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HomeMy WebLinkAbout1006 ~ 5. That he will permit. commit. or suffe~ nrn vyeste. impairnent. or deterioration of said property or any pa~t thereof; and in the eve~t of the tailure of the rnortgagor to keep the buildings on said premises and those tobe erected on said premises, or improvements thereon, in good repair, the mortgagee may make such'repairs as in its discretion it may deem necessary for the proper preservation thereo[, and ihe full amount of each and every such payment shall be immediately due and payable, and shail be secured by the lien of this mortgage. 6. That he will pay all and singular the costs, charges, and expenses, including ceasonable lawyer's fees. and costs of abstracts of title, incucred or paid at any time bythe mortgagee because of the failure on the part of the mortgagor pcomptly and fully to perform the agreemeats and covenants of said promissory note and this mort- gage, and said costs, charges, and expenses shall be immediately due and payable and shall be secured by the lien of this mortgage. 7. That he will krep the improvements now existing or hereafter erected on the mortgaged property. insured as may be requiced from time to time b~• the moctgagee against loss by fire and other hazards, casualties. and contin- gencies in such amounts and Eo~ 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 thc policies and renewals thereof shalt be held by mort- gagee and have attached thereto loss payable clauses in favor of and in form acceptable to the mortgagee. In event ot loss he will give immediate notice by mail to mortgagee, and mortgagee may ma~e proof of loss if not made promptly by mortgagor, and each insurance company concerned is hereby authocized and directed to make payment for such loss di~ectly to mortgagee instead oE to mortgagcx and mortgagee jointly, and the insurance pr~- 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 or repair of the property damaged. In event of foreclosure of this mortgage or } other transfer of title to the mo~tgaged property in extinguishment ot the indebtedness secured hereby, all right, ~ title, and interest of the mortgagor in and to any insurance policies then in face shall pass to the purchaser or ; grantee _ ` 8. That the mortgagee may. at any time pending a suit upon this moitgage, apply to the court having jurisdic- tion thereof for the appointcnent 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 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 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 oE the property mortgaged or to the solvency or insolvency of said mortgagor or the defendents, and that such rents, profiis, income, issues, and revenues shall be applied by such receiver ~ accarding to the lien of this mortgage and the practice of such coud. In the eve~t of any default on the part of the ~ i mortgagor hereunder, the mortgagor agrees to pay to the mortgagee on demand as a reasonable monthiy rental for ~ the premises an amount at least equivalent to one-twelfth (1; 12) of the aggregate o[ the twelve monthly install- § ments payable in the then current year plus the act~al amount of the annual taxes. assessments, water rates. and ; insurance premiums for such year not covered by the aEoresaid monthly payments. 9. That (ul in the event of any breach of this mortgage or default on the part of the modgagor. 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 (~I 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 mentioaed in said note there 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 's ( 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 pr;or to its institution. The mortgagee 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 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, transfer, oc 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 tetms hereof or of the note secured hereby. , l2. That if the rtiortgagor 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 Eees) made by the ` p nortgagee in so doing shall draw interest at the rate set f~th in the note secuced hereby, and shall be repayable ~ immediately and without demand by the mortgagor to the mortgagee, and, together with interest and costs accruing s thereon, shall be secured by this modgage. ~ 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 address actually fucnished to the mortgegee, or directed to saidowner at ~ said modgaged premises, and mailed by the United States mails, shall be sufficient 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 nQte secured hereby are s insured under the provisions of the National Housing Act, he will not execute or file for iecord any instrument which imposes a restriction upon the sale or occupancy of the mortgaged propedy on the basis of race, color, or creed. Upon any violation of this undertaking, the mortgagee may, at its option, declare the unpaid balance of the ;E debt secared hereby immediately due and payable. = 15. The modgagoc further covenants that should this mortgage and the note secured hereby not be eligible ; for insurance under the National Hausing Act within from the date hereof (written statement - of any officec of the Department of Housing and Urban Development or authorized agent of the Secretary of Hous- ra in~ and Urban Development dated subsequent to the time from the date of this mortgage, ~ declining to iasure said note and this mortgage, being deem~~d conclusive proof of such ineligibility), the mortga- - gee or the holder of the note may, at its option, declare all sums secured hereby immediately due and payable. - ` The covenants herein contained shall bind, and the benefits and .advantages shall inure to, the respective heirs, executors, administrators, successocs, and assigns of the parties hereto. Whenever used, the singular num- ` ber shail include the plural, the plural the singular, and the use of any gender shall include all genders. Y } f F sooK 18~ ~~~.005 . ~=t~ ~ _ _ _ _ _ . - - _ - : ~ _ .