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HomeMy WebLinkAbout2854 ~ ~ ! . ~ ~ ~ ~ . ~ 5. That he will permit, commit. or suffer no waste, impairmeat~ or deterioration of said propecty o~ any part theceof; and in the event of the failuce of the modgagor to keep the buildings on seid premises and those tobe ecected on said pcemises, oc improvements thereon~ In good repau. the modgagee may make such repairs as in its discretion it may deem necessary for the proper preservation thereof, and the full amount of each and every such payment shall be Ima~ediately due and p~yable~ and s6all be secured by the lien of this mortgage. 6. That he will pey all and singular the costs. charges. a~d expe~ses. including reasonable lawyer's fees. and costs of abstracts of title~ incuned ot paid at any time bythe matgegee because of the feilure on the part of the mortgagoc promptly and tully to perfucm the agreements and covenents of said promissory note and this mott- gage. and said costs, charges. and expenses shall be immediately due and payable and shall be secured by the lien of this mortgage. 7. That he will keep the improvements now existing or hereafter erected on the modgaged pcoperty. insured es may be required from time to time by the mortgagee against loss by fire and othec hazards. casualties, and contin- gencies in such amounts and Eoc such periods as may be required by matgegee. and will pay promptly, when due. any premiums on such insurance for peyment of which provision has not been made hereinbefore. All insurance shall be carried in companies approved by mortgagee and the policies and renewals theceof shall be held by mort- gagee and have attached thereto loss payable clauses in favor of and in form acceptable to the 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 coropaay concemed is hereby authorized and d'uected to make payment foc sucb loss directly to modgagee instead of to moctgaga and mortgagee jointly. and the insurance pro- ceeds, or any part thereof, may be applied by matgagee at its option either to the reduction of the indebtedness hereby secuced or to the restoration a repair of the propecty damaged. In event of foreclosure of this mortgage oc other transfer of title to the moctgaged propedy in extinguishment of the indebtedness secured hereby, all right, title, and interest of the mortgagoc in and to any insurance policies then in force shall pess to the purchaser or grantee. 8. That the mortgagee may. at any time pending a suit upon this mortgage, apply to the court having jurisdic- tion thereaf foc the appointment of a receiver. and such court shall forthwith appoint a receiver of the premises covered hereby all and singular, includiag 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 coud 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 mortgaged or to the solvency 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 mortgage and the practice of such coart. In the event of any default on the pad of the modgagor hereunder. the moctgagor agrees to pay to the modgagee on demand as a reasonaale monthly rental for the premises an amount at least eQ4ivalent 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 fal in the eveAt of any breach of this mortgage or default on the pad of the modgagor, or (b) 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 in the event that each and every the stipulations, agreements. conditions, and covenants of said note and this mortgage, are not duly, promptly, snd fully petformed; then in either or any such event, the said aggregate sum mentioned in said ~ote then remaining unpaid, with interest accrued to that time. and all moneys secured hereby, shall becocae 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 originatly stipulated to be ~aid on snch day, anything in said note or in this modgage to the contrary notaithstaading; and thereupon or theceafter, at the option of said mortga- gee, arithout 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 'i payable, and the said premises shall be sold to satisfy and pay the same together with costs, expenses,and allow- t ~ ances. In case of pertial foreclosure of this mortgage, the mortgaged premises shall be sold subject to the con- ~ tinuing lien of this modgege for the amount of the debt not then due and uapeid. Ia such case the provisioas 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 modgagee of any conveyance, transfer. or change of ownership of the premises. ~ 11. That ~o 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 if the mortgagor default in any oE the covenants or agreements contaiaed herein. or in said note, then the mortgagee may perform the same, and all expenditures (including reasonable attaaey's fees) made by the mortgagee 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 modgaga to the modgagee. and, together with interest and costs accruing thereon, shall be sec~ued by this mortgage. 13. that the mailing of a written notice or demand addressed to the owner of record of the mortgaged premises, or directed to the said owner at the last address actually furnished to the mortgagee, or dirrcted to said ovvner at , said modgaged 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 mortgagor covenants and agrees 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 execute or file for record any instrument ~ which imposes a restriction upon the sale or occupancy of the modgaged property on the basis of race, color, or ~ creed. Upon any violation of this undertaking, the modgagee may, at its option, declare the unpaid balance of the ~ debt sec~ued hereby immediately due and payable. 15. The modgagoc further covenaats that should this moctgage aad the note secured hereby not be eligible ~ for insurance under the Natianal Housing Act within j~~ from the date hereof (written statement of any officer of We Department of Housing and Urban velopment oc authorized agent of the Secretary of Hous- ing and Urban Development dated subsequent to the y time from the date of this mottgage, declining to ins~ue said note and this modgage, being dee •_~ic nc~'i~ive proof.aE such ineligibility), the modga- gee or the holder of the note may, at its option, declare all sums secured hereby immediately due and payable. The covenants herein contained shall bind, and the benefits and advantages shall inure to, the respective heirs, eYecutors, administcators, successocs, aad essig~s af the padies hereto. Whenever used, the singular num- ber shall inclnde the plural, the plural the singular, and the u~e of any gender shall include all genders. , ~ B~ ~7~ ~2g47 I ` ~ _~~r _