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HomeMy WebLinkAbout1350 • ~j• i• 'll~`,' . `:R ~ - S. That he will permit. canmit. or suEEe~ no waste. impairmeat. or deterioration of said property or any pact • thereof; and in the event of the tailure of the mortbagoc to keep the bui;dings on said premises and tho~e tobe ecected on said premises. w improvemertts thece~,.~, in good ~pai~. the moetg~gee c~ay make such repeirs as in its discretion it may deem nece.ssary for the proper presecvation theceof. and the full amount of each and every such paymcnt shall be im.mediately due and payeblp. aad shall be secured by the liea of this mortgage. 6. That he will pay all and singular the cflsts. cfiarges. and expenses. including reasonabte lawyec's fees. and costs of abstcacts of title, incurred cx paid at any tima by the matgagee because of the failure oa the part af the mortgagor promptly and fully to perfurm the ag~eements anri covenants of said promissay note and this mort- gage. and said costs. charges. and expenses shall be immediately due and payable and shail be secured by the lien af this matgage. - 7. Th~t he will keep the improvemepts now existing os hereafter erected on the moKgaged property. insured as may be rec,uired from time to time by the moctgagee against loss by fire and other hazards. casualties. and contin- gencies in such amounts and for such Feriods as may be cequired by matgagee. and wiil pay promptly. when due. any premiums on such insurauce for payment of which provision has not been made hereinbefore. All insura~ce shall be carried in co~panies appcoved by mortgagee and the policies and renewals theceof shall be held by mort- gagee and have a~tached theceto loss payable clat~es in favoc oi and in form accepta6le to the mortgagee. In event of loss he vrill give immediate notice by mail to mo~tg,agee. and mortgagee may make proof of loss if a~t made promptly by mortgagor, and each insurance : ompany concecned is hereby authorized and directzd to make payment for such loss dicectly to mortgagee instead c~f to moctgagot and moctgagee jointly. and the i~surarce pro- ceeds. or any past theceof, snay be applied by mortgagee at its option either to the ~eduction of the indebtedness hereby secured or to the restoratioa oc repair of the propedy damaged. Ia event of foreclosure ~ this mortgage or other transfer of title to the mortgaged property in extinguishment of the inde6tedness secured hereby. all right. title. and interest of the mortgagoc in and to any insurance policies ihen in force shall pass to the purchaser or grantee. 8. That the mortgagee a~ay. at any time pending a suit upon this mortgage, apply to the court having ju~isdic- tion thereof for the appointment of a_receiver. and such court shall forthwith appoint a receiver of the preeaises covered hereby all and singular, including all and singular the income. profits. is~ues, and revenues from whatever source deri~~ed. each and every of which. it being expressly understood. is hereby modgaged as if specifically set forth and described in the granting and habendum clauses hereof. and such receivet shall have all the broad and effective funetions and powecs in anywise entrusted by a court to a receiver. and such appointment shall be made Sy such court as an ad~eitted equity and a matter of absolute right to said modgagee. and without reference to the adequacy or inadequacy of the value of the prapedy mortgaged or to t6e solvency or insolvency of said modgagor or the defendents. and that such rents, profits, income. issues. and revenues shall be applied by such receiver according to the lien of this modgage and the practice of such court. In the event af aQy default on the part oE the mortgagor fiereunder. the mortgagor agrees to pay to the modgagee on demand as a reasonabie monthly rental [or the premises an amount at least equivdlent to one-twelfth (1/12) of the aggregate of the twelve monthly instail- ments payable in the then current year plus the actual amount of the annual taxes. assessments, water rates, and insurance premiums for su: h year not covered by the aforesaid monthly payments_ 9. That (a) in the event of any breach of this mortgage or default on the past of the mortgagor, or (b) in the event that sny of said sums of money herein referred to be not promptly and [ully paid without demand or notice, er (c~ in the event that each and every the stipulations. agreements, conditions. and covenants oE said note and this mort~age. are not duly, promptly, and fully perfosa~ed; then in either or any such event, the said aggregate sum mentioned in said note then remaining unpaid, with interest accrued to that time. and ati m9neys secured hereby. shall become due and payable forthwith, oc therea[ter, at the option of said mortgagee, as fully and com- pletely as if alt of the said sums of money were originally stipulated to be paid on such day, anything in said note or in this modgage to the contrary notwithstanding; and thereupon or thereatter, at the option csf said mortga- ` gee. without notice or demand, suit at law or in equity. may be prosecuted as iE all moneys secured hereby had matured ptior to its institution. The mott~;agee may foreclose this moctgage, as to the amcunt so declared due and j 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 mortgaged premises shall be sold subject to the con- tinuing lien of this mortgage fa the amount of the debt not then due and unpaid. In such case the provisions of this paragraph may again be av.:iled of thereafter from time to time by the mortgagee. 10. That the modgagor will give immediate notice by mail to the mortgagee of any conveyance, transfer. oc change of ov~nership of the premises. 11. Thet no waiver of any covenant herein or of the obligation secnred hereby shali at any time thereafter be held to be a waiver of the terms hereof ar of the rtote secured hereby. 12. That if the mor~gagcr default in any of the covenants or agreements contained herein, or in said note, then < the mortgagee may perform the same, and all expenditares (i~luding reasonable attorney's fees) made by the ~ moctgagee in so doing shall draw interest at the rate set forth in the note secured hereSy, and shall Ee :epayable iinmediately and without demand by the modgagor to the mortgagee, 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 o~vner of record of the mortgaged premises, ~ or directed to the said ovvner at the last address actually furni~hed to the modgagee, or directed to said owner at said mortgaged premises, and mailed by the United States mails, shall be safficient 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 secnred hereby are ~ insured under the provisions of the National Housing Act, he wili not execute or file for record any instrument which imposes a restriction upon the sale or vccupency of fhe mortgaged property on the basis of race, color, or j ~ creed. Upon any violation of this undertaking, the mortgagee may, at its uption. declare the unpaid balance of the 9 ~ debt secaced hereby immediately due and payable. ~ ~ 15. The mortgagor Eurther covenants that shoald t6is mortgage and the note secured hereby not be eligi~le ' for insurance under the Nationa! Housing Act within ;-~p DAYS fr~m tt~e date hereof (written statement of any otficer of the Department of Housing and Urban t7evelopment or authorized agent of the Secre~ary of Hous- ing and Urban Development dated subsequent to the ~ n i ~ tune ftom the date of this mortgage, declining to insure said note and this mortgage, being dee~coaclnsive proof of such ineligibility), the mortga- gee or the holder of the note may, at its option, declare all sums secured hereby immediately due and psyable. The covenants herein contained shall bind, and the benefits and advantages shall inure to, the respective heirs, executors, administrators, successors, and assig~s af the parties hereto. Whenever used, the singular num- ber shall include the plural, the plural the singular, and the use of any gender shall include all genders. ~ ~ ; dooK~.60 ~ 150 ~ ~ _ , ~ '~'r y _ _ x.~n ~y ~ _ a ~3.. _ y° _ _