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HomeMy WebLinkAbout2796 l 4 ~ ; ~ . . 3 5. That he will permit~ commit~ or sutfet no waste. impairme~t. oc dete~iocation of said property or any part thereof; and in the event of the feiluce of the mortgagor to keep the buildings o~ said pcemises end those tobe erected on seid premises. or improvements thereon. in good repair. the modgegee may make such repei~s 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 immediately due and peyable. and ahall be secuced by tfie lien of this mortgage. 6. That he will pay all end singuler the costs. charges, an6 expenses. including reasonable lawyer's Eees, and costs of abstracts of title~ incurred oc paid at any time by the mortgagee because of the failure on the part of the mortgagor promptty and fully to perform the agreements and covenants of said promissory note and this mott- gage. and said costs. charges. and expe~ses shall be immediately due aad payable end shall be secured by the lien of this moctgage. 7. That he will keep the improvements now existing or hereafter erected on the modgaged property, insured as mey be required from time to time by the moctgagee against loss by fire and other hazards, cesualties. and contin- gencies in such amounts and tor such periods as may be required by mortgagee. and will pay promptly, when due. any premiums on such insurance for payment of which provision has not bee~ msde hereinbefore. All insurance ~ ~ shall be carried in companies ap~oved by modgagee and the policies and re~ewals thereof shall be held by mat- : gagee and have attached thereto loss payable clauses in favor of and in form ecceptable to the modgagee. In event of loss he will give immediate notice by mail to mortgagee~ and mortgagee may make proot oE loss if ~ot = made promptly by mortgagor. and each it~surance company concerned is 6eteby authorized and directed to make ~ payment for such loss directly to moctgagee instead of to mortgago~ and mortgegee jointly, and the insurance pro- ~ ceeds. or any part thereof. may be applied by mortgagee at its option either to the reduction of the indebtedness hereby secured or to the restoration a repair of the property damaged. In event of foceclosure of this mortgage oc other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby. ell right. title. and interest of the mortgagor 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 mortgage, apply to the court having jurisdic- tion thereof fa the appointment of a receiver, and such court shall forthwith appc~int 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 understood, is hereby modgaged as if specifically set forth and described in the granting and habendum clauses hereof, and such ceceiver 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 refere~ce to the ~ adequacy or inadequacy of the value of the propedy m~rtgaged or to the solvency or insolvency of said mortgagor or the defendents, and that such rents, profits, income. issues, and revenues shall be applied by such receiver f according to the lien of this mortgage and the practice of such coud. In the event of any default on the pad of the ~ mortgagor hereunder, the mortgagor ag~ees to pay to the mortgagee on demand as 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 covet~ed by~the`aforesaid monthly payments. ~ 9. That (al in the event of any breach of this modgage or default on the pert of the mortgagor, or (b) in the event that any of said sums of money herein referred to be not promptly and fully paid withont demand or notice. or (c1 in the event that each and every the stipulations, agreements, coaditions, and covenants of said note and this modgage, 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 thereaker, at the option of said moctgagee, as fully and com- pletely as if all of the said sums of money were originally stipulated to be {~aid on such day. anything in said note or in this modgage to the contrary notwithstanding; and theceupon or theceafter, et 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 mortgagee may foreclose this mortgage, as to the amount so declared due and € f payable. and the said premises shall be sold to satisfy and pay the same together with costs, expenses,and allow- ~ k ances. In case of partial foreclosure of this mortgage~ the mortgaged premises shell be sold subject to the con- _ ~ tinuing lien of this mortgage for the amount oE the debt not then due and unpaid. Ia such case the provisions of _ this paragraph may again be availed of thereafter from time to time by the modgagee. ~ 10. That the mortgagor will give immediate notice by mail to the mortgagee of any conveyance, transfer, a ~ change of awnership of the premises. ~ ~ lI . 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 if the mortgagor default in any of the covenants or agreements contained herein, or in said note, then the moctgagee may perform the samg, and all expenditures (including reasonable attorney'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 mocEgaga to the mottgagee, end, together with interest and costs accruing thereon, shall be secured by this mortgage. 13. that the mailing of a written notice oc demandaddressed to the owner of record of the mottgaged premises, or directed to the said owner at the last address actually furnished to the mortgagee, ot directed to said owner at ; said mortgaged 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 modgagor covenants and ag~ees that so long as this matgage and the said note secured hereby are ~ insured under the provisions of the National Housing Act, he will not execute or file Eor record any instrument : ~ which imposes a cestriction upon the sale or occupancy of the mortgaged pcopedy on the basis of race, cola, or ~ creed. U ~ an violation of this undertaki } - po y ng, the mortgagee may, at its option, declace the unpaid balance of the ~ debt secured hereby immediately due and payable. ; ~ 15. The modgagoc further covenants that should this mottgage and the note secured hereby aot be eligible : ~ Eor insurance under the Natioaal Housing Act within lla from the date hereof (written statement ~ of any officer of the Depactment of Housing and Urban C e~me~ or authoriaed agent of the Secretary of Hous- t ing and Urban Development deted subsequent to the u time Erom the dete of this modg,oge, j ~ declinin to insure seid note and this mort a e, bein dee~cTii~i~+e g g g g proof of such ineligibility), the mortga- ~ gee or the holder d the note may, at its option, declere all sums secared hereby immediately due and payeble. The covenants herein contained shall bind, and the benetits and advantages shall inure to, the respective ' heirs, executa's, administratas. successors. sad assigna d the parties hereto. Wheaever used, the singular num- ber shall inclode the plural, the plural the singular, and the use of any gender shall include all genders. - ; ~ t ~ ~ ~ eoo c~~J ~2~ ~ ~ ~ _ - - ~~r,. 4' ,Y t ~ ' ' ' ; ,F` ~ -a,~ ~ Sa- f ~ r .H-« ~ ~ . _ ~ ~~i'~i~."": . .