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HomeMy WebLinkAbout2095 ~ , i S. That he will permit. commit, or su[fer no waste. impairment, or dete~ioration of said property or any part ' thereof; and in the event of the failure of the mortgagor to keep the buildings on said premises and those tobe erected on said premises, or impcovements thereon, in good repair, the modgagee may make such cepairs as i~ its discretion it may deem necessary for the proper prese~vation thereot, and the full amount of each and every surh . 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, chacges, and expenses, including reasonable lawye~'s fees, and costs of abslracts of title, incu~red 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 promisso~y note and this mort- gage, and said costs, charges, and expenses sh~tl'be immediately due artd payable and shall be secured by the lien of this mortgage. 7. 1`hat he will keep the improvement~ now existing or herea(ter erected on the mortgaged property, insured as s may be required from time to time by the mortgagee against loss by fire and other hazards. casualties. and contin- d encies in such amounts and for such riods as ma be ~e uired b mort a ee. and will rom tl , when due. ~ B Pe Y 9 Y g g PaY P P Y - any premiums on such insucance for payment oE which provision has not been made herein'arfore. 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 toss payable clauses in favor of and in [orm acceptable tothe mortgagee. In eve~t of loss he will give immediate notice by mail to mortgagee, and mortgagee may make pcooi 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 mortgagor 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 ot repair of the property damaged. In event of foreclosure of this mortgage or ~ other transfer of title to the modgaged pcoperty in extinguishment of the indebtedness secured hereby, ali nght, - title, and interest of the mortgagor in and to an}• 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 jurisdic- ~ tion thereof for the appointment ot 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 which, it being expressly understood, is hereby mortgaged as if specifically set ~ forth and desc~ibed in the granting and habendum clauses hereof, and such receiver shall have all the broad and effective functio~s 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 mortgaged or to the solvency or insolvency of said mortgagor ; or the defendents, and that such cents, profits, income, issues, and revenues shall be applied by such receiver z according to the lien of this mortgage and the practice of such court. In the event of any default on the part of the ~ mortgagor hereunder, the mottgagor agrees to pay to 1he mortgagee on demand as a reasonsble monthly rental for ~ the pre~rises an amount at least eq~ivalent to one-twelfth (1!12) of the aggregate oE 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 hy the aforesaid monthly payments. _ ' ~ 9. That in the event of any breach of this mo:tgage or deEault on the part 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 (~1 in the event that each and every the stipulations, agreements, conditions, and covenants oE said note and , this mortgage, are not duly, promptly, and fully performed; then in either or any such event, ihe 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- ~ 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 thereupon or thereafter, at the option of said matga- f gee, without notice or demand, suit at law or in eqnity, may be prosecuted as if all moneys secured hereby had 3 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 costs, expenses,and allow- ~ ances. In case of partiat foreclasure of this mortgage, the mortgaged premises shall be sold subject to the con- ; tir.uing lien of this mortgage for the amount of the debt not then due and unpaid. In such case the pravisions of ; this paragraph may again be availed of thereafter from time to time by the mortgagee. ; 10- That the mortgagor wilt give immediate notice by mail to the mortgagee of any conveyance, transfer, or change of ownership of the premises. 11. That no waiver c~f 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 agreements contained herein, or in said note, then the mortgagee may perform the samg, and ali 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 modgage. 13. that the mailing of a written notice or demandaddressed to the owner of record of the mortgaged premises, or directed to the said ownec 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 ot file fot record any instrument ~ which imposes a restriction upon the sale or occupancy of the mortgaged propedy 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. ~ ~ ~S. The mortgagoi further covenants that should this mortgage and the note secured heceby not be eligible ~ for insurance under the National Housing Act within from the date hereof (written statement S of any oEficer 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 proof oE such ineligibility}, ~the mortga- ~ gee or the holder of the note may, at 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, executo~, administra_tors, successors; and assigns of the parties hereto. 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