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HomeMy WebLinkAbout2703 l ' ~ , ; ~ , . . S. That he will permit. commit. o~ suffer no waste, impairment. or deterioration of said propedy or a~y pad thereof; and in the evertt ot the feilure of the mortgagor to keep the buildings on said premises and those toba erected on said premises~ or impcovements thereon. in good repair. the moKgagee may make such cepeirs as i~ its discretioa it may deem r~ecessary Eo~ the pcoper preservation thereof. and the full amount of each and every such ~peyment shall be immediately due end payeble~ a~d shall be secured,by the lien of this mortgage. 6. That he will pay al! and singular the casts, cherges. and expenses. including ~eesonable lawyer's fees. and costs of abstracts of title~ incurred o~ paid at any time bythe mortgagee because oE the failure on the part of the mortgagoc ptomptly snd fully to perform the agreements and covenants of said promissory note and this moct- gage. and said costs. charges, and expenses shall be immediately due and peyable and she~ll bt secured by tbe lien of this mwtgage. 7. That he will keep the improvements now existing oc hereafter ecected on the mortgaged property. insured as may be cequired Erom time to time by the matgagee against loss by fire ar~d other hazards. casualties. and contin- gencies in such amounts and Tor such periods as may be ~equiced by matgagee, and will pay promptly. when due, any premiums on such insurance for payment of which provision has not been made herei~be[ore. All insurance shall be carried in companies approved by mortgagee and the policies and renewals thereof shall be held by mort- gagee and have attached thereto loss payable clauses in fevor oE and in form acceptable to the modgagee. I~ event of loss he will give immediate notice by mail to mortgagee. and mortgagee may make proof of loss if not made promptly by matgagor. and each insurance company concerned is hereby authorized and directed to make payment for such loss directly to aw~tgagee instead oE to matgagor and mottgagee jointly, and the i~surance pro- ceeds, or any part thereof, may be applied by mortgagee at its option either to the reduction of tfie indebtedrtess hereby secured or to the restocation or repair of the propedy damaged. In event of foreclosure of this mortgage or other transfer of title to the modgaged property in extinguishment of the indebtedness secured hereby. all right, title. and interest of the mortgagor in and to any insurance policies then in force shall pass to the pucchaser or grantee. 8. That the mortgagee may, at any time pending a suit upon this mortgage, apply to the court having jwisdic- tion thereof for the appointment of a receiver, and such court shall forthwith appoint a receiver of the pcemises covered hereby all and singular. irtcluding 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 speciEically set forth and described in the granting and habendum clauses hereof. and such receiver shalt have all the broad and effective functions and powers in anywise entrusted by a court to a receiver. and such appoiatment shal[ be made by such court as an admitted equity and a matter oE absolute right to said mortgagee. and without refecence to the i adequacy or inadequacy o[ the value of the propedy mortgaged or to the solvency or insolvency of said mortgagor 4 or the deEendents, and that such rents, profits. income, issues, and revenues shall be applied by such receiver ~ according to the lien of this moctgage ar.d the practice of such cou~t. ln the event of ~ny default on the pad of the mo~tgagor hereunder. the mottgaga ag~ees to pay to the mortgagee on demand as a ceaaai~ble monthly rental for the premises an amount at least equivalent to one•twelfth (1/12) of the aggregate of the twelve moathly install- ments payable in the then curre~t year plus the actual amount of the annual teYes, assessments, water rates, and insurance premiums for such year not covered by the aforesaid monthly peyments. , 9. That (o) i~ the event of any breach of this modgage or deEault on the Qart of the modgagor. or (b) in the event that any of said sums of money herein referred to be not promptly and Eully peid without 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 fuliy 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 due and payable forthwith, or thereafter, at the option of said mortgegee, as fully and com- pletely as iE 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 oc thereaEter, 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 E matured prior to its institution. The mortgagee may Eoreclose this mortgage. as to the amount so declared dne and ~ payable. and the seid premises shall be sold to satisfy and pay the same together with costs, expenses,and allow- I ances. In csse of pertial Eoreclosure of this mortgage. the mortgaged pcemisea shall be aold subject to the coa- ~ tinuing lien of this mortgage for the amount of the debt not then due and uapaid. In such csse the provisions of this paragraph may again be evailed 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 oE ownership of the premises. 11. That no waiver of any covenant hecein or of the obligation secuced hereby shell at any time thereafter be held to be a waiver of the terms hereof or of the note secuced hereby. , 12. That if the mortgaga default in any of the covenants or agceements contained herein, or in said note, then the mortgagee may perform the samg, and all expenditures (includirtg reasonable attocney's tees) made by the . mortgegee in so doing shall draw interest at the rate set fath in the note secured hereby, and shall be repeyable immediately and without demand by the mortgagor to the matgegce, and, together with interest and costs accruing thereon, shell be secured by this mortgage. 13. thet t!?e mailing of a written notice oc demand eddressed to the owner of record of the mortgeged premises, or directed to the said owaer ~t the last address actually fucnished to the mortgagee. or directed to said o~rner at ~ said modgaged premises, ~nd mailed by the United States mails. s6a1! be sufficient notice and demand in any case arising under this instrument and cequired by the provisions hereof ot by law. 14. The mortgaga covenants and e~ees that so.long as this mortg~ge and the said note secured hereby ere ~ insured under the provisions of the National Housing Act, he will not execute or file fa record eny instrument which imposes a;estriction upon the sale or occupancy of the mortgaged propecty on the basis af race, color, oc ~ creed. U an violation oE this u~dertakin the moct a ee ma at its tion, deciarc the un ~d balence of the P~ Y B• g B Y. ~P Pa~ debt secured hereby immediately due and payable. ~ 15. The mortgago~ f~utl~er coveaanta thst chould this matgage and tbe note secuced hereby not be eligible for insurance under the National Housing Act within (j~it] yays Irom tbe date hereof (written statement ~ ~ of any officer d the Depactment of Nousing and Urban Developwent or ~aRhaised agent of the Secretary oE Hous- ing and Urban Development dated subsequeet to the ~ jk time fraa tbe date oE this mo~t~~e, ~ declinine to insure said nde and this mortg~ge, being deem?d cea~usive proof of such ineligibility), the mortga- ~ gee a the holder d tbe note moy, at its option, declare all sums secnred hereby immediately due and poyeble. ~ The covenants herein coatained shell bind, ond the benefits and advante~e~ ahall inure to, the cespective ~ heirs, e~ttcutois. adeinistrators, successots, and assig~s d tbe pottks hereto. Xlieaever used, the singular num- ber shatl include the'plural, the plural the singular, and the use of any gender shali include ~11 genders. ~ . ~i~111 = ~ ~ . , . - ~ . t z~,{ . ~ ~_..w__.~ . - `