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HomeMy WebLinkAbout2943 ~ . t~~' ' S. That he will permit. commit. or sutEer no waste. impairment. or deterioration of said property or any pact thereof; and in the event oE the failure of the martgagor to keep the buildings on said premises and those tobe erected on said pcemises. or improveme~ts thereon. ia good repau. the moKgagee may make such repeirs as in its discretio~ it may deem necessary for the proper pcese~vation thereof. and the full amount of each and every such payment shall be immediately due and payable. and shall be secured by the lien of this mortgage. 6. Tha~ he will pay all and singular the costs. charges. and expenses. including reasonable lawyer's fees. and costs oE abstracts of title, incurred oc paid at any time by the mortgagee because of the failure on the part of the mortgagor promptly and fully to perform the a~ceements and covena~ts of said promissory note a~d this mort- gage. and said costs. charges. and expenses shali be immediately due and payable and shall be secured by the lien of this mortgage. That he will keep the improvements now existi~g or hereafter erected on the mortgaged pcopedy~ insured as may be required from time to time by the matgagee against loss by fire and other hazards. casualties~ and contin- gencies in such amounts artd ior such periods as may be [equired by matgagee. and will pay 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 mortgagee and the policies and renewals thereof shall be held by mort- gagee ana 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 mortga~ee may make proof of loss if not made promptly by mortgagor. and each insurance company concemed is hereby authorized and directed to make ' payment for such loss dicectly to mortgagee instesd of to mortgagoc and mortgagee jointly, and the insucance pro- . ceeds, or any pad thereof, 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 property damaged. ln event of foreclosure of this mortgage or other transEer of title to the modgaged property in extinguishment of the indebtedness secuced he~eby, all right, title. and interest of the mortgagar 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 mortgage. apply to the court having jurisdic- tion thereof for the appointment of a receiver. and such court shall fodhwith appoint a receiver of the premises covered hereby all and singulac, 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 mortgaged as if specifically set forth and described in the granting and habendum clauses hereof. and such receiver shail have all the broad and effective functions and powers in anywise entrusted by a court to a receivzr, 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 property 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 accordir.g to the lien of this mortgage and the practice of such coud. In the event of any default on the pad of the ~ mortgagor hereunder, the mortgagor agrees to pay to the moctgagee on demand as a reasonable monthly rental for ' s the premises an amount_ at least eqyivalent 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 nd covered by the aforesaid monthly payments. ~ 9. That (u) in the event of any breach of this mortgage or default an 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 lhis mortgage, are not duly. promptly, and fully performed; then in either or "any such event, 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 the option of said mortgagee. as fully and com- pletely as if all of the said sums of ~aoney were originally stipulated to be paid on such day. anything in said ' note or in this modgage to the contrary notwithstanding; and thereupon or theceafter. 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 i matured prior to its institution. The mortgagee may foreclose this mortgage. as to the amount so d~clared due and = ~ payable, and the said premises shall be sold to satisfy and pay the same together with costs. expenses,and allov~- ances. In case of partial foreclosure of this mortgage. the mortgaged pcemises shatl 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 oE ; ~ 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 premises. 11. That no waiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be ' hetd to be a waiver oE the terms hereoE or of ihe note secured hereby. ~ 12. That if the mortgagor default in any of the covenants or agreements contained herein, or in said note, then the modgagee may perform the same, and all expenditures (including reasonable attocney's fees) made by the i mortgagee in so doing shall draw interest at the rate set forth in the note secared 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 secu~ed by this mortgage. 13. that the rtsailing of a written notice or demandaddressed to tt~e 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 saidowner at , ~ said mortgaged premises. and mailed by the United States mails, shali 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 note secured hereby are ~ insured cnder the pro~•isions of the National Housing Act, he wilY not execute or file for'record any instrument which imposes a restr:ction upon the sale or occupancy of the mortgaged propedy on the basis of race, color, or ~ creed. Upon any viol:~,ion of this undertaking. the mortgagee may, at its option. declare the unpaid balance oE the debt secured hereby immediately due and payable. 15. The martgagor further covenants that should this mortgage and the note secured hereby not be eligible : for insurance nnder the National Housing Act within Thirtj/ (3O) ftom the date hereof (written statement ~ of any officer c~f the Department of Housing and Urban Development or authocized agent of the Secretary of Haus- ~ ing and Urban Development dated subsequent to the Thiity ( 3 0) time from the date of this modgage. . ~ declining to insure said note and this mortgage, being deemed conclusive proof of such ineligibility). the mortga- ! ~ gee or the holder of the note may, 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, successocs, and assigns of the parties hereto. Whenever used, the singular num- ber shall inciude the plural, the plural the singular, and the use of any gender shall include all genders. ~ F ~ 8001(1V~ PACEiZ9~ , . _ - - ~ - ~ w; ~ ; -