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HomeMy WebLinkAbout2505 ~ . ~ . , . . 5. That he will permit. commit. or suffer no waste, impairment, or deterioration of said propert~~ or any pact thereof; and in the event of the failure oE the mortgagor to keep the buildings on said premises and those tobe erected on said premises. br improvements thereon. in good repair, the modgagee may make such repairs as in its discretion it may deem necessary for the proper pceservation thereof. and the full amount of each and every such payment shall be immediately due and payable. and shall be secured by the liea of this mortgage. 6. That he will pay all and singular the costs, charges. and expenses, including reasonable lawyer's fees~ and costs of abstracts of title, incurred or paid at any time bythe mo:tgagee because of the Eailure on the Qart of the mortgagor promptly and fully to perform the agreem~nts and covenants of said promissory note and this mort- gage, and said costs~ cha~ges. and expenses shall be immediately due and payable and shall be secured by the lien of this mortgage. 7. That he will keep the improvements now existing or heceafter erected on the mo~tgaged 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 Eor such periods as may be required by mortgagee. and will pay promptly. when due. ~ any premiums 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 renewals thereof shall be held by mat- 1 gagee and have attached thereto loss payable clauses in favor oE and in form acceptable to the mortgagee. In i 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 insucance company concerned is hereby authorized and directed to make ~ payment for such loss directly 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 propedy damaged. In event of foreclosure of this mortgage or other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby, alt right, title, and interest of the mortgagor in and to any insurance policies then in force shall pass to the purchaser or gra~tee. 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 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 ev~ry of which, it being expressly understood, is hereby modgaged as if speciEically set forth and described in the granting and habendum clauses hereof, and such receiver shall have all the broad an~ - effective functions and powers in anywise entrusted by a court to a receiver, and s~ch 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, protits, income, issues. and revenues shall be applied by such receiver according to the lien of this mortgage and the practice of such coud. In the event of any default on the part of the mortgagor hemunder, 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) oE 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 (a1 in the event of any breach of this mortgage or default on the part of the mortgagoc, oc (b) in the event that any oE 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 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 oE said mortgagee, as fully and com- E pletely as if all of the said sums of money were originally stipulated to be paid on such day, anything in said ~ ~ note oc in this mortgage 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 a11 moneys secured hereby had € matured prior to its institution. 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 ot 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 of the premises. `E ' 11. That n~ waiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be ~ held to be a waiver of the tecros hereof or 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 perform the same, and all expenditures (including ~easonable attorney's Eees) made by the ~ mortgagee in so doing shall draw interest at the rate set forth in the note secured hereby, and shali be repa~~able : ~ immediately and without demand by the mortgager to the mortgagee, and, together with interest and costs accruing $ ~ thereon, shall be secured by this mortgage. ~ 13. that the mailing of a w~itten notice or demandaddressed to the owner of record of the mortgaged premises, ~ ~ or directed to the said owner at the last address actually furnistied to the modgagee, or directed to saidowner 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 mortgage and the said note serured hereby are ~ ~ ~nsured under the provisians of the National Housing Act, he wi11 not execute or file for record an~ instrument ~ u•hich imposes a restriction upon the sale or occupancy of the mortgaged property on the bas~s of race, coloc, or ~ creed. Upon any violation of this undertaking, the mortgagee ma~•, at its opt~on, declare the unpaid balance ot the =a debt secured hereby immediately due and payabie. ; '~a ~ 1~. The mortgagor further covenants that should this mortgage and the note secuted hereby not be eligible for insurance under the National Housing Act within Thirty DAyB from the date hereo[ (written statement ~ of any otEicer of the Departme~t of Housing and Utban De~elopme~t or authorized agent of the Secretarp of Hous- ~ng and Urban t7evelopment dated subsequent to the Thirty DHy8 time from the date of th:s mortgage. declinmg to insure said note and this mortgage, being deem~~d conclusive proof of such ineligibilitc), thc mortga- gee or the holder of the note may, at its option, declare all sums secured hereby immediatety due and pa~able. The co~•enants hercin contained shell bind, and the benefits and advantages shali ~nure to, the respccti~°e ~ heirs, executors, administrators, successocs, and ass~~s o[ the parties heceto. Whenevet used, the s~ngulbe num- s~ ber shalt include the plural, the plural the singular, and the use ot anv gender shall include ali genders. :U< ~ ao ~ 1'10 P~~ ~49 4 ~ ~ : rl, d - 2 : : iys '~oR'_`,"~„t~~~ ~e ~ , ~3 ~ ~ ~~4 " "