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HomeMy WebLinkAbout2255 ~ S. That he will pecmit, commit. or suffe~ no waste. impairment, or deterio~ation of said propecty or any part thereoE; a~d in the event of the failure of the mortgagor to keep the huildings on said premises and those tobe erected on said p~emises. or imQrovements thereon. in good repair. the mortgagee may make such repei~s as in its discretion it may deem ~ecessary for the pcope~ pceser~ation the~eof. and the [ull amount of each and evecy such payment shall be immediately due and payeble. and shall be securc~ by the lien of thi.c moctgage. ' 6. That he will pay all and singula~ the costs. charges, and expe~ses. includ'sng ~easonsble lawyer's tees. and costs of abst:acts of title. incuaed a paid at any time by the morigagee because of the failure on the part of the mortgagoc promptly and fully to perEam the agreements and covenants oE said ~xomissory note and this moct- gage. and said costs. charges. and expenses shal! be imm~.~diately due and payable and sfiall be secured by the lien of this mortgage. 7. That he will keep the improvements now existing a hereafter erected on the moKgaged property. insured as may be cequi~ed f~om ti?ne to time by the mortgagee against loss by fire and other hazards. casualties. and contin- gencies in such amounts and [or such periods as may be requiced by mwtgagee. and will pay promptly. when due, any premiums on such insurance for payment of which provision has rtot been made hereinbefore. All insurance shall be carried in companies app~oved by modgagee and the policies and re~ewals thereoE shaU be held by mort- gagee and have attached th~reto loss payable clauses in favor of and in form acceptable to the mortgagee. In event of loss he wi!1 give immediate notice by mail to mortgagee, and moctgagee may make prooi of loss if not made promptly by ~nortgagw. and each insurance company concerned is hereby authwized and directed to make . payment Eor such loss directly to mortgagee instead of to s~.ortgagor and moctgagee jointly. and the insurance pro- i ceeds. or a~y part thereof. may be applied by matgagee at its option either to the reduction of the indebtedness ; hereby secured or to the restoration or repair of the property damaged. In event of foreclosure of this mo~tgage or ; ether transfer of title to the mortgaged pr~perty in extinguishment of the indebtedness secured hereby. all right. ~ title. and interest of the mo~tgagac in and to any insurance poiicies ther. in force shall pass to the purchase~ or i 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 receivec. and such court shall forthwith appoint a receiver of the premises co~~ered hereby all and singular. including all and singular the inc:ome, profits, issues. and revenues from whateve~ source derived, each and every of which, it being expressly understood, is hereby modgaged as if speciticalll set forth and described in the granting and habendum clauses hereof. and such receiver shall have aIl the broad an~ efEecti~•e tunctions a~d powers in anywise entrusted by a couct to a receiver. and such appointment shall be made by such couct as an admitted equity and a matter of absolute right to said mortgagee. and without reterence to the adequac;~ 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. pro[its, income. issues, and reveaues shall be applied by such receiver ~ according to the lien of this mortgage and the practice of such cou~t. In the event of any default on the pa~t of the mortgagor hereunder, the mortgagoc agrees to pay to the mortgagee on demand as a reasonable monthty cental tor € the premises an amount at least equivalent to one-twelEth (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, assessmer.+s, water ~ates, and 3 insurance premiums for such year not covered by the aforesaid monthly payments. } 9. That (u/ in the event of any breach of this mortgage or default on the part of the mortgagor, or (6) in the ~ event that any of said sums of money herein referred to be not promptly and fully paid without demand or notice. ~ or (rl in the event that each and every the stipulations, agreements, conditions. and covenants-6f said note and ~ this mortgage, are not duly. promptly. and fully performed; then in either or 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 forthwith, or thereafter, at the option of said mortgagee, as fully and com- pletely as if all of the said sums oE money were originally stipulated to be paid on such day, anything in said note or in this mortgage to the contrary noiwithstanding; and thereupon or thereafter, at the option of said matga- - gee, without notice or demand, suit at law or in equity, may be prosecuted as if all ~r.oReys 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 altovr- t ances. In case of partiai foreclosure of this mortgage. the mortgaged 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 oE the premises. ' 11. That no waiver of any covenant herein or of the obligation secured hereby shail at any time therea[ter be held to be a waiver of the terms hereof or of the note secured hereby. 12. That iE the mortgagor de[ault in any of the covenants or agreements contained herein, or in said note, then the mortgagee may perform the same, and all expenditures (including reasonabie attorney's fees) made by the mortgagee in so doing shall draw interest at the rate set Eorth in the note secured hereby, and shall be repayable 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 of a written notice a demandaddressed to the owner of record of the mortgaged premisES, or directed to the said owner at the last a~dress actually furnis:~ed to the modgagee, or directed to saidowner at said modgaged premises, and mailed by the United States mails, shall be sufficient notice and demand in any case 3tising under this instrument and required by the provisions hereof or by law. 14. The mortgagor covena ~ts and agrees that so lc~ng as this mortgage and the said note secured l~eceby are insured nnder the provisions of the National Housing Act, he wi:l not execute or fite for record any inctrument which imposes a restriction upon the sale ot occupancy of the mortgaged property on the basis oE race, coloc, or creed. [lpon 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 further co~enants that should this mortgage and the note secured hereby not be eligible for insurance under the National Housing Act within 30 DAYS from the date hereof (written statement of any officer of the Department of Housing and Urban Development or authorized agent of the Seccetacy of Nous- ing and Urban Development dated subsequent to the ~ Q11,YS time Erom the date of this morgage, declining to insure said note and this mortgage, being deem•~d conclusive proof o[ such ineligibility), the mortga- gee or the holder of the note may. at its option. declare all sums secured hereby immediately due and payable. The covenants herein contained shall bind, and the benefits and advantages shall inure to, the respective heics, executors, administratocs, successors, and assigns of t: ~ parties hereto. Whenever used, the singular num- ber shall include the plurel, the plural the singular, and the use of any gender shaU include all genders. . : : ano~lfi9 ~2~'~8