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HomeMy WebLinkAbout2713 / t e • . t ~ . • 5, That he will permit. commit, oc sufter no waste~ impairme~t. o~ deterioratior? of said property or any part thereof; end in the event of the failure of the moctgagot to keep the buildings on said premises and those tobe erected on said premises. or impcovements theceort. i~ good ~epaic, the mortgagee may make such repairs as in its discretion it may deem necessary for the propec preservation thereof, a~d the full amount of each end every such payme~t shall be immediately due ac~d payable. and shall be secured by the lien of this mortgage. 6. Thet he will pay all and singular the costs. charges. and expe~ses. including reasonable lawyer's fees. and costs of abstracts of title, incurred a paid at any time bythe matgagee because of the failure on the pa~t of the mor~gaga pcomptly and fully to perfam the agceements and covena~ts of said promissory note a~d this mort- gage. and said costs~ charges, and expe~ses shall be immediately due and payable and shell be secured by the lien of this mor4gage. 7. That he will keep the improvements now existing or hereaftec ecected on the modgaged prope~ty~ i~sured as may be cequired from time to time by the mortgagee against loss by fire and other hazards. cesuetties. and contin- gencies in such amounts and for such pe~iods as may be required by mortgagee. and aill pay promptly, when due, any premiuu~s on such insurance Eor payment of which provision has ~ot been made hereiabefore. All insura~ce shall be carried in companies approved by mortgagee and the policies and cenewels thereof shall be held by mort- gagee and have attached thereto loss payable clauses in favor of and in form acceptable to the modgagee. In event of loss he will give immediate notice by mail to mortgagee. and mortgagee mey make proof of loss if not made promptly by matgagor. and each insurance company concerned is hereby authorized and directed to make payment for such loss dicectly to modgagee instead of to mortgagor a~d mortgagee jointly. and the insurence pro- ceeds. or any pad theceof. 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 of this mortgage or other transfer of title to the mortgaged propedy in extinguishment of the indebtedness secured hereby. ali right, title. aod interest of the mortgago~ in and to any insurance policies the~ in force shall pass to the purchaser or grantee. . 8. That the mortgagee may. at any time pendi~g a suit upon this mortgage. apply to the court having jurisdic- tion thereof for the appointme~t of a receiver. and such court shall fodhwith appoint a receiver of the premises covered hereby ail and singular, including all and singular the income, profits, issues. and revenues from whatever soucce derived. each and every of w6ich, it being expressly understood, is hereby modgaged as if speciEically set forth and described in the granting and habendum clauses hereof. 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 absolute right to seid mortgagee~ and without reference to the - adequacy or inadequacy of the value of the propedy mortgeged or to the solvency or insolvency of said modgagor or the defendents~ aad that such rents. profits. income, issues, and revenues shall be applied by such receiver according to the lien of this modgage and the practice of such coud. In the event of any defautt on the pad of the mortgagor hereunder, the matgagoc 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 oE 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 (o) in the event of any breach of this modgage or default an the pad of the modgagor~ or (b~ in the event that any of said sums of money herein referred to be not promptly and fully paid without demand or notice. 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 event, the said aggregate . ' sum mentior.ed in said rtote then remaining unpaid, with interest accrued to that time, and all moneys secured hereby, shall becoaie due and paysble forthwith~ or thereafter, 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 note a in this modgage 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 modgagee 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 foreclosure 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 such case the provisions of this paragraph may again be"availed of thereafter from time tQ time by the mortgagee. 10. That "the modgagor will give immediate notice by mail to the mortgagee of any conveyance, transfe~, 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 e waiver of the terms hereof or of the note secured hereby. 12. That if the mortgaga default in any of the covenants or agreements contained herein, or in said note. then the mortgagee may perform the samg, and all expenditures (including reasonable attorney's fees) made by the mortgagee in so doing shall draw interest at the rate set fath in the note secured hereby~ end shall be repayable immediately end without demand by t6e modgaga to the modgagee, and, together with interest and costs accruing thereon, shall be sec~ued by this mortgege. 13. that the mailing of a written notice a demandaddressed to the owner of record of the mortgaged premises, or directed to the said owaer at the last address actaally farnished to the modgagee, or directed to said owner 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 requiced by the'pcovisions hereof or by law. - 14. The modgagor covenants and agirees that so long as this matgage 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 resUiction upon the sale or occupancy of the mortgaged propedy on the basis of race, color, or creed. Upon any violation of this undertaking. the mortgagee may, at its option. declere the unpaid balance of the ~ debt secured hereby immediately due and payeble. k 15. The ~awrtgagor further covenants that should this ~or~gage and the note secured hereby not be eligible ; for insurance under the Natianal Housing Act within ~ p 1~ from the date hereof (written statement ' of any officer of the Depedment of Housing and Urban Development or authorized agent of the Secretary of Hous- f ing end Urban Development dated subsequent to the 30 DAYS time from the date of this modgage, ~ declining to insure said note aad this mortgage, being deem•~d conclusive proof of such ineligibility), the modga- gee or the 6older of the note may, at its option. declare all sums secured hereby immediately due and payable. ! The cove~ants herein contained shall bind, and the benefits ead advanteges shall inure to, the respective heir~. executors, administrators, successors, and assigns of the parties hereto. Whenever used, the singular num- ber shall inclade the plnral, the plural the singular, and the use of sny gender shall include all genders. eooK 167 2?13 ''.'s ~ s ~ a ~ : - - - ~,,Y~ ~ ~ n , ~ , : .