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HomeMy WebLinkAbout0076 ~ . ~r , , , S, That he will permit, commit~ or suf[e~ no waste. impatrment. or deterioratio~ of said property or any pan thereof; and i~ the event of the failure of the mortgagor to keep the buildings on said premises a~d those tobe erected oe said premises. or improvements thereon. in good repair~ the modgagee may make such repeirs as i~ its discretian it may deem necessary Eor the proper preservation thereof. and the full amount of each and every such payment shall be immediately due ar~d peyable~ and shall be secured by the liee of this mortgage. 6. That he will pay all and singular the custs. charges. and expenses. including reasonable lawyer's fees. and costs of abstracts of title~ incuned or paid at any time bythe mortgagee because of the feilure on the part of the mortgag~ promptly and fully to perfam the agreements and covenants of said promissory ~ote and this mort- gage. and said costs. charges. and expenses shall be immediately due end payable and shall be secured by the lien d this mortgage. . 7. That he will keep the improvements now existing or hereaEter ecected on the mortgaged property. insured es ~ may be required from time to ti~ue 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 premiuu?s on such insurance for payment of which provision has rtot been made hereinbefore. All insurance shall be canied in companies approved by mortgagee and the policies end renewals thereof shail be held by mort- gagee and have attached thereto loss payable clauses in Eavor of and in form acceptable to the modgagee. 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 foc such loss ditectly to mortgagee instead of to moctgago~ and mortgagee jointly. and the insurance p o- ceeds, or any part thereof. may be applied by mortgagee at its option either to the rednction of the indebtedness hereby secured or to the restaation oc repair of the propedy damaged. In event of foreclosure of this mortgage or other transfer oE title to the mortgaged property in extinguishment of the indebted~ess secured hereby. all right. • title. and intecest of the moctgagor in and to any insurance policies then in force shall pass to the purchaser or grantee. 8. That the mortgagee mey, et any time pending a suit upoa this mortgage. ~pp1y ~o the court having jurisdic- tion thereaf foc the appoi~tment of a receiver, and such court shall fQrthwith appoint e receiver of the premises covered hereby all and singular, including all and singular the income, profits. issues. ar.d 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 coud as an admitted equity and.a matter of absolute right to said mottgagee, and without refetence to the adequacy or inadequacy of the value of the propedy mortgaged or to the solvency or insolvency of said modgagor or the defendents, and that such rents. pcofits, income, issues, and revenues shall be applied by such receiver , according to the lien of this modgage and the practice of such coud. In the event of any default on the part of the mortgagor hereunder. the matgagor agrees 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 cunent_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 (a) in the event of any breach of this modgage or default on the pad 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 (cl in the event that each and every the stipulations. agreements, conditions, and covenants of said note and this mortgage, are not duly. promptly. aad fully performed; then in either or any such event, the said aggregate sum mentioned in said note then remaining unpaid, with intecest accrued to that time, and all moneys secured j hereby, shall become due and payable forthwith, or thereafter, at the option of seid mortgagee, as fully and com- ! pletely as if all of the said suras of money were originally stipulated to be ~aid on such day, anything in said ~ note or in this modgage to the contrary notwithstanding; and thereupon or theceafter. at the option of said mortga- ~ gee, without notice or demand. suit at law or in equity. may be prosecuted as if all moneys secured hereby had i ~ matured prior to its institution. The moctgagee may foreclose this mortgage, as to the amount so declared due and s payable, and the said premises shall be sold to satisfy and pay the same together with costs, expenses~and allow- E ances. In case of partial foreclosure of this mortgage, the mortgaged premises shall be sold subject to the con- ~ tinuing lien of t6is mortgage for the amount of the debt not then due and unpaid. Ia 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, or change of oWnership of the premises. 11. That no waiver of any covenant herein or of the obligation secured hereby shall at any timg thereafter be held to be a waivec of the terms hereof or of the note secured hereby. ~ 12. Tfiat if the mortgaga default in any of the covenants or agreements contained Nerein, or in said nbte,~the~ the mortgagee may perform the samg, and all expenditores (includiag reasonable attorney's fe~s~ made bp the modgagee in so doing shall draw interest at the rate set fath in the note secured hereby, and shall be repayable immediately and without demand by the moctgagor to the modgegee, and, together with interest and costs accruing thereon,_shall be secuced by this-mortgage,-- _ _ - - ` 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 addcess actnally fnrnished to the modgagee, or directed to said owner at ~ said modgaged pcemises, and mailed by the United States mails. shaIl be sufficient notice and demand in any case arising under this instrument and requiced by the provisions hereof or by law. ~ 14. The modgagor covenants and agrees that so long as this mortgage and the said note secured hereby are i ~ insured under the provisions of the National Hoqsin~ Act, he will not execute or file for iecord eny instrument i which imposes a restriction upon the sale or occupancy of the mortgaged property on the basis of race, cola, or ~ ~ creed. Upon any violation of this undertaking, the mortgagee may, at its option, declare the unpaid balance oE the ~ debt secured hereby immediately due and payable. ~ ;;T . ~ 15. The mortgagor further covenants that should this mort age and the note secured hereby not be eligible ~ for insurance under the National Housing Act within 30 DAY~ 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 30 DAYS time from the date of this modgage, ~ declining to insure said note and this mortgage, being deem•~d coaclusive 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 v;~ heics, executors, administrators, successors, and assigns of the parties 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. ~ ~ ~ x:~ ~ ~~.s; 8~184 76 ` ~ ~ ~x.. ~ w= ~ . _ ~ ~ . _ . _