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HomeMy WebLinkAbout1809 ` ~ ~ w ~ t'~ ! ~ ~ i" s.,,3, . .a ; { . 5. That he will permit. commit. or suffer no waste~ impc~irment. oc deterioration oE said propedy or any part ~ereo[; and in the event of the failure of the mortgagor to keep the buildings on said premises aad those tobe ~rected o~ said premises~ or improvements theceon. in good repair, the mortgagee may aieke such repairs as irt its iscretio~ it mey deem necessary for the proper presenration thereof, and the full emou~t of each and every such ~ayment shall be immediately due and payable, and shall be secured by the lien of this mortgage. 6. That he will pay all and singular the costs. charges. and expenses. including reasonable lawyer's Eees. ~f . and costs of abstracts of title, incur~ed oc paid at a~y time by the mortgagee because of the failure on the part oE the mortgago: ptomptly and fully to perfocm the agreements and cove~ants of said promissory note and this mott- f gage. and said costs. charges. and expenses shall be immediately due and p~yable and shall be secured by the lien of this mortgage. 7. That he will keep the improvements now existing or hereafter erected on the mortgaged propedy, i~sured as may be required from time to time by the mortgagee against loss by fire and other hazards, cesualties. and contin- gencies in such amounts and for such periods as may be required by matgagee, and will pay promptly~ when due. any premiuu~ un such insura~ce for payment of which provision has rtot been made hereinbefore. All insurance shall be carried in companies approved by mottgagee and the policies and renewals thereoE shall be held by moct- gagee and have attached thereto loss peyable clauses in favor of and in forni~ acceptable to the mortgagee. In event of loss he will give immediate notice by mail to mortgagee, and mortgagee may make proof of loss if not made promptty by mortgagor, and each insurance company concerned is hereby authorized and directed to make payment Eoc such loss directly to modgagee instead of to matgagor and mortgagee jointly. and the insurance pro- ceeds, or any part thereof. may be applied by mortgagee at its option either to the reduction of the indebtedness hereby secured or to the restotation or repair of tl~e propedy damagec~. In event of foreclosure of this mortgage or other tcansEer of title to the mortgaged propedy in extinguishment of the indebtedness secured hereby, all right, title. and interest of the mortgagor in a~d 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 thereof for the appointment of a receiver, and such court shall fodhwith appoint a ceceiver of the premises covered hereby all and singular, including atl 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 Eorth 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 couct 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 ~ i, 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 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) of the aggregate af the twelve monthly install- 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 afotesaid monthly payments. 9. That in the event of any breach of this modgage or default on the part of the modgagor. or (6) in the + event that any of said sums of money herein referred to be not promptly and fully paid withont demand or notice, or (c) in the event that each and every the stipulatipns, agreements, conditions, and covenants of said note and this modgage, are not duly, promptly, and• fully per~ormed; 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 aIl moneys secured hereby~ shall become due and payable forthwith. or thereaEter, at the option of :;aid mortgegee, as fully and com- pletely as if all of the said sums of money were originally stipulated to be ~,iid on such day, anything in said note or in this modgage to the contrary notwithstanding; and thereupon or thereafter, at the option of said matga- ~ gee, without notice or demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby had ' matured prioc 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 togethec with casts, 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 modgage fa the amount of the debt not then due and unpaid. In s~6 case the provisions of ~ this paragraph may agaia be availed of thereafter from time to time by the modgagee. 10. That the modgagor will give immediate notice by mail to the modgagee of any conveyance, transter, or change of ownership of the premises. ~ 11. That no waiver of any covenant herein or of the obligation secured hereby shall st any time thereafter be held to be a waiver of the terms hereof or of the note secured hereby. 12. That if the modgagoc default in any of the covenants or agreements contained herein, or in said note, t~ien the modgagee may pedorm the~ samg, and all eacpenditures (includuig 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 6e repayable immediately and without demand by the modgagar to the modgagee, and, together with interest and costs accruing thereon, shall be secured by this modgage. 13. that the mailing of a written notice or demand addressed to the owner of record of the mortgaged pcemises. or dicected to the seid owner at the last address actually furnished to the mortgagee, or directed to said awner at said modgaged pcemises, and mailed by the United States mails, shall be sufficient notice and demand in any case arisiag under this instrument and required by the provisions hereof or by law. ~ ~ 14. The mortgagor covenants and agcees that so long as this mortgage and the said note secured hereby are ~ insured nndet the provisions of the National Housing Act, he will not execute or file for record any instrument ~ wnich impases a resUiction upon the sale or occupancy of the modgeged propedy on the basis of race, cola, or ' creed. Upon any violation of this undertaking, the mortgagee may, at its option, declare the unpaid balance of the d~bt secured hereby immediately due and payable. 15. The modgagor further covenants that should this mor~tgage and the note secuced hereby not be eligible for insurance under the National Housing Act within Z~rty llays from the date hereof (written statement' of any oUicer of the Depadment of Housing and Urban Development or authorized agent of the Secretary of Hons- ing and Urban Development dated subsequent to the 1~hi~ity jag~ time from the date of this modgage, declining to ins~ue said note- and this modgage, being deemPd conclusive proof of such ineligibility), the modga- " gee o~ the holder oE the note may, at its option, declare all sums secured hereby immediately due and payable. The coveaants herein contained shall bind, and the benefits and advantages shall inure to. the respective heirs, executors, administrators, successors, aad assigns af the padies hereto. Whenever used, the singuler num- ber shall include the plural, the plural the singular, and the use of any gender shall include all genders. eooK17~ P~~17~