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HomeMy WebLinkAbout2994 ~ S. That he will permit, commit, ot suffec no waste. impaicmeat. or deterioration of said ptopedy or eny pad thereof; and in the event of the failure of the mongegor to keep the buildi~gs o~ said premises aad those tobe erected on said premises, oc improvements thereon.~yn good repair. the mortgegee may make such cepairs as in its dlscretio~ it may deem necessary fw the p~oper pceservation therzof. and the full amount of each and every such payment shall be imaiediately due end payeble, and shall be secuced by the liea of this mortgage. 6. That he will pay all artd singular the costs. charges. and expenses. including reasonable lawyer's fees. and costs of abstrects of title~ incurred oc paid at a~y time bythe mortgagee beceuse of the faiture oe the pert of tbe mortgagoc promptly and fully to pe~fam the agreements and covenants of said promissory note end this mort- gage. and seid cc,sts. charges, and expenses shall be immediately due end peyable end shall be secured by the lien of this mo~tgage. ~ ; 2 ; ; ` 7. That he will keep the improveme~s aoi existie~ b~ blreafter erected on the modgaged property. insured as may be required from time to time by the mo~tgagee against loss by fire and other hazards. casualties, and contin• - gencies in such amounts and for such periods as may be required by mortgagee. and will pay promptly. when due. any premiums on such insurance for payme~t of which provision has not been mede heceinbefoce. Al! insurance shall be carried in companies approved by mortgagee and the policies end renewals thereof shall be held by mat- gagee and have attached thereto loss payable clauses in favor of and in form acceptable to the modgagee. In event of loss he will give immediate notice by m~i! to moctgegee, and mortgagee may make proof of loss if not : made promptly by mortgegor. and each insurance compa~y concerned is hereby authaized and d'uected to make peyment for such loss directly to mortgagee instead of to matgagor and mortgagee jointly, and the insurance pro- ceeds, or any pad theceof. may be applied by matgaeee at its option eithec to the reduction of the indebtedness hereby secured or ta the restoration ot repair of the property damaged. In event of foreclosure oE this mortgage or othec transfer of title to the mortgaged propecty in extinguishment a the indebtedness secured hereby, all right. title. and interest of the mortgagoc 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 coart having jurisdic- tion thereof for the appointment of a receiver. and such coud shall forthwith appoint a receiver of the premises covered hereby au 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 modgaged as if specifically set fodh 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 court 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 propedy modgaged or to the solvency or insolvency of said modgagor or the defende~ts, and that such rents. profits, income, issues, and revenues shall be applied by such receiver ~ according to the lien of this modgage and-the practice of such court. In the eveat of any default on the part of the modgagor 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 eggregate of ihe 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 aforesaid monthly payments. 9. .That (a~ in the event of any breach of this modgage or default on the pad of the modgagor, or (6) in the event that any of said sums of money herein referred to be not promptly and fully paid witho'ut~demand or notice, or (c) in the event that each and every the stipulations, agreements, couditions, and covenants of said note and this modgage, are not duly. promptiy, and fully perEormed; then in either or any snch 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, or thereafter. at the option of seid mortgagee, as fully and com- pletely as if all of the said sums of money were originally stipulated to be ~aid 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- k gee, without notice or demand. suit at law or in equity. may be prasecuted as if all moneys secured hereby had j matured pcioc to its institution. The mortgagee may foreclose this mortgage, as to the amount so declared due and j payable. and the said premises shall be sold to satisfy and pay the same together with costs, expenses,and allow- j 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 oE thereaEter from time to time by the mortgagee. P 10. That the modgagor aill give immediate notice by mail to the mortgagee of any conveyance, transfer, or t change of ownership of the pcemises. 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 hereof or of the note secured hereby. l2. Thet if the mortgagor default in any of the covenants a agceements contained herein~ or in said note. then the mortgagee may perform the same, and all expenditores (inclnding reasonable attocney's Eees) made by the mortgagee in so doing shall draw interest at the rate set fath in the note secnted hereby, and shall be repayable immediately and without demand by the mortgaga to the modgagee, and, together with intere~t and costs accruing thereon. shall be secured by this modgage. 13. that the mailing of a written notice or demandaddressed to the owner of record of the modgaged premises, or directed to the said owner at the last address actually fucnished to the modgagee~ or directed to said owner at said mortgaged 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 pcovisions hereof or by law. 14. The modgaga covenants and agcees 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 eaecute oc file for record any instrument which imposes a restriction upon the sale or occupency of the mortgaged pcopedy on the basis of race. cola, or ~ creed. Upon any violation of th~s undertaking. the mortgagee may, at its option, declare the unpaid balance of the ~ debt secured hereby immedietely due and payable. 15. The mortgagoc f~uther covenants that s6ould this moct age and the note secured hereby aot be eligible f~ insurance under the National Housing Act within 'Ihi=ty~Y'~+ from the date hereof (written statement oE any officer of the Department of Housing and Urbaa Development or anthaized ~~ent ot the Secretary of Hous- ing and Urban De~~elopment dated subsequent to the -r~Y vap5 tie~e from the dete of this modgage, declining to insure seid note and this mortgage, being deem~d coaclusive praof oE such ineligibility). the mortga- gee a the holder d the note may, at its option, declare all sums aecuted hereby immediately due and payebte. The covenents herein contained shall bind, and the benefits and edvantages shall inure to, the respective ~ heirs, executas, admiaistcators. successors, and assigns of the p~ties hereto. Wheoever nsed~ the singuler num- j ber shall include the plural, the plural the singular, and the use of any gender sball include ell genders. f t 's ! sa~ 1~'3 p~ 2976 ~ ! , - - -~r~~~~ - ~ ~ - ~~F -