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HomeMy WebLinkAbout1140 . . ` S. Tbat he will permit. commit. or sufEer ~to*~raste. imj?alrment. or detcsioretio~ of said property or any part thereof; and in the event of the tailure of the mortgagor td keep the buildings on said premises and those tobe erected on said premises~ or improvements thereon. in good repair. the modgagee may make snch repairs as in its disccetion it may deem necessary for the proper p~esen+ation thereof. and the full emou~t o[ each and every such payme~t shall be immediately due and payable~ and shall be secured by the lien of this mortgage. 6. That he witl pay al! and singular the costs. charges, and expenses, including reasonable lawyer's fees~ and costs of abstracts of title~ incurred a peid et any time bythe mortgagee because of the failure on the part of the mortgagor promptly and fully to perfam the agreements and covenants of said promissory note and this mort- gege. a~d said costs. cherges. and expenses shall be immediately due and payable and shall be secured by the lien of th[s i~tgage. ' 7. That he will keep the improvements now existing a hereafter erected on the mortgaged propedy. insured as may be required Erom time to time by the matgagee egainst loss by fire and other hazerds, casualties. and contia- gencies it? such amounts artd for such periods as a?ay be required by mortgagee. and will pay promptly, when due, any premlums 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 favor of and in form acceptable to the mortgagee. 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 dicectly to mortgagee instead of to mortgagor and mortgagee jointly, and the insurance pro- ceeds. or any part theceof. may be applied by moctgagee at its option either to the reduction of the indebtedness hereby secured or to the restoration ot repair of the propedy damaged. ln event of foreclosure of this mortgage or other trans[er of title to the mortgaged property in extinguishment of the indebtedness secured hereby. all right. title. a~d interest of the mortgagoc in and to any insurance policies then in focce shail pass to the purchaser or grantee. 8. That the mortgagee may, at any time pending a suit upon this matgage. apply to the court having jurisdic- tion theteaf for the appointment of a ceceiver, and such coud shall fotthwith 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 modgaged as if speciEically 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 such appointment shall be made by such court as an admitted equity and a matter of absolute right to said mortgagee. and without reference to the adequacy or inadequacy of the value of the propedy mortgaged or to the solvency ot insolvency of said modgagor 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 coutt. In the event of any default on the part of the mortgagor hereunder. the mortgagor agrees to pay to the mortgagee on demand as a ressonable monthly rental for the premises an amount at least equivalent to one-twelfth (1/12) of the aggregate of the taelve 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. r 9. That (o) in the event of any breach of this modgage or default o~ the part of the modgagor, or (6) in the event that any of said sums of money herein referred to be not promptly and fully paid withou`t demand or notice, or (c) in the event that each and every the stipnlations,• 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 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 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 pcior to its institution. The modgagee may foreclose this mortgage, as to the amount so declared due and ; payable, and the seid premises shall be sold to satisfy and pay the same together with costs, expenses,and allow- i ances. In case of partial foreclosure of this mortgage, the mortgaged premis~s 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 wili give immediate notice by mail to the modgagee 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 hereaf 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 modgagee may pedorm the samg, and all expenditures (including ceasonable attocney's fees) made by the mortgagee in so doing shall draw interest at the rate set forth in the note secured heceby~ and shall be repeyable ~ immediately and without demand by the modgagor to the moctgagee, and, together with interest and costs accruing thereon, shall be secured by this mortgage. 13. that the mailing of a written notice or demand addressed to the owner of record of the modgaged premises, ~ or directed to the said owner at the last address 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 arising under this iastrument and requiced by the provisions hered or by law. 14. The mortgegor covenants and agrees that so long as this matgage 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 instrument which imposes a restriction upon the sale or occupancy of the modgeged property on the basis of race. cola, or ~ cceed. Upon any violation of this undertaking, the mortgagee may. et its option, declare the unpaid balance of the ~ debt secured hereby immediately due and payable. ~ 15. The mortgagor further covenants that should this mort age end the note secured hereby not be eligible ~ for insurance under the Natioaal Housing Act within ~~TS fcom the date hereof (written statement ~ of any officer of the Depactment of Housing and Urban Development oc authorized agent of the Secretary of Hous- ~ ing and Urban Development dated subsequent to the 30 DAYS time from the date of this mortgage. declining to insure said note and this mortgage, being deemed conclusive proof of such ineligibility), the mortga- gee a the holder of the note may, at its optioa, declare all sums secured bereby immediately due and payeble. ~ The covenants herein contained shall bind, and the benefits and advantages shall inure to, the respective ~ heirs, executors, administrators, successocs, and assig~s oE the padies 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. ~ ~ ~ ao~K 18;~ ~~E1138 ~ ~ _ - ~ - ~ _ . _ _ . n~