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HomeMy WebLinkAbout0082 5. That he will pecmit, commit, or suffer no waste, impairmentr or deterioration of seid property or any pa~t thereof; nnd in the eve~t of the failure ot the mortgagot to keep the buildings on said premises and those tobe erected on said premises. or improvemenls thereon, in good repair. the mortgagee may make such repeirs as in its discretion it may deem necessary for the proper preservation thereo[, and the full amount of each and every such . payment shall be immediately due and payab:e. and shall be secured by the lien of this mortgage. 6. That he wil! pay all and singular the costs. charges. and expenses. including reasonable lswyer's fees. and costs of abstracts of title, incurred or paid at any time bythe mortgagee becausa of the failure on the part of the mortgagor promptly and fully to perform the agreements and covena~ts of seid promissory note and this mort- gage. a~d said costs, chnrges, and expe~se~ shall be immediately due and payable and shall be secured by the lien of this mo~tgage. 7. That he will keep tiie improvements now existing or hereafter erected on the mortgaged property. insured as ~ may be required from time to time by the moctgagee against loss by fire and other hazards, casualties. and contin- ! gencies in such amounts and for such periods as may be required by mortgagee. and will pay promptly, when due, ~ any premiums on such insurance for payment of which provision has not been made hereinbefore. 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 favoc, of and in to-~ ucceptable to the mortgagee. In event of loss he wili give immediate notice by mail to mortgagee. and mortgagee 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 mortgagee instead of to mortgagor and mortgagee jointly. and the insyrance pro- ~ ceeds, or any part thereof, may be applied by mortgagee at its option either to the reduction of the indebfedness hereby secured or to the restoration oc repair of the propedy damaged. In evertt of foreclosure of this mortgage or ~ other transfer of title to the mort~aged 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 purchaser or ~ grantee. ' 8. That the mortgagee may, at any time pending a suit upon this mortgage, apply to the court having jurisdic- 3 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 sirtgular the income. profits, issues, and revenues from whatever source derived, each and every of which, it being expressly understood. is hereby mortgaged 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, and sach appointment shall be made b~~ such court as an admitted equity and a matter of absolute right to said mortgagee. and wiEhout reference to the ; adequacy or inadequacy of the value of th~~roperty mortgaged or to the solvency or insolvency of said mortgagor oc the deEendents, 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 coud. ln the event of any default on the part of the mo~tgagor hereunder, the mortgagor agcees to pay to the mortgagee on demand as a reasonable monthly rental~for the premises an amount at leas! equivalent to one-twelfth (1/12) of the aggregate of the twelve monthly install- ments payable in the then current year plus the actual amouni of the annual taxes, assessments, water rates, and insurance premiums for such year not co~ered by !he aforesaid monthly payments. ~ 9. That (o) in the event of any breach of this mortgage or default on the pad of the modgagor. or (6) in the ~ e~•ent that any of said sums of money herein referred to be not promptly and fully paid withon3 demand or notice, ~ ` o: in the event that each and every the stiputations, agreements. conditions, and covenants of said note and this mortgage, are not duly, promptly, and fully perEormed; 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 E hereby, shall become due and payable forthwith, or thereafter, at the option of said mortgagee, as fully and com- ~ i pletely as if all of the said sums of money were drigtrtatly Stipulated to be paid on such day, anything in said = ~ note ar in this modgage to the contrary notwithstanding; and thereupon or thereafter, at the option of said mortga- ` ~ gee, withoat notice or demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby had ~ z matured prior to its institution. The mortgagee may foreclose this mortgage, as to the amount so declared due and ~ i payable, and the said pcemises shall be sold to satisfy and pay the same together with costs, expenses,and allow- • ; ances. In case of partial foreclosure of this mortgage, the mortgaged premises shall be sold subject to the con- f ~ 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 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 ~ held to be a waiver of the terms hereof or of the note secured hereby. ~ 12. That if the mortgagor default in any of the covenants or agreements contained herein, or in said note, then ~ the mortgagee may perform the same, and all expenditures (including reasonable attorney's fees) made by the i ~~ortgagee in so doing shall draw interest at the rate set forth in the note secnred hereby, and shall be repayable . ~ immediately and without demand by the mortgagor to the modgagee, and, together with interest and costs accruing ; thereon, shall be secured by this mortgage. ~ 13. that the snailing of a written notice or demandaddressed to the owner of record of the mortgaged premises, ' or directed to the said owner at the last address actually furnished to the modgagee. or directed to said oarner at ' said modgaged premises, and mailed by the United States mails, shall be sufEicient notice and demand in any ~ ~ case arising under this instrument and required by the provisions hereof or by law. ~ 14. The mortgagor covenants and agrees that so long as this mortgage and the said note secured hereby are ~ insured under the provisions o[ the National Housing Act, he will not execute or file for record any instrument - which imposes a restriction upon the sale or occupancy of the mortgaged propedy on the basis of race, color, or i creed. Upon any violation of this undertaking, the mortgagee may, at its option, declare the unpaid balance of the debt secured hereby immediately due and payable. 15. The mortgagor further covenants that should this mortgage and the note secured hereby not be eligible ; for insurance under the National Housing Act within 60 daYs from the date hereof (written statement of any oEficer of the Depactment of Housing and Urban DeveloQment or authorized agent of the Secretary of Hous- ~ ` ing and Urban Development dated subsequent to the said 60 days time from the date of this mortgage, ' declining to insure said note and this mortgage, being deem~~d conclusive proof of such ineligibility), the mortga- t gee or the holder of the note may, at its option, declare all sums secured hereby immediateiy due and payable. ; The covenants herein contained shall bind, and the benefits and advantages shall inure to, the respective ` heirs, executors, administrators, successors, and assigns of the parties hereto. Whenever used, the singular num- _ ber sha11 include the olural, the plural the singular, and the use of any gender shall include all genders. : :1 . .r 600R ~'AGf ~ . _ ~