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HomeMy WebLinkAbout0667 . / • j j\ ~ 1~,? , 1~ . . C•* ~ ~ \ • ~ 5. That he will permit, commit~ oc suifer no waste. impairment~ oc deterioration of said property or zny pad thereof; and in the event of the failure of tha modgagor to keep the buildings on said premises aad those tobe erected on said premises, or improvements thereon. in good ~epeu, the mortgagee may make such ~epairs as in its discretion it may dtem necessary for the proper preservatioa thereot. and the full amount of each and every such payment shall be immedietely due and puy~able. and shell b~ secared by the lien of this mortgage. 6. That he aill pay all artd singular the caets. chacges. and expenses, including reasoneble lawyer's fees~ and costs of abstracts of title. incutred or paid at any time by the mortgagee because of the failure on the psrt of the mocigagot ptomptly and fully to perfam the agreements e~d covenants of said pcomissory note and this mwt- gage, and said costs, charges. a~~ expenses shell be immediately due aad payable and shall be secured by the lie~ o[ this mortgage. That he will keep the improvements now existing a hereafter erected on the mortgaged property. insured as may be cequired from time to time by the mortgagee agaiast loss by fire end other hazards, casualties, and contin- gencies in such amounts and for such periods as may be required by matgagee. and wiU pay promptly~ when due, any premiums on such insurance for payment of which provision has not beea made hereinbefore. Aif insurance shall be carried in companies approved by mortgagee and the policies and renewels thereof shall be hetd by mort- gagee and have attached thereto loss payable clauses in Eavor of and in form acceptable to the modgagee. In event of toss he will give immediate notice by mai! to moctgagee, and mortgagee may make proof of loss if not made promptly by mortgagor, and each insurance company concemed is heteby authorised and directed to make payment for such loss dicectly to mortgagee instead of to mortgegoc and mortgagee jointly. a~d the insurance pro- ceeds. oi any pad theceof, may be applied by matgagee at its option either ta the reduction of the iadebtedaess hereby secured or to the restocation oc repair of the p:operty damaged. In event of faeclosure of this mortgage or other transfer af title to the modgaged propecty in extingnishment of the indebtedness secured hereby, all right. title. and interest of the mortgagor in and to any insurance policies then in face shail pess to the purchaser oc grentee. 8. That the mortgegee may~ at a~y time pending a suit upon this mortgage~ apply to the court having jurisdic- tion thereof for the appointment of a receiver, aad such court shall fodhwith appoint a receiver of the premises ca:s hereby all and singular, including all and singular the i~come, profits. issues~ and eevenues from whate~er source derived. each and every of vvhich, it being expressly andecstood, is hereby mortgaged as if specifically set forth a~d described in the granting and habendum clauses hereof. and such receiver shall have all the broad and effective fut~ctions and powers in anywise entrusted by a Coutt 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 pcope~ty mortgaged ot 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 - eccording to the lien of this modgage and the practice of such coart. In the evet~t of any default on the part of the mortgagor heieunder, the martgagor agrees to pay to the mortgagee on demand as a reasonable monthly rental for the ~remises an amount at least equivalent 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 su~h year not covered by the aforesaid mont~ly payments_ 9. That (a) in the event of any breach of this mortgage or defaalt on the part of the mortgagor, or (b) in the event that any of said sams 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; the~n in either or aay such event. the said aggregate sum mentioned in said note then remaining unpaid, with interest accrued to that time. and all iuoneys secured hereby, shal! 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 originally stipulated to be paid on such day, anything in said note oc in this wodgage to the contrary notwithstanding; and thereupon or thereafter. at the option of said matga- gee, without notice or de:nand. suit at Iaw or in equity. may be prosecuted as if ail moneys secured hereby had matuced pcioc 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 t6e same together with costs. expenses,and allow- ances. ln case of pertial 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 thereafte~ from time to time by the mortgagee. I0. That the modgagor will give emmediate notice by mail to the mortgagee of any conveyance, transfer, or change of awnership of the premises. 11. That no waiver of any covenant herein or oE the obligation secured hereby shall at any time thereafter be held to be a waiver of the terms hereof or of the note secuced bereby. ~ 12. That if the mortgagor deEault in any of the covenants ot agreements contained herein, or in said note, then the mortgagee may pecform the same, and all expenditures (inclnding reasonable attorney's Eees) made by the mortgagee in so daing s::sll draw interest at the rate set farth in the note secured hereby, and shall be repayable immediately and without demand by the modgagor to the mor~gagee, and, together with interest and costs accruing . thereon, shall be secnred by this mortgage. 13. that the mailing of a written notice or dea?andaddressed to the owner of record of the modgaged premises, ' or directed to the said owner at the last address actually furnished to the moctgagee, 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 instcument and required by the provisions hereof or by law. 14. The mortgagor covenants and agrees that so long as tfiis mortgage and the said note secured hereby are insured u~der tbe provisions of the National Housieg Art~ he will not execute or file for record any instrument which impc~es e resUiction upo~ the sale or oceupancy of the mortgaged property on the besis of race, color, or creed. Upon any violatian of this underteking, the moctgagee may, at its option, declare the unpaid balance of the debt secured hereby immediately due and payable. 15. The mortgagor further coveeants that shouW this moctgage end the note secured hereby not be eligible [or insucance under tbe National Housing Act within 3O DAYS Erom the date hereof (wcitten stetement aE any officer o[ the Department oE Housing and Urbrra Development or authwized agent of the Secretary oE Hous- ing ond Urban Development dattd subsequent to the 30 D Y time Erom the date oE this modgage, declining to insure said nde and this mortgage, being dee~c~clusive prooE aE such ineligibility), the murtga- gee a the holder of the nate may, at its optioo, declare alt sums secuted t~reby immediately due and p~yebie. The covenants herein co~tained shell biad~ ond the benefits and advAntagres shatt inure to, the respective heira, executas, administrators, successora, and essigns d the p~riies hereta. Wbenevet used, the singular num- ber shall include the plurr~l, the plural the singulpr, and the use oE ony ~ender shall inclu~ alt gendecs. ooK172 ~ 665 ~ ~ ~ ~ . , - ~ - . r, . - ~.xr - , y~f' I