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HomeMy WebLinkAbout2552 ~ i 5. That he will permit. commit~ or suffe~ ~o waste. impairmeot~, or deteriocation ot said property or any pad theceof; and in the eveat of the failure af the moStgagor to keep the buildings o~ said premises and those tobe i erected on said premises. or improvements thereon. in goc~d repair, the mortgagee may make such repairs as i~ its ' discretion it may deem necessary Eo~ the proper preservation thereof. and the full amount of each and every such payment shall be immediately due ar~d payable. and shall be secuced by the lien of this mortgage. 6. That he will pay all and singular the casts. charges. and expenses. including reasonable lawyer's fees, and costs oE abstracts of title~ incurred os paid at any time by the mortgagee because of the feilure on the part oE the mortgagor promptty and fully to perfocm the agreements and covenants of said promissory note and this mort- ± gege. and said costs. charges, and exper?ses shall be immediately due and payable and shall be secured by the ' lien of this mwtgage. 7. That he will keep the improvements now existing or hereatter erected on the modgaged property. insured as may be required from time to time by the matgagee against loss by fice and other hazards, casualties. and contin- gencies in such amounts and for such periods as may be required by matgagee, ar~d aill pay promptly, when due. a~y premiums on such insurance Eor payment of which provision has not been made hereinbefore. All insurance shall be carried in companies approved by moctgagee and the policies and re~ewals theceof shall be held by moct- gagee and have attached thereto loss payable clauses in favor of and in form acceptable to the mottgagee. In event of loss he will gi~e immediate notice by mail to mortgagee. and mortgagee may make proof of loss if not j made promptly by mortgagor, and each insurance company concerned is hereby authorized and directed to make payment foc such loss directly to mortgagee instead of to mortgagor and mortgagee jointly. and the insurance pro- ceeds. or any part thereof. may be applied by matgagee at its option either to the ~eduction of the indebtedness hereby secured oc to the restoration or repair of the property damaged. In event of foreclosure of this mortgage or other transfer of title to the modgaged property in extinguishment of the indebtedness secured hereby. all right, title, and ;nterest of the mortgaga in and to any insurance policies then in Eorce shall pass to the purchaser or grantee. 8. That the modgagee may, at any time pending a suit upon this mortgage. apply to the court having jucisdic- 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 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 aad powers in anywise entrusted by a court to a receiver, and such appaintment shall be made by such coud 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 property mortgaged or to the solvency or insolvency of said mortgagor or the defendents, and that such rents, profits. income, issues, and revenues shall be applied by such receive~ according to the lien of this modgage and t:~e practice of such coud. In the event of any default on the pad of the modgagor 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 payments. 9. That (a) in the eveat aE any breach of this mortgage or defanlt on the pad of the mortgagor, or (b) in the event that any of said sums of money herein referred to be not promptly and fully peid 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, and fully performed; then in either or any such event, the said aggregate sum raentioned in said note then 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 matgagee~ as.fully and com- i pletely as if all of the said sums of money were originally stipulated to be paid on such day, anything in said ` note a in this mortgage to the contrary notwithstanding; and thereugon or theceafter, at the option of said mactga- gee, without notice or demand, suit at law or in equity. may be prosecuted as if all moneys secured hereby had matured prior 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 modgaged 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 agein be availed of thereafter from time to time by the modgagee. 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 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 a 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 forth 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 ac~ruing thereon, shall be secured by this mortgage. 13. that the mailing of a written notice a demandaddressed to the owner of record of the modgaged premises, ; or directed to the said owner at the last address actually furnished to th~ modgagee, or directed to said owner at said mortgaged premises, and mailed by the United States mails, shall be sutficient 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 ins4red under the provisions of the National Housing Act, he will not eaecute or file for reeord any instrument which imposes a restriction upon the sale or occupancy of the mortgaged property on the basis of race, color, or ~ creed. Upon any violation oE this undertaking, the mortgagee may, at its option, declare the unpaid balance of the debt secured hereby 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 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 ~ time ftom the date of this modgage, declining to insure said note and this modgege, being deea~d conclusive proof of such ineligibility), the modga- gee or the holder of the note may. at its option, declare all sums secured hereby immediately due end pa}sble. The covenants herein contained shall bind, and the benefits and advantages shall inure to, the respective heirs, executors, administrators, successocs, and essigns of the padies hereto. Whenever used, the singular num- ber shall include the plural, the Qlural the singular, and the use of any gender shall include all genders. ~ 6UOK PAGE~~~9 ~ i ~ ~ ~n= . - _ _ s.~ W, ~