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HomeMy WebLinkAbout2093 ~ • i ' ! ~ ~ . ~ l ; d i J '_t S. That he will permit. commit. oc sufEer ~o waste. impairment. or deteriastion of said prope~ty or any part thereof; and in the event of the failure of the mortgagor to keep the buildings o~ said pcemises and those tobe erected on said pcemises. or improvements theceon. in good repair. the modgagee may make such repairs as In its discretion it may deem necessary foc the proper preservation the~eof, and the full amount of each a~d every such payment shall be immediately due and payable. end shall be secured by the lien of this mortgage. 6. That he ~vill pay all and singular the costs. chacges. and expenses, inclu~in~ reabonable lawyer's fees, and costs of abstracts of title~ incurred or paid at any time bythe mortgagee because of the failure on the part of the mortgaga pcomptly and fully to perform the agreements and cove~ants of said promissory note and this moct- gage. and seid costs. charges. and expe~ses shall be immediately due and payable and shall be secuced by the lien of this mortgage. 7. That he will keep the improvements now existing or hereafter erected on the mortgaged pcoperty. insured as may be required from time to time by the moctgagee egainst loss by fire and other hazards. casualties~ and contin- gencies in such amounts and for such periods as may be required by mortgagee. and aill pay promptly. when due~ any premiurt~s on such insurance for payment of which provision has not been made hereinbefore. All insurance shall be canied in companies approved by mortgagee and the policies and renewals thereof shall be held by mort- gagee and have attached thereto loss payable clauses in favor of a~d in form acceptable tothe modgagee. In event of loss he aill give immediate aotice by mail to mortgagee. and mortgagee may make proof of loss if not made promptly by mortgaga. and each insurance company concemed is hereby authorized and directed to make paymeat for such loss directly to mortgagee instead of to mortgegac and mortgagee jointly, and the i~surance pro- ceeds. or any part thereof, may be applied by matgagee at its option either to the redaction of the indebtedness hereby secuced or to the restoration or repair of the propedy damaged. In event of foreclosure of this mortgage or other transfer of title to the modgaged property in extinguishment of the indebtedness secured hereby, ell right, title, and interest oE the mortgagor in and to any insurance policies then in force shall pass to the purchaser or grantee. 8. That the mo~tgagee may. at any time pending a suit upon this mottgage, apply to the court having jurisdic- tion thereof for the appointment 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, proEits, issues~ and reveaues from whatever source derived, each artd every of which~ it being expressly understood, is hereby mortgaged as if specifically set forth and described in the granting and habendum clauses heceof. and such receiver shall have all the broed end effective functions and powers in anywise entrusted by a court to a receiver. and such appoiatment shall be made by such court as an admitted equity and a matter of absolute right to said modgagee~ and without reference to the adequacy or inadequacy of the value of the property mortgaged or to the solvency or insolvency of said martgagoc 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. In the event of any default on the pad of the mortgagor hereunder. the matgagor agrees to pay to the mortgagee on demand as a reasonable monthly rental for the premises an amount at least equivalent to one-twelfth (1/12) of the aggreg,ate 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 (o) in the event of any breach of this modgage or default on the pad of the modgagor~ or (b) in the event that any of said sums of money herein referred to be not promptly and fully paid witho'ut demand or notice, or (~1 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 iE 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 matga- ~ gee. without notice or demand, suit at law or in equity, may be prasecuted as if all moneys secured hereby had ~ matured pria-to its institntion. The mortgagee may foreclose this mortgege. as to the amount so declared doe and payable, an~the said premises shell be sold to satisfy and pay the same together with costs. expenses,and allow- ances. In case of pertia! fareclosure of this mortgage, the mortgaged premises shall be sold subject to the con- tinuing lien of this mortgage foc the amount of the debt not then due and unpaid. In snch cese the provisions of this paragraph may again be availed of theteafter from time to time by the modgagee. 10. That the modgagor will give immediate notice by mail to the mortgagee of any conveyance, transfer, or change of ownership of the premises. - 11. 'fhat no waiver oE any covenant herein or of the obligation secured hereby shall at any time thereafter be held to be a waiver of the terms hereaf 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 mortgagee may pedorm the samg, 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 repeyable immediately and without demand by the modgaga to the mortgagee, end, together with interest and costs accruing thereon, shall be secured by this modgage. 13. that the mailing of a written notice or demandaddressed to the owner oE record of the mortgaged premises, or directed to the said owner at the lest address actually furnished to the modgegee, or directed to said avner at said mortgaged premises, and mailed by the United States mails. shall be sufficient notice and demend in any case arising under this instrument and required by the provisions hereof or by lew. 14. The mortgaga covenants and agRees that so long as this moctgage and the seid note secured hereby are insured under the provisions oE the National Housing Act. he will not execute or file for record eny instrument ~ which imposes a cestriction upon the sale or occupancy of the mortgeged property on the basis of race. color, or creed. Upon any violation of this undertaking. the mortgagee may, at its option, declare the unpeid balance of the debt secured hereby immediately due and payable. 15. The mortgago~ further covena~ts tlwt shouW tbis mortgoge and the note secuced hereby aot be eligible for iesurance u~der the Natioaal Housi~g Act within ~ from the dete hereof (written statement of any officer of the Dep~rtment of Housing and Urbaa ~ eve opm~lt or authorized agent oE the Secretary oE Hous- ing end Urban Oevelopment dated subsequent ta the ~hjR time from the date of this modgrr~e, declining to insuce said note and this mortgage, being deem~~d coaclusive proof of such ineligibility), the mortga- gee or the holder oE the note may, at its option, dectaro all sums secured hercby lmmediately dne and payable. The coveaanta herein contained shalt bind, and the benefib and advaat~ges sboll inure to. the rcspective heirs, eaecutocs, administrators. successocs. and assigns of the porties hereto. Nheaever used, the singuler num- ber shall include the plural, the Plural the singular, and the use oE ~ny gender ahail include all genders. ~174 ~21~88 ~ !