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HomeMy WebLinkAbout2773 ~ . : ~ . ~ 5. That he will permit. commit. or suffer no waste, impairment. or detetioration of said property or any part 1 theseof; and ir? the event of the failure of the mortgagor to keep the buildings on said premises and those tobe j erected on said premises, o~ improvements thereon, in good cepair, the mortgagee may make such rePairs as in its disc~etion 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 ~easonable lawyer's fees. 4 and costs oE abstracts of title, incurred or paid at a~y time bythe modgagee because of the failure on the part of ~ the moctgagor promptly and fully to perEocm the agreements and covenants of said promissory note and this mort- ; gage, and said costs, charges. and expenses shall be immediately due and payable and shall be secu~ed by the ; lien of this mortgage. ~ ~ 7. That he will keep the improvements now existing or hereafter erected on the modgaged 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 tor such periods as may be required by mortgagee, and will pay p~omptly. when due, any premiums on such insurance for payment of which provision has not been made hereinbefore. All insurance ? shaU be carried in companies approved by mortgagee and the policies a~d tenewals thereof shall be held by moct- ; gagee and have attached thereto loss payable clauses in favor of and in [orm acceptable tothe mortgagee. In . event of loss he will give immediate notice by mail to mo~tgagee. and mortgagee may make proof of loss if not ' made promptly by mortgagor. and each insurance company concerned is heceby authorized and directed to make payment for such loss directly to mortgagee instead of to mortgagor and mortgagee jointly. and the insurance pro- ceeds, or any part thereof, may be applied by mortgagee at its optio~ either to the reduction of tht 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 mortgaga in and to any insurance policies then in force sha~l 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 court shall forthwith appoint a receiver of the premises covered he~eby all and singular, including all and singular the income, profits, issues. and revenues from whate~~er source derived, each and every oE 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 al! the broad and 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 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 accordir.g to the lien of this moctgage and the practice of such coud. 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 least equivalent to one-twelEth (1/12) of the aggcegate of the twelve monthly instail- ments payable in the then current year plus the actual amount of the annual taxes, assessmen!s, water rates, and ~ insurance premiums for such year not covered by the aforesaid monthly payments. 9. That (u1 in the event of any breach oE this mortgage or default on the part 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 r~-) 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, shail become due and payable forthwith, or therea[ter, at the option of said mortgagee, as fully and com- • ! pletely as if aH 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 thereupon or therealter, at the option of said moctga- I gee, without notice or demand, suit at law ur in equity, may be prosecuted as if all moneys secured hereby had ~ matured ptior to its institution. The mortgagee ma~~ 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 oE partial Eoreclosure oE 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 oE 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. , ; ~ 11. That no waiver of any covenant herein or of the obligation secured hereby shall at an~ time thereafter be ~ held to be a waiver of the terms 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 reasonable attorney's fees) made by the ~ ~ mortgagee in so doing shall draw interest at the rate set fotth in the note secured hereby, and shall be repayabie immediately and without demand bp the mortgagor to the modgagee, and, together with interest and costs accruing thereon, shall be secured by this mortgage. f 13. that the mailing of 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 furnished to the modgagee, 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 mortgage and the said note secured hereby are ~ insured under the pro~~isions of the Nationat Housing Act, he will not execute or file Eor record any instrument ~ which imposes a resti ~ction upon the sale or occupancy of the mortgaged property on the basis of race, color, or ' creed. Upon any viol:~.ion of this undertaking, the mortgagee may, at its option~ declare the unpaid balance of the ~ debt secured hereby immediately due and payable. ~ :y ~ 15. The m~rtgagur further covenants that should this mortgage and the note secured hereby not be eligible ; ~ for insurance ur,der the National Housing Act within Th'LY'ty DaS/8 from the date hereof (written statement ~ of anl~ officer c,f the Department of Housing and Urban Development or authorized agent of the Secretary of Hous- ing and Urban Development dated subsequent to the Th irty DayS time from the date of this mortgage, ; declining to insure said note and this mortgage, being deem•~d cdnclusive proof of such ineligibility), the mortga- t r~ 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 heirs, execators, administrators, successors, and assigns of the padies hereto. Whenever used, the singular num- ber shall inciude the plural, the plural the singular, and the use of any gender shall include all genders. `~F :tvf. ~ ~ ~j eo~K1 ~0 ~4~f~"!6~ ~ ~ _ ~ ~ x~ ~ ~ - - - _ _