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HomeMy WebLinkAbout1668 ~ -'~i . _ - i~ ~ ~ ' ! 5. That he will permit. commitj or suffer eo waste. impai~ment. oc deterio~ation of said property or any pad ; theceof; and in the eve~t oE the failure of the mortgagor to keep tke buildings o~ said premises and those tobe i erected on said premises~ or improvements thereon. in good repair. the moetgagee may make such repairs as in its i discretion it may deem necessary for the proper preservation thereof. and the tull emount of each and every such ~ payment shall be immrdiately due and payable. a~d shall be secuced by the lien of this mortgage. j 6. That he will pay all and singular the costs, charges, and expenses. including reasoaable lawye~'s fees, ~ and costs of abstracts of title+ incuaed oc paid at any time bythe matgagee because of the failure on the part ot ~ the mortgagor promptly and fully to perfoim the agreements and covenants of said promissory note and this mort- ~ gage. and said costs. charges. and expenses shall be immediately due and payable and shall bc secured by the ~ lien oE this moctgage. ~ 7. That he will keep the improvements now existing or heceafter erected on the mortgaged propedy. insured as { may be requiied from time to time by the mortgagee agaiast loss by fire and other hazards. casualties. a~d contin- gencies in such amounts and for such periods as may be required by moctgagee. and will pay promptly, when due. any premiums on such insurance for payment of which pcovision has not been made hereinbefo~e. All insurance . shall be carried in companies approved by mortgagee and the policies and renewals theceof shall be held by mort- gagee and have attached thereto loss payable clauses in favor of and in form acceptable to the mortgagee. In event of loss he aill give immediate notice by mail to moctgagee, and mortgagee may make proof of loss if not made promptly by mortgag~. and each insurence company concerned is hereby authorized and directed to make payment foc such loss directly to mortgagee instead of to mortgagor and mortgegee jointly. and the insucance pro- ceeds. or any part thereof. may be applied by matgagee at its option either to the reduction of the indebtedness hereby secuced or to the restoration or repair of the propedy damaged. In event of foreclasure of this mortgage or other transfer of title to the modgaged pcoperty in extinguishment of the indebtedness secured hereby, all right, title. and i~terest of the mortgagoc in and to any insurance policies then in force shall pass to the purchaser or grantee. 8. That the mortgagee may, at any time pending a suit upon this moctgage. apply to the court having jurisdic- tion thereof for the appointment of a receiver, and such coud shall forthwith appoint a receiver of the premises covered hereby all and singular, including all and singular the income. pcofits, issues, and revenues from whatever source derived, each and every of which, it being expressly understood. is hereby moctgaged 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. aed such appointment 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 insolve~cy of said mortgagor or the defendents, and that such rents, profits, income, issues, and tevenues shall be applied by such receiver according to the lien of this mortgage and the practice of such coud. In ihe event of any default on the part of the modgagor hereunder. the moctgagor agrees to pay to the mortgagee on demand as a reasonable monthly rental for the premises an amount at least eqpivalent to one-twelfth (1/12) of the aggtegate of the twelve monthly install- ments payable in the then current year plus the actual amount of the annual taxes, assessments, water retes. and insurance premiums for such year not covered by the aforesaid monthly peyments. 9. That (a/ in the event of any breach of this mortgage or default on the ped of the mortgagor, or (6) in the event that any of said sums of money herein referred to be not promptly and fully paid witho6t 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 (ully performed; then in either or eny 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 thereaher, at the option of said mortgagee, as fully aad 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 modgage to the contrary notwithstanding; and thereupon or thereafter, at the option of said matga- gee, without notice or demand, suit at !aw or in equity, may be prosecuted as if all moneys secured hereby had ; matured prio~ 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 satisfy and pay the same together with costs. expenses,and allow- ances. In case of pertial foreclosure of this mortgage, the ar.ortgaged premises shall be sold subject to the con- ~ tinuing lien oE this mortgage 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 mortgagee. t ~ 10_ That the modgagor will give immediate notice by mail to the mortgegee of any conveyance, transfer, or i change of oarnership of the pcemises. s ~ 11. That no waiver of any covenant hecein or of the obligation secured hereby shall at any time thereafter be ~ held to be a waiver of the terms hered or of the note secured hereby. • ~ 12. That if the moctgaga default in any of the covenants oc agreements contained herein, or in said note, then the mortgagee may perform 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 repayable immediately and without demand by the mortgagor to the mortgagee, and. together with interest end costs accruing = thereon. shall be secured by this mortgage. ~ 13. that the ~uaili~g of a written notice or demandaddressed to the oaner of record of the mortgaged premises, g or directed to the said owner at the last address ectually furaished to the mortgsgee. or directed to said aovner at ~ said modgaged premises, and mailed by the United States mails, sball be sufEicient notice and demend in any ~ case acising under this instcument and required by the provisions hereof or by law. ~ 14. The mortgagor covenants and agRees that so long as this matg,~ge and the said note secured hereby are ~ insured under the provisions of the National Housing Act, he will not execute or Eile foc record any instrument _ which imposes a restriction upon the sale or occupency of the modgaged property on the basis of race, cola, or ~ creed. Upon any violatiaa of this undertaking, the mortgagce may. at its option, declere the unpaid balance oE the debt secured heceby immediately due and payable. ~ 15. The mortgagoc f~uther covenants that shouW t6is mortgage and tt~ note secured beceby not be eligible ~ for insurance under the Notio~s! Housing Act within ~~y j}~ from the date hereo[ (written statement ~ of any oEficer oE the Depedment of Housing and Urban Development or authaized agent af the Secretary of Hous- ~ ing and Urban Development dated subsequent to the ~ 1~ tia~e from the dete of this mortgage, ~ declining to insuce s~id note end this matgage, being d c lusive pcoof oE such iceli~ibility), the mortga- ~ gee o~ the holder af the note may, at its option, declare all sums secured heceby immediately dne and peyable. ~ The covenanta herein cantained shall bind, and the beaefits end pdvaatages shell inure to. the respective ~ heirs, executors, admiaistrators, successucs, and assig~s d tbe parties 6eteto. Whenever used, tbe singular aum- ~ ber shall include the plural, the plurat the singular, a~d the use of any gender shall include all genders. ~ ~ _ ~ ~ ~ ~i78 ~i667 ~ ~ ; ~ ~ . ~~w . _ - ~