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HomeMy WebLinkAbout2257 5. That he will permit. commit. or su[fer no waste. impairment. or deterioration of said property or any part thereof; and in the event of the failure oE the moctgagor to keep the buildings on said premises and those tobe erected on said premises. or improveme~ts thereoa. in good cepair. the modgagee may make such repairs as in its discretion it may deem ~ecessary for the proper preservation thereof. and the full amount of each ar?d every such payment shall be immediately due and payable. and shall be secured by the lien of this mortgage. 6. That he will pay all and singular the costs. charges, and expe~ses. including reasonable lawyer's fees. and costs of abstracts of title, incurred oc paid at any time bythe mortgagee because of the failure on the pert of the mortgagor promptly and fully to perfam the agreemertts a~d covenants of said promissory note and this moct- 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 keep the improvements now existing ot hereafter erected on the modgaged property, 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. AI[ insurance shall be carried in companies approved by mortgagee and the policies and renewals thereof shall be held by mort- gagee and have attached theceto loss payable clauses in favor of and in form ecceptable to the mortgagee. ln ? event of loss he will give immediate notice by mail to modgagee. and mortgagee may make proof of loss if not made promptly by mortgagor, and each ir~sura~ce company concerned is hereby authorized and directed to make ' payment for such loss directly to morigagee instead of to moctgagor and matgagee jointly, and the insurance pro- ceeds. or any part theceof, may be applied by mortgagee at its option either to the ceduction 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 mortgaged property in extinguishment of the indebtedness secured hereby, all right. i title. and :nterest of the mortgaga in and to any insurance policies then in force shall pass to the purchaser or grantee. : 8. That the movtgagee may. at eny time pending a suit upon this mortgage, apply to the court having jurisdic- tion thereof for the appointment of a receiver, and such coud shall fo~thwith appoint a receiver of the premises covered hereby all and singular. inclnding all and singular the incoatie, 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 of the .propedy mortgaged or to the solvency or insolvency of said mortgagor ; or the defende~ts, 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 coud. 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 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 peyments. 9. That (a) in the event of any breach of this modgage or default on the pert of the mortgagor, 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 (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, ac~d ali moneys se~cured h~reby, 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 mortgage 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 t matured prior to its insti!ution. The modgagee 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 oE 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 sach case the provisions of this paragraph may again be availed of thereafter from time to time by the mortgagee. ~ 10. That the modgagor 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 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 note, then the mortgagee may pecEorm the same, and all expenditares (including reasonable attorney's fees) made by the ~ moctgagee in so doing shall draw interest at the rate set forth in the note secured hereby, and shall be repayable immediately and without demand by the modgaga to the modgagee. and, together with interest 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 mortgaged premises, or directed to the said owner at the last address actually farnished 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 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 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 sate or occupancy of the mortgaged propedy on the basis of race, color, or ~ creed. Upon any violation of this undertaking, the mostgagee may, at its option, declare the unpaid batance of the ~t debt secured hereby immediately due and payable. ~ 15. The modgagor further covenants that should this mortgage and the note secured hereby not be eligible ~ for insurance under the National Housing Act within - from the date hereof (aritten statement ~ of any officer of the Department of Housing and Urban Development or authorized agent of the Secretery of Hous- ~ ~ ing and Urban Development dated subsequent to the time from the dete of this mortgage, ~ declining to insure said note and this mortgage, being deem?d conclusive proof oE such ineligibility), the mortga- ' Y gee or the holder o[ the note may, at its option, declare all sums secured hereby immediately due and payable. ~ The covenants herein contained shail bind, and the benefits and advantages shall inure to. the respective heirs, executors, administrators, successors, and assigns of the padies hereto. Whenever used, the singular num- ~ ber shall include the plural, the plucal the singular, and the use of any gender shall include all genders. ~ ~ ~ ~ ~ooK184 ~~r~2254 ~ - ~ . ~ _ ~ ~ ~ , . a ~s