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HomeMy WebLinkAbout2303 ~ ~ ~ S. 'i'hat he will pe~mit. commit. oc sutEet no ~raste. impairs~ent. or deteriocatio~ of saia p:operty or any pt~d the~eof; and ie the event of the failure of the moctgagot to keep t6e buildings on said pcemises aad those tobe erected on said pcemi~es. o~ imp~ovements thzrea~. in good repaic. the moKgage+e may make such reE+airs as in its discretion d may deem necessary for the propec preservation the~eof. and the full amount of each aad eve~y such peyment shall be immediately due and payable. aad sha!1 be sec;ued by the lien oE this mo~tgage. 6. That he will pay all and singula~ t6e casts, charges, and expenses. including reasonable lawyer's tees, and costs af abstracts oE title. incuned or paid at any time by the mortgagee because ot the failure on the part oE the mortgaga promptly and fully to perfocm the agreeme~ts and covenants of said promissory note and this mort- gage. and said cosis. charges. ~nd expensas shall be immediately d¢e end peyable and shall be secu~ed by the lien of this moctgaga 7. That he will keep the impcovements now existing or hereafter erected on the mortgaged propeKy. insured as ma3~ be required fcom time to time by the matgagee against loss by fire and other hazacds, casualties. and contin- gencies i~ such amounts and fo~ such periods as may be requiced by mortgagee, and will pay promptly. when due. any premiums on sucb insurance [or payment of which provision has not beea made hereinbefore. All insurance shall be carried in companies approved by mortgagee and the policies and renewals thereof shall be held by mort- gagee and have attached thereto loss payable clauses in favor of and ia form acceptable to the mortgagee. In event of loss he will give immediate notice by mail to moctg,agee, and mortgagee may make proof of loss if not mede promptlS by mortgagor. and each insurance company concemed is hereby authorized a~d ~irected to make payment for such loss directly to mortgagee instead of to matgagac aad mortgagee jointly, and the insurance pro-. ceeds. or any part theceof, may be applied by matgagee at its option eit6er to the rednction of the i~debted~ess hereby secured or to the restoration or repair d the propedy damaged. In event of Eoreclosure of this mortgage or other t~ansfer of title to the mortgaged propedy in e:tinguishment oE the indebtedness secured hereby, all right, title. and interest o: the mortgaga in and to any i~surance policies then in force shall pess to the purchaser or grantee. 8. That the mortgagee may, at any ti~ne pendi~g a suit upon this mortgage. apply to the caurt having jurisdic- tion thereaf for the appointment of a receiver. and such coud shall fodhwiih appoiat a receiver of the premises covered hereby all and singulat, includiag all and singular the incoa~e. profits. issues, and revenues from whatever soucce decived, each and every of ~hich. it being expressly understood. is hereby mortg,aged as if specifically set fodh and described in the gcantiag and habendum clauses hsreof. and such receiver shall have all the broad and effective functions and powers in aaywise entcusted 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 valu~ of the propedy mortgeged or to the solvency or insolvency of said mortgagor or the defendents. and that such rents, profits, income. issues. and revenues sf~all be applied by such receiver according to the lien of this moctgage and We practice of such coud. In the event of any default on the part of the mortgagor hereund~c, the moctgagor agrees to pay to the mortgagee on demand as a reasonable monthly rental for the premises an aawunt at least eq~Ivalent to one-twelfth (1/12) of the aggregate oE the twelve monthly insta'1- menis payable in the then current year plus the actus+l amount of the annual taxes. assessments. water rates. and insurance pre~iums for such year not covered by the aforesaid monthly payments. 9. That (a) in the event of any breach of this mortgage or default on the part of the modgagor, or (b) in the event that any of said sums of money herein referred to be not promptly and Eully paid without demand or ~otice, or in the event that each and every the stipulations, agreements. conditions, and covenants of said note and this mortgage. are not duly, promptly. and fully performed; then in either or any such evenf. the said aggcegate 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 :he 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 a in this modgage to the contrary notwithstanding; and thereupon or thereafter, at the option of 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 :o its institution. The modgagee may foreclose this mortgage, as to the araount so declared due and ~ payable, and the said premises shall be sold to satisfy and pay the ss~me together with costs. expenses,and allow- ~ ances. 1n case of partial foreclosuce of this mortg,age; the modgaged premises shall be sold sub}ect to the con- ~ tinuing lien of this mortgag~ for the amount oE 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 mortgagee of any conveyance. transfer. or change of ownership of the premises. 11. That no waiver of any covenant herein oc of the obligation secured hereby shall at any time thereafter be held to be a waiver of the terms hereaf 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 pedorm the same, and all expenditures (including reasonable attorney's fee~) made by the mortgagee in so doing shall draw inferest at the rate set forth in the note secured hereby, and shall be repayable - immediately and without demand by the mortgaga to the mortgagee, and. together with interest and costs accruing thereon; shall be secured by this modgage. 13. tha! the mailin~of a written notice oc demandaddressed to the owner of record of the mortgaged premises, or diracted to the said owner at the last address actually furnished to the murtgagee. or directed to said owner at said mortgaged premises, and mailed by the United States mails. shall be safficient notice and demand in any case arising under this instrument and required by the provisions hereof oc by law. 14. The mortgagor covenants and ag~ees that so long as this mcntgage and the said note secured hereby are insured undet the provisions of the National Housing Act. he will not execate or file for record any instrument which imposes a resUiction upon the sale or occupancy of the modgaged property on the basis of race, color, or creed. Upon any violation of this undertaking, the mortgagee may, at its option, declare the u~paid balance of the debt secured heceby immediately due and payable. ~ 15. The mortgagor further covenants that shoald this modgage and the note secured hereby not be eligible ~ for insurance under the National Housing Act within ~iI'fi~? d2~y3 from the date hereof (written statement ~ of any officer of the Department of Housing and Urban Devel ment or authorized agent of the Secretary of Hous- ~ ing and Urban Development dated subsequent to the t111T~ dSy time from the date of this mortgage, declining to insure said note and this mortgage, being deemed coaclosive proof of such ineligibility), the mortga- gee or the holder o[ the note may, at its option, declare all sums secuced hereby immediately due and payable. 4 The covenants herein contained shall bind, and the benefits aad advaatages shall inure to, the respective heirs, executors, administrators. successors, and assig~s d the padies hereto. Wbenever used; the singular num- ~ ber shail include the plural, the p:ural the singular, and the use of any gender shall include all genders. ~ ° R 1fi1 ~ 5C0 d00K _sp~, ` ~~~,;-r~ " :y~ e~v.'r'h~. ~ ,'p- ' }~~`~r~.; ~