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HomeMy WebLinkAbout0669 e. , • ' S. That he will permit~ commit. o~ sufEet no livaste, impa'ument. o~ deterioration of said propedy or ~ny part theceof; and in the eveat of the failure of tbe mortgagor to keep the buiidiaga oe said pccmises and those tobe erected on said premises. or impcovemeats thereon. in good repeir. the mortgagee may make such cepeirs as in its disccetion it may deem necessary for the proper presenration thereof, and the full amouat of each and every such payment shall be immediately due and payeble~ and shatl be secuced by tha lien of this awrtgage. 6. That he will pay all end siagula~ the cests, charges~ and expenses, including reosoaeble lawyec's tees, and costs of abstracts of title. incurred or p~id at aay time by the aiortgagee because of the failuce oa tbe part ot the moctgegor promptly and fully to perform the agreements end coveaeats aE said promissocy note and this mort- gage. and said costs. charges. and expenses shall be immediately due aad peyable aad shall be secured by the lien af this matgage. 7. That be wilt keep the impcovemeats aovv existing or hereafter erected on the moetgaged propedy, insured as may be required from time to time by the matgagee egaiast lass by fire aad other hazards, casualties. aad contia- gencies in such aaounts ar~d for such periods as may be required by moctgagee. and will pay promptly. whtn due, any premiums on such insurance for paymeM of which provision has aot been made hereinbefae. All iasurance si~all be carried in companies approved by mortgagee and the policies snd renewals tbereof shall be held by mat- gagee and have attacbed thereto loss peyable clauses ia favac of and in form acceptable to the modg,agee. In event of loss he will give immediate aotice by mail to mortgegee. aad mortgagee mey atiake proof of loss if not made promptly by matgagor. and each insucance compeny coacemed is heceby authorised and d'uected to make payaient for such loss dicectly to mortgagee instead of to mortgaga~ and mortgagee jointly. aad the insurance pro- ceeds. or any pad theceof. may be applied by matgegee at its option either to the reduction ot the indebted4ess hereby secured or to the restoration or repair af the propedy damaged. In event of foteclosure of this mortgage or other transfer oE title to the mortgaged property in extiaguishment of the indebtedness secured hereby~ all right, title, and interest of the moctgaga in and to aay insurance poticies then ia fo~ce shall pass to the purchaser or grantee. 8. That the matgagee may~ at any time pending a suit upoa this aaatgage. apply to the couct having jurisdic- tion thereof foc t6e appointment of a receiver. and such court shall forthwith appoiat a receiver of the premises covered hereby all aad singaler. inclndiag all and singular the iacome, profits, issues, and revenues from whatever source derived, each and every of whic6. it being ezpressty understood. is hereby mortgaged as if specifically set fodh and described in the granting and habendum clsnses bereoE, end such receiver shall have all the broed and etfective functions and poaers in anywise entrusted by a court to a receiver, edtl sncb eppointment shall be made by such coud aS an admitted equity and a matter of absolute right to said mortgagee, and wit6out refecence to the adequacy or inadequscy of the value of the propedy matgaged or to the solvency or insolveacy of said mortgagor or the defendents, and !lsat snch reqts, profits, iacome, issues, end revenues shall be applied by such receiver accading to the lien of this mortgage and the prectice of sucb court. In the event of any default on the pert of the mortgagor hereunder. the matgagor agrees to pay to the mortgagee on demand as a reasonable monthly rentai for the Qremises an amount at least equivalent to one-tarelfth (1/12) of the aggregate oE the twelve monthly install- meats payable ia the then current year plus the actual ama~nt of the annual taxes, assessments, water rates, and insutance premiums for sucb year not covered by the aforesaid monthly p~yments. 9. That (o) in the event of any breach oE this mortgage or default an the pad oE the mortgagor, or (b) in the eveat that any of said sums of money herein referre~ to be not promptly and fully paid without demand or aotice, or (c) in the event that each and every the stipulations, agteements, ccrtditions, and covenaats of said note and this moctgage, ace not duly, promptly, and fully pedormed; then in either or any soch event, the said agg~regate sum meetioned in said note tben remaining unpaid, with iMerest accrued to that time, and ell moaeys secured hereby, shall become due a~d payable fortharith, ac 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 Qaid oa such day. anything in said note or in this modgage to the contrary notwithstandiag; and thereqpon or thereafter, at the option of said matga- 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 modgagee may foreclose this mortgage. as to the amouat so declared due aad payable, and the said premises shall be sold to satisfy_and pey the same foget6er with costs, expenses,and allaw- ~ ances. In case of partial foreclosure of this mortgage. the modgaged premises shall be sold subject to tbe con- li tinuing lien of this mortgage for the amount of tbe debt not Lhen due and unpaid. In such case the provisions of ~ this ~zagraph may again be availed of thereafter from time to time by the mortgagee. 10. That the mottgagor will give immediate notice by maii to the modgagee of any conveyance, transfer, a change oE ownership of the premises. - ~ 11. That no waiver of aay covenant herein or of the obligation secuced hereby shall at any time thereafter be held to be a weiver of the terms hered or of the note secuted heteby. 12. Tbat if the mortgaga default in any of the covenants a agreements contained herein, oc in said note, then the modgagee may pedorm the same, and all expenditures (iacluding reasonable attocney's fees) made by the mortgagee in so doing shall draw interest at the rate set fath in !he eote secuted hereby, and shall be repeyable immediately and without demand by the mortgagor to the moctgagee. and, togetber witb iaterest and costs accruing • theceon,.shall be secured by this mortgage. ~ 13. that the meiling of a writtea ndice uc demandaddcessed to the owner of recocd of the mortgaged pcemises, or directed to the said aavner at the last address actnally furnished to the matgagee~ or directed to said aavner at i said modgaged premises, and mailed by the United States mails, shall be sufficient notice and demaad in any case arising under this instrument and required by the pr~risions hereof or by lew. f 14. The mortgegor covenants and agrees that so long as this mort~age and the said note secured hereby are ~ I insured under the provisions of the National Housing Act, he will not esecute or file for record any instrument ~ M which imposes a restriction upon the sale or occupancy of the modgaged propedy oa t6e basis of race, cola, or creed. Upon any violation of this undedaking, the mortgagee may, at its option, dec1ere the unpaid balance of the j dedt secured heoeby immediately dae and payable. ~ s 15. The mortgagor further coveaants that should this ~p gege and the note secured hereby not be eligible s for insurance under the National Housing Act within 3O DA~ from the date her~of (written statemeat of an officer of the De rtment of Housin and Urban ve nt or authaized a ent of tl~e Secretar of Hous- ~ ~ ing nd Urban Development dated subsequent to the time from the date of this mortgage, ( declining to insure said note and this mortgage. being deem~d caaclusive proof of such ineligibility), the moctga• ~ gee or the holde: of the note may. at its option, declare all sums secuced hereby immediately due and payable. ; The covenants herein contained shall bind, and the benefits and advantagt?s sball inare to, the respective ~ heirs, executors, edministrators, successas, and essigps oE the padies hereto. lphenever used, the singular nam- ber shall include the plural, the plural the singular, and t6e use oi any gender shalt include all genders. ; a°ooK ~54 69 ~ ,,k~ ~ ;rv:~ y~~,'4~~~,..fi' : _ =*'rS"~'~':~ . 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