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HomeMy WebLinkAbout0525 ~ ~ : ~ ~ • ti ~ ~ 5. That he will pe~ait, comaut. oc suffer waste. impaicmeat. oc deterioration of said propetty oc any pad thereof; ~nd ia the event of the feilure oE the mortgagor to keep the bnildings on said premises aad those tobe e~ected oa said premises. o~ impcovements thereon. in good repair. the moKgagee may make such repaics as in Its disecetion it awy deem ~ecessary foc the proper preservation thereoE. and the t~ll amount of eacb aad every sueh psyment shall be immediately due and payable. and shall be secured by the liea of this mortgage. ~ 6. That he will pey all and singular the casts~ charges, and expenses. inclnding ~asonable lawyer's fees, and costs of ebstrects of title. incurred a peid at any time by the matgagee because of the failure on the part oE the mort~aga promptly end fully to pecform the agceements aad covenants of said promissory note and this mott- gage, and said costs. charges. and expenses shall be ima~ediately due aad payable and shall be secured by t6e lien af this mortgage. 7. That he will keep the impcovements noar existing or hereafter erected on the modgaged pcopedy, insured as may be required from time to time by the moctgagee against loss by fire and other hazards~ casualties. and contin- gencies in such amounts and for such periods ss may be cequired by mortgagee, and will pay praaptly. when due~ any premiums on such ;:isurance fo~ paya?ent of whicb Qcovision has aot beea made hereinbefore. All insurance shall be canied in companies approved by mortgagee and the policies and renewals theceof shall be held by mort- gagee and have attached theceto loss payable clauses in favor of a~d in form acceptable to t6e modgagee. In event of lass he aill give immediate notice by mail to martgagee. and mortgagee may make proof of loss iE rtot made promptly by moctgagor. and each insnrance compeny ca~cerned is heceby authorized and directed to make payment fot such loss directly to mortgagee iastead of to matgaga and 'mortgagee jointly~ and the i~surance pro- ceeds, or any pad thereof. may be applied by mortgagee at its option either to the redaction of the indebtedness hereby secuced or to the restoration a repair of the propedy damaged. In event of foreclosure of this modgage or other transfer of title to the modg~aged property in extinguishment of the indebtedness secured hereby, all right, title. and intecest of the mortgaga ia and to any insurance policies then in force shall pass to the purchaser or graatee. 8. That the modgagee may. et aay time pending a sait 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 irtcome, profits, issues, and cevenues from whatever source derived. each and every of which. it being expressly understood, is hereby mortg,aged as if specifically set forth and described in the granting and habendum clauses hereof, and such receiver shall have all the broed and effective functions and powers in anywise entrusted by a court te a receiver, and such appointment shall be made by such court as an s~~nitted equity and a matter of absolute right to said mortgagee, and without reference to the adequacy or inadequacy of the value of the propedy mortgaged or to the solvency or insolvency of said moctgagor or the defendents, and that such rents, profits. irtcome, issues. and cevenues 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 eq~ivalent to one-twelfth (1/12) of the aggregate of the twelve monthly install- ments payabte 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 (o) in the eve~ ~of hny breach of this mortgage or default on the pad of the modgagor, or (6) in the event that any of said sums of moaey herein referred to be not promptly 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 nd duly. promptly. and fully performed; then in either or aay such eve~t, the said aggregate sum mentioned in said note then remaining unpaid, with interest acctued to that time, and all moneys secured hereby, shall become due and payable forthwith. or thereafter, at the option of said matgagee, as fully and com- pletely as if all of the said sums of money were origiaally 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, aithout 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 modgage, 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 cese of partial foreclosure of this mortgage, the mortgaged premises shall be sold subject to the con- . tinuing lien of this modgage for the amount of the debt not then dne and unpaid. In snch case the provisions of this paragraph may again be availed of thereafter Erom time to time by the mortgagee. 10. That the modgagor aill give immediate notice by mail to the mortgagee of any conveyance. transfer, ~ change of ownersbip 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 waivec of the terms hereof or of the note secured hereby. 12. That if the mortgagor default in any of the covenants or agreements contained herein, or in said note, then the mortgagee may perform the same, and all expenditares (including reasonable attocney's fees) made by the mortgegee in so doing shall draw interest at the rate set fath ia the note secured hereby, end shall be repayable immediately and without demand by the mortgagor to the mortgagee, and, together with interest and costs accruing thereon, shall be secured by this mo~tgage. 13. that the mailing of a wcitten notice a demandaddressed to the owner of record of the mortgaged premises, or directed to the said avner at the last address actually furnished to the modgagee. or directed to said owner at said mortgeged premises, and mailed by the United States mails, sball be safficient notice and demand in any case a~ising under this instrument ead required by the provisions 6ereof or by law. 14. The mortgaga covenants and agrees that so long as this mortgage and the said note secured hereby are insured urider the provisions of the National Housing Act, he will not execute or file Eor record any instrument which imposes a.restriction upon the sale or occupancy of the mortgaged propedy on the basis of ~ace. cola, or creed. Upon any violatioa of this undertaking, the mortgagee may, at its option, declare the unpaid balance of the debt secured hereby immediately due and payable. I5. The mortgagor furthar covenants that should this matgage and the note secnred hereby not be eligible for insurance under the Natioaal Housing Act ~vithin 30 DAYS from the date hereof (written statement of any otficer d tl~e Department of Housing and Urbaa Development or authorued agent of the Secretary of Hous- ing and Urban Development dated subsequent to the 30 AY time from the date of thia mortgage, decUning to iasure spid note azd this mortgage~ being dee~ c~clusive proof af such ineligibility), the mortga- gee or the holdec d the note may, at its optioa, declare all sums secured hereby immediately due and peyable. The coveaaats hereia coatained shall bind, and the beneflts and advaatages shall iaure to, the respective heirs, executocs, edministratocs. snccesso~s, and assigns aE tbe pa~ties heceto. Wheaever used, the siagular aum- - • ber shall inclnde the plucal, the plural the singutar, and the use ~ any gender shall include all genders. , , , ~~74 ~ 5~ _ .