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HomeMy WebLinkAbout1065 S, That he will permit, commit, or suf[et no waste, impairment, or deterioration of said ptope~ty or any part thereof; and in the event o[ the [ailure ot the mortgagor to keep the buildi~gs on said premises and those tobe erected on said premises, or improvements thereon, in good repai~, the mortgagee may make such repairs as in its discretion it may deem necessary fo~ the proper preservation thereof, and the full amount of each and eve~y such payment shall be immediately due and payable, a~d shall be secured by the lien of this mo~tgage. 6. That he will pay all and singular the costs, cha~ges, and expenses, including reasonable lawyer's fees, and costs of abstracts of title, incurred or paid at any time bythe mortgagee because of the failu~e on the part of the mortgagor promptly and fully to perform the agreements and covenants of said promissory note and this mort- gage, and said costs, charges, and expenses shall be immediately due a~d payable and shall be secured by the lien o[ this mortgage. 7. That he will keep the improvements now existing or herea[ter erected on the mortgaged property, insured as may be required [rom time to time by the mortgagee against loss by fire and other hazards. casualties, and contin- gencies in such amounts and tor such periods as may be required by mortgagee, and will pay promQtly, when due, any premi:?ms 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 theceof shall be held by mort- gagee and have attached thereto loss payable clauses in favo~ of and in form acceptable to the mort~agee. In event of loss he will 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 insurance pro- 3 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 restoration oc repair of the property damaged_ In event of foreclosure ot this mortgage or other transfer of title to the mortgaged 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 gra ntee _ 8. That the mortgagee may, at any time pending a suit upon this mortgage, apply to the court having jurisdic- tion thereof for the appointment of a receiver, and such court shall forthwith 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 hereby mortgaged as if specificalty 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 an~~wise entrusted by a court to a ceceiver, and such appointment shall be made by such court as an admitted equity and a matte~ of absolute ~ight to said mortgagee, and without reference to the adequacy or inadequacy of the value of the property mortgaged or to the solvency or insolvency of said mortgagor or the defendents, 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 court. In the event of any default on the part of the mortgagor hereander, the mortgagor ag~ees to pay to the mortgagee on demand as a reasonable monthly rental for - the premises an amount at least equivalent to one-twelfth (1/12) of the aggregate of the twelve monthly install- ments payable in the then current year plus the actual amount of the annual taxes, assessments, water rates, and insurance premiums for such year not covered by the aforesaid monthly payments_ 9. That (u) in the event of any breach of this mortgage or default on the part of the mortgagor, or (b) in the event that any of said sums of money herein referred to be not promptly and fully paid 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 fully performed; then in either or any such event, the said aggregate sum mentioned in said note then remaining unpaid, v?itn interest accrued 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- i pletely as if all of the said sums oE money were originally stipulated to be paid on such day, anything in said ~ note or in this moRgage to the contrary notwithstanding; and thereupon or thereafter, at the option of said mortga- gee, without notice or demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby had ~ matured prior to its institution_ The mortgagee may foreclose this mortgage, as to the amount so declared due and E payabte, 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 mortgage, the mortgaged premises 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 mortgagor will give immediate notice by mail to the mortgagee of any conveyance, transter, or ~ change of ownership of the premises. - ; 11. That no waiver of any covenant herein or of the obiigation 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 attaney'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, to~ether with interest and costs accruing ~ thereon, shall be secured by this mortgage. ~ 13. that the mailing of a written notice or demandaddressed to the owner of record of the mortgaged premises, ~ or directed to the said owner at the last add~ess actually furnished to the modgagee, or directed to said owner at ~ said modgaged premises, and mailed by the United States mails, shall be sufficient notice and demand in any ~ case acising under this instrument and required by the provisions he:eof 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 of the National Housing Act, he wil{ not execute or file for record any instrument which imposes a restriction upon the sale or occupancy of the mortgaged property on the basis of race, coloc, or - 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 mortgagoc Eurther covenants that should this moctgage and the note sec:ured hereby not be eligible - for insurance under the Nationa! Housing Act within ~{y ~ay~ from the date hereo[ (written statement of any oEficer of the Department of Housing and Urban~evelopment or authorized agent of the Secretary of Hous- ' ~ ing and Urban Development dated subsequent to the ~ time from the date of this modgage, } declining to insure said note and this mortgage, being deem~~ ca~~isive proof of such ineligibility), the mortga- r; gee or the holder of the note may, at its option, declare all sums secured hereby immediately due and payeble. - ; The covenants herein contained shall bind, and the benefits and advantages shall inure to, the respective ; ~ heirs, executors, administrators, successors, and assig~s oE the parties hereto. Whenever used, the singular num- ` ber shall include the plural, the plural the singular, and the use of any gender shall include all genders. ; r~ £ x; , s"' r 3 ~y i ~ ~ BooK 181 ~~p~ . t'~ ~ f ~ ; ~ . . . . - _ ' . . r~ : . _ . . . - . . _ . ~ . a_ . _ ~,v