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Home My WebLink About1293 ~ ~ ~ ~ ~ S. That he wiU permit, commit, oc suffer eo waste. impairmeat. or daterlaation of said pcope~ty o~ any pact thareof; and is the event of the failure of the mortgagor to keep the buildings on said pcemisea aad tbose tobe erected on said premises. or improvemeats thereon. in good repalr, the mortgagee a~ay make such repairs as iu Its discretion it may deem necessacy for t~e proper preservation the~eof. end the full amount of each and every such payment shall be immediately due and payable, and sball be secured by the lien of this mortgage. ~ 6. That he will pay all and singular the costs, charges. aad expenses. iacluding reasoneble lawyer's fees. and costs of abstracts of title. incurred or paid at aay time by the matgagee because of the failure on the port ot the mortgagoc promptiy and fully to perfam tbe agceemeats and coveaants of said promissory note and this mat- gage. and seid costs. chsrges, and expenses shall be immediately dua and peyable and shall be secured by the lien af tbis moctgage. 7. That he will keep the improvements now existiag oc heceafter erected oa the mortgaged property. insured as may be cequired from time to time by the moctgagee against loes by fire and other hasacds. casualties, and contin- gencies in such ampunts and for such periods as ~nay be required by matgagee, and wiU pay promptly, when due. any premiun~ o~ snch insurance for payment of which pcovision has not been made hereinbefore. All insurance shall be carried in companies appcoved by mortgagee and the policies and renewals thereof shall be held by mat- gagee and have attached thereto loss payable clauses in fevoc of and in form acceptable to the mortgagee. Ia event of loss he will give immediate notice by mail to matgagee, and mortgagee may make proof of loss if not made promptly by modgagor, and each insurance company concemed is hereby authorized and d'uected to make payment fa such loss directly to modgagee instead of to mortgagac and mortgagee jointly. and the insurAnce pro- ceeds, or any part thereof, may be applied by mortgagee at its optioa either to the reduction.of the indebt~ess hereby secured or to the restoratlon a repair of the propedy da~aaged. In event o~ foreclosure af this moct e or other t~ansfer of title to the mortg,aged property in e:tingulshmeat of the indebtedness secured hereby, al~ Ight, ~ title, aad intecest of the mortg~agur ia aod to any insurance policies then in force shall pesa to the purcbecer a giHDtCC. , 8. That the mo~gagee may. ar amr time pending a suit upon this mortgage. apply to the court having jut~~dic- tion thereof for the appointmeat of a ceceiver, and such court shall fodhwith appoint a receiver of the premises covered hereby all and singular~ including all and singular the income, profits. issues, aad revenues from whatever source derived. each and every oE which. it being expressly understood, is hereby modgaged 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 anyv~ise 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 modgagee. and without reference to the adequacy or inadequacy of the value of the property moctgaged 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 moctgage and the practice of such coud. In the event of aay default on the pad of the modgagor hereunder. the mortgagor agrees to pay to the mortgagee oa demand es a reasonable monthly rental for the premises an amount at least equivalent to one-twelfth (1/12) of the aggreg,ete of tbe twelve monthly install- ments payable in the then current year plus the actual amount of the annual tazes, asse~sments, water rates, and insurance premiums for s~ch year not covered by the aforesaid moathly payments. 9. That (a) in the event of any breach of this mortgage or default an the pad of the modgagor, or (b) in the event that aay of said sums of money .herein referred to be aot pro~ptly and fully paid without demand or notice. or (c) 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; thea in-either or aay such event. the said aggregate sum mentioned in said note then remaining unpaid, with interest accrned to that time, and all moneys secured hereby, shall become due and payable forthwith, a 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 awdgage to the~contrary notwithstanding; and thereupoa 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 secuced hereby had ! matured prioc to its institution. The mortg,agee rnay foreclose this mortgage, as to the amount so declared due and ~ payable, aad 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 modgaged premises shall be sold subject to the con- tinuing lien of this modgage for the amount of the debt not thea due and unpaid. In such case the provisions of this paragraph may again be availed oE thereafter from time to time by the mortgagee. 10. That the modgagor will give immediate notice by mail to the mortgagee of any conveyance, transfer, or change of ownership of t6e premises. 11. That no waiver of any covenant herein oc of the oblig,ation secuced hereby shall at any time thereafter be held to be a waiver of the terms hereof or of the note secured hereby. 12. Thet if the mortgagor default in any of the covenants oc agreements contained herein, or in said note, then the modgagee may perform the same, and all expenditnres (including reasonable ettorney's fees) made by the mortgagee in so doing shall draw interest at the rate set forth in the note secured hereby, and sball be repayable immediately and withont demand by the modgagor to t6e modgagee, aad. together with interest aad costs accruing thereon. shall be secured by this modgage. 13. that the mailing of a~vritten notice « demand addressed to the owner of record of the modgaged premises, or dicected to the said oarner at the last address actnatly furnished to the mortgagee, or directed to said awner at said mo~tgaged premises, and mailed by the United States mails, shall be sufficient notice and demand in any .case atising under tbis instrument aad required by the provisions hereaf or by law. ~ 14. The mortgagor covenants snd agrees that so long es this moctg,age 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 occupaacy 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 hereby immediately due and payable. 15. The modgagor farther covenaats that shoald this matgage and the note seccred hereby aot be eligible Eor insurance under the Natiaaal Housiag Act within 30 DaY from the date heceof (aritten statement of any officer of the Departaneat of Housing and Urban Devel ~~~ent or authorized ageat of the Secretary of Hous- ing and Urban Development dated subsequent to the 30 y~ time from the date of this modgage, decliaing to insnre s~id note and this mortgage. being deem•~~blfclusive proof of such ineligibility), the mortga- gee or the holder af the note may, at its optioa, declare all sums secured bereby immediately due and payable. The covenants 6erein contained shaU biad, end the benefits and advaatages shal: inure to, the respective heirs, executors, admiaistratacs, successors, and assigns d the parties hereto. 1Nheuever used, the singular num- ber shall inclnde the plaral, the plural the singnlar, and the use of any gender shall include all genders. 80a1t~~~ ~E.l~~ _ _ - - - - -