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HomeMy WebLinkAbout0272 ~ ~ 5. That he will permit. commit. or suffer no waste. impairment. or deterioration of said property or any pad thereof; and in the event of tfie failure of the mortgagoc to keep the buildings on said premises and those tobe erected on said premises. or improvements thereon, in gooci repair, the modgagee may make such repeirs 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 oE this mortgage. 6. That he will pay all and singular the costs. charges, and expenses. including reasonable lawyer's fees, and costs oE abstracts of title, incurred or paid at any time bythe mortgagee because of the failuce on the part of the mortgagor promptly and fully to perform the agreeme~ts 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 secured by the lien of this mortgage. j 7. That he will keep the improvements now existing or hereatter erected on ine ~~odgaged property. insured as ~„dy r~ys;.~~ to Li~e by the mortgagee against'loss by fire and other hazards. casualties. and contin- gencies in such amounts and for such periods as may be required by mortgagee. and will pay promptly, when due, any premium~ oa :r~~;;ia~~ce er..; ~•••hich provision hes not been made hereinbefore. All insurance shall be carried in companies approved by mortgagee and the policies and renewals thereof shall be held by mort- gagee and have attached thereto loss payable clauses i~ favor of and in form acceptable to the modgagee. 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 euthorized and directed to make payment for such loss directly to mortgagee 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 a 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. title, and interest of the mortgagor in and to any insurance policies then in force shall pass to the purchaser or grantee. 8. That the moctgagee may. at any time pending a suit upon this mortgage. apply to the court having jurisdic- tion thereof for the appointmeat 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 every of which, it being expressly understood. is hereby modgaged as if specifically 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 such appointment shall be made by such court as an admitted equity and a matter of absolute right to said mortgagee, and without refer~ence to the adequacy or inadequacy of the value of the propedy mortgaged or to the solvency or insolvenc.y 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 such court. ln the event of any default on the part of the modgagor hereunder, the mortgagor agrees to pay to the modgagee on demand as a reasonable ~onthly rental for the premises an amount at least eqpivalent 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 (o) in the event of any breach of this mortgage or default on the pad of the mortgagor~ or (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 (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 said mortgagee, as fully and com- pletely as if all of the said sums of money were originaily stipulated to be paid on such day, anything in said ! note or in this modgage to the contrary notwithstanding; and thereupon or thereafter, at the option of said matga- j gee, without notice or demand, suit at law or in equity, may be prosecuted as i~ all 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 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 of the F:emises. 11. That no waiver of any covenant herein or of the obligation secured hereby shail at any time thereafter be held to be a waiver of the terms here~ or of the note secared hereby. 12. That if the modgagor 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 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 mortgaged premises, + ~ or directed to the said owner at the last address actually furnisyed to the modgagee. or directed to said owner at ~ ~ said modgaged premises, and mailed by the United States maiLs, shall be sufficient notice and demand in any i ~ case arising under this instrument and cequired by the provisions hereof or by law. 1 14. The modgagor covenants and agrees that so long as this modgage and the said note secured hereby are ~ insured ~::ndeS~he provisions of the National Housing Act, he will not execute or file for record any instrument ~ ~r which im~oses a resUiction upon the sale or occupancy of the modgaged propedy on the basis of :ace, cola, ~r ~ r creed. Upon any violation of this undertaking, the mortgagee may, at its option, declare the unpaid balance o[ the ~ ~ debt secuced 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 30 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 Urban Development dated subsequent to the 3O DAYS time from the date of this moctgage, ~ 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 payable. ~ The covenants herein coatained shall bind, and the benefits and advantages shall inure to, the respective ~ heirs, executocs, administratas, successars. and assigns of the padies hereto. Whenever used, the singular num- ~ ber shall include the plural, the plaral the singular, and the use of any gender shall include all genders. ~ 0R ~ BOOK1~~ PACE _ ~ . : - - - _ , - - ~ _ _ _b~~.~.~~ ,