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Home My WebLink About2175 ~ 1 . : . . . . . i . ~ . ' 5, That he will permit. commit. or suffe~ ~o weste, impairment, or detetioration of said propedy or any part thereof; end ia the event of the failu~e of the mortgago~ to keep the buildings on said premises and thase tobe erected on said premises. oc improvements thereon. in good repair. the mortgagee may make such repairs as i~ its discretion it may deern necessary for the proper preservation thereof~ end the full amount of each and every such payment shall be immediately due and payable. a~d shall be secuced by the lien of this mortgage. 6. That he will pey all and singular the costs. charges. and expenses. including reasonable lawyer's fees~ - end costs of abstracts of title~ incurred or ~paid at any time by the mortgagee because of the failure on the part of the mortgagor promptly and fully to perform the agreements artd covenants of said promissory note and this moct- gage. and said costs. charges. and expenses shall be immedietely due and payable and shall be secuced by the lien of this mo~tgage. 7. That he will keep the improvements now existing or hereafter erected on the mortgaged propecty. insured es may be cequired 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 witl pay promptly. when due, any premiums on such insurance Eor payment oE which provision has not been made hereinbefore. All insurance + shaU be carried in companies approved by matgagee a~d the policies and renewels thereof shaU be held by mat- ~ gagee and have attached thereto loss payable clauses in favoc of and in form acceptable to the mortgagee. In event of loss he will give immediate notice by mail to mortgagee. and mortgagee may make proof of loss if not { made promptly by mortgagor, and each insurance company concerned is hereby authorized and directed to make ~ payment for such loss directly to mortgagee instead of to mortgaga and mortgagee jointly, and the insurance pro- ~ ceeds, or any part theceof, 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 foreclosure oE this mortgage or ~ other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby, all right, Z title. and ;nterest of the mortgagor in and to any insurance policies then in force shall pess to the purchaser a ~ gcantee. ~ 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 court shall forthwith appoint a receiver of the premises ~ covered hereby all and singulat, including all and singular the income. profits. issues, and revenues from whatever source derived. each a~d e~ery of which, it being expressly understood. is hereby modgaged as if specifically 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 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 moctgaged or to the solvency a insolvency of said mortgagor 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 coud. In the event of any default on the pad of the modgagor hereunder, the moctgagor 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 aggcegate 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 peyments. a 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, ace not duly, promptly, and fully 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 fuliy end com- pletely as if al! of tbe said sut~ of money were originally stipulated to be paid on such day, anything in said note or in ihis mortgage 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 matuced prior to its institution. The mortgagee may foreclose this mortgage, as to the amount so declared due and ~ payabie, 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 ~ E this paragraph may again be availed of thereafter from time to time by the mortgagee. j i 10. That the mortgagor will give immediate notice by mail to the modgagee of any conveyance, transfer. or ' ~ change of ownership of the premises. ~ 11. That no waiver of any covenant hetein 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 seccred 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 expenditnres (including reasonable attaney's fees) made by the ~ mortgagee in so doing shall draw interest at the rate set forth in the note sec~red h~reby, and shall be repayable ~ immediately and without demand by the mortgagor to the modgegee, and, together with interest and costs accruing ~ thereon, shall be secured by this mortgage. ~ 13. that the mailing of a written notice or demand addressed to the owner of recotd of the modgaged premises, : ~ or directed to the said owner at the last address actually ftunished to the medgagee, or directed to said owner at 3 = said modgaged premises, and mailed by the United States mails, shall be safficiet~t notice and demand in any ~ ~ case arising under this instcument 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 ere ? ` insured under the rovisions of the National Housi Act, he will not eaecute or file for record an a > P nB y instrument which imposes a restriction upon the sale or occupancy of the moctgaged property on the basis of race, coloc, or ; creed. Upon any virolation 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 f~uther covenants that should this moctgege and the note secured hereby not be eligible i _ for insurance under the National Housing Act within ~ j~~ from the date hereof (written statement of any officer of the Department of Housing and Urban Development or euthorized agent of the Secretary of Hous- ~ ing and Urban Development dated subsequent to the ~p~ time from the date of this mortgage, ; ~ declinin to insure said note and this mort a e, bein dee~vncT(isive roof of such ineli ibilit the mort a ~ S g S B P B Y). 8- : ~ gee oc the holder of the note may, at its option, declare all sums secured hereby immediately due and payable. ! <Y The covenants herein contained shall bind, and the benefits aad edvantages shall inure to, the respective ~ - heics, execators, administrators. successors, and assigps of the pacties hereto. Whenever used, the singular num- ; = ber shall include the plural, the plural the singular, and the use of any gender shall inclode ell genders. ~ ~ ~ ~ ~ ~ :fr: D R ~ _ aooK ~$4 ~ 2172 . . _ ~ . . - . . _ _