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HomeMy WebLinkAbout1592 5. That he will permit, commit, or su[[er ~o waste. impaiiment~ or deterioraiion of said property or any pact thereof; and in the event at the failure of the mortgagor to keap the buildings on said premises and those tobe - erected on said premises, or improvements thereon, in good repai•. the mortgagee may make such repaies as in its disccetion it may deem necessacy for the proper preservation the:ec.[, and the tall amount of each and every such payment shall be immediately due a~d payable, and shall be secured by the lien o[ this mort~age. 6. That he will pay al! and singular the costs. charges, and expesises, including reasonable lawyer's fees. and costs of abstcacts of tiile, incur~ed or paid at any t:.:,~ by the mortgagee because of the failure on the part ot the mortgagor promptly and fully to petform the agceements and covenants of said p~omissory note and this mot!- gage, and said costs, charges, and expenses sha11 be immediately due and payable and shall be secured by the lien of this mortgage. 7. That he will keep the impro~•ements now existing or hereafte~ erected on the modgaged ptoperty, insured as may be tequiced frum time to time b~• the mortgagee against loss by fire and othec hazards, casualties, and contin- gencies in such amounts and for such periods as may be required by mo~tgagee, and will pay promptly. when ~i~e. any premiums on such insurance tor payment of which provision has not been made hereinbefore. All insurance shall be carried in companies approved b~~ mortgagee and the poticies and renewals theceof shall be held by n~:~ri- gagee and have attached thereto loss payable clauses in favor of and in form acceptable to the mortgagee. In e~~ent of loss he will give immediate notice by mail to moctgagee, and mortgagee may make proof of loss if not made promptly by mortgagor, and each insurance company concerned is hereby authorized and directed to makr payment fot such loss directly to mottgagee instead of to mottgagor and mortgagee jointly. and the insurance pr~• ceeds, or any part thereof, may be applied by mortgagee at its option eiiher to the reduction of the indebtednes>: hereby secured or to the ~estoration or repair of the property damaged. in event of foreclosure of this mortgage er other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby, all righi, title, and interest of the moctgagoc in and to any insurance policies then in faice shall pass to the purchaser cx grantee_ 8. That the mortgagee may, at any time pending a suit upon this mortgage, apply to the court haviRg jcrisdic- tion thereot [or the appointment of a receiver, and such cou~t shall forthwith appoir.! a receiver of the premises covere~ hereby all and singular, inclu~:zg ati ana singular the income, profits, issues, and revenues fr~m ~rhate.er ~uurce derived, each and ever~~ of which, it being expressly u:~derstood, is hereby modgaged as if specificaity set forth and described in the granting and habendum clauses hereof, and such receiver shatl ha~•e all the broad and effecti~~e fu~ction~ and powers in anywise entrusted by a court to a receiver. and such appointment shalt be made b}• such court as an admitted equity and a matter oE absolute right to said mortgagee, and without reference to the ~,dequacy or inadequacy ef the ~•alue of the property mortgaged or to the so1_vency or insolvency of said mortgr+gcs ar the defendents, and that such rents, profits, income, issues, and revenues shall be applied b~• such receiver according to the lien of this mortgage and the practice of such couct. In the event of any default on the part ol tne Tortgagor hereunder, the mortgagor agcees to pay to the mortgagee demand as a reasonable monthly ren!a! tor the premises an arnount at least equivalent to one-twelfth (1,'12) of the aggregate of the twelve monthly insta~l- rents payable in the then current year plus the actual amount of the annual taxes, assessments, water rates, and insurartce premiums for s~:.h year not covered by the aforesaid monthly payments. 9. That (UJ in the event of any breach of this mortgage or default on the part of the morigagor, ar !b/ ir. the <<~ent that any of said sums of money herein referred to be not promptly and fully paid withouZ demand or notice, ; or in the event that each and every the stipulations, agreements, cor.ditions, and covenants oE said note and ! this mortgage, are not duly, promptly, and Eully perfocmed; then in either or any such event, the said aggregate ~ sum meniioned in seid note then remaining unpaid,- with interesY accrued-to-thaf-time; ated a}1-morteys secured ` hereby, shall become due and payable forthwith, or thereafter, at the option of said mortgagee, as fully and com- E pletely as if all of the said sums of money were originaily stipuiated to be paid on such day, anything in said ~ note or in this mortgage to the contrary natwithstanding; and the:~upon or thereafter, at the option oi said rnortga- E Kee, without notice or demand, suit at law or in equity. :~~ay be prosecuted as if all moneys secured hereby had matured prior t~ its institution. The mortgagee may foreclose this mortgage, as to the amount so declared due an~ ~ payable, and the said premises shall be sold to satisfy and pay the same together with costs, expenses,an~ a'~ow- s ances. In case of pattial 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 tnen due and unpaid. In such case the provisions of ~ this paragraph may again be availed of thereafter [rom time to time by the mortgagee. ~ ~ 10. That the mortgagor will give immediate ~otice 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 thereEf~er be held to be a waiver of the terms he~eof or of the note secured hereby. _ 12. That iE the mo~'gagar default in any of the covenants or agreements contained herein, or in said note, ther. = ~ the mortgagee may perform the same, and all expenditures (including teasonable 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 roortga~or to the nortgagee, and, together with interest and costs accruing ~ thereon, shall be serured by thi~ mortgage. ~ ~ 13. that the mailing oE a written notice or demandaddressed to the owner of recotd of the moctgaged premises, ~ or directed to the said owner at the last address actually furnished to the morigagce, ar directed to said oAner at ~ said modgaged premises, and mailed by the United SLates maiis, shall be sutficient notice and demand in any ri case arising under this instrument anc! required by the provisions hereof or by law. = 14. 'I'he mortgagoc 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 will not execute or file for record any instrume~t - which imposes a restriction upon the sale or occupancy of the mortgaged ptopedy on the basis of race, color, or - creed. Upon any violation of this undertaking, the mortgagee may, at its option, ~~clare the unpaid ba:ance of the ~;s debt secuted hereby immediately due and payable. - 15. The mortgagoc farther covenants that should this mortgage and the note secured hereby not be eligiole for insurance under the National Housing Act within 60 dayS from the date hereof (written statement ~ - of any officer of the Department of Housing and Urban Development or authorized agent of the Secretary of Hous- ; ing and Urban Development dated subsequent to the n time from the date oE this mortgage. ; = declining to insure said note and this mortgage, being ~e~~i~d ~o~ic~~'x~' pcoof of such ineligibility), the modga- ~ 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 benefiis and advantages shall inure to, the res fzctive heirs, executors, administrators, successors, and assigns of the parties hereto. 9Yhenever used, the singuler num- ~ ; ber shali include the plural, the plural the singular, and the use of any gender shall include all genders. ~ ~ s BOOK Y~ ° R 181 P~1592 ~ , ~ ~ - - ' - _ . - . _