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HomeMy WebLinkAbout0390 S. That he will pecmit. commit. ot su(f!r rto waste. luepalre~ent, or deterioration oE said property or any part thereof; and in the event of the failure of the mortgagor to keep the buildings on said premises and those tobe erected on said premises. or improvements thereon, in good repair. the modgagee may make such cepairs as in its discretion it may deem necessary for the proper preservation 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. That he will pay all and singular the costs. charges, and expenses. including ieasoaable lawyer's tees. and costs of abstracts of title, incurred a peid at any time bythe mortgagee because of the failure on the part of the mortgagor promptly and [ully to perform the agceeme~ts and covenants of said promissory note and this mort- gage, and said costs. charges. and expenses shall be immedietely due and payable and shall be secured by the lien of this mortgage. 7. That he will keep the improvements now existing or heceafter ecected on the mortgaged 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 periads as may be required by mortgagee. and will pay prompily. when due. any premiu~ns 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 renewrals thereof shall be held by mort- ~ gagee and have attached thereto loss payable clauses in favor of and in form acceptable to the mortgagee. In event of loss he will give immediate notice by mail to mortgagee, and mortgagee may make proof of loss if not ~ made promptly by mortgagor. and each insurance company concerned is hereby authorized and directed to make payment for such loss dicectly to modgagee instead of to mortgagor and mortgagee jointly. and the insurance pro- ceeds~ or any part 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. 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, titte, and interest of the mortgagor 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 coud shall forthwith appoint a receiver of the pcemises 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 mortgaged as if specifically set forth and described in the granting and habendum clauses hereof, and such receiver shall have all the broad and f effective functions and powers in anywise entrusted by a court to a receiver, and such appointment shall be made by such court as an admitted equity ar.d 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 modgagor i or the defendents. and that such rents. protits, income. issues, and cevenues shall be applied by such receiver i according to the lien of this mortgage and the practice of such coud. In the event of any default on the part 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 (1/12) 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 not covered by the aforesaid monthly payments. 9. That (a) 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 (c1 in the event that each and every the stipulations, agreements. coaditions. and covenants of said note and ~ this mottgage, 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 of money were originally stipulated to be paid cn such day, anything in said note or in this modgage to the contrary notwithstanding; and thereupon or thereafter, 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 mortgagee may foreclose this mortgage. as to the amount so declared due and j j 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 mortgaged premises shall 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 of f 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 mortgag~e of any conveyance, transEer, 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 ' ~ held to be a waiver of the terms hereof or of the note secured hereby. ; 12. That if the mortgagor deEault in any of the covenants a agreements contained herein, or in said note, then ~ the mortgagee 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 forth 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 accruir:g ' thereon, shall be secured by this mortgage. ~ 13. that the mailing of a written notice w demandaddressed to the owner of record of the mortgaged premises, ; ar directed to the said owner at the last address actually furnis:~ed to the mortgagee. or directed to said owner at ~ 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 modgage and the said note secured t~ereby are ~ ~ insured under the ptovisions of the Nationa! Housing Act, he wiil not execute or file for record any instrument ~ which imposes a restriction upon the sale or occupancy oE 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 ot the , debt secured hereby immediately due and payable. i : 15. The mortgagor further covenants that should this mortgage and the note secured he~eby not be eligible ~ for insurance under the National Housing Act within 3O DAYS from the date hereof (wcitten statement ; of any officer of the Depadment of Housing and Urban Development or authorized agent of the Secretary of Nous- ~ ing and Ucban Development dated subsequent to the 30 DAYS time fron the date of this mortgage, i ; declining to insure said note and this mortgage, being deem•~d 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 pa}eble. ~ The covenants herein contained shall bind, and the benefits and advantages shall inure to, the respective ~ heirs, executors, administrators, successors, and assigns of the parties hereto. Whenever used, the singular nur.~- ~ ber shall inclade the plural, the plural the singnlar, and the use of any gender shall include all genders. ~ ~ ~ ~ 600K1 ~O PACE ~~0 ~ ~ ~ . ; : - - 4~, ~ a,.x ~ , - ~ y;, ~ ~zs~, r~:,, ~ ~ ~