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HomeMy WebLinkAbout2683 ~ • < , ~ ~ t ' : 5. That he will permit. commit. or sutfer no waste. impeirmeat, or deteriocatio~ oE said pcopetty or any part thereof; and in t~e ovent of the failure of the mortgagor to keep the buildings on said premises and those tobe erccted on said premises, or improvements theceon, in good repair~ the mortgagee may make such repairs as in its discretioa it may deem necessa~y fo~ the proper preservation thereof. and the full amount of each and eveTy such peyment shall be immediately due and payable. and shall be secuced by the lien of this mortgage. 6. That he will pay all and si~gula~ the casts. charges. and expenses. includi~g ceaso~able lewyer's fees, and costs of abstracts of title. incurred or paid at any tirae by the mortgagee because of the failure on the pert of the mortgegoc ptomptly and fully to perfam the agceements and covenants of said promissory note and this moct- gage. and said costs, charges. and expenses shall be immediately due and peyable and shall be secured by the lien of this mortgage. 7. That he will keep the impcovements ~ow existing or herea[ter ecected on the mortgaged propecty. 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 amounts and for such periods as may be required by mortgegee. and will pay promptly, when due. any premiu~ o~ such insurance Eor payment of which provision has not been made hereinbefoce. All insurance shall be carried in companies approved by mortgagee and the policies and renewals thereof shall be held by moct- gagee and have attached thereto loss payable clauses in favor ot and in form acceptable to the mortgagee. In eve~t 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 cumpany concecned is hereby authocized and directed to make paymeet for such loss directly to mortgagee instead of to mortgag« and mortgagee jointly. and the insurance pro- ceeds. or any part 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 oE this mortgage or other transfer of title to the mortgaged property in extinguishment of the ir?debtedness secured hereby, all right, title, and interest 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 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, incIuding all and singular the income, profits, issues, and revenues from whatever source derived. each and every of which. it being expressl3 understood, is hereby modgaged as if specifically set forth and described in the granting and habendum clauses hereo(, 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 court as an admitted equity and a matter of absolate 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,th t such rents, profits, income, issues, and revenues shall be applied by such receiver according to the lien of th~s modgage and the practice of such coud. In the event of any default on the part of the mortgagor hereunder.'the moctgagQr a~rees to pay to the mortgagee on demand as a reasonable monthly rental for the premises an amount at least•eq~ivalent 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 (u) in the event of any breach of this mortgage ur default on the part of the mortgagor, or (b) in the event that any of said sums of .~iwney herein referred to be not promptly and fully paid without demand or notice, or (c) in the event that e9e6 an~ every the stipulations~ agreements. conditions. and covenants of said note and this mortgage, are not duly, promptly, and [uliy performed; then in either or any such event. the said aggregate sum mentioned in said note then remaining unpaid, with interest accrued to that time, and all moneys secured hereby, shall become due and payable forthwith, or thereafter, at the option o[ 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 modgage to the contrary notwithstanding; and thereupon or thereafter, at the option of said mortga- R gee, without notice or demand, suit at law or in equity. may be prosecuted as i[ all moneys secured hereby had ' ~ matured prior to its institution. The mortgagee 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 foreclasure of this mortgage, 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 snch 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 agreerteents contained herein, or in said note, then the modgagee may perEorm 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 notice or demandaddressed to the owner of record of the modgaged premises, or directed to the said owner at the last address actually furnished to the modgagee, or directed to said awner at said mortgaged premises, and mailed by the United States mails, shall be sufficient notice and demand in any case arising under this instrument and required by the provisions heteof or by law. 14. The mortgagor covenants and agrees that so long as this mortgage and the said note secured hereby are insured 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 modgaged propedy on the basis of race, color, or creed. Upon any violation oE 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 mortgage and the note secured hereby not be eligible for insurance under the National Housing Act within 3O DAYS from the date hereof (written stetement 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 30 DAY9 time from the date of this mortgage, declining to insure said note and this modgage, being deem~:d conclusive proof of such ineligibility), the mortga- gee or the holder of the note may, at its option, declare all sums secured hereby immediately due and paSeble. The covenants herein contained shall bind, and the benefits end advantages shall inuce to, the respective heirs, executors, administrators, successors, and assigns of the parties hereto. Whenever used, the singular num- ber shall include the plaral, the plural the singular, and the use oE any gender shall include all genders. 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