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HomeMy WebLinkAbout0685 . ~ 5. Tbat he will permit. commit, « sufter no wast~. iapairtKay~; p~ deteriocation of said property or any pad thereof; and in the event of the feilure ot the mdrtsasor to keep'the buildings on said prcmises aad tbose tobe erected on said ptemises. oc improvements theceon, in good repair. the mottgagee may meke such repeics as in its discretion it may deem necessery fa the proper pceservatior~ thered, and the full emount oE each and every such payment shall be ima~ediately due and payable. end shall be secured by the liea oE this mortga~e. 6. That he will pay all and si~gular the coets. charges, and expe~ses. including reasonable lawyer's fees. and costs of abstracts of title~ incurred or paid at any time by the mortgagee because of the failure on the part of • the mortgaga promptly end fully to perfarm the agreements aad covenants of said promissory note and this mort- gage. and said costs. charges. aad expenses shall be immediately due and peyable and shall be secured by the liea of t~is modgage. 7. That he will keep the improvements now existing oc hereafter erected on the mortgaged property. insured as may be required from time to time by the mortgagee against'loss by fire and other haaards, casualties, and coatin- gencies in such amounts and for such periods as may be requiied by morigagee~ aad will pay proa?ptly~ when due. any premiums on such insurance for payment of which pr~vision has not been made hereirtbefore. All insurance shall be carried in companies approved by mortgagee and the policies and renewals theceof shall be held by mat- gagee and have attached thereto loss payable clauses in favor of and in form acceptable to the modgagee. In event of loss he will give immediate notice by mail to mortgagee. and moctgagee may meke proof of loss if not made promptly by mortgagor. and each insurance company concerned is hereby authorized and d'uected to meke payment for such loss directly to mortgagee instead of to mortgag« and mortgagee jointly. and the insurance pro- ceeds~ or any part thereof. may be applied by matgagee at its optio~ either to the reduction of the indebtedness hereby secured or to the restoration or cepair of the property damaged. In event of foteclosure of this modgage or other tcansfer of title to the modgaged propedy in extinguishment of the indebtedness secured hereby. all right. title, artd interest of the mortgagoc in and to any insurance policies then in force shall pass to the pucchaser or grantee. 8. That the modgagee may. at aay time pe~ding a suit upon this mortgage. apply to the court having jurisdic- tion thereaf Eor the appointment of a ceceiver, and such coud shall fodhwith appoint e receiver of the premises covered heceby all and singnlar, including all and singular the income, profits. issues. and reve~ues from whatever source derived. each and every of which, it being expressly understood, is heceby modgeged as if specifically set forth and described in the granting and habendum clauses hereof, and such receiver shall have all the broad and effective functions and powecs in anywise entrusted by a caurt to a receiver. and such appointme~t shall be made by such court as an admitted equity and a matter of absolute right to said matgagee. and without reference to the adequacy or inadequacy of the value of the propedy mortgaged oc to the solvency or insolvency of said mortgagor or the defendents, and that such rents. profits, income. ~issues, revenues shall be applied by such receiver according to the lien of this modgage and the practice of such c~ In the event of any default on the pad of the modgagor hereunder. the matgagor agrees to pay to the mortgagee on demand as a reasonable monthly rental for the premises an amount at least eqpivalent to one-twetfth (1/12) of the aggregate of the twelve monthly install- ments payable in the then current year plus the actual amount of the ani?ual taxes, assessments. water rates. and insurance premiums for such year not covered by the aforesaid monthly payments. 9. That (a) in the evenE of any breach of this moctgage or default on the pad of the mortgagor, or (b) in the ~J 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. agceements, 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 z+ll moaeys 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 k note or in this modgage 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 prosecuted as if all moneys secured hereby had matured prior to its institution. The modg~gee may foreclose this mortgage, as to the amount so declared due and f payable, and the said premises shall be sold to satisfy and pay the same together with casts, expenses,and allow- ~ ances. In case of pertial foreclosure of this mortgage, the mortgaged premises shall be sold subject to the con- 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 modgagee. 10. That the mortgagor will give immediate notice by mail to the modgagee of any conveyance, transfer. or change of awnership of the premises. 11. That no waiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be held to be a waiver of the terms hereof or of the note secuced hereby. 12. That if the moctgagor default in any of the covenants or agreements contaic~ed herein, oc in said note, then the modgagee 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 fath in the note secuced hereby, and shall be repayable immediately and without demand by the modgagor to the mortgagee, and. together with interest and costs accruing thereon, shall be secured by this modgage. 13. that the mailing of a written notice or demand addressed to the owner of record of the modgaged pcemises, or directed to the said owner at the last address actually furnished to the modgagee. or directed to said owner at said mortgaged premises, and mailed by the United States meils, shall be sufficien~ notice and demand in any case acising under this instrument and required hy the provisio~s hereof or by law. 14. The modgagor covenants and agcees that so long as this mortg,age and the said note secured hereby are insured under the provisions of the National Housfng 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 cace. color. or creed. Upon any violation of this undertaking, the mortgagee may, at its option, declare the unpaid balance of the , ~ debt secured hereby immediately due and payable. 15. The modgagor further covenants that should this moctgage and the note secured heceby not be eligible for insuraace under the National Housing Act within 30 pAYS from the date hereof (written statement of any officer of the Depadment of Housing and Urban Development or authorized agent of the Seccetary of Hous- ing and Urban Development deted subsequent to the gp ppY$ time from the date of this modgage, declining to insure said note and this mortgage. being deem~d concIusive proof of such ineligibility), the mortga- gee or the holder of the aote may, at its optioa, declare all sums secured hereby immediately due and payable. The covenants herein contained shall bind, and the b~nef:t~ and advantages shall inure to, the respective : heics, executors, administrators, successas, and essigns of the parties hereto. Whenever used, the singular num- ber shall inclode the plural, the plnral the singular, and the use of any gender shall include all genders. ~0~176 ~ 684 ~ '~..-~3~'~' : _ _ _ - - _ ~ " ~~,~~~`~~,~h~ . . `u- ,