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HomeMy WebLinkAbout2400 S. That he will permit. commit, or sutfer qo wa'ste. impeitment, or deteriocation ot said propeny or any part thereof; end in the event of the failure of the mortgagor to keep the buildings o~ said premises and ihose Eobe erected on said pcemises, or improvements thereon, in good repair. the mottgagee may make such repairs as i~ its discretio~ it may deem necessary [ot the proper preservation thereo[, and the full amount oi each and every such payment shall be immediately due and payable, and shali be secuced by the lien of this mortgage. 6. That he will pay all and si~gular the costs. charges, and expenses, including reaso~able lawyer's fees, end costs of abstracts of title, incurred or paid at a~y time by the mortgagee because of the failure on the pact of the mortgagor promptly and fully to perfam the ag~eements and covena~ts of said promissory note and this mort- gage. and said custs, charges, and expe~ses shell be immediately due and payable and shell be secured by the liea of this mortgage. 7. That he will keep the improvements now existing or hereaftec ecected on the modgaged propedy, insured as may be required from time to time by the mortgagee 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 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 the policies aad renewals thereof shall be held by mat- gagee and have attached thereto loss payable clauses in favoc of and in form acceptable to the mortgagee, ln event of loss he will give immediate notice by mail to mortgagee, a~ mortgagee may make proof of loss if not made promptly by mortgagor. and each. insurance company concerned is hereby suthorized and directed to make payme~t for such loss diractly to mortgagee instead of to matgagor and mortgagee jointly. and the insurance pro- ceeds, or any part tl:ereaf, may be applied by mortgagee at its option either to the teduction of the indebtedness hereby secured or to the restoratior~ or repair of the property damaged. In event of foceclosure of this mortgage or other transfer of title to the modgaged property in extinguishment of the indehtedness secured hereby, all right, title. and interest of the mortgaga in and to any insurance policies theri in force shall pass to the purchaser a grantee. 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 cevenues from whatever source derived. each and every of which, it being expressly understood, is hereby mortgaged as if specifically set fodh and described in the granting and habendum clauses hereof, end such receivet shall have all the broed and effective functions and powers i~ anywise entrusted by a court to a receiver. and such appoiatment shatl be made by such court as an admitted equity and a matter of absolute right to said moctgagee. and without reference to the adequacy or inadequacy of the value of the property mortgeged or to the solvency a 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 coart. In the event of any default on the part of the mortgagor hereunder, the mortgagor agcees 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 (o) in the event oE any breach of this mortgage or default on the pad of the modgagor, or (6) in the event that any of said sums of money herein referred to be not promptly and fully paid withon~ demand or notice. or (c) in the event that each and every the stipulations. agreements. conditions, and covenants of said note and this modgage, 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 morteys secured hereby, shall become due and payable forthwith, or thereafter, at the option oi said mortgagee, as fally and com- pletely as if all of the said sums of money were originally stipulated to be ~aid on such day, anything in said i note or in this mortgage to the contrary notwithstanding; and thereupon or thereafter, at the option of said matga- ~ gee.-without notice-or-demend;-suit-et-lew-or in-equity;-ma~-be-prosecuted-~s-if-alt-moneys-sec~red-fi~r~~fiad-- matured prior to its institution. The modgagee a?ay foreciose 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 foreclasure 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, tcansfer, 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 hered or of the note secwed hereby. . 12. That iE the mortgagor default in any of the covenants or agreements contained herein, oi ia said note, then the mortgagee may pedorm the same, and all expenditures (including reasonable attorney's fees) made by the mortgagee in so doing shall draw interest at the rate set Eorth in the note secured heteby, and shall be repeyable immediately and without demand by the mortgagor to the mortgagee, and, togethec with interest and cosfs accruing thereon, shall be secured by this modgage. 13. that the mailing of a wcitten notice or demandaddressed to the owner of record of the mortgaged premises, - or directed to the said owner at the last address actually furnished to the modgagee, or directed to said o~vner at said modgaged premises, and mailed by the United States mails, shall be sufficient notice and dernand in any cese arising under this instrument and required by the provisions hereof or by law. 14. The mort~agor covenants and agrees that so tong as this mortgage and the said note secured hereby are insured under the provisions of the hational Housing Act, he will not execute or file fa record 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 ~ debt secured hereby immediately due and payable. ~ 15. The mortgagoc further covenants that should this modgage and the note s~ured hereby not be eligible ~ Eor insurance under the National Housing Act within `j$iity 17ay~ Erom the date hereof (written statement ~ of any officer oE the Departroent of Housing and Urban Development ot authoriaed agent of the Secretary of Hous- ~ ing and Urban Development dated subsequent to the vays time from the date of this mortgage, ~ declining to insure said note and this mortgage, being deem•~d conclusive proof of such ineligibility), the moctga- ' ~ gee or the holder of the note may. at its option, declare all sums secuced hereby immediately due and payable. ~ ~ The covenants herein contained shall bind, and the benefits and edvantages shall iaure to, the respective ; ~ heirs, eYecutors, administrators, successors, and assigns af the paities hereto. 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