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HomeMy WebLinkAbout2396 1 s , i 5. That he will pecmit~ commit. oc suffer Ao waste. impajrtnent. or dete~ioration of said propecty or any part ~ thereot; and in the event of the [ailure of the mortgago~ to keep the buildings on said premises and those tobe e~ected on said premises. or improvements thereon. in good repair. the mortgagee may make such repairs as in its ~ discretion it may deem necessary for the proper preservatio~ thereot. and the full amount of each aad every such peyment 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. cherges, and expe~ses, including reasonable Iawyer's fees. a~d costs of abstracts of title, incurred oc paid at a~y time bythe mwtgagee because of the failure on the pert of the mortgago~ promptly and fully to perform the agceements and covenants of said promissory note and this mott- gage, and said costs, charges, and expenses shall be immediately due and payable and shaU 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 by the matgagee 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 ptomptly. when due~ ~ any premiums on such insurance for payment of which provision has not bee~ made hereinbefore. All insurance shatl be carried in companies approved by mortgagee and the policies and renewrals thereof shall be held by mat- j gagee a~d have attached thereto loss payable clauses in favor of and in form acceptable to the mortgagee. In ~ event of loss he will give immediate notice by mail to mortgagee. and mortgagee may meke proof of loss if not ~ made promptly by matgagor, and each insurence company coacerned is heteby authorized and directed to make peyment for such loss directly to mortgagee instead of to mortgagor and mortga~gee jointly, and the insurance pro- ~ ceeds, or any part thereoE. may be apptied by mortgagee at its option either to the reduction of the indebtedness ~ hereby secured ot to the restoration or repair of the property damaged. In event of Eoreclosure of this mo~tgage or other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby. all right, title, and interest of the mortgaga~ in and to any insurance policies then in Eorce shall pass to the purchaser a grantee. 8. That the modgagee may. at any tia~e pending a suit upon this moctgage. apply to the court having jurisdic- tion thereof Eor the appointmeat of a receiver. and such coud shall fathwith appoint a receiver oE the premises covered hereby aU and singulat, including all and singular the income. profits. issues. and revenues from whatever source derived, eaGh and every of which; it bein~ exoressly understood, is h~r~4~y m~o~g~ A~ ~~..~:f__n~ly ~p~ fodh and described in the ~ranting and habendum clauses hereof, end such receiver shail have all the broad and effecti~e 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 matier of absolute right to said mortgagee. and without reference to the adequacy or inadequacy of the value of the propedy mortgaged or to the solvency a insolvency of said modgagor or the defendents, and that such rents, pro[its. income. issues, and reve~ues shall be applied by such receiver according to the lien of this mortgage and the practice of such court. In the event of any deEault on the part of the mortgagor hereunder, the mortgagor agcees to pay to the mortgagee on demand as a reasonable monthly rental Eor 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 coveied by ;he aforesaid monthly payments. 9. That (a~ in the event of any breach of this mortgage or default on the pad of the mortgagor. or (6~ in the - event that any of said sums of money herein referred to be not promptly and fully paid withou"t demand or notice, or (~1 in the event that each and every the stipulations, agreements, conditions, and covenants of said note and 1 this mortgage, are not duly, promptly, and fully performed; then in either w 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- ' pieteiy as if atl of the said sums of money were originally stipulated to be ~aid on such day. anything in said note__or in.this .modgage to_the- contiazy~otwit -0r~he~ea€te~ a~-tl+e-option of said mortga- gee, without notice or demand, suit at law or in equity, may be prasecuted as if all moneys secured hereby had ~ ~ matured prior to its institution. The modgagee may foreclose this mortgage. as to the emount so declared due and , ~ p~yable, 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. In such case the provisions of this paragraph may again be availed of thereafter from time to time by the modgagee. : ~ 10. That the mortgagor will give iromediate notice by mail to the mortgagee of any conveyance. transEer, 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 secwed hereby. ~ 12. That if the mortgagor default in any of the covenants or agreements contained herein, or in said note, then i the mortgagee may perform the samg, and all expenditures (including reasonable attocney's fees) made by the ~ ~ mortgagee in so doing shall draw interest at the rate set fath in the note secured hereby, and shal! be repayable i immediately and without demand by the mortgaga to the mortgegee, and, together aith interest and costs accruing thereon, shall be secured by this modgage. 13. that the mailing of a writien notice or demandaddressed to the owner of record of the modgaged premises, ~ or directed to the said owner at the last address actually fucnished to the mortg,agee, qr directed to said owner at said modgaged 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 agtees that so long as this matgege 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 resUiction upon the sale or occupancy of the mortgaged pcoperty on the hasis of race, coloc, oc = creed. Upon any violatiat of this undertaking, the mortgagee may, at its option. declare the unpaid balance of the ~ ~ debt seciued hereby immediately due and payable. ~ i ~ 15. The mortgagoc further covenants that should this mortgage aad the note secured hereby not be eligible ; ~ for insurance under the National Housing Act within ~y y~ ~ from the date hereof (written state~nt f ~ of any officer of the Department of. Housing and Urban Dev~~ m-!ent or authorized agent of the Secretery of Hous- ; ing and Urban Development dated subsequent to the ~?+~`y LO)~ time from the date of this moctgage, r ~ declining to insure said note and this mortgage, being deemed canclusive proof of such ineligibility). the modga- ~ y gee or the holder of the note may, at its option, declare all sums secured hereby immediately due and pa}able. ~ ~ The coveaants herein contained shall bind, and the benefits and advantages shall inure to, the respective ~ heirs, esecutors, administrators, successas, aud assigns af tbe pecties hereto. Whe~ver used, the singular num- ber shatl include the plural, the plural the singular~ and the use of any gender shell include all genders. ~ - ~ ~ aooK 1~3 P~ ~~394 . ~ . ; . . 1~' . _ . . . _'v__- ._,~_:N': `F, . _ ~ J _ ~~~~.s.~.n.... Sc . ~ ~.i4h,.., ':3..Z-.w'~ _ .~"ti.. .~v~