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HomeMy WebLinkAbout0455 `~~J 5. That he wiU permit;;~co,a~iit~,~4t suffer ~~.~te, impairmeat~ ot deterioration of said property o~ any part thereof; and ib the event of the failuce of the mortgagor to keep the buildings on said premises at~d those tobe ~ erected on said pcemises. or improvements thecca?, in good repair. the moctgagee may make such repeirs as in its dlscretion it a?ay deem necessary for the proper preservation thereof. and the full amount of each and every such ~yment shall be immediately due and payable. and shall be secured by the liea af this mortgage. • 6. That he will pay all and singuler the costs~ charges. and expenses. including ceasonable lawyer's fees. and costs of abatracts of title, incurred or paid at aay time by the mortgegee because of the failuce on the pa~t of the mortgagor promptly and fully to perfam the agreements and covertants of said promissory note and this mort- . gage. and. said costs, charges. and expenses shall be immediately dne and peyable and shall be secured by the lien af this mortgage. - 7. That he will keep the improvements now existing or hereafter ecected on the mortgaged propedy. insuced as may be required from time to time by the mortgagee against loss by fire and other hazards, casualties. and coatln- gencies in such amounts and for such periods as may be required by moctgagee. and will pay pwmptly. when dae. any premiums on such insurance for payment of which provision has not been made hereinbefoce. 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 thereto loss payable clauses in favw of and in form acceptable to the mortgagee. ln event of loss he will give immediate notice by mail to mortgagee. and mortgagee may make proof of loss if not made promptly by mortgagor, and each insurance company concemed is hereby authorized and directed to make payment foc snch loBS ditectiy to moctgagee instead of to moctgagor and mwtgagee jointly, and the i~surance pro- ~eeds, or any part thereof. may be applied by mortgagee at its option either to the rednction of the indebtedness hereby secured or to the restoration a repair of the propedy damaged. In event of foreclosure cf this modgage 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 modgagee may~ at any time pending a suit upon this mortgage. apply to the court having jurisdic- tion tt!ered for the appointment of e receiver, and such coud shall Eorthwith appoint a receiver of the premises covered hereby all and singular, inclu~ing al! and singular the income, profits, issues, and revenues from whatever source derived. each and every of which, it being expcessly 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 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 eqaity 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 cents, profits, income, issues, and tevenues shall be applied by such receiver according to the lien of this moctgage and the practice of such court. !n the event of any default on the part of the mortgagor hereunder, the matgagor 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) of the aggregate of the twelve monthly install- ments payable in the then current year plus the actual amount of the snnual 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 modgage or default on the part of the mortgagor, or (bl in the event that any of said sums of money hereia referred to be. not promptly and fully paid without demand or notice, or (~1 in the eve~t that each and every the stipulations, agceements, conditions. and covenants of said note and this mortgage, are nbt 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 torthwith, or thereafter, at the o~tion 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- E 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 foceclose this mortgage, as to the amount so declared due and payable, and the said premises shall be sold to satisfy and pay the same togethe~ with costs, expenses,and allow- ances. In case of partial foreclosure of this mortgage, the mortgaged premises shell be sold subject to the con- tinuing lien of this modgage fa the amount of the debt not then due and unpaid. In such case the provisions of this paragraph may again be availed of thereatter 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 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 mortgagor de[ault 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 focth in t6e not~ secured hereby. and shall be repayable immediately and without ilemand by the modgaga to the mortgagee, and. [ogether with interest and costs accruing thereon, shall be secured by this mortgage. 13. that the mailing of a written notice a demandaddressed to the owner of record of the mortgaged premises. or directed to the said ovvner at the last address actually furnished to the mortgagee, or directed to said awner at said moctgaged ptemises, 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. µ 14. The mortgagor covenants and ag~ees tha~ so long as this mortgage and the said note secured hereby are ~ insured under the provisions of the National Housing Act, he wilt not execute or file fw recoid 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 violation of this undertaking. the mortgagee may, at its option, declare the unpaid balance oE the debt aecured hee+eby immediately due and peyable. 15. The 'mortgagor further coveaants that should this mortgage and the note secared hereby not be eligible for insurance under the Natio~al Housing Act within 3p DAYS from the date hereof (aritten statement of any ofticer of the Depa~tment of Housing and Urban Development or authorized agent of the Secretary o[ Hous- ing and Urban Developmeat dated subsequent to the 30 DAYS time from the date of this moctgage, declining to insure ssid note and this mortgage, being deemed conclusive proof oE such ineligibility), the moctga- gee o~ the holder d the note m~y, at its ogtion. declare all sums secured hereby ia~mediately due aod payeble. The coveaants 6erein contained shall bind, and the benefits and adventages shall inure to, the respective heira, executaa. administr~tocs, succesavcs. end aasigna d t6e porties bereto. Whenever used, the singul8c num- ber shall include the ptural. the plural the singular, and the use of any gender shall include all genders. o R ~ P~ 452 d~ 1 ~ ;