Loading...
HomeMy WebLinkAbout1176 ~ ` - i. ~ * : 5. Thet he will permit. commit. or suffer no waste. impairment. or deterioration of said propedy or any pad thereof; and in the event of the failuce of the moctgagoc to keep the buildings o~ said premises and those tobc e~ected o~ said pcemises. or impcovements the~eon. in good repair. the mo~gagee may make such repairs as i~ its discretion it may deem necessary for the proper presecvation thereoE. and the full amount of each and every such payment shall be immediately due and payeble. and shall be secured by the lien of this mortgage. 6. That he will pay all and singular the costs, charges, and expenses, including reasonable lewyer's Eees. and costs of abstracts of title~ incurred oc paid at eny time by the mortgagee because of the feilure on the pert of the moctgagor promptly and fully to pertam the agreements and covenants of said promissory note and this mort- gage, and said costs. charges. end expenses shall be immediately due and payable and shell be secured by the lien of this moctgage. 7. That he will keep the improvements now existing or hereafter erected on the mortgeged ptopedy. insured as may be required from time to time by the mortgagee against loss by fire and othe~ hazards. casualties. and contin- gencies in such amounts and for such periods as may be required by mortgagee. and aill pay promptly. when due~ any premiums on such insurance for payment of which provision 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 Eorm acceptable tothe mortgagee. In event of toss he aill give immediate notice by mail to moctgagee. and mortgagee may make proof of loss if not made promptty by matgagor. and each insurance company concemed is hereby authorized and directed to make payment for such loss directly to mortgagee instead of to mortgagor and mortgagee jointly, and the insurance pco- ceeds. or any pad thereoE. may be applied by moctgagee at its option either to the reduction of the indebtedness hereby secured or to the restoratio~ or repair of the propedy damaged. In event of foreclosure of this mortgage or other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby. all right, title, and interest of the mortgagor in and to any insurance policies then in force shall pass to the purchaser oc grantee. 8. That the mortgagee 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 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 of which, it being expressly understood, is hereby mortgaged as if speciEically 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 court as an admitted equity and a matter of absolute right to said mortgagee, and without reference to the adequacy ur inadequacl of the value of the property mortgaged 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 according to the lien of this mortgage and the practice of such coud. ln the event of any default on the pad of the mortgagor hereunder, the matgagor agcees 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 covered by the aEoresaid monthly payments. 9. That (o) in the event of any breach of this mortgage or default on the part of the mortgagor, or (6) in the eve~t that any of said sums of money herein referred to be not promptly and fully paid withou"t demand or notice, or (~1 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 accroed to that time. and all moneys secured hereby, shall become due and payable forthwith, or thereafter, 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 mortgage to the contrary notwithstanding; and thereupon or thereafter, at the option of said mortga- j 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 ! 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 foceclosure of this moctgage, the mo~tgaged premises shell be sold subject to the con- tinuing lien of this mortgage for the amount of the debt not then due and unpaid. In such case the pcovisions of ~ this paragraph may again be availed of thereafter from time to time by the mortgagee. ~ 10. That the mortgagar 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 secuced 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 mortgagee may perform the same, and all expenditwes (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 modgaga to the modgagee, and, togethec with interest and costs accruing thereon, shall be secured by this moctgage. 13. that the mailing of a written notice or demandaddressed to the owner of record of the mortgaged premises, or directed to the said owner at the last address actually furnished to the modgagee. or directed to said owner at ~ said mortgaged premises, and mailed by the United States mails, shall he 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 agcees that so long as this matgage and the said note secured hereby are ~ insured under t6e provisions of the National Housing Act, he will not execute oc file for record any instrument - which imposes a restriction upon the sale or occupancy of the modgaged propedy on the basis of race, cola, or = cceed. Upon any violation of this undertaking, the mortgagee may, at its option, declare the unpaid balance of the ~ debt secuted heceby immediately due and payable. ~ 15. The mortgagor further covenants that should .Wis _Q~gage and the note secured hereby not be eligible ~ Eor insurance under the Nationel Housing Act within a°~7 ~n from the date heteof (written statement ~ of any officer of the Department oE Housing end Urban Development or authorized egent af the Secretary of Hous- ~ ing and Urban Development dated subsequent to the ~~~t ~y~ time from the date of this modgage, declining to insure s~id note and this mortgage, being deemed conclusive proof oE sach ineligibility). the mortga- ~ gee a the holder of the note may, at its option, declare all sums secured hercbyammediately due and payable. ~ The covenants herein contained shall bind, and the benefits and advantages shall inure to, the respective ~ heirs, executors, administratocs, successas, and assigns aE the pedies hereto. Whenever used, the singular num- ~ ber shall include the plural, the plural the singular, and the use of eny gender shall inc~ude all genders. ~ . ~ aa~x 17$ ~~.~~5 ~ ~ ~ ~ ; _ _ . _ _ e ~ ~