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HomeMy WebLinkAbout2309 . ~ ~ r~ ~ • 5. That he will pecmit. cana~it. or suffer ~o wasta. impwi~ment, or deteciaation ~f said propeny or nay pad theceof; and in the event of the failure of the mo~tgagoc to keep the buildings op said premises and those tobe erected or. said pcemises, or imptoveioeats tbereoa. Ia good repeu. the mortgagee may make such repeirs ns ia its disccetioa it may deem necessery fo~ tbe pcupe~ preservatioa therea[. aad the full amduat of each and avery such payment shall be immediately due aad payeble. aad shal! be secuced by the lien of this aw=:qage. 6. That he will pay all and singulac the casts, charges. and expenses. iacluding ceasoaable lawyer's fees. and cost3 of abstracts oE title. iacurred or peid at aay time bythe matgagee because of the failun on the p~rt of the m~ctgago~ pcomptly aad fully to perfam the agreemeats aad coveaants of said Qcomissory note aad this mort- gage. aad said costs. chacges. and expeases shall be immediately due aad p~yable and shall be secured by the lien af this mortgage. 7. Tlwt he will keep the improvements now e:isting or hereafter erected on the moKgaged prope~ty. insured as may be required itom time to time by the modgagee agaiast lasa by fice and other hezards. caswlties, and contin• gencies in such amQUats a~d for such periods as a~ay be requirsd by matgagee. and will pay pro~nptly. when due, arty ptemiuws on such insnrance for peyment of which provision has aot beea made heceinbeEare. All insucaice shall be carried in campanies approved by matgagee and the policies and renewals thereof shall be held by mat- gagee ahd have attached thereto loss payable clauses i~ favor of and in form acceptable to the modgagee. In ~ event of loss he will give immediate notice by mail to matgagee, aad mortgagee ~aay make pcoof of loss if aot made promptly by mortgagor. a~d each iasurance compaay coocerned is hereby authorized and d'uected to make payment fo~ such loss directly to mortgagee instead of to matgag« and m«tg,egee joiatly, and the insurance pro- ceeds. or any part thcceof; may be applied by mortgagee at its optio~~either to the reduction of the indebtedness hereby secured or to the restoration a repair of the propedy damaged. In event of foreclosure of this modgage o~ othe~ transfer of title to the mortgaged propedy in extinguishment of the indebted~ess sec~ued hereby, all right. title. and ialecest of the mortgaga~ in and to any insaraace poiicies then in force shall pass to the purchaser a grantee. 8. That the mortgagee may, at aay time pending a suit upo~ this mortgage. apply to the court having jurisdic- tion tbereoE for the appointment of a receiver, and such coud shall fodhwith aQpoint a receiver of the ptemises coveced hereby all aad singular. 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 mortgaged as if specifically set fodh and described in the grenting and E~abeadum clauses hereof, and such receiver shall have all the broad and effective functio~s and powers in anywise entrusted by a caut to a receiver. and such appointment shall be made by such court as an admitied equity and a matter of absolute tight to seid mortgagee, and without refe~ence to the adequacy or inadequacy of the value of the propedy mortgaged or to the solvency oc insolvency of said modgagor or the defendents. and that such rents, profits. income, issues. and cevenues shall be applied by such receiver according to the tien of this modgage a~nd.the practice of such court. In the event of any default on the pad of the mortgagor hereunder, the mortgagoc agcces to pay to the mortgagee on demand as a reasonable monthly rental for the premises an amount at least eq~ivalent to one-twelfth (1/12) of the aggregate of the twelve monthly install- ments payable in the the~ cunent year plus the actual amount oE the annual taxes, assessments. water rates. and ~ insurance premiums for such year not covered by.the aforesaid monthly payments. 9. That fa) in the eveat o~ eny breach of this modgage or default on the pad of the mortgagor, or (6~ in the event that any of said sums of money hereia refe:-ed to be not pramptly and fully paid without demand or notice. . or (c) in the event that eac6 and every the stipulations, agreements, conditions, and covenants of said note and this moatgage. are not duly, promptly, and fully performed; then in either or any such event, the said aggcegate t sum mentioned in said note thea remaining unpaid. tvith interest accrued to that time. and ell moneys secured j hereby. shall become due and payable forth~vith,' a thereafter, at th:: option of said mortgagee, as fulty and com- pletely as if all of the said sums of money were originally stipulated to be paid on such day. anything in said note a in this modgage to the contrary notwithstandiag; and thereupon or thereafter. at the option of said mortga- gee, without notice or demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby 6ad matured prior to its institution. The moctg,agee may toreclose this mortgage. as to the amount so declared due and 't payable, and the said premises shall be sold to satisfy and pay the same togethec 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 for the amount of the debt not then due and unpaid. In such case the provisions of ~ this paragraph may again be availed of thereafter 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 char.ge 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 tertns hered or of ihe note secured hereby. 12. That if the mortgaga ciefault in any of the coveaaats oc agreemeats contained herein, a in said note, then the mortgagee may perform the same, and all expenditures (inclading reasonable attorney's fees) made by the ~ mortgagee in so doing shall draw interest at the rate set fort6 in the note secured hereby. and shall be repayable ~ immediately and without demand by Lhe moctg,agor to the mortgagee, and, together with interest and costs aCCruing thereon, shall be secured by this modgage. - ~ i 13. that the mailing of a written notice or demandaddressed to the owner of record of the modgaged ptemises, , or dicected to the said owner at the last address actually fnrnished to the modgagee, or direc;ed to said owner at • said modgaged premises, and mailed by the United States rt~ails, shall be sufficient notice and demand in any . case arising under this instrument and requiced by the provisions hereof or by law. 14. The modgagor covenants and agrees that so loa~ as th~c mortgage and t6e said note secured hereby are ` insured under the provisions of the National Housing Act, he will aot ezecute or file for record any instrument which imposes a restriction upoa the sale- or• occapancy of the morf~aged propedy on the basis of race, color,. or creed. Upon any violation uf this undertaking, the mu~tg,agee may, at its option, declare the unpaid balance of the debt secured hereby imiaediately due and payable. < ° 15. The awrtgagor fucther covenants that should this moct age and the note secured hereby not be ~;igible : ~ Eor insurance under the Narional Housing Act ~vithin thirty c~ayS from the date hereof (writ:en statement ~ ~ of any officer of the Department of Housing end Urbaa Devslopment or authorized agent of the Secretary of Hous- ` ~ ing snd Urban Development dated subsequent to the thirty day time from the date oE this modgage, ~ declining to iasure said note and this mortgage, being deem~>d canclusive proof of such ineligibility), the mortga- ~ gee or the holder of the note may, at its option, decrare all snms secuced bereby immediately due and payable. ~ The covenants herein contained shall bsad, and the beaefits aixl advantages shall inure to, the respective ~ heirs~ executors, administratocs, saccessors, and assigps d tbe ;oadies hereto. Whenever useci, the singular num- ~ . ber shall include the plural, the plural the singular, and the use of any gender shall include all genders. ~ ~ ~ b00K 161 PAGE 5~U - . __L _ _ ~ . ~.rF ~~'~:~'V .'S _ . _ ~ ~ ~ ~ j,~ . ~~Y