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HomeMy WebLinkAbout0531 . . .r , , SF 4 5, That he will pecmit, commit. a suf~er r~b waste, 'impeirment. or deteriaatian of said property or any part thereof; and in the event of the falluce of the mortgagor to keep the buildings on said premises and those tobe erected on said pcemises. or improvements thercon. in good npalr. the modgagee may make such repairs es in its discretioa it may deem necessary fa the proper presen+atioa thereof, and the full emount ot each aad every sucb payment shall be immediately dus end payeble, and shall be secured by the lien of this mortgage. 6. Thet he will pay all and singular the co~ts. charge~. and expenses. iacluding reasonable lawyer's fees. and costs of abstracts of title, incurred or paid at any time by the mortgegee because of the failure on the pert of the mortgagor promptly and fully to perfam the agreemeats and covenaets ~ said promissory note and this mort- gage. and said costs. charges. and expenses shall be immediately due and peyable and shall be secured by the lien of this mortgage. 7. That he will keep the improveme~ts ~ow existing or hereafter erected on the modgaged pcopecty, insured as may be cequired from time to time by the mortgegee against'lo~s by fire and other hazards. casualties, and contin- gencies in such amounls and for such periods as may be required by moctgagee, and will pay promptly. when due. any premiums on such insurance Eor paymeat of which provision has not been made hereinbefoce. All insncance shall be canied in companies approved by mortgagee and the policies and renewals theceof shall be held by mat- gagee and have attarhed theceto loss payable clauses in favor of and in form acceptable to the modgagee. In event of loss he will give immediate notice by mail to mortgagee. and mortgegee mey make proof of loss if not made promptly by mortgagor. and each insucance company concerned is hereby authorued and directed to make payment for such loss directly to modgagee instead of to mortgaga and moctgagee jointly~ and the insurance pro- ceeds. or any pad thereof. may be applied by matgagee at its option either to the reduction of the indebtedness hereby secuced or to the restoration or repair of the propedy damaged. In event of foreclosure of this modgage or other transfer of title to the modgaged propedy in extinguishment of the indebtedness secured hereby. all right, title, and interest of the moctgagoc in and to any insurance policies then in force shall pass to the purchaser or grentee. - 8. That the matgagee may, at any time pending a suit upon this mortgage. apply to the court having jnrisdic- tion thereoE foc the appointmeat of a receiver, and such coud shall fodhwith appoint a receiver of the premises covered hereby all and singular~ including all and singular the income, profits, issues, and revenues from whatever source derived, each and every of which, it being expressly nnderstood, is hereby modgaged as if specificelly set fodh and described in the granting and habendum clauses heceof. and such receiver shall have all the broed 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 equity and a matter of absolute right to said matgagee, and without reference to the adequacy or inadequacy of the value of the propedy mortgaged or to the soivency or insolvency of said modgagor 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 any default on the pad of the modgagor hereunder, the mortgagor agrees to pay to the mortgagee on demand as a reasonable monthly rental Eor the premises an amount at least eq~ivalent to oae-twelfth (1/12) of the aggregate of 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 aforesaid monthly payments. 9. That (o) in the event of any breach of this modgage or default on the p~d of the modgagor, or (6) in the event that any of said sums of money herein referred to be not promptly and fully paid without demand or notice, or (c) in th~ event that each and every the stipulations, agreements, conditions, and covenants of said note and this modgage, are not duly~ promptlyl, and fully performed; then in either or any such event, the said aggregate s~m mentioned in said note then remaining unpaid, with interest accrued to that time, and all moneys secured hereby, shall become due and payable Eorthwith, or thereafter, at the option of said mortgagee, as fully and com- pletely as if all of the said suros of money were originally stipulated to be paid on such day, anything in said ~ note or in this modgage to the contrary notaithstanding; and thereupon or thereafter. at the option of said mortga- I gee, without notice or demand, suit at law or in equity. may be Qrosecuted as if all moneys secured hereby had i matured prioc to its institution. The modg,ngee may foreclose this mortgage, as to the amount so declared due and ~ payable, and the said pcemises 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 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 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, transfer, a change of ownership 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 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 modgagee may perEorm the same, and all expendituces (including reasonable attorney's fees) made by the modgagee in so doing shall draw interest at the rate set forth in the note secured hereby, and shall be repayable immediately and without demand by the mortgagor to the modgagee. and, together with interest. and costs accruing thereon. shall be secnced by this mortgage. . 13. that the mailing of a written notice or demandaddressed to the owner of record of the mortgaged premises, or dicected to the said owner at the last address actually furnished to the modgagee, or directed to said owner at said modgeged 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 provisions hereof or by law. 14. The mortgegor covenants and agrees that so long as this mortgage and the said note secured hereby are insured under the provisions of the Natlonal Hodsing Act, he will not execute or file for iecord 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 underteking, the mortgagee may, at its option, declare the unpaid balance of the debt seciued heceby immediately due and payable. 15. The modgagor further covenants that should this mortgage and the note secured heceby not be eligible for insurance under the National Housing Act within 3Q DAYS from the date heceof (written stateroent of any officer ~ the Depadment of Housing and Urban Development or authorized agent of the Secretary of Hous- ing and Urban Development dated subsequent to the 30 DAYS time fcom the date of this mortgage, declining to insure said note and this mortgage, being deemPd conclusive proof of such ineligibility), the mortga- gee or the holder of the aote may, at its optioa, declare all sums secured' heceby immediately due and payable. The covenants herein contained shall bind, and the benefits and advantages shall inure to, the respective heirs, executors, administrators, successas, and assigns af tbe padies hereto. Whenever used, the singular num- bec shall include the plural, the plural the singular, and the use of any gender shall include all genders. ~oac~.7~ r,~ 5Z$ - -w_ - _ ~ - _ - _ --__----_-_=..Y._-.--