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HomeMy WebLinkAbout0350 , F ~ 5. That he will pe~mit. commit. or suffer oo waste, impairment. ot deterioration of said property or any part thereof; and in the event of the failure of the mo~tgagor to keep the buildings on said premises and those tobe erected on said premises. or improvements thereon, in good repair, /he modgagee may make such repeirs as in its disc~etion it may deem necessary for the proper 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 of this mortgage. 6. That he virill pay all and singular the costs, charges, and expenses, including reasonable lawyer's fees. and costs of abst~acts of title~ incurred or paid at any time by the mortgagee because of the failure on the part of the mortgagor promptly and fully to perfocm the ag~eements and covenants oE said promissory note and this mort- gage, and said costs. charges, and expenses shall be immediately due and payabie end shall be secured by the . lien of this mortgage. ~ 7. That he will keep the improvements now exist.ing or hereafter erected on the modgaged property, insured as may be required from time to time b~~ the mortgagee against loss by fire and other hazards. casualties, and contin- < gencies in such amounts and for such pe~iods as may be required by mortgagee. and wili pay promptly. when due, any premiums. on such insurance for payment of which provision has not been made hereinbefore. All insurance shall be carried in companies approved by mortgagee and the policies and renewais thereoE 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 mortgagor, and each i~surance company cor~cerned is hereby authorized and directed to make payment for such loss directly to mottgagee instead of Lo mortgagor and mortgagee jointly. and the insurance pro- t 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 repair of the property damaged. In event of foreclosure ot this mortgage or ' other transfer of titte to the.mortgaged property in extinguishment of the indebtedness secured hereby, all right, ~ title. and interest of the matgaga 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 jutisdic- ; tion thereof for the appointment• of a receiver, and such coud shal! fodhwith appoint a receiver of the premises ; covered hereby all and singular, including all and singular the income, profits, issues, and revenuzs from whatever i source derived, each and every of which, it being expressly understood, is hereby mortgaged as if speci[ically set ~ forth and described in the granting and habendum clauses hereof, and such receiver shall have all the broad and ~ efEective 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 ot absolute right to said modgagee, and without reEerence to the ; adequacy or inadequacy of 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 ot this mortgage and the practice of such court. In the event o[ any default op the part of the ~ mortgagor hereunder, the matgagor agrees to pay to the mortgagee on demand as a reasonable monthly rental for ~ the premises an amount at least equivalent to one-tweifth (1/12) of the aggregate of the twel~e monthlyinstall- 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 (a) in the event of any breach of this mortgage or default on the part of the modgagor, or (6~ in the ~ event that any of said sums of money herein referred to be not promptly and fully paid withou3 demand or notice, r~r (c) in the event that each and every the stipulations, agreements, conditions, and covenants of said note and } f this mortgage, are not duly, promptly, and fuliy 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. shall become due and payable forthwith, or thereafter. at the option of said mortgagee, as fully and com- ii 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 mortgage to the contrary notwithstanding; and thereupon_ or thereafter, at the option of said mortga- 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 mortgagee may foreclose this mortgsge, 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 sach case the provisions of j 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 canveyance, transfer. a 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 ~ t e mor gagee may ~Tf }}-expend~~re~s~-~adfng- ' mortgagee in so doing shall draw interest at the rate set forth in the note se~:ured hereby, and shall be repayable ~ immediately and without demand by the modgagor 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 a,demandaddressed 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 said mortgaged premises, and mailed by the United States mails, shall be sufficient notice and demand in any ~ case arising under tnis insirument 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 i 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 o~ occupancy oE the mortgaged propedy 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 mortgagoc fwther covenants that should this mortgage and the note secured hereby not be eligible = for insurance under the National Housing Act within P from the date hereoE (written statement ~ of any officer of the Department of Honsing and Urban ev op~nt or authorized agent of the Secretary of Hous- ~ ing and Urban Development dated subsequent to the time from the date of this modgage, s declining to insare said note and this mortgage, being de~R~'ldlc~sive proof of such ineligibility), the mortga- ~ gee or the holder d 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 heics, executors, administrators, successors, and assigns af the petties heceto. Whenever used, the singular num- a ber shall include the plural, the plural the singular, and the use of any gender shall include all genders. ~ ~ ~ d00K ~8~ PACE ~ _3~ a ~ - _ ~ : r - . . z._~ _ _ _ : . _N _ ~x.,n._.