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HomeMy WebLinkAbout0345 5. That he will permit, commit, or sufter no waste. impairme~t, or drterioiation of said property or any part thereof; and i~ the event of the failure of the mortgagor to ke~p ihe buildings on said premises and those tobe erected on said premises, or improvements thereon, in good repair, the mortgagee may make such ~epairs as in its disc~etion it may deem necessary foc the p~oper preservation thereof. and the full amount of each and every such payment shall be immediately due and payable. and shall be secured by the lien oE 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~ incur~ed a paid at any time by the modgagee because of the failure on the part of the mortgagor promptty and fully to perform the agreements and covenants of said ptomissory note and this mort- gage, and said costs, charges, and expenses 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 hereafter erected on the mortgaged propedy. insured as may be requi~ed from time to time by the mortgagee against loss by fire and other hazards, casualties, and contin- gencies in such amounts and for such periods as may be required by mortgagee, and wiU pay promptly, when due. a~y premiufis on such insurance for payment of which provision has not been made hereinbe[ore. All insurance shall be cauied 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 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 aot made promptly by mortgagor, and each insurance company concerned is hereby authorized and directed to make payment foc such loss directly to mortgagee instead of to mortgagor and mortgagee jointly, and the insurance pro- ceeds. or any part thereof, may be applied by mortgagee at its option either to the reduction oE the indebtedness hereby secured or to the restoration or repair of the property 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 or grantee. ~ 8. That the mortgagee may, at any time pending a s~it upon this mortgage, apply to the court having jurisdic- tion thereoE for the appointment of a receiver. and such court shall forthwith appoint a receiver of the prert~ises 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 specitically set forth and described in the granting and haben~um 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 refe~ence to the adequacy or inadequacy oE the value of the propedy 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 modgage 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 payable in the then curren! 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 of any breach of this mortgage 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 (~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 aggregaie sum mentioned in said n~te 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 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 thereafter, at the option of said mortga- gee, without notice or demand, suit at law or in eyuity, 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 foreclosure of this mortgage, the mortgaged 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 of thereafter from time to time by the mortgagee. 10. That the mortgagor will give immediate notice by mail to the mortgagee of any conveyance, transfer, or ! t 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 hereof 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 pedorm 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 secnred hereby, and shall be repayable immediately and without demand by the mortgagor to the modgagee, and, together with interest and costs accruing thereon, shall be secured by this mortgage. 13. that the ~ailing 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 actuaily furnished to the m:,dgagee, or directed to said owner at said modgaged 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 mortgagor covenants and agrees that so long as this mortgage and the said note secured hereby are insured under the provisions of the National Housing Act, he will not execute or file for record any instrument ~ which imposes a restriction upon the sale or occupancy of the mortgaged property on the basis of race, cola, 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 covenants that should this mortgage and the note secured hereby not be eligible ; for insurance under the National Housing Act within 30 DpYS from the date hereof (written statement ~ of any officer of the Department oE Housing and Urban Development or authorized agent of the Secretary of Hous- ~ ing and Urban Development dated subsequent to the ~ time from the date of this modgage, ~ declining to insure said note and this modgage, being ~ee~~nclusive proof oE 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 ~ heirs, executors, administrators, successors, and assigns of the parties hereto. Whenever used, the singular num- ber shall incl;:.ie the plural, the plural the singular, and the use of any gender shall include all genders. ~ ~ ~ ~ ~ BOOK~81 ~~~E 345 ~ _ ~ ~ ~ - - .s=~ ~ r - -