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HomeMy WebLinkAbout2814 \ , f t ' ° i `i ? 4 ~ ~ 1'~ ~ ti . , i : 5. That he will permit, commit. or suffer no waste~ impairment. or deteriaetion of said property or any part theceof; aad ia the event of the iailuce of the mortgagor to keep the buildings on said premises aad those tobe erected on said premises. or improvements tl~reon, in good repair. the modgagee may make such tepairs as in its discretion it may deem ~ecessary for the proper presecvation thereof, and the full amount of each and ~very sucb payment shall be i~nmediately due and payable~ and shsll be secured by the lien of this mortgage. 6. Thet he will pey all and singular the coets~ charges. artd expenses, iacluding ee~so~able lawyer's fees, and costa of abstracts oi title. incurrcd or peid et aey time bythe mortgagee because of the failure on the pert of the mortgaga promptly and fully to pertam the agreementa and covenents ot said pcomissory ~ote and this mort- gage, and seid costs. c1?arges~ and expenses shall be immediately due and payable and shall be secu~ed by the lien of this moctgage. 7. That he will keep the improvements now existing or hereafter eoected on the modgaged pcoperty, insured es may be required Erom time to time by the mortgagee ageinst'loss by fire and other hazards, casuslties. and coatin• gencies in such amounts and foc such periods as may be required by moctgagee, a~d will pay promptly. when due. any premiums on such insurance for peyment of which provision has not been iaade hereinbefore. All insurance shall be carried irt companies approved by mottgagee and the policies aad renewals thereof shall be held by mort- gagee and have attached thereto loss payable clauses in favor of and in form acceptable to the modgage~. Ia event of loss he will give immediate notice by mail to mortgagee. and mortgagee may malce proof of loss if not made promptly by mo~tgagor. and each insurance company concerned is heceby authorized and directed to make paymeet for such loss directly to martgagee instead of to matgagoc and mortgagee jointly. ancf the insurence pro- ceeds. oc any part thereof, may be applied by moctgagee at its option either to the reduction of the indebtedness hereby secured or to !he restoration a repair of the property damaged. In event of foreclosure of this modgage or other transfer of title to the modgaged property in extinguishment of the indebtedness sec~ued hereby. all right. title. and interest of the modgaga in ac~d to any insurance policies then in face shall pass to the pucchaser oe ' grantee. ' 8. That the mortgagee iaay, at apy time pe~eding a suit upon this mortgage, apply to the cpurth~vinE jur~dic- tion thereaf for the appointa~ent of a receiver, and such coud shall fodhwith apAoiqt a receiver_ of the ptemises covered hereby all and singular, including all and singular the income, profits, i'ssues, and revenues from whatever source derived, each and evecy of which, it being exp~ss[y understood. is hereby mortgaged as iE speciEically set forth and described in the granting and habendum clauses hereof. and such receiver shall have all the btoad ~nd effective functioi~s and powers in anywise entcusted by a court to a receiver, and such appointment shall be made by such court as an admitted equity and a matter of absolute right to said modgagee, and without reference to the adequacy or inadequacy of the value of the propedy mortgaged or to the solvency or insolvency of said modgsga or the defendents. and that such cents. profits. income. issues. and reve~ues shall be applied by such receiver according to the tien of this mortgage and the ptactice of sach couK. In the event of any deEault on the part of the mottgagor heceunder, the mortgagor agrees to pay to the mortgagee on demand as a reasonable monthly rental for the pcemises an amount at least equivalent to one-twelfth (1/12) of the aggregate of the twelve monthly instatl- ments payable in the then current year plus the actua~ amount of the annual taxes~ assessments, water rates, and insurance pcemiums for sach year not covered by the aforesaid monthly payments. 9. That (a) in the event of any bteach of this mortgage or default on the part of the mortgagor. 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 a~id every the stipulations. agceements. conditions. and covenants of said note and this modgage. are not duly. promptly. and fully performed; then in either or any such event. the said aggcegate sum mentioned in said note then remaining unpaid, with interest accrued to that time, aad all moneys secured hereby, shall become due and payable Eorthwith. or thereafter, at the option of said mortgagee, as fully 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 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 mortgagee may foreclose this mortgage, as to the amount so declared due and 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 modgage, the mortgaged premises shall be sold sabject to the con- ~ tinuing lien of this modgage for the amount of the debt not then due and unpaid, ln such case the provisions of ihis paragraph may again be availed of thereafter from time to time by the modgagee. 10. That the modgagot will give immediate notice by mail to the mortgagee of any conveyance, transfer. or , change of ownership of the premises, 11. That no waiver of any covenant herein or of the obtigation secured hereby shall at any time thereaEter be held to be a waiver of the terms hereof or of the note secured hereby. ' 12. That ~f the mortgagor default in any of the covenants oc agreements contained herein, ot in said note, then the modg,agee may pedorm the same, and all expenditures (including reasonable attorney's fees) made by the mortgagee in so doing shall draw interest at the rate set forth in the note secuted hereby, and shall be repayable immediately and without demand by the modgagor to the mortgagee, and. together with interest and costs accruing ~ thereon. shall be seceued by this mortgage. j 13. that the mailing of a written notice or demand addtessed to the owner of record of the mortgaged premises, or directed to the said aaner at the last address actually fatnished to the mortgagee, ot directed to said owner at ~ said modgaged premises, and ~ailed by the United States mails. shaIl be sufficient notice and demand in any case arising under this instrument aad required by the provisions hereof or by law. 14. The mortgagor covenants and agrees that•so long as this mortgage and the said aote secured hereby are insured under the provisions of the National Housing Act~ he will not execute or file for record any instrument , which imposes a cestriction upon the sale or occupancy of the modgaged propedy on the basis of race. color, or creed. Upon any violatioa of this undettaking. the mortgagee may, at its option. declare the unQaid balae~ce of the debt secured herehy immediately dae artd payable. 15. The mortgagor Earther covereants that should thi~,qsq~e~ and the note secured hereby not be eIigible for insurance under the Natioaal Housing Act within VA from the date hereof (wcitten statement of any oEficer of the Department of Housing and Urban Developme t or authorized agent of the Secretary oE Hous- ing and Urban Development dated subsequent to the 30 DAY~ time from ihe date of this mortgage, declining to insure said note and this mortgage, being deem•~d conclusive proof of sucb ineligibility), the mortga- gee or the holder of the note msy. at its option, declare all sums secured heceby immediately due and payeble. The covenants herein contained shell bind, and the benefits and edvanteges shall inure to, the respective heirs, executas, admiaistrators, successas. and assi~s of the padies hereto. Whenever used, the singuler num- ber shall include the plural, the plutal the singalar, and the use of any gender shall include ali genders. _ d00K~64 p~E28~~ - r ~ ~~r~~~. - ~ ; ~ _ _ - , '~'~i,~j,~`"4' K, ~~-{r.°~ o~ .X - _ rt~ ~=``~`y~ *a,;-