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HomeMy WebLinkAbout0624 ~ c_ t . ~ . : ~,.i.~- ,1~ , i . 5. That he will permit. commit, or suffer eo weste, impaicment, or deteriocation of said property or any pad thereof; and in the event of the failure of the mortgagor to keep tbe buildings on said premises ead those tobe . erected on ~aid premises. or improvean~nts thereon. in good cepair, the aRoctgagee a~ay make such repeics as in its dlscretion it way deem necessary for the propec preservation thereoE, and the full amouat of each and every such . payment shall be immediately due and payable. and shall be secuted by the liea of this mortgage. 6. That he will pay all and singular the costs. charges~ and expenses. inclading t~soneble lawyer's fees, snd costs of abstracts of title. incurred ~ paid at any time by the matgegee because of the feilure ot~ the pect of the mortgegor promptly and fully to perform the agreements and covenants of said promiasory note and this mort- gage, and said costs, charges, and expenses shall be im~oediately due and payable and shall be secured by the lien of tbis mortgage. 7. Thst he will keep the improvements now existing ot her~after erected on the mortgeged propedy. insured as may be required from time to time by the matgagee against loss by fire and other hazards, cesualties. and contia- gencies in such amounts and for such periods as may be required by moctgagee, aad will pey promptly. when dne~ any premiums on such insurance Eor payment of which provision has not beea made hereinbefoce. All insurance shall be canied i~ companies approved by mortgagee aad the policies and renewels thereof shall be held by moct- gagee and have attached thereto loss payable clauses in fav~ of and in form acceptable to the mortgagee. In event of loss he will give immediate notice by mail to mortg,agee. and mortgagee may make proof of loss if not mede promptly by moctgagor, and each insurance company concemed is hereby authorized and directed to make ~ peyment foc such loss dicectly to mortgagee instead of to mortgaga and mortgagee joiatly, and the insurance pro- ceeds, or eny part thereof, may be applied by matgagee at its option either to the reduction of the indebtedness hereby secured or to the restoration oc repair of the propedy damaged. In event of foreclosure of this mortgage or other transfer of title to the madg,aged property in extinguishment of the indebtedness secured hereby. all right, title. and interest of the mortgaga in and to any insurance policies then in force shall pass to the purchaser or grantee. 8. That the modgagee may; at any ime pending a suit upoq this mortgage, apply to the conrt having jurisdic- tion thereof for the appointment 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 eevenues from whatever source derived, each and every of which. it being expressly understood, is hereby modgaged as if specifically set forth and described in the granting and habendum clauses hereof. a~ 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 mortgagee, and without reference to the adeqnacy or inadequacy of the value of the propedy mortgaged or to t6e solvency or insol~?ency of said modgagor or the defendents. and that such cents, profits, income, issues, and revenues shall be a~plied by such receiver according to the lien of this mortgage and the practice of such court. In the4e~en,~,o~ any default on the part of the modgagor hereunder. the moctgagor agrees to pay to the mortgagee an •detAand a~ a reasonable monthly rental for the premises an amount at least equivalent to one-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 mortgage or default on the pad of the mortgagor, or (b) in the event that any of said sums of money herein referred to be not promptly artd fully paid without demand or notice, or (c1 in the event that each and every the stipulations. agreements. conditions, and covenants oE said note and this mortgage, are not duly, promptly, and fully performed; 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 all moneys secured hereby, shall become due and payable forthwith. a thereafter, at the option of said mortgagee, as fully and com- pleteiy as if all of the said sums of money wece originally stipulated to be paid on such day, anything in said note or in this modgage to the contrary notwithstanding; and thereupon w thereatter, at the option of said mortga- gee, without 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 modg,agee may Eoceclase this modgage, as to the amount so declared due and payable, and 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 mortgaged premises shall be sold subject to the con- tinuing lien of this modgage fot the amount of the debt not then due and unpaid. In such case the provisions of this patagraph may again be availed of theteafter 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 the premises. 11. That no waiver of any covenant herein or of the obligation secured hereby shall at any time thereaEter be held to be a waiver of the terms heceof or of the note secured hereby. 12. TF~at if the mortgagor default in any of the covenants or agreements contained herein, oc in said note, then the mortgagee may perform the same, and all expenditures (including reasonable attaney's fees) made by the mortgagee in so doing shall draw interest at the rate set fath in the note secured hereby, and shall be repayable immediately and without demand by the modgagor to the modgagee, and, together with interest and costs accruing thereon. shall be secnred 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 ihe said owner at the last address actually fwnished to the modgagee, or directed to said owner at said modgaged pcemises, 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 mortgagor covenants and agrees. t1~t so long as this modgage 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 reshiction upon the sale or occupancy of the mortgaged property on the basis of race, col~, or creed. Upon any 'violation of this undertaking, the mortgagee may, at its option, declare the unpaid balance of the debt secnred hereby immediately due and payable. 15. The modgagor further covenants that should this mortgage and the note secured hereby not be eligible for insurance under the National Nousing Act within 30 DAYS from the date hereof (written statement of any officer of the Departmeat of Housing and Urben Development or authorized agent of the Secretary of Hous- ing and Urban Developmeat dated subsequent to the ~~AYS time from the date of this mortg,age, declining to insure said note and this mortgage. being dee conclusive ptoof oE such ineligibility), the mortga- gee or the holder of the note may, at its option, declare all snms secured hereby immediately due and payeble. The covenaats herein contained s6a11 bind, and the benefits and advantages shall inure to, the respective heirs, executocs, administrators, successocs, aad assigps d the padies hereto. Whenever used, the singular num- ber shall inclode the plural, the plural the singular, and the ose of any geader shall include all genders. f 2 ~ ~ i . - . ; ~ _ - . . -