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HomeMy WebLinkAbout2267 \ ~ ' 5. That he will permit~ commit, ot suffer~no weste. impa~it~nneid. or deteriaation of said property or any part theceof; artd in the event of the feilure of th~ mo~tgagor to kecp the buildings on said premises and thase tobe erected on said premises~ or impcovements theceoa. ia good repau. the moetgagee may make such repairs as in its discretion it may deem necessary for the proper preservation thereot. and the full amount of each artd every such payment shall be immediately due and peyable, a~d shall be secured by the liert of this mortgage. 6. That he will pey all and sirtgular the coets. charges. and expenses, including reaso~able lawyer's fees, a~d costs of abstracts of title. incurred or paid at aiiy time by the mortgagee because of the failure o~ the part of the mortgagoc promptly end fully to pedocm the agreements and covenants oE said pcomissory note and this mort- gege, a~d seid costs, charges. and expenses shall be immediately due ead payable and shall be secured by the lien of this mortgege. 7. That he will keep the improvements now existing vr hereafter ecected on the modgeged propedy. insured as may be required from time to time by the mortgagee against loss by fire and other haaards, casualties, and contirt- gencies in such amou~ts and for such periods as may be required by matgagee. and will pay promptly. when due. any premiums on such insurance for payment of which provision has not been maae hereinbefore. All insarance shall be canied 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 ot and in form acceptable to the modgagee. In eveat of loss he witl give immediate notice by mail to mortgagee, and mortga¢ee may make proof of loss if not made promptly by mortgagor. and each insurance company concerned is hereby suthorized and directed to make payment Eor such loss directly to mortgagee instead of to moctgaga~ and mortgagee ;ointly, and the insurance pro- ceeds. or any part theceof. may be applied by mortgagee 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 modgaged property ia extinguishment of the i~debtedness secured hereby. all rigfit. title. and interest of the mortgaga ia and to any insurance policies then in force shatl pass to the purchaser or grantee. 8. That the mortgagee may. at any tia~e pending a suit upon this mortgage. appiy to the court havi~g jurisdic- tion thereof 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 oE which, it being eapressly understood, is hereby modgaged as if specifically set forth and described in the granting and habendum clauses 6eceof, and such receit~er shal! 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 modgaged or to the solvency w insolvency of said mortgagor 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 court. 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 E4r the premises an amount at least equivalent to one-twelfth (l/12) of the aggreg,ete 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 p~yments. 9. That (a) in the event of any breach of this modgage or default on the part of the mortgagor, or (b) 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 t6e stipulations, agreements. conditions. and covenants of said note and this mortgage, are not duly. promptly, and fully perEormed; 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. 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 'r note or in this modgage to the contrary notwithstanding; and thereupon or thereafter, 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 ~ matuced priot 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 mortgage, the mortgaged premises shall be sold subject to the con- tinuing lien of this mortgage Eor the amount oE the debt not then due and unpaid. In se~h 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 hereof or of the note secured heceby. 12. Tfiat if the modgagor defaolt in any of the covenants or agreements contained herein, or in said note, then the mortgagee may pedorm the same, and all expendit~ues (including reasonable attorney'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 mortgagor to the mortgagee, and. together with interest and costs accruing thereon, shall be secured by this mortgage. 13. that the mailing of a written notice a demand addressed to the owner of record of t:~e mortgaged premises, or directed to the said owner at the last address actually furnished to the mortgagee, or directed to said owner at said modgaged premises, and mailed by the United States mails, shall be suffi~i~~t 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 insuced under the provisions of the National Housing Act, he will not execute or file for record any instrument ~ which imposes a resUiction upon the sale or occupency oE the mortgaged propedy on the basis of race, color, or ; creed. Upon any violation of this undertaking, the mortgagee may, at its option, declare the unpaid balance of the t debt secured hereby immediately due and payable. 15. The modgagor further covenants that should this mort age and the note secured hereby not be eligible for insnrance under the National Housing Act within 30 DAY~ from the date hereof (written statement of any officer of the Depadment of Housing and Urban Devetopment or authorized age~t of the Secretary of Hous- ing and Urban Development dated subsequent to the 3O~AYS time from the date of this modgage, declining to insure s~id note and this modgage, being dee conclusive proof of such ineligibility), the mortga- gee a the holder of the note may, at its option, declare all sums secured hereby immediately due and payable. ! The covenants herein cvntained shall bind, and the benefits and advantages shall inure to, the respective heirs, executors, administcators, successas, and assigps d the padies hereto. ~:,.:never used, the singular num- ber shall inclnde the plural, the plural the singular, and the use of any gender shall include all genders. ; ; ~ ~ - : ~ _ .~~~__.a.~:~_ ~ ~ .