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HomeMy WebLinkAbout2627 ~ ; ~ S. That he will permit, commit. oc suffer no waste. impairment. or deterioration of said property or ar?y part thereof; and in the event ot the failure of the mortgagor to keep the buildi~gs on said premises and those tobe erected on said premises. or imptoveme~ts thereon, in good repair. the modgagee may make such cepairs as in its discretion it may deem necessary for the proper pceservation 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 reasonable lawyer's fees, and costs of abstracts of titte. incurred or paid at any time bythe modgagee because of the failure on the pert of the mortgagot promptly and fully to perEorm the agreements and covenants of said promissory note and this mort- gage. and said costs. charges. and expenses shall be immediately due and peyable and shall be secured by the lien of this mottgage. 7. That he will keep the improvements ~ow existing or hereafter erected on the mortgaged ~roperty. insured as may be required from time to time by t~ e 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 premiums on such insurance for payment of which provision has 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 pay~ble 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 concerned is hereby authorized and directed to make payment for such loss directly to mo~tgagee instead ot to mortgagor and mortgagee jointly. and the insu~ance 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 or repair of the ptopedy damaged. In event of foreclosure of this mortgage or other transEer of title to the mortgaged property in extinguishment of the indebtedness secured hereby. all iight. title. and interest of the mortgagoc in and to any insurance policies then in force shall pass to the purchaser or grantee. ~ 8. That the modgagee may. at any time pending a suit upon this mortgage, apply to the court having jurisdic- tioZ thereof for the appointment of a receiver, and such coud shall forthwith appoint a receiver of the premises covered hereby all and singular. including all and singular the income. nrofits, issues. and revenues from whatever soucce derived, each and every of which, it being expressly understood, is hereby mortgaged as if specifically set Eorth and described in the granting and habendum clauses hereof, and such receiver shali have all the broad and effective tunctioas and powers in anywise entrusted by a court to a receiver, and sich 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 mortgage and the practice of such coud. In the event of any default on the part of :he mortgagor hereunder, the mortgagor agrees to pay to the mortgagee on demand as a reasonable monthly rental for the premises an amount at least equivale::t 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 in the event of any breach of this mortgage or default on the part 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 (c1 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 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 equity, may be prosecuted as if 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 pertial foreclosure of this mortgage, the mortgaged premises shall be sold subject to the con- i tinuing lien of this mortgage for the amount of the debt not then due and unpaid. In such case the pravisions 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 wai~•er of any covenant herein or of the obligation secuced hereby shali at anl~ time thereatter be held to be a waiver of the terms hereof or of the note secured hereby. 12. That if the mortgagor defauit in any of the covenants or agreements contained herein, or in said note, then the mortgagee may perform the same, and all expenditures (inciuding 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 mortgagee, and, together with interest and costs accruing thereon, shall be secwed 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 furnished to the mortgagee, or directed to said owner at - said modgaged premises, and mailed by the United States maits, 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 modgage and the said note secured hereby are i ~ insured under the pcovisions of the National Housing Act, he will not execute or file for record any instrument which imposes a cestr:ction upon the sale or occupancy of the modgaged property on the basis oE race, color, or ~ creed. Upon any v~olc:,ion of this undertaking, the mortgagee may, at its option, declare the unpaid balance of the i ~ debt secuced hereby ~~nmediately due and payable. ~ 15. The mortgagor further covenants that should this mortgage and the note secured hereby not be eligible for i~surance u~der the National Housing Act within 'r~y ]jays from the date hereof (written statement ~ of any officec ~~f the Department of Housing and Urban Development or authorized agent of the Secretary of Hous- ~ ing and Urban Development dated subsequent to the Tbicty v8y~ 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 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, executors, administratocs, successws, and assigns of the padies hereto. Whenever used, the singular num- ber shall include the plural, the plural the singular, and the use of any gender shall include all gendecs. ~ ~ ~ ~Qt1~~~ _ _ _ _ _ _ _ _ _ - ~ "~~-~s~~