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Home My WebLink About1794 . 5. That he will permit, commit, ot suffer no ~vaste, impaiiment, or deterioration of said ptoperty or any part theceof; and in the event of the failure of the moctgagot to keep the buildings on said premises and those tobe y erected on said p~emises. or improvements thereon, in good repai~, the modgagee may make such repeirs as i~ its ; discretion it may deem necessa~y for the proper presecvation ihereoE, 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 will pay all and singular the costs, charges, and expenses, including reaso~able lawyer's [ees, ~ and costs of absiracts o[ title, incurred or paid at any time bythe mortgagee because of the failure on the part of ~ the mortgagor promptly and fully to perform the agreements and covenants of said p~omissory 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. ' ' i 7. That he will keep the improvements now existing or hereafter ecected on the mortgaged propertv. 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 periods as may be required by matgagee, and will pay promptly. when due, j any premiums on such insurance for payment of which p~ovision 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 gvent o[ 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 insurance compan_y concerned is hereby authorized and directed to make ~~ays?ent tor such loss directly to mortgagee instead of to mortgagor and mortgagee jointly, and the insu~a~ce pro- 4 _cge~Js, or any part thereot, may be applied by mortgagee at its option either to the reduction of the indebtedness ~iereby secured or to the restoaation oc repair of the property damaged. In event of foreclosure of this mortgage or other transEer 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 g~antee. 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 ot 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 which, it being exp~essly understoad, 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 `i, 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 of absolute right to said mortgagee, and without reference to the adequacy or inadequacy of the value of the property mottgaged or to the solvency or insolvenc~~ of said mortgagor or the defendents, and that such re~ts, profits, income, issues. and revenues shall be applied by such receiver accotding to the lien of this mortgage and the practice of such coud. 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-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 payments. ~ 9. That / in the event of any breach of this mortgage or default on the pad of the mortgagor, 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 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- . a[ _11 _t al_ __"J _L ..~:.~:_../1._ _~..,..1..~._J L.. .....:J _'..,1 .t_.. __'aL'__ __J ~ tsacaca) oo aa oa. ..a .u.. ov,v o.....o v. ...v..~.) s~... ..u6a..uu~ o..~.u.u..,.. .v v.. ~~....v v.. ~u~... v..)~ u..~.•uu6 uu... i ' note or in this mortgage to the contrary notwithstanding; and thereupon or thereafter, at the option of said moctga- ~ 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 fareclose 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 then due and unpaid. In snch case the provisions of ~ this ~aragraph 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 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 perform the same, and all expenditures (including reasonable attorney's fees) made by the mortgagee in so doing shall draw interest at the rate set fa~th in the note secuted hereby, and shall be repayable ~ immediatety 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 o~ 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 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 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 hereby immediately due and payable. ° ~ 15. The mortgagoe Eiuther covenants that should this mod Pa~ge and the note secured hereby not be eligible for insurance under the National Nousing Act within Tbilty 1?sys from the date hereof (written statement of any officer of the Department of Housing and Urban Dg~velopment or authorized agent of the Seccetary of Hous- ? ~ ing and Urban Development dated subsequent to the ~j~Y LaYs time from the date of this mortgage, ' declinin to insure said note and this mort a e, bein deem•~d conclasive roof of such ineli ~bilit the mort a- ~ g B B B P B Y). 8 ~ gee or the holder of the note may, at its option, declare all sums secured hereby immediately due and payable. The eovenants herein contained shall bind, and the benefits and advantages shall inure to, the respective 's: heirs, executors, administrators, successors, and assigns of the parties hereto. Whenever used, the singular num- ber shall include the plural, the plural the singular, and the use of any gender shall include all genders. ~ ~ ~ ~ ' ° R 1~;3 0~~ 1792 ` ~ 680R _ - _ o _ ' ~ ~ E r 'n.e»~ r_ ; 4;.-3 , . „ . . ~ _ _ 5 . _ _ . . _ _ `'tr ~.cx