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HomeMy WebLinkAbout0247 ~ ± i ~ ! 5. That he will permit, commit, or suffer no waste. impai~ment, or deterio~atio~ of said property or any part 1 the~eof; and in the event of the tailure of the mortgagor to keep the buildings on said premisec and those tobe erected on said premises, or improvements the~eo~~ in good repair, Ihe mortgagee may make such repeirs as in its disccetion it may deem necessary for the proper prese~vation thereo[. and the full Amount ~f each and every such payment shall be immediately due and payable, 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 lawyer's fees. and costs of abstracts of title, incurred or paid at any time by the mortgagee because of the failuce on the part of the mortgagor promptly and fully to perform the agreements a~d covenants of said promissory note and this mort- , gage, and said costs, charges, and expeases shall be immediately due and payable and shall be secured by the lien of this mortgage. 7. That he will keep the improvements now existing or heceafte~ erected on the mortgaged p~operty. insured as may be required from time to time by the moctgagee against loss by fire and other hazards, casualties, and contin- ~ gencies in such amounts and !or such periods as may be required by mortgagee, and will pay promptly. when due, any premiums on such insurance foc payment of which provisior has not been made he~einbefore. 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 form acceptable to the mortgagee. In ~ event of loss he will give immediate notice by mail to mortgagee, and mortgagee may make proof of loss if not ` made promptly by mo~tgagor, and each insurance company concerned is hereby authorized and directed to make ` payment for such loss dicectly to mortgagee instead of to mortgagor and mortgagee jointly. and the insurance pro- i ceeds, or any part thereof, may be apptied by mortgsgee at its optian either to the reduction of the indebtedness hereby secured or to the ~estoration or repair of the pFOperty damaged. ln event of foreclosure oE this mortgage or other transfer of title to the mortgaged property in extinguishment of the inde~tedness secured hereby, all right, title, and interest of the mortgagor in and to any insurance policies then in orce si'iall pass to the purchaser or grantee. ~ 8. That the mortgagee may~ at a~y time pending a suit upon this mortgage, apply to the court 6aving jurisdic- tion thereof for the appointment of a receiver, and such court shal! 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 o[ which, it being expressly understood, is hereby mortgaged as if specifically set forth and described in the granting and habendum clauses hereof, and such receiver shall have all the broad and effecti~~e 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 or inadequacy 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 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 for the premises an amount at least equivalent to one-twelfth (1/12) of the aggregate of the twelve monthly install- ments payabie 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 (u) in the event of any breach of this mortgage or default on the pad 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 (~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 accrued to 'that time. and all moneys secured hereby, shalt 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 f note or in this mortgage to the contrary notwithstanding; ar.~ the-eupon or thereafter, at the option of said mortga- ~ gee, without notice or demand, suit at lau or in equity, may be ~,:osecuted as if all moneys secured hereby had ; matured prior to its institution. The mortgagee may Eoreclose this mortgage. as to the amount so declared due and F payable. and the said premises shall be sold to satisEy and pay the same together with costs, expenses,and allow- j ances. In case of partial Eoreclosure e~ this mortgage, the modgaged premises shall 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 oE thereafter frc~m time to time by the mortgagee. 10. That the mortgagoc 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 hereoE or af the note secured hereby. 12. That if the mortgagor deEault in any of the covenants or agreements contained herein, or ;n 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 mortgagot to the modgagee, and, together with interest and costs acctuing ~ thereon, shall be secured by this mortgage. ~ 13. that the mailing oE a written notice or dernand 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 owner at 3 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 provisi~s hereof ot by law. ~ 14. The mortgagor covenants and agrees that so long as this mortgage and the said note secured hereby are i insured under the provisions of the National Housing Act, he will not execute or file Eor record any instrument i which imposes a restriction upon the sale or occupancy of the modgaged property on the basis oE 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 mortgagor further covenanfs that should this mortgage and the note secured hereby not be eligible ~ for insurance under the National Housing Act within 3O DAYS from the date hereof (writte~ statement ~ of any officer of the Department of Housing and Urban Development or authorized agent oE the Secretary of Hous- ~ ing and Urban Development dated subsequent to the 3~ D/~ YS time from the date of this modgage, ~ declining to insure said note and this mortgage, being deem~d conclusive proof of such ineligibility), the mortga- ; gee or the holder of the note may, at its option, declare all sums secured hereby immediately due and payeble. ~ The covenants herein contained shall bind, and the benefits and advantages shall inure to, the respective i heirs, executors, aciministrators, successors, and assigns of the parties 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. j j ~ ~ gooK 181 ~~E 24Q - - ~ ~ fi ~ ~ ~ - ~ - v~~ .