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HomeMy WebLinkAbout2307 ' ~ i . , S. That he will permit. commit. a suffer no waste~ imp~irment~;ot deteriocetion o[ said prope~ty or any pad theceof; and ie the event o[ the failute of the modgegot to keep d~e buildings on seid premises and those tobe erected o~ said premises. or improvements thereon. in good ~epair. the mortgagee may make such repeirs as in its discretion it may deem necessary (o~ the proprt preservation theceof~ a~ the full amount oi each and every such payment shall be immediately due a~d payable, a~d shall be secuced by the lien of this mortgage. 6. That he will pay all and singular the costs. chacges. and expeoses. includi~g reasonable lawyer's fees. ; and costs of abstracts of titte~ incurred or paid et any time bythe moctgagee because of the failure oa the part' of ; the mortgagor promptly and fully to perform the agreeme~ts and covenants of said promissory ~ote and this mort- ' gage. and said costs. charges. and expenses shell be immediately due and payable and shall be secured by the ~ lien d this mortgage. 7. That he will keep the improvements now existing or hereaEter erected on the modgaged pcoperty. insured as may be required from time to time by the moctgagee against loss by fire and other hazards. casualties, and contin- g~ncies in such amounts a~d foc such periods as may be required by mortgagee. and will pay promptly, whe~ due, any premiums on such insurance for peyment of which provision has not been made heretnbefore. All insurance shall be carried in companies approved by mortgagee and the policies and renewals thereof shatl be held by mort- gagee and have attached thereto loss peyable clauses in favor of aod in form acceptable to the mortgagee. In avent of loss he will give immediate notice by mail to mortgagee. and mortgagee may make proof of loss if ~ot made promptly by mortgagor, and each insurence company ca~cerned is hereby authorized and directed to make payment for such loss directly to modgagee instead of to matgagac and a?ortgagee jointly. and the insurance pro- ceeds, or any pa~t thereof. may be applied by moctgagee at its option either to the rednction of the indebtedness hereby secuced or to the restoration oc repair oE the property damaged. ln event of foreclosuce of this mortgage w other transfer of title to the mo~tgaged property in extinguishment of the indebtedness secured heceby. all right, title, and interest of the modgaga in and to any insurance policies then in force shall pass to the purchaser or grantee. - 8. That the mortgagee may. at any time pending a suit upon this matgage. apply to the court having jurisdic- i tion thereof for the appointment of a receiver. and such coud 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 and every of which, it being expressly undecstood. is hereby mortgaged as if specifically set forth 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 appointment shall be made by such coud 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 propedy mortgaged or to the solvency or insolvency of said mortgagor or the defendents. and that such rents. protits. income, issues, and revenues shall be applied by such receiver ~ accocding to the lien of this modgage and the practice of such caut. In the event of any default on the pad of the mortgagor hereunder, the mortgagor agrees to pay to the mortgagee on demand as a reasonable monthly rental for ~ the premises an amount at least equivalent 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 (a) in the event of any breach of this mortgage or default on the part of the modgagor, or (6) in the event that any of said sums of money herein referred to be not promptly and fully paid withoat demand or notice, ~ or (c1 in the event that each and every the stipulations, agreements. conditions, and covenants of said note and ~ this mortgage, are nd duly. promptly. and fully performed; then in either or eny such event, the said aggregate sum mentioned in said note then remaining unpaid. with interest accrued to that time, and all moaeys secuced ~ heceby, shall become due and payable forthwith, or thereaiter, at the option of said matgagee. 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 f note or in this modgage to the contrary notwithstanding; and thereupon or thereafter~ at the option of said matga- ; ~ gee. aithout notice qr demand, suit at law or in eyuity, may be ptosecuted as if all moneys secured hereby had i k matured prior to its institution. The modgsgee may foreclose this mortgage. as to the amount so declared due and - ' ~ payable, and the said premises shall be sold to satisfy an~ 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 and nnpaid. In snch case the provisions of * ~ this paragreph may again be availed of thereafter from time to time by the mortgagee. # B 10. That the modgagor will give immediate notice by mail to the mortgagee of any conveyance, transfer, or ; ~ change of ownership of the premises. f ~ 11. That no waiver of any ~ovenant herein or of the obligation secured hereby shall at any time thereafter be ~ a held to be a waiver of the terms hereof or of the ~ote secured t~ereby. 12. That if the mortgagor default in any of the covenants or agreements co~tained herein, or in said note, then the modgagee may pedorm the samg, and all expenditures (including ceasonable attaney'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 modgage. 13. that the mailing of a written notice or demandaddressed to the owner of recmd of the mortgaged premises, or directed to the said oarner at the last address actually furnished to the modgagee, or directed to said owner at said modgaged premises, and mailed by the United States mails, shall be snfficient notice and demand in any case arising ander this instrument and required by the provisians hereof or by law. ~ 14. The mottgagor covenants and agrees that so lot~g as this mortgage and the said note secnred hereby are ~ insured under the provisions of the Nationel Housing' Act, he will not execute or file for record eny instrument _ , ~ which imposes a restriction upon the sale or occupancy of the mortgaged propedy on the basis of race. color, or J ~ creed. Upon any violation of this undectaking, the mortgagee may~ at its option, declare the unpaid balance of the ; ~ debt secured heceby immediately due and payable. 15. The modgagor further covenants that should this mortgage end the note secured hereby not be eligible ~ ~ for insurance under the National Housing Act within 3~ deys from the date hereof (written stetemeat of any officer af the Depadment of Housing and Urban Development or authorized agent of the Secretary of Hous- ~ ing end Urban Development dated subsequent to the 30 daya time from the dete of this mortgage, ~ decUning to insure said note and this mortgege, being deem~d conclusive proof af such ineligibility), the mortga- ; gee or the holder of the note may, at its option, declare all sums secured hereby itnmediately due and payable. ; The covenaats herein contained shall bind, and the benefits and advantages shall inure to, the respect?~e ' heirs, executors, administrators, successas, and assigns d tbe pedies hereto. Wt~enever used, the singuler num- ber shall inc2::.ie the plaral, the plural t6e siaguler, and the use of any geader shall include all genders. 8a0!(16~ F~!•F~JV~ ' - n-- _ ~ " ~-~~.~,„_.w - .3; -n:=~