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HomeMy WebLinkAbout1671 . . Y ~ ; - ' ~ t • • 1~ i t ~ S. That he will pe~mil, commit, nr cufter no wa~te, impairment, or dete~ioration of said property or any patt the~eof; and in the event o[ the failure of the mortgagor to keep the buitdings on said premises and those tobe p+ected on said premises, or improvements thereon, in good repair, the mortgagee may make such repeirs as in its discretion it may deem necessary for the propec p~eservation thereo(, and the full amount of each and every such payment shall be immediately due and peyable, and shall be secured bY the lien of this mortg:~ge. 6. That he wili pay ail and singular the co~ts, charges, and expenses, including reasonable lawyer's fees, and costs o[ abstracts of title, incutred o~ paid at any time bythe mottgagee because of the fa~lure on the part o[ the mortgago~ promptly and fu11y'to -pQrform ~he~ ceements. pnd covenants ot said promissorY note and this mort- gage, and said costs, charges, and expens s s~all bi~+ imMediately due and pa}~able dnd shall be secured by the tiea of this mortgage. ~ • , ~ ~ ~ 7. That he will keep the improver~ents now existing or hereafter erected on the mortgaged property, insured as may be required from time to time by the mortgagee against loss by fire and other hazards, casualties, and contin- gencies in such arraunts and for such perioQs as may, be required by mortgagee, and will pay promptly, when due, an~~ premiums on such insurance (or payment of which ptovision has not been made hereinbe[ore. All insurance shall be carried ~n companies appro~~ed by mortgagee and the policies and renewals thereof shall be held by mort- Kagee and ha~~e attached thereto loss payable clauses in favor of and in form acceptable to the mortgagee. In e~•ent ot loss he will gi~~e immediate notice by ma~l to mortgag~c, and mortgagee m~,y 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 mortgagor and mortgagee jointly, and the insurance pro- ceeds, or any part thereof, may be applied by mortgagee at its option eithe~ to the reduction of the indebtednes~ hereb;r secured or to the restoretion or repair of the property damagecl. In event of fureclosure of this mo~tgage or other transfer of title to the mortgaged property in extinguishment of the indebtedness secured he~eb~~, all right. htle, and interest of the mortgagor in and to any insurance policies then in Eorce shall pass to the purchaser or 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 recei~~er, and such court 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 ar~d every of which, it being expressly understood, is hereby moctgaged as if specifically set #orth and described in the granting and habendum clauses hereof, and such receiver shail have all the broad and effective fun~tions 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 insolvency of said mortgagor or the defendents, and that such cents, profits, income, issues, and revenues shall be applied by such receiver :,ccording to the lien of this mortgage and the practice of such court. In the event oE any default on the part of the mor!gagor hereunder, the mortgagor agrees to pay to the mortRagee on demand as a reasonable monthly rental fot ;he premises an amount at least equivalent to orte-twetEth (1!12) of the aggregate of the twelve monthly install- T;ents payable in the then current year plus the actual amount of the annual taxes, assessments, water rates, and snsurance premiums for such year not covered by the aforesaid monthly payments. 9. That (0 / in the event of any breach of this mortgage or default on the part of the mortgagor, or (b/ in the E~~•ent that any of said sums of money herein referred to be not promptly and fully paid without demand or notice, ~~r r~•~ in the event that each and every the stipulations, agreements, conditions. and covenants oE said note and this mortgage, are not dul~~, promptly, and fully performed; then in either or any such event, the said aggregate sum mentioned in said note then remaining unFaid, with interest accrued to thaf time, and all moneys secured hereby, shall become due and payable forthwith, or thereafter, at the option of said mortgagee, as [ully and com- i 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 notwithstanding; and theceupQn or therea[ter, at the option oE said mortga- 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 mortgagee may foreclose this mortgage, as to the amount so declared due and E payabie, and the said premises shalt 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- < ;inuing lien of this mortgage for the amount of the debt not then due and unpaid. In such case the provisions of ° this paragraph rna}• again be availed of thereafter from time to time by the mortgagee. ~ 10. That the mortgagor will gi~-e immediate notice b~• mail to the mortgagee of any com•e~~ance, transfer, or rhange 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 wai~~ec of the tetms hered 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 perform the same, and all expenditures (including reasonable'attorney's fees) made by the Tortgagee in so doing shalt draw interest at the rate set forth in the note secured hereby, and shall be repayable _ zmmed~ately and without dFinand by the mortgagor to the mortgagee, and, together with interest and costs accruing thereon, shall be secured by this mortgage. 13. t~at the mailing of a written notice a demandaddressed to the owner of record of the mortgaged premises, ur directed to the said owner at the last addtess actually furnished to the mortgagee, or directed to said owner at ~ sa~d mortgaged premises, and mailed by the United States mails, shal) be sufficient notice and demand in any ~ case arising under this instrument and requiced by the provisions hereof or by law. t 14. The mortgagor covenants and agrees that so long as this mortgage and the said note secured hereby are ~ ~nsured 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 _ rreed. Upon any violation oE this under.aking, 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 within ~4 `i~,ti:, from the date hereof (written statement ~ of a:?y officer oE the Department o[ Housing and Urban Development or authorized agent of the Secretary oE Hous- ~ng and Urban Development dated subsequent to the ..i;~.;; time from the date of this mortgage, declining to insure said note and this mortgage, being deem•>d conclusive proof of such ineligibility), the mortga- ~ gee or the holde~ of the note may, at its option. declare atl sums secured hereby immediately due and pbyeble. ~x The co~•enants herein contained shall bind, and the benefits and advantages shall inure to, !he respective heirs, executors, adm~nistrators, successors, and ass~gns of t:?e parties hereto. whenever used, the singular num- ~ s~ ~+er shall ~nclude the plural, the plural the singular, and the use of any gender shatl include all genders. ~ ~ R ~ ~~GKi87 ~~Ei67i ~ . ~ _ ~ ~ .~..~~~w_~~.. .