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HomeMy WebLinkAbout1375 ~ . . , ~ ,v 5. That he will permit. commit~ oc suffer no waste, impair~ne6t'! i~ deterioration of said pcopedy o~ any pad thereof; and in the event of the [ailuce of the mortgagor to keep the buildings on seid premises and those tobe erected on said premises, or improvements thereon, io good repair. the mortgegee may make such repairs as in its discretion it may deem necessary tor the proper prese~vation tfiereof. end the full amount of each ar~d every such payment shall be immediately due a~d payable, aad shall be secuced by the lie~ of this mortgage. 6. That he will pay all and singular the costs. charges, and expenses. including reasonable lawyec's fees. and costs of abstracts of title~ incurred a paid at any time bythe mortgagee because of the feilure on the part of the mortgago~ promptly and fully to perfam the agieements and cove~ants of said promissory note and this mort- gage. and said costs. cfiarges. and expenses sfiall be immediately due and p~yable and shall be secured by the lien oE this mortgage. 7. That he will keep the improvements now existing or hereafter erected on the modgaged pcopedy, insured as may be requiced from time to time by the mortgagee against loss by Eire and other haZards. casualties. and contin- gencies in such amounis and foc such periods as may be required by mortgagee, and will pay promptly. when due~ any pcemiums on such insurance for payment of which provision has not been made heceinbefore. All insurance shall be carried in companies approved by mortgagee and the policies and cenewals theceof shal! be held by mort- gagee and have attached thereto loss payable clauses in favor of and in form acceptable to the mortgagee. In event oi loss he will give immediate notice by mail to moctgagee, and mortgagee may make proof of loss if not made promptly by mortgagor, and each insurance company c~ncerneci is hereby authorized and directed to make payment foc such loss dicectly to mo~tgagee instead of to mostgagor and mortgagee 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 or repai~ of the propedy damaged. ln event of foreclosure of this mortgage or other transfer of title to the modgaged property in extinguishment of the indebtedness secured he~eby. all right. title, and interest of the mortgagor in and to any insurance policies then in force sfiall pass to the purchaser or grantee. 8. That the modgagee may. at any time pending a suit upon this moctgage. 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 all and singular, including all and singular the income. profits. issues, and revenues from whatever soucce decived, each and evecy of which, it being expressly understood~ is hereby mottgaged as if specificaily set forth and described in the granting and habendum clauses hereof, a~d such tec~ivet shall have allthe broad and ~ effective functions and powers in ans~wise entrusted by a court to a teceiver. and such appointment shall be made by such court as an admitted equity and a matter of absolute rig~t to said mortgagee, and without reference to the ~ adequacy or inadequacy of the value of the property mortgaged ot to the soivency or insolvency of said mortgagor or the defendents, and that such rents, profits, income, issues. and revenues shal! 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 agcees to pay to the modgagee 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 tweive monthly install- ments payable in the then curce~t 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 (a! in the event oE any breach of this mortgage or default on the pad of the mortgagor. or (b) in the event that any of said sums of money herein referred to be not promptly and fully paid withou~ demand or notice, or in the event that each and every t6e stipulations, agreements, conditions, and covenants of said note and this modgage, are not duly, promptly, and fully pecfarmed; 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 ii 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 contcary notwithstanding; and thereupon or thereatter, at the option of said matga- ! gee, without notice or demand. suit at law or in equity, may be pcosecuted as if all moneys secured hereby had 3 matu~ed prior to its institution. The mortgagee may foreclose this mortgage, as to the amount so declared due and E payable, and the said premises shall be sold to satisfy and pay the same tagether with costs, expenses,and allow- ; ances. In case of partial foreclosure of this mortgage, the morigaged premises shall be sold subject to the ~on- ; 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. ~z ~ 10_ That the mortgagor will give immediate notice by mail to the mortgagee oE 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 hetd to be a waiver of the tecros hereof or of the note secuied heceby. , ~ 12. That if the mortgagor default in any of the covenants a 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 forth in the note secured hereby, and shall be repayable ~ ~ immediately and without demand by the mortgagor to the modgagee, and, together Kith interest and costs accruing thereon, shall be secured 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 modgagee, or directed to said awner at ' ~ ~ said modgaged premises, snd mailed by the United States mails, shall be suEficient notice and demand in any t ~ case acising under this instrument and required by the provisions hereof ot by law. 14. "I'he mostgagor cavenants and agrees that so long as this mor:gage and the said note secured hereby are ~ insured under the provisions of the National Housing Act. he will n.t execute or Eile for record any instrument r - which imposes a re$triction 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 i i debt secured heceby immediately due and payable. ~ ~ 15. The moctgagot further covenants that should m~tgage and the note secured hereby not be eligible F ~ for insurance under the National Housing Act within ~°rs from the date hereof (written statement ~ ~ ~z of any officer oE the Department of Housing and Urban Develo~ment ar authorised agent of the Secretary of Hous- ~ ~ ing and Urban Development dated subsequent to the (~tlp Days time from the date of this mortgage, : declining to insure said note and this mortgage. being deem~d conclusive proof of such ineligibility), the mortga- ° gee ~ the holder oE ihe note may, at its option, declare a11 sums secured hereby immediately due and payeble. ; ~ The covenants herein contain~d shall bind, and the benefits and advantages shall inure to, the respective ~ heics, executor'~, administrators, successors, and assig~s oE the parties heceto. Whenever used, the siagular num- ~ ber shall include the plural, the plural the singular, and the use of any gender shall include all genders. ~ ~ ~ ~OR i ~ : $oox~78 P~i374 . ~ _ . - : ~ z _ ~