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HomeMy WebLinkAbout2557 t ~ S. That he will permit. commit. or suffer ao waste, inpair~ent. or dete~ioration of said propedy or any pa~t thereof; and in the event o[ the failure of the mortgagor to keep the buildings on said premises and those tobe ~ ; erec'ted on said p~emises. or improvements thereon. in good repair. the mortgagee may make such repeics as in its discretion it may deem necessary fa 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 of this mortgage. 6. That he will pay all and singula~ the costs. charges. and expenses. i~cludi~g reasonable lawyer's fees, a~d costs of abstracts of title. incurred or paid at any time bythe mo~tgagee because of the failure on the part oE the mortgagoc promptly and fully to per[am the agreements and covenants of said ptomissory ~ote aad 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 now existing or hereafter erected on the mortgaged property. insuced as + may be cequired from time to time b~ the mwtgagee against loss by fire and other hazards. casualties, and contin- gencies in such amounts and for such pe~iods as may be required by mortgagee. aad will pay promptly, when due. ° any premiums on such insurance for payment of which provision has not been made hereinbefore. All insurance ~ shall be carried in companies approved by mortgagee and the policies and renewals thereof shall be held by mat- f 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 mortgagee. and mortgagee may meke prooi 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 modgagor and mortgagee jointly. and the insurance pro- ~ ceeds. or any part thereof, may be applied by mwtgagee at its option either to the reduction of the indebtedness ? hereby secured or to the restoratio~ or repair of the propedy damaged. In event of Eoteclosure of this mortgage or i other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby. all right. title. and ;ntetest of the mortgagor 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 for the appointment of a receiver. and such coud shall fodhwith 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 modgaged as if specifically set forth and described in the granting and habendum clauses hereof, ar~d 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 property mortgaged or to the solvency or insoivency of said mortgagor or ihe 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 court. in the event of any 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 (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 (a1 in the event ot 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 pcomptly and fully paid without demand or notice, or (~J in the event that each and every the stipulations, agreements, conditions, and covenants of said note and this mortgage, are not duly, promptty, and fully performed; then in either or any such event. the said aggregate sum mentioned in said note then remaining unpaid, with interest accraed to that time. and all moneys secured hereby, shall become due and payable forthwith, oc 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~ anyt6ing in said ~ note oc in this modgage to the contrary notwithstanding; and thereupon or thereafter, at the option of said matga- j 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 modgagee 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 Eoreclosure of this mort~age~ 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 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 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 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 modgagor to the mortgagee, and, together with interest and costs accruing thereon, shall be secured by this mortgage. 13. that the mailing of a written nutice or demand addressed 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 modgaged 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 cove1nts and agRees that so long ~as this mortgage and the said note secured hereby are ins4red 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. 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 mortga e and the note secured hereby not be eligible s for insurance under the National Housing Act within ~y from the date hereof (written statement f - 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 T~iity ~ay~ time from the date of this modgage, ; declining to insure said note and this mortgage, being deem?d conclusive proof of such ineligibility), the modga- ~ 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 inute to, the respective i heirs, executors, administrators, successors, and assigps 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. ~ 8oex1~~ ~~2554 ~ ~ ~ - ~e~ ~ . _ _ r .