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HomeMy WebLinkAbout1067 ` , ~ S. That he will permit. commit. or sutfer ho woste, impahmpnt; br detecioration of said property or any pact thereof; and in the event of the failure of the mortgagor to keep the buildings on said premises and those tobe e~ected on said premises, or improvements theceon. in good repair. the mortgagee may make such repeirs as in its discretion it may deem necessary tor the proper preservation thereof. and the full amou~t 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 aill pay all and singular the costs, charges, and expenses, iecluding reasonable lawyer's fees. and costs of abstracts of title~ i~curred or paid at any time by the modgagee because of the feilure on the pert of the mortgagor promptly and fully to perfocm the agreements and cove~ants of said promissory note and this mort- gage. and said costs, charges. a~:d expenses shall be immediately due and payable and shall be secured by the lien af this mortgage. 7. That he will keep the improvements rtow existing or hereafter erected on the mortgaged pcopecty. insured as may be required from time to time by the mortgagee age;nst loss by fire and other hazerds. casualties. and contin- gencies in such amounts and for such periods as may be required by mortgagee, and aill pay promptly. when due. any premiums on such insurance for payment of whicfi provision has not been made hereinbefore. All irtsurance shall be carried in companies approved by mortgagee a~d the policies and renewals thereof shall be held by mort- gagee and have attached thereto loss peyeble clauses i~ favor of and in form acceptable tothe mortgagee. In event of loss he will give immediate notice by mail to mortgagee. 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 mortgagee instesd of to mortgagor and mottgagee jointly. and the insurance pro- ceeds. or any part thereof, may be applied by matgagee at its option either to the reduction oE the indebtedness hereby secured or to the restoration or repair of the prope~ty damaged. In eve~t of foreclosure of this mortgage or other transfer of title to the modgaged property in extinguishme~t of the indebtedness secured hereby, all right, title. and interest of the mortgaga in and to any insurance policies then in focce shall pass to the purchaser or grantee. 8. That the modgagee may. et any time pending a suit upon this mortgage, apply to the court having jurisdic- tion thereof for the appointment of a receiver. and such court shall fodhwith appoint a receiver of the premises covered hereby all and singular, including all and singular the income. profits, issues, and cevenues from whatever source derived, each and every of which, it being expressly understood, is hereby modgaged 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 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 matter 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 mortgagor 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 part of the mortgagor hereunder, the roortgagor agrees to pay to the mortgagee on demand as a reasonable monthly rental for the premises an amount at least equivalent to one•twelfth (I/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 (u) in the event of any breach of this modgage or default on the part of the mortgagor. or (b~ in the event that any of said sums of money herein referred to be not promptly and fully paid withoat demand or notice. or 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 sach 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- j gee, without notice or demand. suit at law or in equity. may be prosecuted as if all moneys secured hereby had C 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 satisfl and pay the same together with costs, expenses,and allow- ances. In case of partial foreclosure of this mortgage, the mortgaged premises shall be sold subject to the con- ~ tinuing lien of this mortgage for the amount oE 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 mortgagee. 10. That the modgagor will give immediate notice by mail to the mortgagee of any con~eyance, transfer, or ~ change of ownership 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 secured hereby. ° 12. That if the mortgagor default in any of the covenants or agreements contained herein, or in said note, then the modgagee may pedorm the same, 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 repayable immediately and without demand by the mortgagor to the modgagee, and, together with interest and costs accruing thereon, shall be secured by this mortgage. 13. that the mailing of a written notice or demandaddressed to the ownet of record of the mortgaged premises, or directed to the said owner at the last address actually furnished to the modgage~, or directed to said owner at ~ said mortgaged pre~nises, and mailed by the United States mai(s, shall be suEficient notice and demand in any ~ case arising under this instrument and required by the provisions hereof or by law. ~ 14. The mortgagor covenants and agcees that so long as this. mortgage and the said note secured hereby are ~ insured under the provisions of the Natianal Housing Act. he will not execute or file Eor record eny instrument - which imposes a restriction upon the sale or occupancy of the mortgaged property on the basis of race, color, or ~ creed. Upoa any violetion of this underteking, the mortgagee may, at its option, declere the unpaid balance of the : debt secwed hereby immediately due and payable. 4= 15. The mo~tgagor further covenants that should this moct age and the note secured hereby not be eligible ~ ~ for insurance under the National Nousing Act within 30 DAY icom the date hereof (written stetement ~ of eny officer of the Department of Housing and Urban Development or authorized agent of tre Secretary Qf Hous- ing and Urban Development dated subsequent to the 30 DAYS time from the date of this modgage, ~ declining to insure said note and this mortgage, being deemed conclusive proof oE such ineligibility), the mortga- ~ gee or the holder of the note may, at its option, declare all sums secured hereby immediately due and payeble. ~ The covenants herein contained shali bind, and the beneEits and advantages shall inure to, the respective ~ heirs, executors. administratocs, successors, and assigns o( the parties hereto. 1Khenever used, the singular num- 3 ber shall include the plural, the plural the singular, and the use of any gender shaU ieclude all genders. ~ , a ~ OR p ~ 80GK ~~O PAGf 1~~ ~ . . _ _ _ : ~ : . ~ ~ ~ ~ . _ { ~ .