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HomeMy WebLinkAbout0597 ! ~ ~`~'f . ' ~ 5, That he will permit, commit~ oc sutfer no waste, impairmentr o~ deterioration of said property or any part thereof; and ia the event of the feilure of th~ mer{gagor to` keeR ~he;4uildings o~ said premises and those tobe erected on said pcemises, oc improvements thereon,~in good repair~ the moctgagee may make such repeirs as in its discretion it mey deem ~ecessary for the proper preservation thereof. and the full emou~t of each and every such payment shall be immediately due and payable. artd shall be secured by the lien of this mortgage. 6. That he will pay alt artd singular the costs~ charges. and expenses. including reasonable lawyer's fees. and costs of abstracts of title. incuned or paid at any time bythe mortgagee because oE the failure on the pert of the mortgagor promptly end fully to perfam the agreements and covenants of seid promissory note and this moct- gage. and said casts, charges. and expenses shall G~. immediately due and peyable and shall be secured by the lien of this modgage. Thet he will kee~? th~ imQrovements now existing or heteafter erected on the mortgaged propetty. insured as may be required from time to time by the matgagee agai~st'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. whea due, any premiwns on such insurance [or paymertt of which pcovision has not been made hereinbefore. All insurance shall be carried in companies appcoved by moctgagee and the policies and renewals 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 modgagee, and mortgagee may make proof of loss if not made promptly by mortgagor, and each insurance company conceraed is hereby authorized and directed to make payment for such loss directly to mo~tgagee instead of to modgagor and mortgagee jointly~ and the insurance pro- ceeds. or any pad 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 ~roperty damaged. In event of foreclosure of this mortgage or other transEer of title to the modgaged property in extinguishment of the indebtedness secured hereby, all right, title. and interest of the mortgaga in end to any insurance policies then in force shall pass to the purchaser a grantee. 8. That the mortgagee may, at any time pending a suit upon this mortgage, apply to the court having jurisdic- tion thereof foc the appoiatmeat of a receiver, and such coud shall fodhwith 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 Eodh 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 reference to the adequscy or inadequacy of the value of the property 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 modgage and the practice of such court. In the event of any default on the pad 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 eq4ivalent 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 peyments. 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 said moctgagee, 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 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 eqnity, may be prosecuted as if all moneys secured hereby had E matured prior to iEs 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 modgaged premises shall be sold subject to the con- i ~ tinuing lien of this modgage 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 premises. 11. That no waiver of any covenant herein or uf 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 default in any of the covenants or agreements contained herein, or in said note, then the modgagee may pedorm 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 b~ repayable immediately and without demand by the mortgagor to the mortgagee, and, together with interest and costs accruing thereon. shall be secnred 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 actnally furnis;~ed to the mortgagee. or directed to said owner at said modgaged premises, aad 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 provisions oE the National Housing Act~ he wili not execute or file for record any instrument - which imposes a restriction npon the sale or occupancy of the modgaged propedy on the basis of race, color, or creed. Upon any violatioa of this undertaking, the mortgagee may, at its option. declare the unpaid balance of the ~ debt secured hereby immediately due and payeble. 15. The mortgagot further covenants that shauld this mortgage and the note s~ured hereby not be eligible foc insurance under the National Housing Act with:a 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 3Q pAY$ time from the date of this modgage, declining to insure said note and this mortgage. being deem~conclusive protif 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, administretors, successors, and assigps of the patties hereto. Whenevet used, the singular num- ~ ber shall include the plural, the plaral the singular, and the use of any gender shall include all genders. aoac~~ ~ ~''j ~ ~r - _ --v_....__._._---~ - _ _ ~ - ~