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HomeMy WebLinkAbout1223 ~ ~ ~ ~ . S. That he will permit. commit. or suffer no waste. impairment, or deteriaation of said propecty o~ any part theceof; and ih the event oE the Eailure of the mortgegor to keep the buildings on said premises and those tobe erected on said premises, o~ improvements thereon. in good repair. the mortgagee may make such repeirs as in its discretion it may deem ~ecessary for ~he proper preservation the~eof. end the tul! amount of each end every such payment shatl be immediately due and payable. and shall be secured by the liee oE this mortgage. 6. That he will pay all and singular the costs. charges. and expenses. including reasoneble lawyer's ~fees. and costs of abstracts of title, incurred a peid at any time by the mortgagee because of the failure on the part of the mortgagoc promptly and fully to perform the agreeme~ts and covenaats of said promissocy note and this mort- gage, and seid costs. charges. and expenses shall be immediately due and payable and shall be secured by the lien oE this mortgage. 7. That he will keep the improvements now existing or hereafter erected on the mortgaged property. insured as ~ may be required from time to time by the matgagee against loss by fice and other hazards. casualties. and contin- gencies in such amounts and for such periods as may b~ required by mortgagee. and will pay promptly. when due. ~ any premiums on such insurence for payment of which provisio~ has not been made hereinbefore. All insucance ~ 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 i~ Eorm acceptable to the mortgagee. In event of loss he will give immediate notice by mai! to modgagee, and mortgagee mey make proof of loss if not ~ made promptly by mortgagor. and each insurance company concerned is heceby authocized and directed to make payment for such loss directly to mortgagee i~stead of to mortgagor and mortgagee jointly, and the insurance pro- ceeds. or any pact thereof, 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 transfec of title to the mortgaged property in extinguishment of the indebtedness secured hereby. all right, title, and interest of the mortgaga in and to any insurance policies then in force shall pass to the purchaser or grantee. ~ 8. That the mortgagee may. at any time pending a sui; upon this mortgage, apply to the court having jurisdic- tion thereof for the appointment of a receiver, and such court shall fodhwith appoint a receiver of the premises covered hereby a11 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 teceiver 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 mortgegee, and without reEerence to the ~ adequacy or inadequacy of the value of the propedy mortgaged or to the solvency oc 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. 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 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 aforesaid monthly payments. 9. That (a1 in the event of any breach of this modgage or default on the part of the modgagor. 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 (c) in the event that each and every the stipulations, agreements. conditions, and covenants of said note and this mortgage, are not duly, promptiy, and fully performed; then in either or any such event, the said aggregate sum mentioned in said aote then remaining unpaid. with interest accrued to that tiaie, and all moneys secured ~ hereby, shall become due and payable Eorthwith, or thereafter, at the option of said mortgagee. as fully and com- gletely 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 modgage to the contrary notwithstanding; and thereupon or thereaEter, at the option of said mortga- ~ i 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 oE partial foreclosure of this mortgage, the mortgaged 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 provisions of this paragraph may again be availed of thereafter from time to time by the mortgagee. ~ 10_ That the mortgagor wiil give immediate notice by mail to the mortgagee of any conveyance, transfer, or ; change of ownership of the premises. a 11. That no waiver of any covenant herein or of the obligation secured hereby shall at any time thereaEter be t ~ held to be a waiver of the terms hereof or of the note secured hereby. , ~ 12. That if the moctgagor default in any of the covenants or agreements contained herein, or in said note, then ~ the mortgagee may perform the same, 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 mortgaga to the modgagee, and, together with interest and costs accruing ; thereon, shall be secured by this mortgage. 13. that the mailing of a written notice or demandaddressed to the ownec of record of the mortgaged premises, ' or directed to the said owaer at the last address actually futnished to the modgagee. or 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 tequired by the provisions hereof or by law. . 14. 'The mortgagoc covenants and agrees that so long as this mortgage and the said oote secured heceby are insured under the provisions of the National Housing Act, he will not execute or file for record a~y instrument ~ which imposes a resjriction upor. the sale or occupancy oE the mortgaged property 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 , ~ debt secured hereby immediately due and payable. 15. The mortgago~ further covenants that should this moctgage and the note secured hereby not be eligible for insurance under the National Housing Act within Thiity l~yt from the date hereoE (written statement ~ ~ of any officer of the Depactment of Housing and Urban Development oc authorized agent af the Secretery of Hous- ~ ing and Urban Development dated subsequent to the ~~~v~ time ftom the date of this modgage, declining to insure said note and this mortgage, being d~C6tKlusive proof of such ineligibility), the mortga- ~ gee or the holder of the note may, a! its option, declare all sums secnred hereby immediately due and peyeble. ~ ~ The covenants herein contained sball bind, and the benefits and advanta~es s6a11 inure to, the respective ~ ~ heirs, executors, administrators, successocs, and assigns d the padies hereto. Whenever used, the singular num- = ber shall include the plural, the plural the singular, and the use of any gender shall include all genders. t ~ i i { 60Ux1~0 ~C~~~~ ~ ~ - - . _ ..;_~u ,~r.~_~~~...~.:: - ,~s_~~~.