Loading...
HomeMy WebLinkAbout0735 5. That he will permit, commit, or suftet no waste, impairment, or deterioration of said pcoperty oc any part thereof; and in the event ot the iailure of the mortgagor to keep the buildings on said premises and those tobe e~ected on said premises, or improvements thereon, in good sepai~, the mortgagee may make such repairs as in its discretion it may deem ~ecessary for the p~oper p~eservation Ihereof, and the tull amount of each and every such paymeat shall be immediately due and pa~~able, and shall be secured by the lien of this mortgage. 6. That he will pay all and si~gular the costs, chargec, and expenses, including reasonable lawyer's fees, and costs of abstracts 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 ag~eements 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. 7. That he will keep the improvements naw existing or herea[ter erected on the mortgaged p~operty, insuted as may be required from time to time by the mwtgagee against loss by fire and other ha2ards. casualties, and contin- gencies in such amounts and for such periods as may be required by mortgagee, and will pay promptly, when due, any premiums on such insurance for payment of which provision has not been made hereinbefore. All insucance shall be carried in companies approved by moctgagee and the policies and renewals the~~of ~hall be held by mort- gagee and have attached thereto loss payable clauses in favor of a~d in tocm acceptable to the mos±gagee. In event o[ loss he will give immediate notice by mail to mortgagee, and mortgagee may make proof o! loss if not made promatiy by mortgagor, and each insurance company concerned is he~eby authorized and directed to make payment for such loss directiy to mottgagee instead of to mortgagor artd mortgagee joiatly, 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 propect~ damaged. In event ot Eoreclosure of this mortgage or other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby, all right, title, and interest of the mortgagoc in and to any insurance policies then in iorce shail pass to the purchaser or ' grantee. 8. That the modgagee may, at any time pending a suet upon this mortgage, apply to the court having jurisdic- tion thereof for the appointment of a receiver. and such court shall forihwith appoint a receiver of the premises covered hereb}r all and singutar, 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 spec"sfically set forth and desc~ibed in the granting and habendum clauses hereof, and such receiver shall have all the broad 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 matter 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 or insolvency of said mortgagor or the defendents, and that such rents, profits, income. issues. and cevenues shall be applied by such receiver according to the lien of this mortgage and the practice of such coud. In the event of as~y 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 (1112) of the aggregate 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 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 without demand or notice, or in the event that each and every the stipulations, agreements, conditions, and covenants of said note and this mortgage, are not duly, promptly, and fuily 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- I~ pletely as if all 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 contrary notwithstanding; and thereupon or thereafter, at the option of said mortga- 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 costs, expenses,and allow- ances. In case of partial foreclosure of this mortgage, the mortgaged premises shall be sold subject to the con- 1 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 f~om time to time by the mortgagee. a 10. Tt~at 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 covertant herein or of the obligation secured hereby shal! at any time 4hereafter be held to be a waiver of the terms hereof or of the note secured hereby. - 12. That if the mortgagor defauit in any of the cavenants or agreements contained herein, or in said note, then the mortgagee may pedorm the same, 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 mortgagor to the mortgagee, and, together with interest and costs accruing thereon. shall be secured by this mortgage. 13. that the mailir.g of a written notice or demandaddressed to the owner oi record 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 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 mortgaged property on the basis of race, color, or _ creed. Upcm 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 mortgago~ further covenants that should this mortgage and the note secured hereby not be eligible for insurance under the National Housing Acf within L?ays from the date hereof (written statement of any officer of the Department of Housing and Urban'bevelopment or authorized agent of the Secretary of Hous- ~ ing and Urban Development dated subsequent to the ((~t~~ i,+ay5 time from the date of this modgage, r declining to insure said note and this mortgage, being deem~d conclusive proof of such ineligibility), the m~rtga- ~ gee or the holder of the note may, at its option, declare all sums secured hereby imsnediately due and pa}eble. The covenants herein contained shall bind, and the benefits and advantages shall inure to, the respective ` 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. ~ ~ ~ ~ : aoo~184 ~.,..7~5 ~ ~ _ ~3 f A~ • " _ ' ' - . . ~ - . . . . _ ' . . ~ _ _ - ~H ~ . . , . _ . _ , ~ . .