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HomeMy WebLinkAbout1243 ~ - ~ = ~ ; ' i i ~ ! 5. Tbat he will permit, commit. or suEfer no waste~ impairmeat. or deterioretion of said p~opedy ot a~y pact t6eceof; and in the event of the feilure of the mortgagor to keep the buildinga on said premises and those Lobe erected on said premises, or improvements thereon. in good repair~ the mortgagee may make such cepairs as in its discretY~a it awy deem necessaty foc the pcoper p~eservation thereoE, and the full amount of each and every such payme~t shall be,immediately due and payable, and shall be secured by the lien of this moctgage. 6. That he will pey all and singuler the costs. cherges, and expenses. includi~g reasonable lawyer's feea, aad costs of abstracts of title~ incurred or paid at any time bythe matgagee because of the failure on the part of the mortgaga promptly and tully to pcrform the agreements a~d covenants of said promissory note and this mod- goge. end said costs. charges~ and expenses shall be immedietely due and payable and shall be secured by the lien af this matgage. 7. Thet he will keep the improvements now existing a hereafter erected on the wortgeged property. insured as may be cequired from time to tia~e by the a?atgagee ageinst loss by fire and other hazards~ casualties. and contia- gencies i~ such amounts and for such periods as may be required by mortgagee, and will pey promptly, when du~. any premiuras on such insurence for payment o~' which provision has not been made hereinbefore. All insucance shall be carried in companies approved by modgagee end the policies and renewals thereof shall be held by mat- gagee and have attached thereto loss payable clauses in favor of and in form acceptable to the mo~tgagee. In event oE loss he will give immediate notice by mail to a~odgagee. and mortgagee may make proof of loss if not made promptly by moctgagor. and each insurance company concerned is hereby aathorized and directed to meke payment for such loss directly to mortgagee instead of to mortgagor and mortgagee jointly. and the insurance pro- ceeds, or any part thereof. may be applied by mortgagee at its option either to the reduction of the indebtedness hereby secured or to the cestoration or repair of the propedy damaged. ln event of toreclosure of this mortgage or other transfer of title to the moctgaged prope~ty in extinguishment 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 o~ grantee. 8. That the mortgegee may, at any time pending a suit upon this mortgage, apply to th~e co~rt having jurisdic- tion thereaf for the appointment of a ceceiver, and such coud shall fotthwith 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 ttereby mortgaged as if specifically set forth a~d described in the granting and habendum clauses hereof, and such receiver shali 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 moctgagee. and without cefecence to the adequacy or inadequacy of the value of the propedy mortgeged or to the solvency oc insolvency of said modgagor or the defendents, and that such rents. profits, income. issues, an~ t~venues shall be applied by such receiver - according to the liep of this mortgage and the practice of such coutt: Ici ~lie eveat of any default on the pad of the mortgagor hereunder. the mortgagor agcees to pay to the mortgagee on deaoand as a reasonable monthly rental for the premises an amount at least eq~ivalent to one-twelfth (1/12) of the aggregate ~ the twelve monthly install- . ments payable in the then cunent year plus the actual e~nount of.the annual taxes, assessments. weter rates, and insurance premiums for sach yeac not covered by the aforesaid monthly p~yments. 9. That (a) in the event of any breach of this modgage or default on •the pad of the modgagor, or (b~ in the event that any of said sums af money herein referred to be not pmmptly and fully paid withou't demand or notice, or (c1 in the event that each and every the stipulations~ agreements, conditions, and covenants of said note and this modgage. 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 accraed 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 ~aid on such day, anything in said note or in this modgage to the contrary notwithstanding; and thereupon or thereafter, at the option of said martga- gee. without notice or demand. suit at law or in equity, may be prasecuted as if all moneys secured hereby had matured prior to its institution. The modgagee may foreclase this mortgage, as to the amount so declared dne and ! payable, and the said premises s6a11 be sold to satisfy aad pay the same together with costs, expenses,and allow- - ~ ances. In case of partial forecl~ure oE this mortgage, the modgaged premises shell be sold subject to the con- tinuing lien of this mortgage foc the amount of the debt not then due and unpaid. Ia such case the provisions of this paragraph may again be availed of theceafter ftom time to time by the mortgagee. 10. That the modgagor will give ima~ediate 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 secnred hereby shalt at any time thereafter be held to be a waiver of the terms hereof oc of the note secured hereby. 12. T6at if the mortgagor default in any of the covenants or agreements contained l~rein, or in said note, then the mortgagee may perform the samg, and all expenditures (iaclading reasonable attaaey's fees) made by the mortgagee in so doing shall draw interest at the rate set focth ia the note secnred hereby, and shall be repayable immediately and without demand by the mortgaga to the matgagee, ead, together With interest and costs accruing thereon, shall be secured by this modgage. 13. that the mailing of a written notice oc demandaddressed to the own~r of record of the mortgaged premises, or directed to the said owner at the last address actually farnished to the modgagee, oc directed to seidowner at said modgaged premises, and mailed by the United States mails, shall be safficient notice snd demand in any case arising under this iastruasent and required by the pravlsions hereof or by law. ~ 14. The modgagor covenants and ag~rees that so long as this mortgege and the said note secured hereby are ~ insured ur.der the provisions of the National Kousing'Act, he ~vill not execute oi file for record emr instrument ~ which imposes a restriction upcm the sale or occupaacy of the modgaged propedy on the basis of race, cola, or creed. Upon any~v'rulatioa of thia uadecteking. the mortgagee may, at its optioa, declare the unpaid balance of the debt secored heceby immediately dne and peyeble. 15. The mortgagor further coveaants that shouW this matgage _and the note secured hereby aot be eligible for insurance under t6e National Housing Act within from the date heceoE (written statetoeat of any oNicer of the Depa~ta~ent of Housiag and Utban Developmeat or authorized agent of the Secretary of Hons- ing and Urban DevelopmeaY dated subsequent to the ~~YS time fcom the date af this m~tg,ege, declining to insnre said note aad this mortgage, being dee coaclnsive pcoof of_ such ineligibility), the modga- gee oc the holder of the aote may, at its option, declare all suma secured` hereby immediately due and payeble. The covenants herein' contained shall bind, and the beaefits and advantages shall inure to, the respective heirs, executors, administratocs. successors, and assigns d the poeties heretd. iYhenevet used, the singular num- ber shall include the plaral, the plural the singular, and the use of any gender sha11 include all genders. ~o~c ~124Q _ ~-s _ ~ ~ _ _ ~ - . y ,