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HomeMy WebLinkAbout0576 ~ : ~ : ' I t , i . . ~ - 5. That he will permit. commit, or suffer hb Mraste. impsiru~t, or deterioratlon of said propeKy or a~y put thereof; end in the event of the failure oE the mortgagor to keep the buildings on seid premises aad those tobe erected on said premises. or improvemeats thereon. in good repai~. the mortgAgee may make such repeirs as in its discretion it nwy deem necessary foc the pcoper preservation thereof, aad the full amount of each end every such ~ payment shall be immediately due ead payable, and shali be secuced by the lien oE this moctgage. 6. That he will pay all aed singular the costs, charges. and expenses~ Including re~sonable lawyer's fees. ~ and costs of abstracts of title, incuned a paid at any time bytl~e mortgagee because of the failure on the part of ~ the mortgago~ promptly and fully to perform the agreeme~ts anci coveneats ot said promissory note a~d this a,utt- j gage. a~d said costs~ charges. and expenses shall be immediately due and peyable and shell be secured by the lie~ of tbis mottgage. 7: That he will keep the improvements now existing a hereafter ecected on the mortgaged property. insuced as may be required from time to time by the matgagee against loss by fire and other hazards, casualties~ and contin- gencies in su~h amounts an~ foe su~h ~~iotis ~s may be t~juiee$ by t~~t~~~ee. an3 ~vilt PaY pra~pi2y. when due, a~y premiums on such insurance for payment of which provision has not beea made hereinbefore. All insurance shall be canied in companies approved by mortgagee and the policies and renewals thereof shall be held by mat- gagee and have attached thereto loss payable clauses ia favor of and in form acceptable to the mortgagee. In eve~t of loss he will give immediate notice by mai! to mortgagee. and mortgagee may make proof of loss if not made promptly by moctgagor. and each insurance company concemed is hereby anthorized and directed to make payment for such loss directly to mortgagee instead of to mortgagor and moctgagee jointly. and the insurance prw ceeds, or any pad thereof, a~ay be applied by matgagee at its option either to the reduction of the indebtedness hereby secured or to the restoration or repair of the propedy damaged. Ia event of foreclosure of this modgage a other transfer of title to the modgaged propedy in extinguishment of the indebtedness secured hereby, all right. . title. and interest of the mortgago~ in and to any insurance policies then in force shall pass to the purchaser ar grantee. ~ 8. That the mortgagee may. at any time per~ding a suit upon this mottgage. apply to the court having jurisdic- tion thereof for the appoiatmeat of a receiver. and such court shall fodhwith appoint a receiver of the premises covered heceby all and siagular, 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 modgaged as if specifically set fodh and described in the granting and habendum clauses hereof, and such receivet shall have a:l 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 absolnte right to said modgagee, aad without reference to the adequacy oc inadequacy of the value of the propedy mortgaged or to the solvency or ins~lveney pf,said mortgagor ; or the defendents, and that such rents. profits, income, issues, and revenues shall be opplied b~r such receiver ; according to the lien of this modgage and the practice of such couct. In tbe eveat of any default on the pad of the _ ~ mortgagor_hereunder. the mortgagor agcees to pay to the mortgagee an demand as e reasonable monthly rental for the premises an amount at least eq~ivalent to one-twelfth (1/12) of the aggregate of tbe 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 afocesaid monthly p~ymeats. ~ 9. That (a) in the event of any hreach of this modgage or default an 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 (c) in the event that each and every the stipulations, agreemeats, conditions, and covenants of said note and this mortgage, are not duly, promptly, and fully performed; then in eitl~er or aay such event. the said aggregate _ sum mentioned "in said note then remaining unpaid, with intecest accrned to that time, and all moneys secured hereby, shall become due and paysble forthwith, a thereafter. at the option of said matgagee, as fully aad com- pletely as if all of the said sums of money were originally stipulated to be paid on such day. anl?thing in said note or in this modgage 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 ~ matured prior to its institution. The modgagee may foreclose this mortgage, as to the amount so declared deie and E payable, and the said premises shall be sold to satisfy and pay the same together with costs, expenses.and allow- i ances. In case of partial foreclosure of this mortgage, the mortgaged premises shall be sold subject to the con- E tinuing lien of this moctgage for the amount of the debt not then due and unpaid. In such case the provisions of if this paragraph may again be availed of thereafter from time to time by the modgagee. [ 10. That the -modgagar will give immediate notice by mail to the modgagee of any conveyance, transfer~ or i ~ change of ownership of the premises. i 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 tera~s 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 modgagee may pedo;m the samg, and all expenditures (inclading reasonable attorney's fees) made by the i modgagee in so doing shalt draw interest at the rate set fath in the note secured hereby. and shall be repayable ~ immediately and without demand by the modgagoc to the modgagee. and, together with interest and costs accruing 3 thereon, shall be sec~red by this mortgage. ; 13. that the mailing of a written notice a demand addressed to the owner of record of the modgaged premises, ~ or dicected to the said owner at the last address actually furnished to the mortgagee, or dicected 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 modgagor covenants and ag~ees that so loag as this modgege and the said note secured hereby are ~ ins4red under the provisions of the National Housing Act, he will not execute or file for record any instrument which imposes a resUiction upon the sate or occupancy of the mortgaged propedy on the basis of race, cola, or creed. Upon any violation of this undertaking, the mortgagee may, at its opt~on, declare the unpaid balance of the • ~ debt secured heceby immediately due and payable. ~ 15. The modgagor Eurther covenants that should this mortgage and the note secured hereby not be eligible , for insuiance under the National Housing Act within T~uty j~y: 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 ~~~ys time from the date of this mortgage, declining to iasure said aote and this mortgage, being dee clusive proof d snch ineligibility), the mortga- gee or the holder af the note may, at its option, declare all sums secured bereby immediately due and payeble. The covenants herein cantained shall bind, and the benefits and advantages shall inure to, the respective heirs, executors, ~dministrators, successors, and assigns aE the parties hereto. Whenever used, the singular num- ber shall inclode the plural, the plural the singular, and the use of eny gender shall include all ~enders. - ~oK 185 ~ 576 ~ ' ~ z _ - - _ ~r~~ .~._rs~ : ~ ~ ~ . _