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HomeMy WebLinkAbout0800 S. That he will permit, commit, or su[Eer no waste. impairment, or deterioration of said property or a~y part thereof; and in the event of the faiture of the mortgagor to keep the buildings on said premises and those to~e erected on said premises, or improvements thereo~, in good ~epair, the mo~gagee may make such repairs as in its discretion it may deem necessary for the proper preservation thereof. and the full amount of each and every such payment shall be immediately due and payable, and shall be secured by the lien o[ this mortgage. 6. That he will pay all and singular the costs, charges. and expenses, includiag ~easonable lawyer's fees, and costs of abstracts of title~ incurred oc paid at any time bythe mortgagee because oE the failu~e on the part of the mortgagor promptly and fully to perform the agreements and covenants of sAid promissory note and this mort- gage, and said costs, charges, and expenses shall be immediately due and payable and shali be secured by the lien of this mortgage. 7. That he will keep the improvements now existing or hereafter erected on the mortgaged prope~ty. insured as may be required from time to time by the mortgagee against loss by fire and othe~ hazards, casualties, and c'Kt n- gencies in such amounts and for such periods as may be required by moctgagee. and will pay promptly, when due, any premiums on such insura~ce for payment of which provision has not been made hereinbefore. All insurance shall be carried in compa~ies approved by mortgagee and the policies and renewals thereof shall be held by mat- gagee and have attached thereto loss payable clauses i~ favor of and in form acceptable to the mortgagee. In event oE loss he will give immediate notice by mail to mortgagee. and mortgagee may make proof of loss it not made promptly by mortgagor. and each insurance company concerned is hereby authorized and directed to make payment for such loss directiy to mortgagee instead of to mortgagoc and mortgagee jointly. and the insurance pro- ceeds, or any pari thereof, may be applied by mortgagee at its optio~ either to the reduction of the indebtedness hereby secured or to the restoratio~ or repair of the property damaged. ln event of foreclosure of this mortgage os other transfer of title to the mortgaged property in extinguishment o[ 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. 8. That the modgagee may, at any time pending a suit upon this mortgage, apply to the court having jurisdic- tion thereof [or the appointment oE a receiver, and such court shall forthwith appoint a receiver of the premises covered hereby all and singular. including all and singular the income. proEits, issues. and revenues from whatever source derived, each and every of which, it being expsessly understood, is hereby mortgaged as if speciEically set fodh and described in the granting and habendum ctauses 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 absoluee right to said mortgagee, and without reference to the adequacy or inadequacy of the value of the propedy mortgaged or to the solvency oc insolvency of said moctgagor or Ehe 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 coud. ln the event of any default on the pad of the mortgagor hereunder, the mortgagor agrees to pay to~the mortgagee on demand as a reasonable monthly rental for the premises an amouet 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 covered by the aforesaid monthly payments. 9. That (o/ in the event of any breach of this mortgage or defauI~on the part 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 fully performed; then in either oc 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 focthwith, or thereaEter; 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 matga- i gee, without notice or demand. suit at law or in eyuity. 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 aliow- j k ances. In case of partial foreclosure of this mortgage, the modgaged 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 mortgagee. 10. That the mortgagor will give immediate notice by mail to the mortgagee of any conveyance, transfer, or ~ change of ownership of the premis~s. ~ 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 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 cepayable immediately and withaut 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 written notice or demandaddressed to the ownet of record of the mortgaged premises, or directed to the said owner at the last address actually furnished to the m:,dgagee, or directed to saidowner at y said modgaged premises, and mailed by the United States mails, shall be sufEicient notice and demaad 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 modgage and the said note secured hereby are ~ insured under the provisior.s of the National tTousing Act, he will not execute or file for cecord any instrument which imposes a restriction upon the sale or occupancy of the mortgaged property on the basis of race, color, or - .r , ~ 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. ~ 15~ The mortgagor-fntthet-EOVenants-thaf shovtd this-mortgage and the-note secared hereby not be eligible_ ~ for insurance under the National Housing Act within 3~ paY from the date hereof (written statement - ~ of any officer of the Depa~tment of Housing and Urban evelo~ment or authorized agent of the Secretary of Hous- ing and Urban Development dated subsequent to the~~ DAYS~ time from the date of this modgage, x ~ declinin to insure said note and this mort a e, bein deem~d c clusive roof of such ineli ibilit the mort a- ; g B P g Y), B ~ 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 ~ 3a heirs, executas, administrators, successors, and assigns of the parties hereto. - Whenever us_ed, the singular num- % ~ ber shatl inc!:aie the plural, the plural the singular, and the use of any gender shall include all genders. ~ ~ ~ ~ . ~ ~ ~ o R 1g4 ~ ~;i soox - - - 8 - ~ ~F . . . . . . 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