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HomeMy WebLinkAbout2391 ~ 5. That he will permit, commit. or sutfer no ~aste, impqitmeat. oc detecioration oE said property or any part thereof; and in the event ot the failure of the mortgagor to keep the buildings oa said premises and those tobe erected on said premises, or improvements thereon, in good tepair. the modgagee may make such repairs ~s ie its discretion it may deem necessary for the proper preservation thereof. and the full acnount of each and every such paymeot shel! be immediately due and p~yeble. and shall be secured by the lien of this mortgage. 6. That he will pay all and singular the costs, charges, and expenses. including reasonable lawyer's fees. aod costs of abstracts of title~ incurred or paid at any time bythe mortgagee because of the failure on the part oE the mortgago~ promptly and fully to perfwm the ag~eements and covenants of said pcomissory oote and this mort- gage. and said costs, charges, and exQenses shall be immediately due and payable and shall be secured by the lien af this mortgage. 7. That he will keep the improvements now existing or hereafter erected on the modgaged property~ insured as may be required from time to time by the matgagee against loss by fire and other hasards. casualties. and contin• ~ gencies in such amounts and for such periods as may be requi~ed by mortgegee, and will pay pcomptly. when due. any premiums on such insurance for payment t,f which provision has not been made hereinbefore. All insurance shall be carried in companies approved by mor:gagee 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 eve~t of loss he will give immediate notice by mail to matgagee, and mortgagee mey make proof of loss if not made promptly by mortgagor. and each insurance company concerned is hereby authaized and directed to make payment for such loss directly to modgagee instead oE to moctgagoc a~d mortgagee jointly. and the insurance pro- ceeds. or any part thereof, aiay be applied by matgagee at its option either to the reduction of the iadebtedness hereby secured or to the restoration oc cepair of the propedy damaged. In event of foreclosure of this mortgage or other transfer of title to the modgaged property in extinguishment of the indebtedness secured hereby, all right. title. and interest of the modgagor in and to any insurance policies then in force shall pass to the purchaser or grantee. - ~ 8. That the moctgagee may. at any time pending a suit upon this mortgage~ apply to the coart having jurisdic- tion thereof Eor the appoint~nent of a receiver, and such coud shall forthwith appaint 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 evecy 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 teceiver shall have all the broed 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 matte: of absolute right to seid mortgagee, and without reference to the adequacy or inadequacy of the value of the propedy mortgaged or to the solvency or insolvency of said modgagor ~ 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 defaulf on the pad of the modgagor hereunder, the mortgagor agrees to pay to the mortgagee on demand as a reasonable monthly rental for the premises an amount at least eq~ivalent to one-twelfth (1112) of the aggregate of the twelve monthlg 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 (a) in the event of any breach of this modgage or default on the part 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 (c1 in the event that each and every the stipulations, agreements, conditions, and covenants of said note and this mortgage, are not dul3. 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- pletely as if all of the said sums of money were originally stipulated to be ~aid on such day, anything in said 'i ---note~ cx- ~a-thi~~ottgage-to-ihe eoMrary -notwiE~stet~iag; end-Ei~eretrpen-or -therea(teFaE-the-option-c~-se~-m~tge----- 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 modgagee 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 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. Ia 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 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 samg, 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 modgagee, 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 owner at the last address actualty furnished to the mo~tgagee, oc directed to said awner at said mortgaged premises, and mailed by the United States mails, s~all 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 recocd any instrument which imposes a restriction upon the sale or occupancy oE the modgaged propedy on the basis of race, cola, or creed. Upon any violation of this undertaking, the moctgagee may, at its option, declare the nnpaid balance of the debt secured hereby immediately due and payable. 15. The mortgagoc fucther covenants that should this mat_gage and the note secured hereby not be eligible for insurance under the National Housing Act within ~y yan from the date hereof (written statement of any officer of the Department of Housing •and Urban Development or suthorized agent of the Secretary of Hons- ing and Urban Development dated subsequent to the 1~y j)g~ time from the date of this mortgage, # declining to insure said note and this mortgage, being deem~d caaclusiv~ proof af such ineligibility), the mortga- gee or the holder of the note may, at its option, declare all sums secured hereby immediately due and payable. ~ The covenants herein contained shall bind, and the benefits and advantages shall inure to, the respective heirs, e:ecutors, administrators, successors, and assigns af tbe parties heteto. N?Eienever used, the singuler num- ber shall include the plural, the plaral the singular, and the use of any gender shall include all genders. do~ 1~`3 P~;~~~9 ~ i: - - - - - : ~~,p~-~_ ~.~.~~~~'g~ _