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HomeMy WebLinkAbout2221 J y • . 5. That he will permit, comm~t, or sutfer no waste, ?mp~+irment, or deteria~ation of sa~d propertp or an~• part the~eof: and in the e~•ent ot the failure of the mortgagor to keep the build~ngs on said p~emises and thuse tobe erected on said premises, or impro~~ements thereon, ~n gcx~d repair, ihe mortgagee may make such repairs as in its discretion it maY deem necessary for the proper preservation thereof, and the full amount ot each and e~•ecy~ such payment shall be emmed~ately due and pa~~able, and shall be sccured by the lien oE this moctgage. 6 That he will pa~~ all and singular the costs, charges, and expenses, including reasonable lauyer's fees, and costs of abstrdcts of title, incurred or paid at any time b~•1he mortgagee because of the failure on the part of the mortgagor promptl~ and tully to periorm the agreements and co~•enants of said promissory note and this mort- . ~ ~ ~ - gAgf, anti Sal4 COSiS, COMtE;rS, dnu ra~rruara ~Lai~ irr iu~u~ru~ol~iy uuc oiiu ~,u~a...c a:~u S..a.+ .:j t~en ot this mortgage. That he ~~ill keep the tmpro~~ements now eaisting or hereafter erected on the mortgaged property, insured as ma~• be required from time to time b~• the rnortgagee against loss b~• fire and other hazards, casuaities, and contin- gencies in such amounts and for such periods as map be required b~• mortgagee, and will pa~• promptl~~, when due, an~• premiums on such insurance for paYment oi which pto~•ision has not been made hereinbefore. All insutance shall be carried in compan~es appro~•ed b~• mortgagee and the policies and renew~als thereof shall be held b~• mort- ~agee and ha~•e attached thereto loss pa~•able clauses in facor of and in form acceptable to the mortgagee. In e~-ent ot loss he w~ll gi~•e immed~ate notice b}• mail to mortgagee, and mortgagee may make proof of loss if not r,iade prompti~• by mortgagor, and each insurance compan~• concerned is hereby authorized and directed to make pa~~ment for such loss directly to mortgagee instead of to mortgagor and mortgagee jointl~~, and the insurance pro- ceeds, or any~ part thereof, ma}~ be applied by mortgagee at its option either to the reduction oi the indebtedness hereby secured or to the restoration or repair of the propert~• damaged. ln e~•ent ot foreclosure ot this mortgage or other transfer oE title to the mortgaged property~ in extinguishment of the ~ndeotedness secured hereb~-, all right. title, and interest ot the mortgaga in and to any insurance policies then in force shall pass to the purchaser or ..,~.~rQQ o------- - 8. That the mortgagee may, at any time pending a s~:it upon th~s mortgage, appl}• to the court having jurisdic- tion thereof for the appointment of a recei~•er, and such court shall forthwith appoint a recei~•er of the premises c-o~•e?ed hereb~~ all and singular, including all and singular the income, profits, issues, and re~•enues ftoc~ ~thetever source deri~~zd, each and e~~ery of which, it being expressl~• un~erstood, is hereb~• mortgaged as if specificall~~ set forth and described in the granting and habendum clauses hereof, and such recei~•er shal~ ha~Re all ihe broad ~nd effecti~•e functions and powers in an~•wise entrusted b~~ a court to a recei~•er, and such a~pointment shall be made h~~ such court as an admitted equit}• and a matter of absolute right to said mortgagee, and uithout reference to the adequac~ or inadequac~• of the ~~alue of the proFertS mortgaged or to the soi~~ency or insolvency of said mottgagor c~r the defendents, and that such rents, profits, income, issues, and revenues shall be applied by such receiver ~+ccording to the lien of this m~rtgage and the practice of such court. In the e~•ent of any default on the part of the T:ortgagor hereunder, the mortgagor agrees to pa~• to the mortgagee on demand as a reasonable monthly rental for ?he premises an amount at least equicalent to one-tw•elfth (i '12) of the aggregate ot the twel~•e montht~• install- ~-:ents pa~•abie in the then currer.t }•ear plus the actual amount of the annual taxes, assessments, w~ater rates, and :nsurance prem~ums for such year not co~•ered b}~ the aforesaid monthl~• payments. 9. That ~~t ~ in the e~~ent of an~~ breach of this mortgage or default on the part of the mortgagor, or r!,, in the e~ent that an~• of said sums of money herein referred to be not promptly and tull}• paid without demand or notice, ,~r in the e~•ent that each and ever~~ the stipulations, agreements, conditions. and covenants of said note and ~ this mortgage, dre not dul~, promptl~•, and full~• performed; then in either or an~~ such event, the said aggregate ; sum ment~oned in said note then remaining unpaid. ~•ith interest accrued to that time, and all moneys secured € hereb~ . shall become due and payable forthv~ ith, or thereatter, at the option of said mortgagee, as [ull}• and com- ~ pletel}~ as if all of the sa~d sums of mone}~ were originall~• stipulated to be paid on such day, an}'thing in said note or in this mortgage to the contrar~~ notwithstanding: and thereupo~ ~z thereaEter, at the option of said mortga- ; ~ee, w•ithout notice or demand, suit at law or in egu~tt•, ma}• be prosecuted as if all moneys secnred hereby had = , matured prior to its institution. The mortgagee ma~• foreclose this mortgage, as to the amount so declared due and - pa}'able, and the said premises shall be sold to satisf}• and pal• the sane together with costs, expenses.and allow- ~ dnces_ In case of partial foreclosure of this mottgage, the mortgaged premises shall be sold subject to the con- a tinuing lien of this mortgage for the amount of the debt not then due and unpaid. ln such case the provisions of this paragraph ma~~ again be a~•ailed ot thereafter from time to time b~~ the mortgagee. ~ 10. That the mortgagor will g~~•e immediate notice bt rr~ail to the mortgagee of any conveyance, transfer, or ~ ~ change of ownership of the premises. f 11. That no w•aicer of an~• corenant herein or of the obligation secured hereby shall at an~• time thereafter be held to be a wai~~er of the terms hereof or of the note secured hereby. ~ 12. That if the mortgagor default in ant• of the co~-enants or agreements contained herein, or in said note, then the mortgagee may perform the same. and alt expenditutes (includ~ng reasonable attorney's fees) made b~~ the ~ mortgagee in so doing shall draw~ interest at the rate set fcrth in the note secured hereby, and shall be repayable ~ immed~ately and w~thout 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 demandaddressed to the owner of record of the mortgaged premises, ~ or directed to the said owner at the last address actually Eurnished to the mortgagee, or directed to saidowner ai said mortgaged premises, and mailed by the United States maits, shall be sufficient notice and demand in any case ar;sing under this instrument and required by the provisions hereof or by law 14. The mortgagor cor•enants and agrees that so long as this mortgage and the said note secured hereby are insured un~er the provisions of the National Nousing Act, he will not execute or file for record any instrument _ which imposes a restriction upon the sale or occupanc}• of the mortgaged property on the basis of race, color, or creed. llpon any violation of this undertaking, the mortgagee may, at its option, declare the unpaid ba;ance of the = debt secured hereby immediately due and payable. 15. The mortgagor further covenants that shauld this mortgage and the note secured hereby not be eligible for insurance under the National Housing Act within Ufi 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 .'n ,i`ih f J time from the date of this mortgage, - declining to insure said note and this mortgage, being deem~~d concIusive proof of such ineligibilit}), the mortga- ~ gee or the holder of the note may. at its option, deciare all sums secured hereby immediately due and payeble. - The co~~enants here:n contain~d shall bind, and the benefits and advantages shall inure to, the respective ' heirs, executors, administrators. successors, and assigns ot the parties hereto. ~4henever used, the siagular num- ber shall inciude the plural, ihe plucal the singular, and the use of any gender shali include all genders. ~f ° ~ 1y8 ~E2218 = BOOK ~ :=~r . _ _ ,