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HomeMy WebLinkAbout2825 ~ . 5, That he will permit. commit, a sufter no w~te. im~ai~~ent, or dete~ioration oE seid prope~ty oc any part thereof; and i~ the event of the feilure of the ~mort~agor to ~ kee~ the buildings on seid premises end those tobe erected on said preu~ises~ or improvements thereon. in good cepair~ the mortgagee may make such repeirs as in its discretion it mey deem necessacy for the proper preservation thereof. and the full emou~t of each and every such payment st~all be immediately due and payeble, and shall be secured by the lien of this mortgage. 6. That he will pay all and singular the coets. charges. e~d expenses. including reasonable lawyer's fees. and costs of abstracts of title~ i~curred or paid at a~y time by the mortgagee beceuse of the failure o~ the pa~t of the mortgagor promptly ar~d Eully to pe~Eorm the agreements and covenants of said promissory note and this mort- gage. and said costs. charges. and expenses shall be immediately due and Qeyeble end shall be secured by the lie~ of this mortgage. 7. That he will keep the improvements now existing or hereafter erected on the modgaged property. iasured as mey be cequired from time to time by the martgagee against loss by fice and other hazards, casualties, and contin- gencies in such amounts and for such periods as may be required by mortgagee. end will pay promptly. when due, any premiums on such insurance for payment oE which provision has not been made hereinbefore. All insurance shall be carried in companies approved by mortgagee and the policies and renewals thereof shall be held by mat- gagee and have attached thereto loss payable clauses in favor of and in form acceptable to the modgagee. In event of loss he will give immediate notice by mail to mortgagee. and moctgagee may make proof of loss if not made promptly by mortgagor. and each insurance company concerned is hereby authorized and directed to make peyment for 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 mortgagee at its option either to the reduction of the indebtedness hereby secured or tu the restoration or repair of the prapedy demaged. In event of foceclosure of this modgage or other transfer of title to the mortgaged propedy in extinguishment of the indebtedness secured hereby. all right, title, and interest of the mortgagoc in and to any insuraace policies then in focce shall pess to the purchaser or grantee. 8. That the modgagee may, at any time pending a suit upon this mortgage. apply to the court having jurisdic- tion thereof for the appointment of a recsiver. and such coud shatl fodhwith 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. esch and every of which, it being exptessly understood. is hereby mortg,aged as if specifically set fodh and described in the granting and habendum clauses hereof, and such receiver shall have all the broad and effective functions and powers in anywise er_trusted by a court to a receiver. aad such appointment shall be made by such court as an admitted equity and a matter of absolute right to said mort~agee. and aithout reference to the adequacy or inadequacy of the value of the property modgaged or to the solvency or insolvency of said moctgagor 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 coud. In the event of any defaulC on Xhe part of the mortgagor hereunder. the mortgagor agrees to pay to the mortgagee on demand as a reasonable manthly rental for the premises an amount at least equivalent to one-twelfth (1/12) of the aggregate of th~ ~lve monthly install- menis payable in the then current year plus the actual amount of the annual taxes; aslsessmeets. water rates, and insurance premiums for such year not covered by the aforesaid monthly peyments. 9. That (a1 in the event of any breach of this mortgage 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 aad 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. and fully performed; then in either or any sach evznt, the said aggregate sum mentioned in said note then remaining unpaid, with interest accrued to that time. aad all moneys secured hereby, shall become due and payable forthwith. or thereafter, at the option of said moctgagee, as fully and com- pletely as if all of the said sums of money were originally stipulated to be p~id on such day. anything in said note or in this modgage to the contrary notwithstandiag; and thereupon or thereaEter, at the option of said m«tga- 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 to~ether with costs, expenses.and allow- ~ ances. In case of partial foreclosure of this mortgage, the modgaged premises shall be sold subject to the eon- tinuing lien of this mortgage for the amount of tbe debt not then due and unpaid. In sach case the provisions of this paragraph may again be availed of thereaEter 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 hered or of the note secured hereby. 12. That if the mortgagor default in any of the covenants or agreements contained herein, or- in seid note, then the mortgagee may perform the same. and all expendittves (including reasonable attorney's fees) made by the modgagee in so doing shall draw interest at the rate set focth in the note secured hereby, and shall be repayable immediately and without demand by the modgagor to the modgagee, and, together with interest and costs accruing thereon, shall be secured by this modgage. 13. that the mailing of a written notice or demandaddressed to the owner of record of the mortgaged ~remises, or directed to the said owner at the Iast 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 requiced by the provisions hereof oc by law. ~ 14. The modgagor covenents and agcees that so long as this mortgage and the said note secured hereby are ~ ins~red under the provisions of the National Housing Act, he will not execute or file for record any instrument ~ which imposes a restriction upon the sale or occupancy of the modgaged 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 mortgagor further coveaants that should th' mort age and the note secured hereby not be eligible for insurence under the National Housing Act within ~~pS from the date hereof (written statement of any officer of the Departmer~t of Housing and Urban Dey,glo~~p~~m~Qt or anthorized ageni of the Secretsry of Hous ~ ing and Urban Development dated subsequent to the j~7 ~n time from the date of this modgage, ~ declining to insure said note and this mortgage. being deem~d conclusive proof af such ineligibility), the modga- ~ gee or the holder of the note may, at its option, declare all sums secuced hereby immediately due and payeble. ~ The covenants herein contained shall bind, and the benefits and advantages shall inure to, the respective ~ heirs, executors, administrators, successors, and assig,ns of the padies hereto. Whenever nsed, t}~e singular num- ~ ber shall include the plural, the plural the singular, and the ase of any gender shall include all genders. ~ ~oac~$~ ~~?8?~ >fa ~ + _ _ . _ _ - _ - ~ - _ : . . . ~i . . . . - . . - _