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HomeMy WebLinkAbout2836 ~ L / ~ ~ ' ~ e . i . ~ ~ ~ ~ ~ ~ 5. That he will pe~mit~ commit. a suffer no waste, impairment~ or deterioration of said property or any pad thereof; and in the event of the failure of the mortgagor to keep the buildings on said premises and those tobe ecected o~ said premises. oc improvements theceon. in good ~epair. the modgegee may make such repeirs as in its discretio~ it may deem necessary fot the proper preservetion thereoE. e~d the full amount of each and every such payme~t shall be immediately due acd payebl~. and shall be secured by the lien of this mortgage. 6. That he will pay all and singular the costs. charges~ and expenses, including reasonablg lawyer's fees. and costs oE abstracts of title, incuned o~ paid at any time by the matgegee because of the failure or~ the part of the mortgagoc promptly and fully to perform the agreements and coveaants of said promissocy note and this mort- gage. and said costs. charges. and expenses shall be immediately due and peyable a~d shall be secured by the lien af this moctgage. 7. That he will keep the improvements now existirtg or hereafter erected on the mortgaged propedy. insured as aiey be required from time to time by the mortgager against loss by fire aruf other hazacds, casualties. and contin- gencies in such amounts and for such periods as may be required by matgagee. and will pay ptomptly. when due. any premiums on such insurance for payment of which provisio~ has not beea mede hereinbefae. All insurance shall be carried in companies approved by mortgagee and the policies and renewals theceof shall be held by mat- ~ gagee and have attached thereto loss payable clauses in fevor oE and in form acceptable to the modgagee. In ; event of loss he witl give immediate notice by mail to matgagee, and mortgagee may make proof of loss if not ! made promptly by moctgagor. and each insurance company concerned is heceby authorized and d'uected to make payment for such loss dicectly to mortgagee instead of to moctgaga ar~d mortgagee joiatly. and the insurance pro- ceeds. or any pad thereof. 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 propedy damaged. In event of foreclosure of this modgage oc other transfer of title to the modgaged property in extinguishment of the iadebtedness secured hereby, all right. title, and :nterest 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 conrt having jurisdic- tion thereof for the appointment of a receiver, and such court 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 iE specifically set fodh and described in the granting and habendum clauses hereof. and such receiver shall have all the broed end . effective functions and powers in anywise entrusted by a court to ~ receiver, and such appoiatment shall be made by such court as an admitted equity and a matter of absolute right to said modgagee, and without reference to the adequacy or inadequacy of the value of the propedy mortgaged or to the solvency or insolvency of said'mortgagor or the defendents, and that such rents, proEits, income, issues. and revenues shall be applied by such receiver according to the lien of this modgage and the practice of soch caut. In the eveat of any default on the pad of the ? modgagor hereunder, the mortgagor agrees to pay to the moctgagee on demand as a reasoaable monthly rental for ; the premises an amount at least eq~ivalent to one-twelfth (1/12) of the aggreg,ate of the twelve moathly install- { ments payable in the then curreat year plns the actual amount of the annual taxes, assessments. water rates, and ( insurance premiums for such year not coveced by the aforesaid monthly peyments. ~ 9. That (a) in the event of any b4ea~t~ ~ this; modgage or default on the pad of the mortgagor, or (b) in the event that any of said sums of money ~hefeih ef~rred to be not ptomptly and fully peid without demand or notice. or (c) in the event that each a~ every the stipplalioes, agreements,-conditions, and covenants of said note and this mortgage. are not duly. promptly, and fully performed; then in either or aay svch event, the said aggcegate sum mentioned in said note then remaining unpaid. with interest acctue:i to that time, aad all moneys secuced hereby, shall become due and payable forthwith, or 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, anything in said ~ note or in this mortgage to the contrary notwithstaading; and thereupon oc thereafter, at the option of said martga- ~ gee. withoat notice or demand, suit at law or in equity, may be ptosecuted as if all moneys secured hereby had ~ matured prioc to its institution. The modg,agee may foreclose this mortgage, as to the amouat so declared due and r ~?ayable, 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 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 such case the provisions of this paragraph 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, transfer, a y 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 tecros hereaf or of the note secuced hereby. 12. T6at if the mortgagor default in any of the covenants o~ agreements contaiued herein, or in said note, then the modgagee may pedorm the samg, and all expenditures (including reasonable attocaey's fees) made by the ~ mortgagee in so doing shall draw interest at the rate set focth in the note secured hereby, end shall be repayable immediately and withouf•demand by the moctgagor to the modgagee. and, together with interest and costs accruing thereon, shall be secured by this modgage. 13. that the mailing of a written potice or demand addressed to the owner of recard of the mortgeged premises, or directed to the said awner at the last address actually furnished to the mortgagee~ or directed to said awner at . ~ said modgaged premises, and mailed by the United States maiis. shall be safficient notice and demand in any ~ case arising uader this instcumenf and required by the provisioas hereof or by law. ~ 14. The moctgagor covenants aad ag~ees that so long as this mortg,age and the said note secured hereby are ~ insured under the provisions of the National Housing Act, he will not execute or file fa record aay instrument which imposes a restriction upon the sale or occupancy of the moctgaged propedy on the basis of race, color, or ~ creed. Upon any vjolation of this undertaking, the mortgagee may, et its option, decla~e the unpaid balance of the debt secured hereby immediately due and payable. ~ 15. The modgagor f~uther covenants that should is mortgage and the note secured hereby not be eligible ~ for insurence under the National Housing Act within ~ liays from the date here~ (writtea statemeat ~ of any officer of the Depadment of Housing and Urban DeveloQment or authorized agent of the Secretary of Hous- ~ in~ and Urban Development dated subsequent to the T~ 1~~IS time from the date of tbis modg,age, ~ declining to insure said aote and this mortgage, being deemed conclnsive proof of such ineligibility), the mortga- ~a gee or the holder of the note a?ay, at its ~tion, declare all sums secured bereby immediately due and paysble. ~ The co~eaants herein contained shall bind, and the benefits and advantages shall innre to, the respective ~ heirs, executors, admiaistrators, successors, and assigns of tM perties heteto. Whenever used, tbe singuler num- " ber shall include the plural, the plural the singular, and the use of eay gender shall include all genders. ~ ~ ~ i ~ OR ryK ~ ~ ~ ~ . ~ " ' ~ ~ :~~5 ~ . _ . _ . , , _ . . : ~=.u