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HomeMy WebLinkAbout2170 a , . 1 g~ti~~ r .T • ~ ? ~ i ~ • ' t 4 5. That he will permit. commit. a suffer no vrastc. impairment. or deterioration of said propecty or any part I thereof; and in the eve~t of the Eeilure of the mortgagor to keep the buildings on said premises and those tobe ' erected oo said premises. or improvements thereon. in good repair. the moctgagee may make such repeirs as in its discretion it may deem necessary for the proper preservetion thereof. and the full amount of each and evecy such payment shall be immediately due and peyeble. and shall be secured by the lien of this moctgage. 6. That he will pay all and singular the costs. charges. and expenses, including reasonable lawyer's fees. and costs of abstracts of title~ incurred o~ peid at a~y time by the mortgagee because of the failure on the part of the mortgagor promptly and fully to perform the agreements ar.d covenants of said promissory note and this mort- gage, and said costs. charqes, and expenses shall be immediately due a~d payable and sfiall be secured by the liea of this modgage. 7. That he wil! keep the improvements now existing or hereafter erected on the mo~tgaged pcopedy. insured as may be required from time to time by the mortgagee against loss by fire and other hezards. 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 pro~ision has not been made heceinbefore. All inswance shall be carried in companies approved by mortgegee and the policies and renewals thereof shall be held by mort- gagee and 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 modgagee, and mortgagee may make proof of loss if not ~ made promptly by mongagor, and each insurance company concerned is heceby authorized and directed to make payment for such loss directly to mortgagee instead of to mortgagor 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 oc repair of the propedy damaged. ln event of foreclosure of this mortgage or other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby. all right. title. and :nterest of the mortgagoc in and to any insurance policies then in force shall pass to the purchaser a grantee. ~ 8. That the mortgagee may. at any time pending a suit upon this mortgage, apply to the court having jurisdic- ~ tion thereof for the appointment 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 specifically set fodh 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 appointment shall be made by such coud 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 property 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 modgage and the practice of such court. In 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 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 covered by the aforesaid monthly payments. ` 9. That (o) in the event of any breach of-this mortgage or default on the pad 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 (c) 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 zither or any such event, the said aggregate sum mentioned in said nMe then remaining unpaid. with interest accrned to that time, and all moneys secured hereby. shall become due and payable forthwith~ or thereaEter, at the option of seid 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 a in this modgage to the contrary notwithstanding; and thereupon or thereafter, at the option of said matga- , , gee, without notice or demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby had ~ i matured prior to its institution. The mortgagee may foreclose this mortgage, as to the amount so declared due and ~ t payable, and the said premises shall be sold to satisfy and pay the same together with costs, expenses.and allow- ! E 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 f 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 modgagee af any conveyance, transfer, or ; change of awnership 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 hereaf 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 modgagee 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 repayable immediately and without demand by the mortgagor to the mortgagee, and~ together with interest and costs accruing thereon, shall be secured hy this mortgage. 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 actually furnished to the mortgagee, or directed to said owner at ~ said mortgaged premises, and mailed by the United States mails, shall be sufEicient 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 Nationat Housing Act, he will not e:ecute or file for record any instrument which imposes a resUiction upon the sale or occupancy of the mortgaged propedy on the basis oE race, color, or 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 further covenants that should this mortgage and the note secured hereby not be eligible ~ for insurance under the National Housing Act withiu r from the date hereof (written statement of any oEficer of the Department of Housing and Urban ~1~~~i~ or authorized agent of the Secretary of Hous- ~ ing and Urban Development dated subsequent to the time from the date of this modgage, ~ declining to insure said note and this mortgage, being dee'-m~d'conrlusive proof of such irteligibility), the modga- gee or the holder of the note may, at its option, declare all sums secured hereby immediately due and payeble. The covenants herein contained shall bind, and the benefits and advantages shall inure to, the respective ~ heirs, executors; administratocs, successors, and assig~s of the parties hereto. Whenever used, the singular num- ~ ber shall include the plural, the plural the singalar, and the use of any gender shall include all genders. < ~ ~ ` ~ ; -1 = aooK184 ~~E216? : ~ . - ~ d.-~ ..w . . . . , . . . _ i~4 .