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HomeMy WebLinkAbout2151 ` ~ ~ ~ . ! . ` ~ ` ~ f'• ' i S. That he will pecmit, commit. or suffer no waste, impaicment. oc dete~io~ation of seid property ot any part theteof; end ia the event oE the failure of the mortgagor to keep the buildit~g~ on said pcemises and those tobe erected on said prea~ises~ oc impcovements the~eon, in good repair~ the modgegee may a~ake such repeirs as in its disccetlon it may deem necessary for the proper_ preservation thereoE. and the full amount of each and evecy sucb payment shall 6e imaiedi~tely due and poyable. end shall be secured by the lien of this moctgage. ~ 6. That he will pay all and singular the costs. charges~ and expenses, including reasonable lewyer's feea. and costs of abstrects ot title~ incurred oc paid at eny time bythe matgagee because of the failute oe the pert of the mortgagor pcomptly and fully to perfam the agreements and covenants of said promissory note and this mort- gege. and said 'costs. charges, s~d expe~ses ahal! be immediately due end peyable and shall be secured by the liea of thi~s mortgage. 7. Tbat he will keep the improvements ~ow existing or hereafter erected on the mortgaged property. insured as may be required from time to time by the matgagee against los~ by tice and other hazards. casualties. and contia- gencies in such amounts end for such peciods as a~ay be rcyuired by moctgagee. and will pey promptly~ when due. any premiuu~s on such insurance Eor peyment of which p~ovision has not been made hereinbefae. All insurance shall be carried in companies approved by mortgagee and the policies and renewals thereof shall be held by mat- gagee and have attached thereta loss peyable clauses in favor of and in farm acceptable to the mortgagee. Ia event of loss he will give immediate notice by mail to mortgagee, and mortgagee mey make proof of loss if not made promptly by rnortgagor, and each insurence compeny concemed is herebv authorized and directed to make payment foc such lass directly to mortgagee instead of to mortgagor and mortgagee jointly, and the insurence pro- ceeds. or any pad thereof, mey be applied by matgagee et its option either to the ceduction of the indebtedness hereby secured or to the restoratioa a repair of the property damaged. In event of foreclosure of this mortgage or othe~ transEer of title to the mortgaged propedy in extinguishment of the indebtedness secured hereby. all right, title, and interest of the moitgagac in and to eny insurance policies the~ in focce shall pass to the purchaser or grantee. 8. That the moetgagee may, at any time pending a suit upon this mortgage. apply to the court having jurisdic- tion thereof Eor the appointment of a receiver, and such court shall fodhwith appoint a receiver of the premises covered hereby all and singuiar. includiag sll and singular the income, profits. issues. and revenues from whatever source derived, each and every of which, it being eapressly understood, is hereby modgaged as if specifically set forth and described in the gre~ting and habendum clauses hereof, and suc6 receivec shall have all the broad and effective functions and powers in anywise entrusted by a court to a receiver. and such appointment shall be msde by such court as an adroitted equity and a matter of absolute right to said mortgagee, and without reference to the adequacy or inadequacy of the value of t6e prope~ty mortgaged or to the solvency or insolvency of said mortgagor or the defendents, and that such cents, profits, income. issues, and reveaues shell be applied by such receiver according to the lien of this modgage and the practice of such court. Ia the eveat of any default on the part of the mo~tgagor hereunder, the mortgagor agrees to pay to the mortgagee on demand as a reasooable monthly rental for the premises an amount at least eq~ivalent to one-twelfth (1/12) of the aggregete of the twelve moathly install- ments payable in the then current year plus the actaal au~ount of,tbe annual taxes, assessments, water rates, and insurance premiums for such year not covered by the aforesaid mvntb~y~ pa3r~ts. 9. That (a) in the event of any breach of this modgage or deSanlt an the pett of the modgagor, or (6) in the event that any of said sums of money herein referred to be not pcomptly and f~lly paid withou't demand or notice, or (c1 in the event that each and every the stipulations. agreements, eondttioas, and covenants of said note and chis modgage, are not duly, promptly. and fully performed; then in either ~ aay such event, the said aggregate sum mentioned in said note then remaining uapaid, with interest accrued to that time. and'all tnoneys secured hereby, shall become ~ue and payabte forthwith, or thereaker, at the option of said matgagee, as fully end com- pletely as if all ~ the said sums of money we~e originally stipulatea to be ~paid on such day. anything in said ~ note ot in this modgage to the contrary natwithstanding; and theteupon or thereafter, at the option of said matga- i gee, without notice or demand, suit at law or in equity, may be prosecuted es }~._all moce~ys secured hereby had ~ matured pcioc to its institution. The modgegee may foreclose this modgage. 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 partial foreclosure of this moctgage, the mortgaged ~emises 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 may again be availed of thereafter from time to time by the mortgagee. ~ 10. That the modgagor wilt give immediate notice by mail to the mortgagee of any conveyae~e, transfer, or change of awnership 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 tera~s heceaE or of tl~ ~ote secured hereby. 12. T6at if the mortgagor default in any of the covenants or agceea~ents contained berein, or in said note, then the modgagee may perform the samg, and all expenditares (including reasonable attaney's fees) made by the mortgagee in so doing shail draw interest at the rate set forth in the note secured hereby~ and shall be repeyable immediately and withaut demand by the moctgagpr to the mortgagee, and. together with interest and costs accruing thereoa, shall be secured by this modgage. • 13. that the mailing of a written notice or demand addressed to the owner of record of the modgaged premises. or dicected to the said o~vner at the last address actually fnrnisbed to the mortgagee, or directed to said o~vner at . said mortgaged premises, and mailed by the United States mails, shalt be sufficient natice and demand in eny case arising nnder this instrumeat and required by the provisions hereof or by law. 14. The modgagor covenants and eg~ees that so long es this mortgage and the said note secured here6y are insuced nnder the provisions of the National Honsing Act, he will not execute ot file for record aay ihstrument which impa~es a restr~tioa upon the sale or occupancy of the modgaged pcopedy on the basis of race, cola, or creed. Upon any violation of this under~eking, the mortgagee may, at its option, declare the unpaid balance of the debt secored hereby immediately due and payable. 15. The modgagor further covenants that shonld t6is moctgage and tbe note secnred hereby not be elig,ible ~ for insurance under the National Housing Act arithin 30 DAYS ~om tbe date hereof (written statemeat . of any officer af the Department of Housing and Urbaa Oevelopment or aathorized ageat af the Secretary of Hous- ing and Urban Development dated subsequent to the 30 DAYS time fcom the date oE this mortgage, declining to iasure said note and this mortgege, being deem~d coneldsive proo~ vf. such iaeligibility), the modga- gee a the holder aE the note may, at its option, declare all sums secuced hereby`immediately due and peyeble. The coveaants herein contained shall bind, and the ben=fits aad advantages shall inure to, the respective heirs, executors, administrators, successas, and assigns of the pedies hereto. Mhenever used, the singular num- ber shali include the plural, the plural the singolar, and the uae of any gender shall include all genders. a~180 ~2~~8 - ,~x r Q`ri-,~'r 5^:s r - r.~, ~ _ _ _ , ' „ ~~'A % ~ s .