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HomeMy WebLinkAbout1072 ~ ? ~ ~ ~ . i 5. That he will pecmit~ commit. or suffer no jv@~t~, inpa~m4n~,_or deterioration of said property ot eny part ; thereof; and in the event of the [ailure of the mdrtgagor to ep th~ buildings on said premises and those tobe erected o~ said premises~ or impcovements thereon. in good repair, the mortgagee may make such cepeics as in its ! discretion it may deem necessary for the proper pres~rvation thereof. and the Eull amount of each and evecy such payment shall be immediately due and payable. end shall be secured by the lien of this mortgage. 6. That he will pay all and singular the costs, charges. and expenses. including reasonable lawyer's fees. and costs of abstracts of title~ incurced a paid at any time by the mortgagee because of the failure on the pert of the mortgagor promptly a~d fully to perEam the agreements end covenants of said promissory note and this mort- ; gege. and said costs, charges. and expenses shall be immediately due and payable a~d shall be secured by the ~ lien of this mortgage. 7. That he will keep the improvements now existing a hereafter erected on the moKgaged prope~ty. insured as ; may be required from time to time by the matgagee 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 aill pay promptly. when due. ~ a~y premiums on such insurence for payment of which provision has not been made hereinbefore. All insurance ~ shall be carried i~ companies approved by mortgagee and the policies and renewals thereof shall be heIa by moct- gagee and have attached thereto loss payable clauses in favor of and in form acceptable to the modg~+gee. In event of loss he will give immediate notice by a:sit to moctgagee, and mortgagee may make proof of loss if not ~ made promptly by mortgagor, and; each insucance company concerned is hereby authorized and directed to make ~ payment for such loss directly to mortgagee instead of to mortgagor and mottgagee jointly, and the insurance pro- ~ ceeds. or eny part thereof, may be epplied by mortgagee at its option either to the reduction of the indebtedness ? hereby secured or to the restocation a repair of the property damaged. In event of foreclosure oE this mortgage or f other transfer of title to the modgaged property in extinguishment of the indebtedness secured hereby, all rigkt, j title. and interest of the mortgaga in and to any insutance policies then in force shall pass to the purchaser oc ; grantee. ~ 8. That the moctgagee a~ay, at any time pending a suit upon this mortgage~ apply to the court having jurisdic- tion thereof fa the appointmeat of a receiver, and such coud shall fodhwith 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 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 cowt to a receiver, and such appointment shall be made ~ by such court as an admitted equity and a matter of absolute right to said modgagee, and without reference to the ~ adequacy or inadequacy of the value of the propedy mortgaged or to the solvency oc 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. Ia the event of any default on the part of the mortgagor hereunder, the moctgagor agrees to pay to the mortgagee on demand as a te~$onable monthly rental for the premises an amount at least equivalent to one-twelfth (1/12) of the aggre'garte tbf h~ t~velve 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 monthty payments. 9. That (01 in the event of .any breach of this mortgage or default oe the pad of the modgagor, or (61 in the event that any of said sums of money herein re[erred to be not promptly and fully paid withou~ demand or notice, or (~1 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, with interest accrued to that time, and all moneys secured i ' 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 paid on such day, anything in said ~ j note or in this modgage to the contrary notwithstanding; and thereupon or thereafter, at the option of said matga- ' gee, without notice or demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby had ~ ` matured prioc to its institution. The moctg~agee may foreclose this mortgage, 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 mortgage, the modgaged 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, transfer, a ~ 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 nate, 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, end shall be repayable immediately and without demand by the mortgagor to the mortgagee, end, together with iatecest 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 modgaged premises, ~ or directed to thE said oaner at the last address actually furnished to the mortgagee, or dicected to said owner at ~ said mortgaged premises, and mailed by the United States d~ails, shall be sufficient notice and demand in any ~ case arising under this instrument and required by the provisions hereof or by law. ~ 14. The mortgagm 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 Eor record any instrument which imposes a restriction upon the sale or occupancy of the mortgaged property on the basis of race, color, or ~ creed. Upon any violatiar of this undedaking, the mortgagee may, at its option~ declare the unpaid balance of the ~ debt secured hereby immediately due and payable. ~ 15. The modgagor furthec covenants that should this moctgage and the note secured hereby not be eligible for insurance under the Natiaaal Housing Act within ~~YS from the date hereof (written statemeat ? of any office~ of the Department of Housing and Urban Development or authocized agent of the Secretary of Hous- ~ ing and Urban Development dated subsequent to the 30 D~YS time from the date of this mortgage, ~ decliaing to insure said note and this modgage. being deeme conclusive proof of such ineligibility), the mortga- ~ gee oc the holder of the aote inay, at its opti~, declare all sums secuced hereby immediately 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. 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