HomeMy WebLinkAbout2268 5. That he will pe~mit, commit, or suEfer no waate~ impeirmeat, or deterioration of said property or any pact
theceof; and in the event of the failure of the mortgagor to keep the buildings on said premises and those tobe
erected on said premises. o~ improvements thereon, in good repair, the mottgagee may make such cepairs as in its
discretion it may deem necessary for the proper preservation theceo[, and the full amount of each and 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 expenses, including reasonable lawyer's fees,
and costs of abstracts of title~ incurred or paid at any time bythe modgagee beceuse of the failure on the part of
the mortgagor promptly and fully to perfocm the ag~eements and covenants of said promissory note a~d this mort-
gage, and said costs, charges, and expenses shall be immediately due and payable and shall be secured by the
lien of this modgage.
7. That he will keep the improvements aow existing or hereafter erected on the mortgaged propedy, insured as
mey 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 matgagee. and will pay promptly, when due.
any p:emiums 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 thereoE 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 directly to mortgagee instead of to mortgagot and mortgagee jointly, and the insurance pro- '
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 o[ 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,
title. and :nterest of the mortgagor in and to any insurance policies then in force shall pass to the purchaser or
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 coud shall forthwith appoint a receiver of the premises
covered hereby all and singulat. 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 of the propedy mortgaged or to the solvency or 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 court. 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 monthiy install-
ments payable in the then cur;ent 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 (a1 in the event of any breach of this modgage or default on the part of the modgagor. or (bl in the
event that any of said sums of money herein reEerred to be not promptly and fully paid without demand or notice, '
or (c1 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 eithet 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
hareby, shall become due and payable forthwith, oc 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 theceafter, at the option of said mortga- ~
gee, without notice or demand. suit at law or in equity, may be prasecuted as if all moneys secured hereby had
matured prior to its insti!ution. The modgagee may foreclase 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,a~d allow-
ances. In case of partial fore~losure 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 modgagor will 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 hereof or of the note secured hereby.
12. That if the mortgaga 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 fees) made by the .
mortgagee 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 mortgagor to the mortgagee. 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 mortgaged 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 instrument and required by the provisions hereof or by law. '
14. The mortgagor covenants and ag,cees 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 Eor record any instrument
which imposes a resUiction upon the sale or occupancy of the mortgaged propedy on the basis of race, color, or
creed. Upon any yiolation of this undertaking, the mortgagee may, at its option, declare the unpaid balance of the
debt secured heceby immediately due and payable.
15. The mortgagor further covenants that should this mortgage and the note secured hereby not be eligible
for insurance under the National Housing Act within Z~irty ]~ay/ 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 ~y ~dY~ time from the date of this modgage, -
declining to insure said note and this mortgage. being deem•~d conclusive proof of such ineligibility), the modga-
gee or the holder of the note may, at its optian, declare all sums secured hereby immediately due and payeble.
The covenants herein contained shall bind, a~d the benefits and advantages shall inure to, the respective
heirs, executors, admenistrators, 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.
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