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HomeMy WebLinkAbout1011 ; S. That he will pe~mit. commit, or suffer no waste. impairment, or deterioration of said pcoperty or any part thereoi; and in the event of the failure ot the mortgagor to keep the buildings bn said premises and those tobe erected on said premises, or improvements thereon, in good repair, the modgagee may make such repairs as in its discretion it may deem necessary for the prope~ pcese~vation thereot, and the Eull amount of each and every such • payraent shall be immediately due and payable, and shall be secu~ed by the lien of this mortgage. . 6. That he will pay all and singular the costs, charges, and expenses, including reasonable lawyer's fees, end costs of ebstracts ot title~ incurred oc paid at any time bythe mortgagee because of the failure o~ the part of :he mo~tgagor pcomptly and fully to perform the agreements and covenants of said promissory note and this mort- i gagp, 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 heceaEter erected on the modgaged property. insured as may ~be required 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 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 mort- ~ gagee and have attached thereto loss payable clauses in favnr of and in form acceptable to the mortgagee. ln event of loss he will give immediate notice by mail to moctgagee, and mortgagee may make proof of loss if not made promptly by mortgagor, 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 pa~t thereof, may be applied by mortgagee at its option either to the reduction of the indebtedness I hereby secured or to the restoration or repair of the property damaged. In event of foreclosure of this mortgage w other transfer of title to the mongaged property in extinguishment ot the indebtedness secured hereby, all right, title, and snterest of the mortgagor in and to any insurance policies then in force shall pass to the purchaser or grantee. 8. T'hat 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 t!~e premises 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 specifically set forth and described in the granting and habendum clauses hereof, and such receiver shall have all the btoad 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 mattec oE 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 pan of the : mortaagor hereunder, the mortgagor agrees to pay to the ~aortgagee 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 pre~niums for such year not covered by the aforesaid monthly payments_ ~ 9. That (al in the event of any breach of this mo~tgage or default on the pad of the mortgagor, or (b) in the ; eve~t that any of said sums of money herein referred to be not promptly and fully paid withouZ demand or notice. ~ i or (ct ~a the event that each and every the stipalations, 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 al! moneys secured hereby, shall become due and payable forthwith, or thereafter, at the option of said mortgagee, as fully and com- # ~ pietely as if all of the said sums of money were originally stipulated to be paid on such day, anything in said 2 ~ note or in this mo~tgage 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 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 cosis, 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 ~ change oi ownership of the premises. 11. That no waiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be he:d 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 3 the mortgagee may perform the same, and ail 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 modgaga to the mor*gagee, 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 mortgagee, or directed to said owner at £ ~ said mortgaged premises, and mailed by the United States mails, shall be sufEicient notice and denand in any ~ ~ case arising under this instrument and required by the provisions hereof or by law. 14. The mortgagw 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 fot record any instrument ~ which imposes a restriction upon the sale or occupancy of the mortgaged propedy on the basis af 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 modgagoe further covenants that should this mortg~age and the note secured hereby not be eligible for insurance under the Natio~al Housing Act within ~y ya~ from the date hereof (written statement ; of any oEficec of the Department of Housing and Urban Devetopment or authorized agent of the Secretary oE Hous- ~ ing and Urban Development dated subsequent to the ~ Da~ time from the date of this modgage, - declining to insure said note and this mortgage, being deem~ con usive proof of such iaeligibility), the mortga- " gee or the holder of the note may, at its option, declare all sums secured hereby immediately due and payable. r~ The covenants herein contained shall bind, and the benefits and advantages shall inure to, the respective heirs, executors, administrators, successors, and assigns of the padies hereto. Whenever used, the singular num- r . - ber shell include the plural, the plura! the singular, and the use of any gender shall include all genders. I ~`j i Ys ~ ° R 183 ~~1010 ~ = QOQK ~ ~ i