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HomeMy WebLinkAbout1752 5. That he will permit, commit, or suffer no wasle, impairment, or deteriocation of said properly or any part the~eof; and in the event of the failu~e of the mortgago~ io keep the buildings on said premises and those tobe - erected on said premises, or improvements thereon, in good repair, the mortgagee may make such ~epai~s as in its discretion it may deem necessary for the proper preservation thereof, and the full amount of each and every such payme~t shall be immediately due and payable, and shall be secured by the lien of this mortgage. 6. That he will pay all a~d singular the costs, charges, and ezpenses, including reasonable lawyer's fees, and costs of abstracts of title~ incurred or paid at any time bythe mortgagee because of the failure on the part of ~ the mortgagor promptly and fully to perfwm the agreements and covenants of said promissory note and this mott- ~ gage, and said costs, cha~ges, and expenses shall be immediately due and payable and shall be secu~ed by the } lien of tfiis mortgage. ~ 7. That he will keep the improvements now existing or hereafter erected on the mortgaged prope~ty, insured as ~ may be ~equired from time to time by the mortgagee against loss by [ire and other hazards, casualties, and contin- gencies in such amounts and for such periods as may be required by mortgagee, and will pay promptly. when due, any premiums on such insurance for payment of which pro~•ision 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 form acceptable to the mortgagee. In event of loss he will give immediate notice by mail to mortgagee, and mo~igaKee may make proof of loss if not made promptly by mortgagor, and each insurance company concecned is hereby authorized and directed to make payment for such loss directly to mortgagee instead oE to mortgagor and mortgagee jointlp. and the insurance pro- ceeds, or any part thereoE, may be applied by mortgagee at its option either to the reduction of the indebtedness hereby secured or to the restoration or repair of the property damaged. ln event of foreclosure oE 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 suit upon this mortgage, apply to the court having jurisdic- tion thereof for 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 sou~ce derived, each and every of which, it being expressly understood, is hereby mortgaged as if specifically set forth and described in the granting and habendum ciauses hereof, and such receiver shall have all the broad and effective functions and powers in an}•wise 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 oE the value of the property mortgaged or to the solvency or insolvency of said mortgagor S or ihe 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 oi such court. In the event of any default on the part of the ~ mortgagor hereunder, the mortgagor ag~ees to pay to the mortgagee on demand as a reasonable monthly rental for ~ the premises an amount at least equivalent to one-iwelfth (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 (ol in the event of any breach of this mortgage or default on the part of the mortgagor, or (b) in the " event that any of said sums of money herein referred to be not promptly and Eully paid without demand or notice, or (~1 in the event that each and every the stipulations, agreements, conditions, and covenants oE said note and this mortgage, are not duly, promptly, and fully performed; then in either or any such event, the said ae¢regate ; 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 if all oE 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 matga- gee, without notice or demand, suit at law or in equity, may be prosecuted as if all moneys secured-~hereby had ~ II matured prior to its institution. The mortgagee may Eoreciose 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 r this paragraph may again be availed of thereafter from time to time by the mortgagee. 10. That the mortgagot wil( 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 hereof or of the note secured hereby. _ 12. That if the mortgagor default in any oE the covenants or agreements contained herein, or in said note, then ~ the mortgagee may perform the sart:e, and all expenditures (including teasonable attorney's fees) made by the ~ moctgagee in so doing shall draw intecest at the rate set forth in the note secured hereby, and shall be repayable immediately and without demand by the mortgagor to the mortgagee, 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 owner of record of the mortgaged premises, or directed to the said owner at the last address actually furnished to the mortgagee. or directed to said owner at ; said modgaged premises, and mailed by the United States mails, shall be sufficient notice aad 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, 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 modgage and the note secured hereby not be eligible for insurance under the National Housing Act within Dg~ from the date hereof (written statement of any officer of the Department of Housing and Urban eve opment 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 mortgage, being deem~~ oncl sive 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 paSeble. The covenants herein contained shall bind, and the beneEits and advantages shall inure to, the respective heirs, executors, administrators, successors, and assigns oE the padies hereto. 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