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HomeMy WebLinkAbout0731 ~ . S. Tbat he will permit. coaailt. o~ su#Eer ao waste. imppinoent, oc deteriaatioa of said propedy or apy pad thereof; ~nd ta tlie eveat of tbe Eailuce af the o«t~~a to keep the buildin~,s on said pramises gad those tobe etected oa said pnaisea. or impcoveoeats thee~eoa, in goad repp~r. the mottgagee awy make such cepoits as ia its disccetiaa it o~ay daem aecessary fo~ tbe p~ope~ pceserv~tion tberea~f, aad the full amouat of eac6 a~a every such paymaat shpll he imnedi~tely due and poyrble, asd s~ll be secured by the liea of this mortgage. - 6. Tluit h~ rrit! p4y all aad singular We casta. charges. and expenses. inclnding ceaaonable lawyer's Eeea. aad coats of abstcaets oE title, incnrced oc paid ot a~y time by the matgagee because of the failure oa the p4rt af the moctf,agoc prooptly and fully to perfao t6e agReemeats and coveaaats of said promissory note and this mat- gage, and said cw~ts. cl~nrges. aad e:peases s6a11 be immediately due aud poyable aad sha:l be sec:uad by the liea af tbts moitga~e. . 7. That he will keep the imp~avemeats aow existiag a bereafter erected oa the mortgaged pcoperty. iascrod as . may be cequired fcoa time to time by the matgagee agaiast loss by fire and other hasards. casualties. and contla- geacies in such amounts aad foc such periods as ~ay be required by matga~ee. aad will pay promptly. whea due. anp pren~iums on such insuraace for paqmeat oE wbic6 provisioa haa not been made bereinbefoce. All insurance shall be carried in compaaies appcoved by matpgee aad the policies and reaewals theceof shall bt held by mat- gagee aad have attached tbereto loss payable clauses ia favor of aad i~ form acceptable to the mortgagee. Ia event of loss he will give immediate aotice by mail to matg,ogee, and matgagee may rnake pcoof of loss if ~ot made promptly by moctgagor, and each iasurence compaay concemed is hereby authosised and d~rected to make payment fat snch lass dlrectly to matgagee iostesd of to mortgagor sad moctgagee jointly, and the insurance pro- ceeds, or any psit theceof, may be applied by matgagee at its optioa either to t6e ceduction of the indebtedaess heceby secured oc to the cestoc~tioa a repair af t6e. gcopedy damaged. In eveat of faeclosure of this modgage or other traaafer of title to the mat~ged pcoperty fa extinguishment of the indebtedness secured hereby, all right. title, and iaterest of the matg~ga in ~nd to any insurance policies tben in force sha:l pess to the purchaser a graaLce. 8. That the matgagee may, at aay timc pepding a snit npon this mortgage. epply to the court having jurisdic- tion tbereaf foc the appoiatment af a receives. and such canrt sball forthwith a~point a receiver of the premises coveced hereby all and singulat, iaclnding ell and singular the income. profits. issues. snd reveaues from whatever source derived, esch a~d every of which. it beiag e:pessly understood. is hereby moctgaged as if speciEicatly set focth aad described in the g~anting aad habendum clauses heceof, aad such receiver shall have all the broad and effective functioas and po~vers ia any?wise eatrnsted by a coyrt to a receiver~ and • tQh -ap~oi4tment shall be made by such couit as an admitted equity and a matter af absolute right to said matg,a~le~~.' aithout refetence to the adequacy or iaadequacy of the value of the pcopeRy matgaged or to the solvency o~ iasolvency oE said mortgagor or the defendents. and thet such rents. pcafits, iacome. issues, and revenues shall be applied by such ceceiver according to the lien of this moctgage aad the p~actice of sucb caut. In the eveat of any defs on the pad of the ~ modgagor hereuader, t6e moctgagoc agrees to pay to the mortgagee on demand as a reas~:~:e monthly rental for the pcemises an amount at least eqyuvaleat to oce-twelfth (1112) of the aggReg~ate af the twelve.monthlyinstall- ments poyable in the then current year plus the actual amoont ~ the annual taxes, assessments, water rates. aad insucance premiums for such year not coveced by the aforesaid monthly peyme~ts. _ 9. That (a) in the event of any breach~ of this awttgage or defeult on the pad of the mortg,agor, or (b) in the . ' event that any of said sums of moaey herein referred to be not promptly aad fully paid without demand or notice, or (c) in the event that each and every t6e stipulations, agceemeats, conditions, and coveaants of said note and this matgage, are aot duly. promptly, and fully pedormed; tLea ia either or any such eveat, the said sggFegate F sum mentioned in said note Wen remaiaiag ewpeid, wit6 interest accrued to that time, and all moneys secnred - hereby. shall become due and payable forthwith. oc thereafter, at We option of said moctgagee. as fully and com- F pletely as if all of the said sums of money were.originally stipulated to be paid on_sach day. enything in said ~ note a in this matgage to the contracy notwithstanding; and thereupon or theqeaiter, at tbe option of said matga- gee, without notioe or demaad. snit st law or in equity. may be pcoeecuted as if all moneys secured hereby had matured pria to its ias4tutioa. T6e moetg~a~ee may foreclose this mortgage, as to the amount so declared due and ' payable. aud the said premises shall be sold to satisfy aad pay the same together with costs, expenses,and allow- ances. In case of pertial foceclosnce of t6is mortg,age. the mortg,aged pcemises shall be sold subject to the con- ~s tinuing lien ~ tbis mortgage fo~ t6e amon~ d the debt not then due and unpaid. In such case the provisioas of ~ this paragraph may ag,ain be availed of theresfter from time to time by the matgagee. 10. That the modg,agor will g~ve immediste notice by mail to the modgegee of any conveyance, tcansfer, a E change of oaraership of tbe premises. ~ 11. That no waiver of.any covenant 6ecein or of the oblig,atioa secared l~ereby shell at any time thereafter be held to be a Waiver of the te~ms hereaf or of the aote secored heceby. 12. TE~t iE the mortg~gor default in any af t6e covenants a agreemeats contained 6erein, oc in said note, then the matg,sgee may ped~n. the same, and all e~penditures (including reasonable attaraey's fees) made by the - mortgagee ia so doing shall draw iaterest at tbe rate set fath in tbe note secnced herebyr, sud shall be repayable immediately ead withaut demand by the mactg,agac to the mortgagee, and, together with interest and costs accruing - thereoa, shall be secured by this modg,age. 13. that the mailing of a written ndice er demandaddressed to the oWaer of recocd of tbe mortgaged premises. df directed to t6e said owcer at the last address actuelly fnrnished to the mortgagee, or directed to said awner at ~ said nwdg,aged premises, a~ mailed by tbe Un~ted Scaces mails. shall be sufficient notice and dema~d in any ~ case ariaing nader tbis instevment and reqaired by d~e pm~visioua hereof or by law. ' 1~. T6e mortgaga cavenants and ag~ees tlat so loag as this mortg,ege and the said note secured hereby are ~ insured uader tbe provisioos of t6e Natianal Hoosing~ Act, he will net execute or file for record eny instrument ~ which imposes a restriction upon t6e sale o~ occupencq of the mortgaged propedy on the besis of rece, coloc, or ~ creed. Upoa ~ny violatioa ~ this aadertakiog, the mortgagee may. at its option. declare the unpaid t+elance of the debt secored bereby immediately due and payable. ! IS.~ The moctgaQor further covenaats thst shouW this mortgage and the note secnced 6ereby not be eligible ~ for insurance under the Natioaal Na~siag Act witl~in . 30 DAYS from tl~e date hereof (written statement of any oUicer cf the Department of Honsing and Urban Developeient or authorized agent of the Secretary of Hous- ing and Ucban Development d4ted subseqoeat to c~ 30 DAYS time fcom the date of this moctgage, s declining ~o iasure said ade and this matga~e. being deemwd canclasive proof af such iaeligibility), the mortga- ; gee a tbe boldec af tbe aote may, st its optioo. decl~re all sums secnred bereby immediately. due and payable. 4 The covenants herein co~siued shaU bind, and the benefits aed advantages shall inure to, the respective f heirs, eucutas, odminiatratas, soccessocs, aad assigps aE tLe parties hereto. Wbeaevec used, the aingular num- ber shall incl~de tbe plural, the plural tbe singutar. and the use of aay gender shall include all genders. ; ~ ~ ~ ~166 ~ .72,9 ~ _ - ~ _ s~ r~-....:: : . .