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HomeMy WebLinkAbout2041 ~ ~ ; ~ ; . . . S. That he will perwit, caomit. a suffe: ao waste. tap4irmcnt. a~ detetioratioa oE said pwpedy oc any pert thereof; and in the eveat oE tl~e tailure af the aoctgagoc to Iceep t6e buildiag~ oa said pcemises aad those tobe erected on said premisea, ot improvements t6ereon. ta good repau. tbe matg,agee moy meke such repoirs aa in its discretioa it may dee~s necessary tot tbe propet presecvatioa L6ered, aod the full amount ~of eac6 aad every such payment shell be immediately dne and poyeble. aad shaU be secu~ed by the liea of thia mortgage. 6. Thaf he will pey all and siagular the casts, c6arges. atd eYpenses. includiag ceasoaable lawye~'s fees. and costs of abstracts of title. iacurred ar paid at aay ti~oe by t6e matgagee because of the failure oa the part oE the modgaga promptly aad fuUy to perEam tl~e agteeioeats aad coveaaats of said pcomissory note and this mort- gage. and said costs, charges. and espenses shall be imaediately dne and payable and shall be secured by the lien d this matgage. 7. That he wiU keep the impcovements now e:isting oc 6ereafter erected oa tbe matgaged proPedy. iasured as may be cequiced from time to time by the 0atg,egee agai~t loss by E'ue and ot6er hasacds. casualties. spd contin- ge~cies ia such amouats and for sucb periads as oay be reqaired by matg,sgee, ead ~vill pay pmmptly, when due. any preauums oa such ias~rence toc payment of which pcovision has not been made hereinbefore. All insurance shall be carried ia compaaies appcovcd by wartg~agee and the policies and ceaewals tbereof shall be held by mott- gagee and have attached thereto loss peyable clauses ia favoc of aad in focm acceptable to the modg,agee. In event of loss he ~vill give immediate notice by mail to ma~t~agee. and mortgagee mey make proof of loss if not made promptly by mortgago~, wad eac6 iasorance company coaceraed is heceby authariaed and d'uected to make payment foc such loss dicectly to mwtgagee iastead of to matgagac and matgagee jointly. and the insurance pro- ceeds, or any part thereof. may be applied by mortgagee at its option either to tLe reduction oE the indebtedness hereby secared or to the restoratioa oc r~pair af the propedy damaged. In eveat d foreclasure ot this modgage oc other trat~sfer of title to the matg~ged pcoperty in e:tinguishmeat d We iaiebtedaess secured hereby. all right, title. a~d interest of the mortpgor in and to any insurance policies then in facce shall pass to the purchaser or grantee. 8. That the mortgagee may, at any time peadiag a suit npon this moctgage. apply to t6e court having jurisdic- tion theceaf foc tlfe appointmeat d a receiver. a~ snch caut shell fort6with appoint a receiver oE the premises covered hereby all aad singular, iacluding all and singnlar the iacome, profits. issues, and revenues from whatever source derived. each and every of wluch. it beiog ezpcessly understood. is hereby mortg~aged as iE speeiEicslly set fo~th and described ia the g~aating aad habeadum clauses hered, and such receiver shall have all the broad aad effective functions aad powers in anywise entcnsted by a court to a receiver, aad such appointment shQll be made by such court as an admitted equity and a matter of absoIute right to said mortgagee. and without iefereace to the adequacy or inadequacy of the valne of the pr~edy matgaged ur to the solveacy or i~solveacy of said modgagoc or the defendents, aod that soch rents. prafits, income. issnes, and revenoes shall be applied by such receiver according to the liea of this matgage aid the practice of soch caut. In t6e event oE any default on tLe, part of the modgagor hereunder. the matgagac agrees to pay to t6e moetg~gee an demand as a reasoaabk'monthly rental for the pcemises an amount at least eqnivaient to ooe-twelfth (1/12) of the agg~egpte of the twetve monthly install- ments payable in the then curreat yeaz plus the actual amamt of the aanual t~es, assessments. water rates. and insuraace premiums for soch year nd cavered by the aforesaid monthly payments. 9. That ta1 in the event of any breach of t6is mortgage oc defanlt m the ped of the modg,agor, or (6) in the event that any of said sums of money 6erein reEerced to be not promptly and fnlly paid without demand or notice, . or (c1 in the event that eac6 aad every the stipulatioos, agieemeats. couditioos, and covenants oE said note and this mortgage, are not duly. promptly, and fully pedormed; then ia eitlser or aoy such eveat, the said aggregate sum mentioned in said note thea remaining unpaid, ~vith interest accrued to that time. aad all moneys secured hereby, shall become due and payable focthwit6, a thereaker, at the option of said mortg,agee, as fully and com- pletely as iE all of tbe said sums oE money were originally stipnlated to be paid on such day, anything in said ~ote or in this modgage to the contrary ndwit~standing; and thereupon or t6ereafter, at the option of said mortga- gee. without notice or demand, snit at law or in eqnity, may be prasecnted as if all moneys secured hereby had matured prior to its institution. Tbe moctgagee maq foreclose this matgage. as to the amount so declared due and payable, and t6e said preraises shall be sold to satisfy and pay the same togetber with costs, expenses,and allow- ances. In case of prartial foreclosnre of this mortg,age, the moctg,aged premises s6a11 be sold subject to the con- tinuing lien of this moctgage Ear the amo~u?t d the debt not then dae and nnpaid. Ia such case the provisions of this paragraph may ag,ain be availed o# tLereafter from time to time by the mortgagee. 10. That the modg,~gor will g~ve immediate notice by mail to the mortg,agee of any conveyance. transfer, or change of owaership of the premises. 11. That no waiver of any covenant herein or of the obligatioa secured hereby shall at any time thereafter be held to be a waiver of the tecros hered or of t6e note secured hereby. 12. That if the mortgagor default in any d the crneaants or ag~eemeats contained berein, ot in said note, then the modgagee may perform the same, aad all e:pecdit~res (iacluding reasoaable attoraey's fees) made by the mortgagee in so doing shall draw interest at the rate set forth in t6e note secared hereby, and s6a11 be repayable immediately and without demand by We matg,agor to tbe mortgagee, and, together with intecest and costs accruing thereon, shall be seciuea by this modgage. 13. that the mailing;of a written ndice a demandaddressed to tbe o~vner of cecord of the mortgaged premises. or directed to the said owner at t6e last address actnally taraished to the martg,agee, or directed to said awner at - said modgaged pcemises, and mailed by the United States mails, s6a11 be sufficient notice and demand in any case arising under this instrument aad reqaired by t6e pravisioas hered oc by law. 14. The modgaga coveaants and agcees t6at so loag as this matg,age and the said note secured hereby are insured uader the provisions of t6e Natioaal Housing Act, he ~vill not ezecate or fils fa tecocd any instrument which imposes a restriction upon tbe sale or occupa~y of the mortgaged property on the basis of race, color,. or creed. Upon any violatiua of this nndertaking, the mort~agee may, at its option, declare the nnpaid balance of the debt secured 6ereby immediately dae and payable. 15. The mortgagor further coveaants tbat shoald this martgage and the aote secuced hereby not be eligible for insurance nnder the Natiooal Noosing Act w;ct?~ 30 DAYS from the date hereof (aritten statement of any officer of the Depadment d Housiag and Utban Development or a~6arized agent of the Secretary of Hous- ing and Urbaa Development dated sabsequent to c~ 30 DAYS time from the date of this modgage, declining to insure said nde and this mortg,age, being deemed conclnsive proof of such ineligibility), the modga- gee or the holder of tbe aote may, at its optioo, declare all sams secured bereby immediately due and paSeble. The covenants herein contained shall b'sed, and tLe beoefits and advantages shatl inure to, the respective heirs, executors, administrators, snccessacs, and assig~s d the p~rties hereto. W6enever used, the singular num- ber shall inclode the pliual, the pl~al the singnlar. and tbe nse of any gender shall include all genders. d00K1~ PACE 2W ~:~,Y~.~,.~, ~ < - . ~ ~ ~ ~ ~r - '