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HomeMy WebLinkAbout1969 \ - ' ~ ' ~ 5. That he will pennit. commit. or suffer ao ~raste~ impairmeat. oc deterioration of said property or any part L theceof; and in the event of the failure of the mortgagor to keep the buildings on said premises and those tobe e~ected on said premises. or improvements thereon. in good repair. the modgagee may make such repairs as i~ its discretion it mey deem ~ecessary for the p~oper preservation theceof~ and the full amount of each and every such payme~t shall be immediately due and payable. and shall be secured by the lie~ of this moctgage. 6. That he will pay aU and singular the costs. charges. and expenses. including reasonable lawyer's fees. a~d costs of abstracts of title~ in~urred or paid at any time by the mortgagee because of the failure o~ the pert oE the mortgagor promptly and fully to perform the agreements end covenants of said promissory note end this mod- gage, and said costs, charges. and expe~ses shell be immedietely due and payable and shall be secured by the lien of this mortgage. ~ 7. That he will keep the improvements aow existing or heceafter erected on the modgaged property. insured as ~ may be cequired from time to time by the mortgagee against loss by fire and other hazards, casualties. and contin- gencies in such amounts and fot such periods as may be required by mortgagee. and will pay promptly. when due~ ~ a~y premiums on such insurance for payment of which provision has not been made herei~before. All insurance 3 shall be carried in companies approved by mortgagee and the policies and renewals thereof shall be held by mat- ~ gagee and have attached thereto loss ps~yable clauses in favor of and in form acceptable to the modgagee. In event of loss he will give immediate notice by mail to modgagee. and mortgagee may make proof of loss if not s made promptly by mortgagor, and each insurance company concerned is heceby authorized and directed to make . payment for such loss directly to modgagee instead of to mortgagoc 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 foceclosure of this mortgagP or _ other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby, all right. title. and :nterest of the mortgagoc 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~eceiver. and such court shall forthwith appoint a receiver of the premises 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 exptessly understood~ is heteby modgaged as if specifically set fodh and described in the granting and habendum clauses hereof. and such receiver shall have all the broad and effective functions and powecs in anywise entrusted by a court to a receiver. and such appointment shall be made by such court 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 propedy 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 according to the lien of this mortgage and the practice of soch court. in the event of any default on the part of the mortgagor hereunder, the mortgagor agrees to pay to the mortgagee on demand as a reasonable monthly rental for the premises an amount at ieast 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 (c) in the event that each and every the stipulations, agreements, conditions, and covenants of 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 seid mortgagee. as fully and com- pletely as if all of the said sums of money were originally stipulated to be paid on such day, anything in said note or in this modgage to the contrary notwithstanding; and theceupon or thereafter, at the option of said mactga- f gee, without notice or demand. suit at law or in equity, may be prosecuted as if all moneys secured hereby had j matured prior to its insti!ution. The mortgagee 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 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 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, a change of ownership of the premises. . 11. That no waiver of any covenant herein or of tlt~,~bligation secured hereby shall at any time thereafter be held to be a waiver of the terms hereof ot of the note secured hereby. 12. That if the mortgagor default in any of the covenants or agreements contained herein, or in said note, then the mortgagee may pecform 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 modgagor to the modgagee, and, together with interest and costs accruing thereon, shall be secured by this mortgage. 13. that the mailing of a written notice or demandaddressed to the owner of record of the moctgaged premises. or directed to the said owner at the last address actually furnished to the mortgagee, or directed to saidowner at said a~odgaged 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 under the ptovisions of the National Housing Act, he will not execute or file for record any instrument which imposes a restriction upon the sale or occupancy of the modgaged propedy on the basis of race, coloc, or creed. Upon any violation of this undertaking, the modgagee may, at its option, declare the unpaid balance of the debt secured hereby 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 S~XTY DAYS ~ from the date hereof (written statement of any officer of the Department of Housing and Urban Development or authorized agent of the Secretary of Hous- ing and Ucban Development dated subsequent to the$I~ ~f1Y$ - time from the date of this modgage, 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 payeble. The covenants herein contained shall bind, and the benefits and advantages shall inure to, the respective heirs, executors, administrators, successors, and assigns d the padies hereto.• Whenever used, the singuler num- ber shal! include the plural, the plural the singnlar, and the use of sny gender shall include all genders. aoox170 P,~~19~ - ~ _ tl, r~~ - ~ ~