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HomeMy WebLinkAbout2612 ~ S. That he will permit, commlt, a auffer ep;•~ste, imp~itpent~ a dete~iocatio~ of said property or any part thereof; and in the ~vent of the fail~re of fhe'moefgagor to keep the buildia~s on said premises aad those tobe e~ected on said premises. or imp~ovements thereon. i~ good cepau. the moetgagee may make such repairs es in Its discretion it msy deem necessary foc the pcoper preservatioe thereof. end the full amouat of each aad every such payme~t shall be immediately due and peyabia. and shall be secured by the llea of this moctgage. 6. That he wlll pay all and singular the costs. charges, aad expenses. inclnding reasoneble lawyec's fees, and costs of abstracts of title~ incuned a peId at aay time bythe mortgagee becanse of the failure at the pert oE the mortgagoc promptly and fully to perfam the agreca~ents aad coveaants of said promissory note and this moet- gage. and said costs. charges. aad expenses shall be immediately due atd peyable and shall be secured by the lien af this mo~rtgaga ^7. That he will keep the improvements now existing oc hereafter erected oa the matgaged property. iasuced as may be cequired from time to time by the matgagee against lo~s by fire and other hasards, cesualties, and coetin• gencies in such amounts aed for such peciods as may be cequired by matgagee. aad ~vill pey p~omptly. when due. any pceauums on such insurance for peyment of which provision has eot been msde heceinbefae. All insurance shall be carcied in companies appcoved by matg,agee aad the policies a~d renearals thereof shall be held by moct- gagee and have attached thereto loss peyable clauses i~ favor of a~d in form acceptable to the moctgagee. In event of loss he will give immediate notice by mail to moctgagee. and mortgagee aiay a~eke proof of loss if not made promptly by mortgagor. and each iasurance company concemed is heceby authorized and d'uected to make payment for such loss dicectly to modgagee instead of to mortgaga aad moctgagee jointly. and the insura~ce prw ceeds. or aay pad theceof, awy be applied by matgagee at its oQtion either to the rednction of the indebtedness hereby secured or to the restoration ar repair a[ the propedy damaged. In event of foreclosure oE this modgage a other transfer of title to the mottg,aged propedy in extinguishment of the indebtedness secured hereby, all right. title, and interest of the mortgaga~ in and to any insurance policies then in focce shall ~pess to the purchaser oc grantee. 8. That the matgagee may, at any time pending a suit upon this moctgage. apply to the court having jurisdic- tion tbereof for the eppointmeat oi a receiver. and such court shell fodhwith appoiat a receiver of the premises covered hereby all and siagular. including all and singular the income, profits, issues, and revenues fram arhatever source de~ived, each and every of which, it being ex~essly understood. is hereby mongaged as if specifically set forth and described in the granting and habendum clauses hereof, and such ceceiver shall have all the broe~ and effective functions and .powers in aaywise entrusted by a court to a receiver. and suFh appointment shall be made by such coud as an admitted equity and s ~aatter of absolute right to said matgagee. and wit6out reference to~the adeqnacy or inadequacy of the value of the propedy mortgaged oc to the solvency or insolvency of said mortgag~+r or the defendents, and that such rents. profits, income, issues~ and revenues shall be applied by such receiver accading to the lien of this mortgage aad the practice of sach court. In the event of any default on the pad of the mortgagor hereunder, the matgegor agrees to pay to the moctgagee oa demaad as a reasouable monthly rental for the premises an amount at least eqpivelent to oae-twelfth (1/12) of the eggregate oE the twelve moathly instell- ments payable in the then current year plus the actual amount of the annual taxes, assessments. water rates, and insnrance premiums for such yesr not covered by the aforesaid monthly peyments. 9. That (01 in the event of any breach oE this mortgage or default an the pad of the modgagor, or (b) in the event that eny of said sums d money herein referred to be not promptly end fully paid aithout demand or notice, or (e) in the event that each and every the stipulations, agreements. c~ditions, and covenants of said aote and , this mortgage. are not duly, promptly. aad fully performed; then in either oc any such~event. the said aggregate sum mentioned in said note then remaining unpaid, with interest accrued to that time, and all moneys secured hereby, shall become due and payable focthwith, or thereafter, at the option of said moctgegee, es fully and com- pletely as if all of Ehe said sums of money were originally stipulated to be paid on such day. anything in said note or in this modgage to t6e contrary notwithstanding; and thereupon or thereafter. at the optioa af said mortga- gee. without notice or demand. suit at la~v ~ in equity. may be prosecuted as if all moneys secuced hereby had ~ matured prioc to its institution. The modgagee a~ay foceclose this mortgege, as to the amonnt so declared due and payable, and the said premises shall be sold to satisfy aad pay the same together with costs. expenses,and allow- ~ ances. In case of pertial foreclosure of this mortgage, the mortgaged premises shell be sold subject to the con- ! tinuing lien of this modgage for the amonnt oE the debt not then due and unpaid. Ia such case the provisions of ~ ~ this peragraph may again be availed of theresfter from time to time by the mortgagee. 10. That the modgagor will give immediate notice by mail to the modgagee of aay conveyance. transfer, or ~ change of ownership of the premises. f 11. That no waiver of any covenant herein oc of the obligation secuced hereby shall at any time thereafter be } E held to be a waiver of the terms hereof or of the note secured hereby. j 12. That if the mortgagor default in any of the covenants or agreemeats coatained hereia, or in seid note, then ~ the moKg,a~ee may pedorm the samg, and all expenditures (including reasonable attorney's fees) made by the ~ modgagee in, so doing shall draw interest at the rate set fath in t6e note secured hereby. end shall be repayable ; immediately and without demand by the modgaga to the martgagee, and, together aith interest and costs accruing i thereon, shall be secured by this mortgage. ~ ~ 13. that tbe mailing of a written notice a demand addressed to the oaner of record of the mortgaged premises, 4 or directed to the said owner at t6e last address actually furnished to the mortgagee, or directed to said owner at ~ said mortg,aged premises, and mailed by the United States mails, shall be sufficient notice and demand in any ` case aziring under this instcument and required by tbe provisioas hereof or by law. ~ 14. Tbe modgagor covenants and agrees that so long as this mortgage and the said note secured hereby ace ~ instired nnder the provisions of the National Housing Act. he will not eaecute or file for record any instrument which imposes a restriction upon the sele or occupancy of the mortgaged propedy on the basis of rece, cola, or , creed. Upon any violation of this undertaking. the mortgagee may, at its option, declare the unpaid balance of the ~ debt secared hereby immediately due and payable. 15. The nwdgagor fucther covenants that shonld t6is mortgage and the note secured hereby not be eligible ! for insurence under the National Housing Act within ~i4 d~ from the date hereof (written statement of any officer of the Depart~nent of Hausing and Urban Developmeat or euthocized agent of the Secretary of Hous- ing and Urban Development dated subsequent to the 60 da~ time from the date of this mortgage, declining to insure said nde and this modg,nge, beiag deem~d conclusive proof af such ineligibility), the mortga- gee oc the holder ef the note may, at its option, declere all sums secured hereby immediately due and payable. • The covenants herein contained shall bind, and the benefits and advantages shall inure to, the respective heirs, e:ecutas, edministrators, successas, and assigns af tbe paities hereto. Whenever used, the singular num- ; ber shall inclnde the plural, the plural the singular, and the use of any gender shall include all genders. 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