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HomeMy WebLinkAbout0780 5. That he will pecmit. commit, or su[Eer no waste, impairment, or deterioration of said property or any part thereof; and in the event ot the Eailure of the mortgagor to keep the buildings on said pre~:ises and those tobe erected on sa~d premises, or improvements thereon, in good repair, the mortgagee may make such repairs as in its discretion it may deem ~ecessary for the proper p~eservation thereof, and the full amount of each and every such . ~ payment shall be immediately due and payable, and shall be secured by the tien of this mortgage. ; 6. That he will pay all and singular the costs, charges, and expenses, including reasonable tawyer's fees, ; and costs of abstracts of title, incu?red or paid at any time by the mortgagee because of the failure on the part of the mertgagoc promptly and fully to pertorm the agreements and covenants of said promissory note and this mort- f gage, and said costs, charges, and expenses shall be immediately due and ~payable and shall be secured by the lien c~f 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 moctgagee against loss by fire and other hazards. casuelties, 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 tor payment of which provision has not been made hereinbefore. All insurance shaU be caccied in companies approved by mortgagee and the policies and renewals thereof shall be held by mort- gagee and have attached thereto loss payabie clauses in favor of .and in form acceptable to the mortgagee. In ~ event of loss he will give immediate notice by mail to moctgagPe, and mortgagee may make proof of loss if not made promptly by mortgegor, and each insurance company coneerned"is hereby authorized and dicected to make payment for such loss directly to mortgagee instead of t~ mo~tgagor 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 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 mortgaga in and to any insurance policies then in force shall pass to the purchaser or grantee. i 8. That the mortgagee may, at any time pending a suit upon this mortgage, apply to the court having jurisdic- tion thereof [or ihe sppointment of 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 speciEically set forth and described 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 appoint~ent shall be made by such court as an admitted equity and a matter of absolute right to said mortgagee, and without reference to the f adequacy or inadequacy of the value of the property mortgaged or to the solvency or insolvency oE sajd martgagor ~ or the defendents, and that such rents, profits, income. issues, and revenues shall be applied by such receicer £ according to the lien of this mortgage and the practice of such court. In the event of any default on the part of the martgagor hereunder, the mortgagor agrees to pay to the mortgagee on demand as a reasonable monthly rental for the premises an amount ai least equivalent 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 by the aforesaid monthly payments_ 9: That (u) in the event of any breach of this mortgage or default on the pad of the modgagor, or (6) in the event that any oE said sums of money herein referred to be not promptly and fully paid withonl demand or notice. ~ ! or (r) 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 s i sum mentioned in said note then remaining unpaid, with interest accrued to that time, and all moneys secured ~ hereby, shall become due and payable forth~rith, 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 mortgage to the contrary notwithstanding; and thereupon or thereafter, at the option of said mortga- ~ gee, without notice or demand, suit at la~v 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 i 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 Se sold subject to the con- t ~ tinuing lien of this mortgage for the amoun: of the debt not ihen due and unpaid. In such case the provisions oE y ~ this paragraph may again be availed of thereafter from time to time by the mortgagee. : ~ 10. Thai 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 moctgagee may perform the same, and all expenditures (including reasonable attorney's fees) made by the > mortgagee in so doing sha11 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 mailing of a~vritten notice oc demandaddressed to the owner of record of the mortgaged premises. : ~ or directed to the said owner at the last address actually furnished to the modgagee, or directed to said owner at ~ said modgaged premises, and mailed by the United States mails, shall be sufficient notice and demand in any 4 case arising under this instrument and required by the provisions hereof or by law. a 14. The mortgagor covenants and ag~ees 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 :he sale or oceupancy of the mortgaged property on the basis of race, coloc, or ~ - creed. Upon any violation of this under.aking, the mort~agee may, at its option, declare the unpaid balance of the ; debt secured hereby immediately due and payable. ~ - ~ 15. The morigago~ further covenants that shoutd this mottgage and the note secured heceby not be eligible % for insurance under the National Housing Act within ~ey~ 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 ~a~ time from the date of this modgage, ~ declining to insure said note and this mortgage, being deemad conclusive proof of such ineligibility), the mortga- ~ gee or the holder of the note may, at its option, declare all sums secured hereby immediatety due and paybble. { ~ The covenants herein contained shall bind, and the benefits and advantages shall inure to, the respective : heirs, executors, administrators, successors, and assigns of the padies hereto. Whenever used, the singular num- ~ ~ ber shall include the plural, the plural the singular, and the use of eny gender shail include ell gendecs. ~ '+35 i ~ rl ~ ~ n ; ' ~ F bDOK~ TA6E.~ ~OV i :t ~