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HomeMy WebLinkAbout1503 ~ , . . , „ 5. That he will permit. commit. or sufter no waste, impairment. or deterioration of seid propeny or any pad thereof; and in the event of the failure of the mortgagor to keap the buildings on said premises and those tobe e~ected on said premises, or improvemeats thereon. i~ good repair~ the modgagee may make such repeics as in its discretion it ~nay deem oecessary for the proper preservation thereof, and the full emount of each and every such payme~t shall be immediately due and payeble. and shell be secured by the lien af this mortgage. 6. That he will pay all and singuler the costs. c6acges. and expenses. including reasonable lawyer's fees. and costs of abstracts of title~ incurred or peid at any time by the mortgagee because of the feilure on the part of the mortgaga promptly and fully to perfam the agreements and covenants of said promissory note and this mort- gage. and said costs, cha~ges. and expenses shall be immediately due a~ payable and shall be secured by the lien of this mortgage. 7. That he will keep the improvements rtow existing or hereafter erected on the modgaged propedy. insured as may be required from time to time by the matgagee against loss by fire and other hazards. casualties, and contin- ~ ge~cies in such amounts and for such periods as may be required by mottgagee. and aill pay promptly. when due. ~ any premiums on such insurance for payment of which provision has not been made hereinbefore. All insurance shall be canied in compa~ies appcoved by mortgagee and the policies .and renewals thereof shall be held by mort- gagee and have attached theceto loss payable clauses in favoc of and in form acceptable to the mortgagee. In event o[ loss he will give immediate notice by mail to modgagee. a~d moctgagee 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 modgagee instead of to mortgagor and mortgagee jointly. and the insurance pro- ceeds. or any part theceof. may be applied by mortgagee at its option either to the rednction of the indebtedness hereby secuted or to the restoration ot repair of the property damaged. In event of foreclosure of this mortgage or other transfer of title to the mortgaged property in extinguishment ot the indebtedness secnred hereby. all right. title. and interest of the mortgagar in and to any insurance policies thea in force shall pass to the purchaser oc grantee. 8. That the mortgagee may, at 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 revenues 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 shell have all the broad and effective functions and powers in anywise entrusted by a court to a receiver, and such appoiatment shalt be made by such coud 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 modgagor 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 moctgagor 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 aggregete of the twelve monthly install- ments payable in the then current year plus the actual amount of the annual taxes, assess~aents, water rates. and insurance premiums for such year not covered by the aforesaid monthly payments. 9. That (0/ in the event of any breach of this mortgage or default on the pad of the mortgagor. or (6) in the e~ent that any of said sums of money herein referred to be not promptly and fully paid withoat demand or notice, or (~1 in the event that each and every the stipulations. agreements, conditions, and covenants of said note and this moctgage, 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 dae 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 I' note or in this modgage to the contrary notwithstanding; and thereupon or thereafter, at the option of said matga- I~ gee, without notice or demand, suit at law or in equity, may be prosecuted as it all moneys secured hereby had ~ matured pria to its institution. The modgagee 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- i ances. In case of pertial foreclosure of this mortgage, the mortgeged pcemises shall be sold subject to the con- ~ tinuing lien of this mortgage for the amount of the debt not then due and unpaid. In such case the provisions of ~ this paragraph ma~ 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 waiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be r held to be a waiver of the terms hereaf or of the note secured hereby. , ~ 12. That if the mortgaga default in any of the covenants or agreements contained herein, or in said note, then ~ the mortgagee may pedocm the same, and all expenditures (including reasonable attorney's fees) made by the mortgagee in so doing shall dravr interest at the rate set forth in the note secured hereby, end shall be repayable immediately and without demand by the mortgaga to the mortgagee, and, together with interest and costs accruing thereon, shall be secured by this mortgage. ~ 13. that the mailing of a written notice a demandaddcessed to the o~vnet of record of the mo~tgaged pcemises, ~ or directed to the seid ovrr~er at the last address actually furnished to the mortgagee, oc directed to said oarner at ~ said modgaged premises, and mailed by the United States mails, shall be sufficient notice and demand in any case acising under this instrument and cequired by the provisions hereof or by law. 14. The mortgagor covenants and agrees ~hat so long as this mortgage and the said note secured hereby are ~ insured under the provisions of the National Housing Act, he will not execute or [ile for record any instrument r which imposes a resUiction upon the sale or occupancy oE the mortgeged pcoperty on the basis of race, colac, 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. R 15. The morteagor f~uther covenants that shouW this matg~ge and the note secured hereby not be eligible ~ Eor insurance under the National Housing Act within ~i[t] 1~syf from the date hereoE (written statement ~ of any officer of the Department of Housing and Urban Development or a~ltho~ised ageat of the Secretary of Hous- ~ ing and Urben Development dated subsequent to the ~y 1~ays ti~pe from the date of this moctgage, ~ decliniag to iasure seid note and this mortgage, being deem~~d~ca~nclusive pcoof of such ineligibility), the mortga- ~ gee ot the holder af tl~e note mey, at its opiion, declere all sums secuced hereby immcdiately due and payeble. ~ The covenants herein contained shall bind, a:~ the beneEits aqd advantages shell inure to, the respective ~ heirs, e:ecutors, administrat«s, successocs, and essigns d the parties bereto. ~Ifhenever used, the singular num- ber shall include tHe plural, the plural the singular, end the use of any gender shall include ell genders. ~ ~ ~ ~ ' sOfRiN 1 ~8 PfCi ~~z ~ ! - u..._.r.~.._.~_. . . - _ _ _ _ ~ ` ~