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HomeMy WebLinkAbout0649 ~ _ ; 5. That -he will permit. cwnmit, ot suffer no v:a.;te. impairment. or detecioration of said property oc any p:irt ; theceof; aad i~ the event ot the [ailu~e of the mortgagor to keep the buildings on said premises artd those tobe F erected on said premises, o~ improvements the~eo~, in good cepair. the mortgaoee may make such ~ep~ics as ia its ~ disccetion it may deeni necessa~y foc the proper p~esenatio~ thereoE. and the full amount of each and every such ~ peyment shall be immediately dce ard payable, and shall be secuced by the lien of this mortgage. ; 6. Ths~t he will pay all and sir~gular the costs, cha~ges. and expenses. includi~g reasuaable lawye~'s fec~. ~ and costs of abstracts of title. incurred a paid at any time bythe mortgagee because of the faiture o~ the pact of the mortgaga promptly and lully to perfam the ag~eeme~ts and covenants of said p~omissory note and this mort- ~ gage, and said costs. charges. and expenses shall be immediatel~ due and ~yable and shall be secu~ed by the ; lien a this mortgage. 7. That he will keep the improveme~ts now existing or hereafter ecected on the mortgaged p~ope~ty. insured as may be required f~om time to time S~ the matgagee against toss by fi~e and other hazards. casualties. and contin- gencies in such amounts and for such periods as may be required by matgagee. and will pay promptly. when due. - any pcemiums on such insurance foc payment of vohich provision has not been made heceinbefore. All insurance shall be carried in companiec approved by mortgagee and the policies and r~n~wals thereof shall t>e held by moct- . gagee and have attached thareto loss payable clauses in favor of and in [o~m acceptable to the mortgagee. ln ~ e~~ent of loss he wiil give immediate notice by mail to mortQagee, a~d mortgagee may make proof of loss if not , made promptly by mortgagor. and each insurance company conce~ned is hereby authorized a~d directed to make payment for such loss di~ectly to mortgagee instead oE to mortgaga and mortgagee jointly. and the insucance pro- ceeds. or any part thereof. may be aFpliec! by mortgagee at its option either to the reduction of the indebtedness hereby secured or to the restoration or repair of the pcoperty damaged. la event of foreclosur.: of this mongage or other transEe~ of title to the mortgaged p:operty in extinguishment of Lne indebtedness secured hereby~ all right, ~ title. artd interest of the mortgagoc in and to any insurance policies then in [orce shall pass to the purchaser or g~antee. ~ 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 ~eceiver, and such coud shall forthwith appoint a~eceiver of the premises - covered hereby all and singular, including all and singular the income, profits, issues, and cevenues from whatever ; soucce derived, each and every oi wtiich, it being erpressly understood, is hereby modgaged as if specifically set , forth and described in the granting and habendum clauses hereof. and such recei~er shall have al! the broad and eEEective functions and powe~s in anywise entrusted by a court to a receiver. and such appoi~tment shall be made b~~ such court as an admitted equity and a matter of absolute right to said mortgagee. and without reference to the adequacy o~ inadequacy of the value of the propedy mortgaged or to the solvency or insolvency of said modgagor ~r the defendents, and that such rents, profits, income. issues, and revenues shall be appiied by such receiver accocding to the lie~ of this mortgage and the practice of such coud. ln the e~•ent of any defau[t on the part of the ' mortgagor hereunder, the moctgagor agrees to pay to the mortgagee on demand as a ceasonable monthly rental [or ~ the premises an amount at least equivalent to one-twelfth (1'12) oE tre aggregate of the twelve monthly install- :nents payable in the then current year plus the actual amount of the annual taxes, assessments. water rates. and • insurance p~emiums for such year not covered by the aforesaid monthly payments_ 9. That (a) in the event of any breach of this mortgage or de;ault on the part of the modgagor, or (b) in the : ~ e.•ent ihat any of said sums of money herein referred to be not promptly and fully paid without demand or notice. or ; ~1 in the event that each and every the stipulations, agreements. conditions. and covenants of said note and this modgage, are not d~ly, promptly, and fully performed; then in either or any such event, the said aggregate ~um mentioned in said note then remaining unpaid, Kith interest accrued to that time. and all moneys secured hereby, shall become due and payable forthwith, or thereafter, at the option of said mortgagee, Ss fully and com- . pletely as if all of the said snms of money 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 ~ matured prior to its _institution. The moctgagee 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 soid subject to the con- tinuing lien of this mortgage Eor the amouni oE the debt not then dne and unpaid. ln 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 immecliate notice by mail to the mortgagee of any conveyance, transfer, or change of ownersfiip of the premises. 11. That no wai~e: of any covenant herein or of the obligation secuced hereby shall at any time thereafter be held to be a waiver of the terms hereof or of the note secuced hereby. 12. That if the mortgagor defautt in any of the covenants or agreements contained herein, or in said note. then ~ the mortgagee may perform the same, and all expeaditures (including reasonable attorney's Eees) made by the mortgagee in so doing shall draw interest at the rate set forth in the note secured hereby, and shall be repayabl~ . immediately and without demand by the mortgagor to the mortgagee, and. together with interest and costs accruing thereon, shall be secured by this mortgage. 13. that the mailing oE 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 furnishecl io the mod~agee. or directed to saidowner 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 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 nnder the provisions of the National Housing Act, he will not execut~ or file for record any instcument ~vhich impases a restriction upon the sale or occupancy of the modgaged pro~erty on the basis of race, color, or creed. Upon any violation of this undertaking, the mortgagee may, at its option, deciare the unpaid balance of the " debt secured he:eby immediately due and payable. 15. The mortgagor further covenants that should this mortgage and the note secured hereby not be eligible for insurance under the National Housing Act within ~irty Deys from the date her~of (aritten statement of any officer of the Department of Housing and Urban Development or authorized agent of the Secretary of Hous- ing and Urban Development dated subsequent to the ?'hitty Days tima from the date of this martgage, declining to insure said note and this mortgage, being deem?d cunclusive proof of s~ch ineligibility), the mortga- gee oc the holder d the note may, at its option, declare all sums secured hereby immediately due and payable. ' The covenants herein conta~ned shall bind, and the benefits and advsntages shall inure to, the respective heirs, executors, edministrators. snccessors, and assigns of the patties bereto. Whenever used, the singular num- ~ ;er shail include the plural, the plurai the singular, and the use ef any gznder shall include all genders. ~ ao~K 169 P~~~ 64~ - - - _ - _ .A -