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HomeMy WebLinkAbout0239 ~ , ' . ~ Y ' ~~J . 5. That he will permit. commit, or suffer no waste. impeirment. or deterioration oE said property or any pad theceof; snd in the event of the failure of the mortgagor to keep the buildings on said premises and those tobe erected on said premises. or improvements thereon. ie good repair~ the modgagee may make such cepeirs as in its disccetion it may deem necessary for the proper preservation thereof, and the full amount o[ each and every such payment shall be immediately due and payable. and shall be secured by the llen of this mortgage. 6. That he will pey all and singulac the costs. charges. and expenses, including ceasonable lawyer's fees. and costs of abstracts of title. incurred or paid at any time bythe modgagee because of the failure on the part of the mortgagor promptly a~d fully to pertam ti~e agreemencs a~ui covenaair~ uf a+.id r:.:~.i~s:.;~ s.^.d Lhi~ gage~ and said costs. charges. and expenses shall be immediately due and payable and shall be secured by the lien of this moctgage. 7. That he will keep the improvements now existing or hereafter ecected on the mortgaged propedy. i~suced as may be requiced from time to time by the mortgagee against'loss by fire and other hazards. casualties. end contin- gencies in such amounts and for such perivds as may be required by mortgegee, and will pay promptly, when due. any premiums on such insurance Eor payment of which provision hes not been made hereinbefore. All insurance shall be carcied in companies approved by martgagee and the policies and cenewals thereof shall be held by mort- gagee and have attaChed thereto loss payable clayses in 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 authorized and directed to make payment for such loss directly to modgagee instead of to mortgagor and mortgagee jointly, and the insucance 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 cestoration or repair oE the property damaged. In event of foreclosure of this mortgage oc other transfer of title to the mortgaged property in extinguishment of the indebtedness secured heceby, all right. title, and interest of the mortgagoc in and to any insurance policies the~ i~ force shall pass to the purchaser or grantee. . 8. That the mortgagee may, at aay time pending a suit upon this mortgage. apply to the court having jurisdic- tion thereof for the appointment of a receiver, and such coud shall forthwith appoint a receiver of the premises covered hereby all and singulac, 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 heceof, and such receiver shall have all the broad and effective Eunctions and powers in anywise entrusted by a cowt 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 uf the value of the propedy mortgaged or to the solvency or insolvency of said modgagor 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 coud.--In-the-event of any default on the part of the modgagor hereundet, the mortgagor agcees to pay to the mortgagee on demand as a reasonable monthly rental for the premises an am~unt''~~ 1e,~t.eQuivalent to one-twelfth (1/12) of the aggregate of the twelve monthlyinstall- ments payable in the then curnnYye.+ar 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 (6) 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 temaining 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 morfgagee, 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 oc in this mortgage to the contrazy notwithstanding; and thereupon or thereafter, at the option oE said matga- gee. without notice or demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby had matured prior to its institution. The mortg,agee may foreclose this mortgage. as to the amount so declared due and j payable~ and the said premises shaIl be sold to satisfy and pay the same together with costs, expenses,and allow- i. 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 modgagee of any conveyance, transfer, or ~ ' change of ownership of the premises. 11. That no waiver of any covenaat herein or of the obligation secured hereby shall at any time thereafter be ~ held to be a waiver of the terms hered or of the note secured hereby. 12. That if the modgaga default in any of the covenants a agreements contained herei~, 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 mortgagor to the modgagee, and, together with interest and costs accruing thereoa, shall be secured by this mortgage. - - 13. that the mailing of a written notice ~c demandaddressed to the owner of record of the modgaged premises. or directed to the said owner at the last accress actually furnished 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 case arising uader t6is instrument and tequired by th~ provisions hereof or by law. 14: The mortgagor covenants and agcees that so long as this mortgage and the said note secured hereby are insured under the provisions of the National Honsing 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, color, or cceed. Upon any violation of this undedaking, the mortgagee may, at its option, declare the unpaid balance of the debt secured hereby immediately due and payable. ~ 15. The mortgagor further covenaats that should this moctgage and the note secured hereby not be eligible for insurance under the National Housing Act within Thirty lla,r•s from the date hereof (written statement of any officer of the Depadment of Housing and Urban Development or suthotized agent of the Secretary of Hous- ing and Urban Development dated subsequent to the 'r~y lla}s time from the date of this modgage, declining to insure said note and this mortgage, being deemed conclusive proof of such ineligibility), the mortga- gee or the holder o~ 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 of the padies heieto. Whenever used, the singular num- ber shall include the plural, the plnral the singalar, and the use of any gender shall include all genders. b04I~~ ~ ~V'~ i ~ _ , x~ ` ` - - - .~x ~~K ~F~.~:.:.:_