Loading...
HomeMy WebLinkAbout0680 . . - , 5. That he will permit, commit, or suffer no waste, impai~me~t, or deteriorgtion of said property or any part thereot; a~d in the event oi the tailure of the mortgagor to keep the buildings on said premises and those tobe ~ erected on said premises. oi improvements the~eon, in good repair, the modgagee may make such repeirs as in its discretion it mey deem necessary for the pcoper preservation thereof, and the full amou~t of each and every such ' paymeat shall be immediately due end payable, end shall be secured by the lie~ of this mortgage. 4 ~ 6. That he witl pay all and singular the costs, cha~ges, and expenses, including reaso~able levvyer's fees. ; and costs of abstcacts of title, incurred or paid at any time by the mwtgagee because of the failu~e on the part of ` the moctgagor promptly and fully to perform the agreements and covenants of said promissory note and this mort- ~ gage. and said costs, charges, and expenses shall be immediateiy due and payable and shall be secured by the a lien of this mortgage. s 7. That he will keep the improvements now existi~g or hereafter ecected on the mortgaged properly, insured as ` may be required from time to time by the mortgagee against loss by fire and other hazards~ casualties. and contin- ~encies 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 provision 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 moct- 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 imroediate notice by mail to mortgagee, and mortgagee may make proof of loss if not ~ made promptly by mortgagor, and each insutance comgany concerned is heceby authorized and directed to make i payment fo~ such loss directly to mortgagee instead of to mortgagor and matgagee jointly. and the insurance pro- ceeds, or any part theceof, may be epplied by mortgagee at its option either to the reduction of the indebtedness hereby secuced or to the restoration a repair of the property damaged. ln event of foreclosure of this mo~tgage or other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby, all right, title, and interest of the moctgago~ in and to any insurance policies then in force shall pass to the purchaser or grantee. 8. That the mortgagee may, at any time pe~ding a suit upon this mortgage, apply to the court having jurisdic- ' tion thereof fa the appointment of a receiver. and such coud 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 source derived, each and every of whick~ it being expressly understood, is hereby modgaged as if specifically set _ forth and described in the granting and habendum clauses hereof, and such receiver shall have all the broad and . ~ . eEfective functions and powers in anywise entrusted by a court to a receiver, and such appointmPnt 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 i or the defendents, and that such rents. ~ofits, income. ,issyes~ and .revenues shall be applied by such receiver according to the lian of this mortgage and the practice of'such coutt. In the event of any default on 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-twelfth (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 peyments. 9. That (Q1 in the event of any breach of this mortgage or default on the pad of the mortgagor, or (6) in the event that any of said sums of money herein referred to be not promptly and fully paid withoii3 demand or notice, or (c) 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 a~y snch event, the said aggregate ~ sum mentioned in said note then remaining unpaid, with interest accrued to that ticae, 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 thereu n or thereafter~ at the o ion of said mort a- i gee, wit out notice or eman , suit at aw or in equity, may be prosecuted as if all moneys secured hereby had matured prior to its institution. The mortgagee may foreciose 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- i 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 tnen 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 modgagor will give immediate notice by mail to the moctgagee of any conveyance, transfer, or ' j change of ownership of the premises. E 11. That no waiver of any covenant herein or of the obligation secured hereby shali at any time thereafter be ~ held to be a waiver of the tecros 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 perform the same, and ~11 expenditnres (inclnding reasonable attorney's fees) made by the i mortgagee in so doing shall draw interest at the rate set forth in the note secured hereby, end 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 demand addressed to the owner of record of the mortgaged premises, os directed to the said ow~r at the last address actually Eurnished to the modgagee, or directed to said owner at s , said modgaged premises. and mailed by the United States mails, shall be safficient notice and demand in any ~ case arising under t6is instrument and required by the provisions hereof or by lew. ~ 14. The mortgaga covenants and agrees that so long as this mortgage and the said note secured hereby are insured under the pmvisions of the National Housing Act, he will not execute or file for record any instrument ` ~ which impases a cestriction upon the sale or occupancy of the modgaged 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 heceby immediately due and payable. _ _ ; 15. The mortgagor further covenents that shonld this mortgage and the note secured hereby not be eligible ~ for insurance under the National Housing Act within (~0 ~ays from the date hereof (written statement ~ of any officec of the Department of Housing and Urban 6eve ~pd~ent or euthorized agent of the Secretary of Hous- ~ ing and Urban Development dated subsequent to the ~,n time from the date of this modgave, ~ ~ declining to insure said note and this mortgage, being dSee~e~ c~iicl~~'eSproof of such ineligibility), the mort ~ ~ 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 respec•~ • , heirs. executas, administrators, successas, and assigns of the padies hereto. N?henevPr used, the singular nu::~- ~ ~ ber shall include the plural, the plural the singular. and the use of any gender shall include all genders. ~ ~ ' ~ - ~ OR t ~ i ~ ~oox 1~,3 P,~ ~~0 ~ ~ _ ~ ~ a ~ . r - } - t ~ ` S~ _ . __e . , e . . . . _ _ i ~ ' . _