Loading...
HomeMy WebLinkAbout1870 5. That he will permit. commit. or sutfer no waste, impairment, ot det~riocation of said property or any part thereof; and in the event ot the failu~e of the mortgagor to keep the buildings on said premises and those tobe . erected on said p~emises, or improvements thereon, ~n good repai~; the mortgagee may make such repairs as in its 4 discretion it may deem necessary :ui the proper preservation thereof, and the tull amount ot each and every such payme~t shall be immediately due and payable, and shal! be secuced by the lien of this mo~tgage. 6. That he ~vill pay all and singular the cc~t~, charges, and expenses, including reasonable lawyer's fees, and costs of abstracts of title, incurred or paid at any time by the mortgagee because of the failure on the part of the mortgagor promptly and (ully to perfam the agreements and covenants of said promissory nole and this mort- gage, and said costs, charges, and expenses sh~ll~'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 hereafter erected on the mortgaged property. insured as may be required from time to time b~~ the mo~tgagee against loss by fire and other hazards. casualties, and contin- gencies in such amounts and for such periods as may ba cequired by mortgagee, and will pay promptly, when due, aay premiums on such insurance for payment of which provision has not been made hereinbefore_ All insurance shall be ca~cied in companies approved by mortgagee and the policies and renewals therzof shall be held by mort- gagee and have attached thereto loss payable clauses in favor of and in form acceptable to the mortgagee. ln event 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 company concerned is hereby authorized and directed to make payment for such loss directly to mortgagee instead of to mwtgagor and mortgagee jointly, and the insurance pro- 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 of this mortgage or other trar.sfer 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. 3 8. That the mortgagee may, at any time pending a suit upon this mortgage, apply to the court having jurisdic- tion thereof tor the appointment of a receiver, and such coad shall forthwith appoint a receiver of the premises covered h~reby all and singular, including all and singu;ar the income, profits, issues. and revenues from whatever source derived, each and every ot which, it being expressly understood, is hereby mortgaged as if specifically set fodh and described in the granting and habendum clauses hereof, and such receiver shall have all the broad and ~ effecti~~e functions and powers in anywvise 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 refere~ce to the - adequacy or inadequacy of the value oE 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 of this mortgage and the practice of such coud. in the event of any default on the part of the ~ mortgagor hereunder, the mortgagor agrees to pay to the mortgagee on demand as a reasonable monthly rental for ~ the premises an amount at least equivalent to one-twelfth (1l12) of the aggrPgate of the twelve monthly install- ~ ments payabte 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 (~I in the event of any breach of this mo-tgage or default on the pad of the modgagor, 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 (~J 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 Eorthwith, or thereafter, at the optioA 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 mortgage to the contrary notwithstan3ing; and thereupon or thereafter, at the option of said mortga- ; I 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 casts, expenses,and allow- ~ ances. in case of partial foreclosure of this mortgage, the mortgaged premises shall be sold subject to the con- 3 tir.uing 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 a~ailed of thereafter Erom 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 oE ownership of the premises. 11 _ That a~ 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 mort~agor default in any of the covenants or agceements contained herein, or in said note, then the modgagee may perform the seme, and all 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 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 recocd 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 sufficient notice and demand in any case arising under this instrument and required by ihe provisions heceof or by law. 14. The mortgagor covenants and agrees that so long as this modgage 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 oE the mortgaged property on the basis of race, cotor, or cceed. Upon any violatioci 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 further covenants that should this mortgage and the note secuced hereby not be eligible for insurance under the National Housing Act within from the date hereof (written statement of any officer of the Department of Housing and Urban Development- 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?d conclusive prooE oE such ineligibility), the mortga- gee or the holder of the note may, 3t its option, declare all sums secured hereby immediately due and pa}eble. The covenants herein contained shall bind, and the benefits and advantages shall inure to, the respective heirs, executots, edministrators, successas, and assigns oE the perties 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. f 5 1 ~ OR ~ - e~x1~3 ~~~gfi8 ~ . ~ r~..= _ ~ : _ ~~a ~y - _