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HomeMy WebLinkAbout2884 ~ ' . .t 5. That he will pecmit, commit. a suffet no waste. impairment. oc deterioration of said propedy or any pbrt theceof; and in the event of the failure of the mortgagor to keep the buildings o~ said premises aad those tobe erected on said premises, or improvements thereo~. in good repau. the mortgagee may make such repairs as in its : discretion it may deem necessary for the proper presenratio~ thereoE. and the [ull amount of each and every such ! payment shall be im~lediately due and payable~ and shall be secured by the lien of this mortgage. 6. That he will pay all and singular the costs, charges, and expenses. including reasonable lawyer's tees~ aad costs of abstrects of title, incurred or paid et any time by the mortgagee because of the failure on the part of the mortgaga promptly and fully to perfocm the agreements end covenants of said p~omissory note and this moct- gage. and seid costs. charges. ar~d expenses shall be immediately due and peyable and shall be secured by the lie~ of this mortgage. 7. That he will keep the improvements now existing or hereatter erected on the modgeged propedy. insured as may be required from time to time by the matgagee against loss by Eire and other hazards, casualties, and contin- gencies in such amounts and for such periods as may be requiced by mortgegee. and will pey promptly. when due, any premiums on such insurance for payment of which provision has not been made hereinbefore. All insurance shall be carried in companies approved by modgagee and the policies and renewals theceof shall be held by mort- gagee and have attached thereto loss peyable clauses in favor ot and in form acceptable. to the mortgagee. ln event of loss he will give immediate notice by mail to mortgagee. and mortgagee may make proof of loss iE not made promptly by mortgagor. and each insurance company concerned is hereby authorized and directed to make payme~t for-such loss directly to mortgagee instead of to mortgaga 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 restocation or repair of the propedy damaged. In event of foreclosure of this mortgage or other transfer of title to the mortgaged property in•extinguishment of the indebtedness secured hereby. all right. title, and interest of the mortgagor in and to any insurance policies then in force shall pass to the pucchaser oc grantee. 8. That the mortgagee may, at any time pendirl~ a suit upon this mortgage. apply to the court having jurisdic- tion thereof for the appointment of a receiver, and such court shall forthwith appoint a receiver of the premises covered hereby ail and singular, including atl and sirigular the income. profits. issues, and revenues from whatever ~~ource derived. each and every of which, it being expressly understood. is hereby modgaged as if specifically set fodh and described in the granting and habendum clauses hereof, and such receiver shall have all the broed and effective functions and powers in anywise entrusted by a court to a receiver. and such appoi~tment 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 rents, protits, income. issues, and revenues shali be applied by such receiver according to the lien of this mortgage and the practice of such court. In the event of any default on the part of the mortgagor hereunder, the mortgagor agrees to pay to the mortgagee on demand as a reasonabie monthly rental for the premises an amount at least eqµivalent to one-twelfth (1/12) of the aggregete of the twelve monthly install- ments payable in the ~hen curceut year plus the actual amount of the annual ta~~~ assessments, water rates, and insurance premiums fo~ such year pot. ~overed by the aforesaid monthly payme~(ts: 9. That (a1 in the eveet of ahy breach of this modgage or default on th~part of the mortgagor, or (6) in the event that any of said sums of money herein referred to be not pcomptly and fully paid without demand or notice, or (cl in the event that each and every the stipulations. agreements, conditions. and covenants of said note and this mortgage. are aot duly. promptly,,and fully performed; then in either or any such event, the said aggcegate sum mentio~?ed in said note.~hen:t~ aining unpaid, with interest accrued to that time, and all moneys secured hereby. shall become du~ end'payab~ forthwith, or thereafter, at the option of said mortgagee, as fully and com- pletely as if all of the said sums oE money were originally stipulated to be paid on such day. anything in said note or in this mortgage to the contrary notwithstanding; and thereupon or thereafter, at the option of said moctga- 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 mortg,egee may foreclose this modgege, as to the amount so declared due and i payable, and the said premises shall be sold to satisfy a~ pay the same together with costs, expenses,and allow- ~ ances. In case of partial foreclosure of this mortgage, the mortgaged premises shell be sold subject to the con- tinuing lien of this mortgage for the amount of the debt not then due ar.d unpaid. In such case the provisions of this paragraph may again be availed of thereafter Erom time to time by the mortgagee. 10. That the mortgagor wilt give immediate notice by mail to the mortgagee of any conveyance, transfer, or ; change of ownership of the premises. 'y 11. That no waiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be f held to be a waiver of the terms hereof ot of the note secured hereby. ~ 12. TF~at if the modgagor 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 ressonable attocney'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 modgaga to the mortgagee, and, together with interest and costs accruing thereon. shall be secured by this modgage. ` 13. that the mailing of a wtitten notice oc demandaddressed to the owner of record of the mortgaged premises, ~ or directed to the said owner at the last address actually furnished to the modgagee, or directed to seidowner at ~ said modgaged premises, and mailed by the United States mails, shall be sufficient notice and demand in any ` case arising under this instrument and tequired by the pcovisions hereof 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 instrur.~ent , which imposes a restriction upon the sale or occupancy of the modgaged propedy on the basis of race, color. or i creed. Upon any violation of this undertaking, the mortgagee may, at its option, declare the unpaid balance of the ; debt secured hereby immed'eately due and payable. ~ 15. The mortgagor further covenants that should this mortga ge and the note secured hereby not be eligible ; Eor insurance under the National Housing Act within thirty days from the date hereof (written statement ~ of any officer of the Department of Housing and Urban Development or authorize~d agent of the Secretary of Hous- ~ ing and Urban Development dated subsequent to the thirty day tic~e from the date of this mortgage, • declining to insure said note and this mortgage, being deem~d conclusive proof of such ineligibility), the mortga- p gee or the holder of the note may, at its option. declare all sums secured hereby immediately due and Payable. ~ i The covenants herein contained shall bind, and the benefits and advantages shall inore to, the respective ; heirs. executors, administrators, successors, and assigns of the parties hereto. Whenever used, the singular num- ~ ber shall include the plural, the plural the singular, and the use of any gender shall include all genders. ~ F / BOOK 151 PACE 4~~ ~ y~ ~ ~ - -