 modgagor or the defendents, and that such rents, profits, income, issues, and revenues shall be applied by such receiver accocding to the lien of this modgage and the practice of such court. In the event of any default on the part of the mortgagor hereunder, the mortgagor agrees 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) oE 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 insutance premiums for such year not covered by the aforesaid monthly paym~nts. 9. That (o) in the event of any breach of this modgage or default on the part 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 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 atl 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 ' matured prior to its institution. The modgagee 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- E ances. In case of partial fweclosure 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 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 hereot or of the r.ote secured hereby. 12. That if the mortgagor default in any of the covenants oc agreements contained herein, or in said note, then the mortgagee 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 forth in the note secured hereby, and shall be repayable immediately and without demand by the mortgagor to the modgagee, and, together with interest and costs accruing thereon, shell 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 addcess actually furnished to the mortgagee. ot directed to said owner at said mortgaged premises, a~ 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 mort~agor 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 impases a restriction upon the sale or occupancy of tne mortgaged pcopedy on the basis of race, color, or creed. Upon any violation ot 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 s6ould this mortgage and the note secured hereby not be eligible for insurance under the National Housing Act within 30 DAYS from the date hereof (written statement of any officer of the Department of Housing and Urban Development or authorize~ agent of the Secretary oE Nous- ing and Urban Development dated subsequent to the 30 DAYS time from tht dete o[ this mortgage, declining to insure said note and this mortgage, being deem~d conclusive proof of such ineligibility), the mortga- gee or the holder d the note mey, at its option, declare all sums secured hereby immediately due and peyeble. The covenants herein contained shall bind. and the benefita end advantages shall inure to, the respective heirs. executors, edministrators. succeaaors. and assigns of t!K Perties hereto. Wbenever used. the aingular num- : ber shall include the plural, the plural the ~ingular. and the use of eny gender shall include all genders. ~ i 1?3 P,~ 369