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HomeMy WebLinkAbout2820 \ 5. That he will permit. commit. oc suffer ~o2~ste. ie iirweot, oc deterioration of said property or eny part the~eof; and in the event of the failure of thd inoe~gagor to keep the buildings on said premises and those tobe erected on said pcemises. or impcovemeats thereon. in good repau, the moctgagee may make such repairs as in its discretion it may deem ~ecessary for the propec pceservation thereoE. aad the full amount of each and every such payment shell be immediately due atd payable. and shall be secured by the lien of this mortgage. b. That he will pay all and singular the costs~ charges. aed expenses. including reasonable lawyer's fees, and costs of abstracts oE title~ incuned or paid at any time bythe mortgagee because of the failure on the pert of the mortgagoc promptly and fully to perfocm the agreements and covenaats of said promissory note and thls mort- gage, and said costs. cherges. and expenses shall be immediately due and peyable 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. insured as may be required fcom time to time by the moctgagee ageinst loss by flre and other hazards. casualties~ and contin- gencies i~ such amounts and for Ruch periods as may be required by mortgagee. and will pay promptly. whea due. any premiums on such insurance for payment of which pcovision has not beea made hereinbefoce. All insurance shall be carried in companies approved by mortgagee and the policies and re~ewals thereof shall be held by mort- gagee and have attached theceto loss peyable clauses in favor of and in form acceptable to the modgagee. 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 heceby authorized and directed to make payment for such loss dicectly to modgagee instead of to mortgagor and mortgagee jointly. and the insurance prw ceeds, or any part thereof. ~y be applied by matgagee at its option either to the n:dnction of the indebtedness hereby secured or to the restoratian a repair of the propedy damaged. In event of foreclosure of this modgs~ge or other transfer of title to the modgaged propedy in extinguishment of the indebtedness secured hereby. all right, title. and ;nterest of the mortgaga in and to any insurance policies then in force shall pess to the purchaser or grantee. 8. That the mortgagee may. at any time pending a suit upon this matgage. apply to the court having jurisdic- tion thereof foc the appoiatment of a receiver. and such court shall forthwith appoiat a receiver of the premises covered hereby a[I 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 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 coud as an admitted equity and a matter of ebsolute right to said moctgagee, and without reference to the adequacy or inadequacy of-the value of the property moctgaged or to the solvency or insolvency of said enortgago~ or the deEendents, and that such reats, profits, income. issues, and rpvenues shall be applied by such receiver accocding to the lien of this moctgage and the practice of soch coud. In the event of any default on the pad of the mortgagor hereunder. the mortgagor agrees to pay to the modgagee on demand as a reasonable monthly rental for the pcemises an anwunt et least eqpiva~ent to one-twelfth (1/12) of the eggregate 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~suah yea~ nd covered by the afore~aid monthly payments. 9. That (a) in the event of any breach of this mortgage or default on the pad of the modgagor, or (b) in the event that any of said sums of money herein referred to be not piomptly and fuliy paid without demand or notice. or (c) in the event that each and every the stipulations, agreements. coaditions, and covenants of said note and this mortgage. are not duly, promptly, and fully performed; thea in either or any such event, the said agg~egate 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 thereafter, at the option of said m~tgegee, as fully and com- pletely as if all of the said sums of money were origir~ally stipulated to be paid an such day, anything in said note or in this modgage to the contrary notwithstanding; and thereupon oc 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 dne and j payable, and the said pcemises shall be sold to satisfy and pay the same together with costs, expenses,and allow- ; ances. In case oE partial foreclosure of this moctgage, 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 s~ch case the provisions of i this peragraph may again be availed of thereafter from time to time by the mortgagee. ~ 10. That the modgagor will give immediate notice by mail to the modgagee of any conveyance. transEer, or change of ownership oE the premises. ~ 11. That no waiver of any covenant herein or of the obligation secuced hereby shall at any time thereafter be 6eld to be a waiver of the terms hereof or of the note secured hereby. 12. Tnat if the mortgaga default in any of the covenants or agreements contained herein, or in said note, then the modgagee may perform the same, and all expenditores (including reasonable attorney's fees) made by the mortgsgee in so doing shall draw interest at the rate set fath in the note secured hereby, a~xl shall be repaysble immediately and without demand by the modgagor ta the modgagee, 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 owner of recocd of the modgaged premises, ~ or directed to the said owner at the last address actually furnished to the modgagee, or ditected to said owaer at ~ said modgaged premises, and mailed by the United States mails. shall be sufficieat notice and demand in any ~ case arising under this instrument and required by the provisions hereof oc by lew. ~ 14. The modgagor covenants and agcees that so long as this mortgage aad the said note secured hereby are ~ ins~red under the provisions of the National Housiag Act, he will nd execute or file for recard any instrument ; which imposes a restriction upon the sale or occupancy of the mortgaged propedy 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 T debt secuced hereby ima~ediately due and payable. 15. The mort a or further covenants that should this mort a e and the note secured hereb not be eli 'ble ~ BB BB Y 8~ ~ for insurance under the National Housing Act within ~q j~ys from the date hereof (Written statement ~ of any officer of the Depadment of Housing and Urban ~evefopment or authorized agent of the Secretary of Hous- " ing and Urban Development dated subsequent to the ~]~gps time from the date of this modgage, ~ declining to insure said note and this mortgage, being deemed coacfiisive proof af such ineligibility), the mortga- ~ gee oc the holder af the note ~y, at its option, declare all sums secured hereby immediately due and payeble. ~ The covenants herein contained shall bind, and the benefits and advantages shall inuce to, the respective heirs, executors, edministrators, successors, and assigps d tbe parties hereto. W6enever used, the singular num- ~ ber shall include the plural, the plaral the singular, and the use of aay gender shall include all gendecs. ~ ~ ~~~84 P~2817, ~ . . ~ ~ ~ ~ ~ - - - - _ _ - ~ _ _ ~ ~ _ _ _ _