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HomeMy WebLinkAbout0155 • . ~ , ~ , _ • ~J~ ~ J S. That he will pe~mit. commit~ o~ sufEe~ no wastc. impairment. a deteriaatio~ of said pcope~ty or any patt theceof; end io the event oE the [eilure of the mortgagor to keep the buildings on said premises and those tobe erected oa safd premises. or improvements thereon. in good rep~u. the wortgagee may make such repoirs as in ita dlscretion it may deem aecessary for the proper pceservation theceof. and ti~e full amou~t of each and every such payment shall be ima~ediately due and payable. and sball be secured by the lien of this moctgage. 6. Tbat he will pey all and aingular the costs. charges. and expenses. including ceasonable lawyer's Eees. and costs of a6sttacts of title~ incuned a paid at any time by the mortgagee bccause of the failure on the part af the mo~tgagoc pcomptly and fully to pe~fam the agreements and covenaats oE said promissocy note and this mort- gage. and said costs. charges. a~xl expenses shell be immediately due and payable and shall be secured by the lien of thls mo~tgage. 7. Tbat he will keep the improvements now existi~g or heceattec ecected oe tl~e mortgaged prope~ty, insured as may be requiced from time to time by the matgagee against loss by fire end othe~ hazards. casuplties. and contia- gencies ia such amounts a~d for such periods es awy be required by mo~tgagee. and vvill pay promptly. arhen due. any premiums oa such insurance for peymeat of which Pcovision has not been made heceinbefore. All insurance shall be carried in companies approved by roortgagee end the policies and renewals thereof shall be held by moct- gegee and have attached thereto loss peyable clauses in fava of and in form acceptable to the mortgagee. In event of loss he will give immediate notice by mail to mortgagee, and mo~tgagee may make proof of loss if not made promptly by mortgagor, and each insurance compeay concemed is hereby authorised a~d d'uected to make payment fac such loss directly to mortgagee instead of to matgaga and matgagee joi~tly. and the insurance pro- ceeds. or any pad theceof. mey be applied by moctgagee at its option either to the rednction of the indebtedness hereby secured or to the restoretion or repair of the propedy daau~ged. Ia event of foreclosure of this mortgage or othe~ transEer of title to the mortg,aged ~operty in extiaguishment oi e indebtedness secured hereby. all right. title, and interest of the matgaga in and to any insurance policies ti~~a in force shall pass to the purchaser oc grantee. 8. That the anoctgagee a~ay. at any time pending a suit upon this mortgage, apply to the court having jurisdic- tion thereaf foc the appointment of a receiver, and such coud shall fodhwith appoint a receiver of the premises covered hereby all a~d singular. includi~g all and singular the income, profits, issues~ and revenues from whatever source derived, each and every of which, it being expcessly understood. is hereby moctgaged as if specifically set fodh and described in the granting and habendum clauses hereof, and such receiver shall have all the broad and effective functions and powers in anywise entrusted by a court to a receiver, and such appointment shall be made by such court as an admitted equity and a a~atter of absolute right to said mortgagee, and without reference to the adequacy or inadequacy of the value of the property mortgaged or to the solvency or insolvency of said modgagor or the defendents. and that such rents. prdits, income. issues, e~d revenues shall be applied by such receiver according to the liea of this mortgage and the practice of such court. In the event of any default on the part of the mortgagor hereunder, the m«tgaga agrees to pay to the modgagee on demand as a reasonable monthly rentai for the premises an ainount 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 such year not covered by the afocesaid monthly peyments. 9. That (a1 in tl~e ~v~nt of any breach of this modgage or default aa the pad of the mortgagor, or (6) in the event that any of said sua~s ibf h~?bney herein referred to be not promptly aad fully paid withont 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; thea 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 fathwith, oc 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 a in this mortgage to the contrary notwithstanding; and thereupon or thereafter, at the option of said matga- gee. aithout notice or demand, suit at lew or in equity, may be prosecuted as if all moneys secuced 6ereby hed matured prior to its institution. Tl~e modgagee aiay foceclose this mortgege, as to the amount so declared due and ~ payable. and the said premises shall be sold to satisfy a~ pay the same together with costs, expenses,and allow- ~ ances. In case of pertial foreclosure of this mo~tgage, the mortgaged pcemises shall be sold subject to the con- f tinuing lien of this mortgage for the amount of the debt not then due aad unpaid. In such case the provisions of ~ this paragraph may agein be svailed of thereafter from time to time by the mortgagee. ~ 10. That the modgagor will give immediate notice by mail to the modgagee of any conveyance. transfer, a ~ change of awnership oE the premises. [ 11. That no waiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be ~ heM to be a waiver of the terms hereof or of the note secured hereby. # 12_ That if the mortgagor default in any of the covenants or agreements contained herein, a in said note, then the mortgagee may perform the samg, and all expenditures (including reasoaable attaney's fees) made by the mortgagee in so doing shall dravr interest at the rate set forth in the note secured hereby, and shall be repayable immedietely and aithout demand by the mortgagor to the modgagee, and. together with interest and costs aceruing theceon.. sh~ll be secured by this modgage. 13. that the mailing of a written notice a demandaddressed to the owner of record of the mortgaged premises, or dicected to the said owaer at the last address actually fucnished to the mortgagee, cx directed to said owner at said ~sortgaged premises, and mailed by the United States mails, shall be sufficient notice and demand in any ~ case aiising uader this instrument and required by the provisions hereof ~ by law. 14. 'I'he mortgaga covenants and agrees that so long as this mortg,age and the said note secared hereby are insured under the provisions of the National Housing Act, he will not e:ecute or file for cecord any instrument ~ which imposes a eestriction npa~ the sale or occupency of the mortgaged property on the basis of race. cola, or creed. Upon eny violation of this undedaking, the mortgagee may, et its option. declare the unpaid balance of the debt securcd heceby immediately due and peyable. 15. The a~ortgagor f~uther covenants that should Wis mort ge and tbe note secured hereby aot be eligible Eoc insarauce under the National Housing Act wit6in 3O DAY~ from tbe date hereof (written statemeat of any officer d the Depadmeat d Housing aad Urbaa Development or authaized agent of the Secretary of Hous- ing and Urban Development deted subsequent to the 30~AYS • ci~ fcoe~ tbt date oE this mortg,ege, declining to insure said note and tbis mortgage, beiag dee coaclusive proof af such ineligibility), the mortga- gee or the 6older af the note moy, et ita option, declace all suma secured hereby imoiediately due ond pa~able. - The covenants herein contained sball bind. and the benefits aad advaatages shall inure to. the respective beirs, executocs. ~dministratocs, successas, aod essigAs aE the partles hereto. W6enever used, tbe singutar num- ber shall include the plural, the plucal tbe singnlar, and the use oE aay gender ahall include all gendera. a~177 ~ ~55 - ~ : ~ ~ y _ h~ a . ~s"~` ~k ~s. s . - _