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HomeMy WebLinkAbout2834 ~ . . S. 'That he will permit. commit. or sutEer no waste~ impairment, or deterioration of said property or any part thereof; and in the eve~t of the failure of the mortgagor to keep the buildings on said premises and those tobe erected on said premises. or impcovements thereon. in good repair, the mortgagee may make such repeirs as in its discretion it may deem aecessary for the proper preservation thereof, end the full amount oE each and every such payment shall be immediately 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 ceasonable lewyer's Eees. and costs of abstracts of title. incuned or paid at a~y time bythe modgagee because of the failure on the pert of the mortgagor promptly and fully to perform the agreements and covenants of said promissory note and this mort- gage. and said cc~ts. charges. and expenses shall be immediately due aad payable and shall be secured by the lien of this mortgage. 7. That he will keep the improvements now existing or hereafter erected o~ the modgaged property. 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 mortgagee. and will pay promptly, when due. any premiums on such insurance for payment of which provision has not been made hereinbefore. All insurance i shall be carried in companies approved by mortgt~gee and the policies and renewals thereof shall be held by moct- gagee and have attached thereto loss payable clauses in favor of and in form acceptable to the mortgagee. In event of loss he aill give immediate notice by mail to modgagee. and mo~tgagee may make proof of loss if not made promptly by mortgagor, and each insucance company concerned is hereby authorized and directed to make payment for such loss directly to modgagee instead of to mortgagor and mortgagee joi~tly. and the insurance pro- ceeds, or any part theceof. may be applied by mortgagee at its option either to the reductiort of the indebtedness hereby secured or to the restoration or repair of the prope~ty 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 purchaser or grantee. 8. That the modgagee 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 coad 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 understood, is hereby modgaged as if specifically 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 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. profits, income, issues. and revenues shall be applied by such receiver accocding to the lien of this mortgage and the practice of such coud. In the event of any default on the pad of the modgagor 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/I2) 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 aot covered by the aforesaid monthly payments. 9. That (Q) in the event of any breach of this mortgage or default on the pad of the mortgagor, 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 [c) 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 t 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 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 I note or in this modgage to the contrary notwithstanding; and thereupon or thereafter, at the option of said mortga- i 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 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 foreclosure of this mortgage, the modgaged premises shall be sold subject to the con- ~ f 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 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 pcemises. 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 coienants or agreements contained herein, or in said note, then ~ the modgagee may perform the same, 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, and shall be repayable : immediately and without demand by the mortgagor to the mortgegee, 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 record of the mortgaged premises, ; or directed to the said owner at the last address actually furnished to the mortgagee, or directed to said owner at i 4 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 hereof or by law. 14. The mortgagor covenants and agrees that so long as this mortgage and the said a~ote secured liereby are ~ insured under the provisic~s oE the Natioaal Housing Act, he will not execute or Eile for record any iastrument ~ ~ whith imposes a.restriction 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, declare the unpaid balance of the ~ ~ debt secured hereby immediately due and payable. ~ 15. The mortgagor f~uther covenants that should this mortgage and the note secured hereby not be eligible ~ for insurance under the National Housiag Act within $O DAY~ from the date hereof (written statement ~ of any officer of the Department o[ Housing and Urban Development or authorized agent of the Secretary of Hous- ing and Urban Development dated subsequent to the 3~ pAYS time from the date of this modgage, ~ declining to insure said note and this mortgage, being deemed conclusive ptoof of such ineligibility), the mortga- gee or the holder of the note rt~ay, at its option, declare all sums secured hereby immediately due and payeble. The covenants herein contained shall bind, and the benefits and advantages shall inure to, the respective heirs, executors, administrators, successors, and assig~s of the padies 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. ~ a~K 167 P,~E 2832 r . . ~ _ ~ ~ : : - . _ - - - - ~u,~' t-. i~ ~se r ^ _