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HomeMy WebLinkAbout2700 l . , -s ~ , 1 ' a 5. That he will permit. commit. or suffer no waste, impairment, or deterioration of said property or any part thereof; and ia the event of the faiture of the mortgegor to keep the buildings o~ said premises and those tobe erected on said premises. or improvements thereon, ia good repair. the moctgagee may make such repairs as i~ its discretion it may deem necessary for the proper preservation thereof. and the full amount of each and every such payment 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 ceasonable lawyer's fees. and costs of abstracts of title. incurred or paid at any time by the modgegee because oE the failure on the part of the mortgagor promptly and fully to perform the ag~eements and covenants of 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 moctgage. 7. That he will keep the improvements now existing or heceafter erected on the mortgaged propedy. insured as may be required from time to time by the mortgagee 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 payment oE which pcovision has not been made hereinbefore. All insurance shall be carried in companies approved by mortgagee and the policies and renewals thereof shall be held by mort- gagee and have attached thereto loss payable clauses in favor of and in form acceptable tothe mortgagee. In event of loss he will give immediate notice by mail to mortgagee. and mortgagee may make proof of loss if not made promptly by mortgagor. and each insurance company concerned is heceby authorized and directed to make payment for such loss dicectly to mortgagee i~stead of to mortgagor and mortgagee 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 secured or to the restoration or repair of the propedy damaged. In event of foreclosure of this mortgage or other transfer of title to the mortg,aged property in eatinguishment of the indebtedness secured hereby, all right. title, and interest of the mostgagoc 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 moctgage. apply to the court havi~g jurisdic- tion thereof for 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 revenue~ from whatever source derived, each and every of which. it being eapressly understood. is hereby mortgaged as if ~pecifically set forth 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 mortgagee, and without reference to the adequacy or inadequacy of the value of the propedy modgaged or to the solvency or insolvency of said mortgagoc or the defendents, 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 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 cental for the premises an amount at least eqyivalent 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 insnrance 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 part of the mortgagor, 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 in the event that each and every the stipulations, agreements, conditions. and covenants of 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 accraed to that time, and all moneys secured hereby, shall become due and payable forthwith, or thereafter, at the option of said mortgagee, as fully and com- pletely as if all of the said sums of money were originally stipulated to be paid on such day, anything in said note or in this mortgage to the contrary notwithstanding; and thereupon or thereafter, at the opti~'of s~id m~tga- 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 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 together with costs, expenses,and allow- ~ ances. In case of partial foreclosure of this moctgage, the mortgaged premises shall be sold subject to the con- ~ tinuing lien of this modgage 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 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 thereafter be held to be a waiver of the terms hered or of the note secured hereby. 12. That i[ the mortgagor default in any of the covenants or agreements contained herein, or in said note, then the mortgagee may perEorm the same, and all expenditures (including reasonable attorney's fees) made by the mortgaRee in so doing shall draw interest at the rate set forth in the note secured hereby, and shalt be repayable immediately and without demand by the modgagor to the modgagee~ and, together with interest and costs accruing ihereon, shall be secured by this modgage. 13. that the mailing of a written notice a demandaddressed to the owner of record of the mortgaged premises, or ditected to the said ~rner at the last address actually furnished to the modgagee, or directed to said owner at said mortgaged premises, and Inailed 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 that so long as this mortgage and the said note secured hereby are insured under the provisions of the National Nousing Act, he will not execute or file for record any instrument ~ which im oses a restriction u n the sale or occu nc of the mort a ed ro d on the basis ot race, color, or ~ P P~ Pa Y S g P Pe Y ~ creed. Upon any violation of this undertaking, the mortgagee may, at its option. declare the unpaid balance of the ~ debt secured hereby immediately due and payable. 15. The modgagor further covenants that should this mod age and the note secured hereby not be eligible Eor insurance under the National Housing Act within ~ ppY~ from the date hereof (written statement ~ of any officer of the Department of Housing and Urban velopment or authorized agent of the Secretary of Hous- ~ ing and Urban Development dated subsequent to the 30 DAYS time from the date of this mortgage, declining to insure said note and this modgage, being deem~d conclusive proof of such ineligibility), the mortga- gee or the holder of the note may, at its option, declare all sums secured hereby immediately due and payeble. The covenants herein contained shall bind, and the benefits and advantages shall inure to, the respective heirs, executocs, administrators, successors, and assigns of the padies hereto. Whenever used, the singular num- 1 ber shall include the plural, the plural the singular, and the use of any gender shall include all genders. ~ . ~~~7 ~ 4 ~215~ ~ V,.'+t-",:`~~= x4 _ " _ ' . . . . ~ _ " 'r~xry ~