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HomeMy WebLinkAbout1871 ~ : \ . ` • . , • ' ~ ~ ' , S. That he will permit. commit. ar suffer no ~w isip~~~~ .~c~ deterio~atio~ of said property or any part ther~of; and in the event of the failure af the mo~g gdi to tceEp tl~`buildings on said premises and those tobe erected on said premises. oc i~pcovemeats tbercoa. in good repau, the mwtgagee may. make such repairs as in its discretion it may deem uecessary fo~ tbe pcoper presenratioa t6ereai. aad the full amount of each aad evecy such paymeat shall be immediately due aad payable, aad shall be secuced by the liea of this mortgage. 6. Thaf he will pay all aad siagular the caets, charges. aad expeases. iacluding reaso~able lawyer's fees. ~ and costs of abstracts of title. incurred a poid at aay time by the mortgagee because of the failure on the part of the mortgaga promptly and fully to perEa~m the agreemeats aad coveaaats oE seid promissory note and t6is mod- gage. and said c~ts. charges. aad e:peases shall be immediately dne aad peyable and shall bt secured by the lien of this mortgage. That he will keep the'improvemeats aaw esisting a beceafter erected on the mortgaged propedy, insured as mey be required from time to time by t~e matgagee agaiast loes by fire and other hasards. casualties. and contin- gencies in such amounts and foc such periods as may be required by mortgagee. aad will pay pwmptly. when due, any premiums on sucb insuraace for paymeot of ~w6ich provisioa has aot been made hereinbefore. All insurance shall be carried in companies appcoved by mortg~agee and the policies a~ renewals thereof shell be held by mort- gagee and have attaChed thereto loss payable clsuses ia favac of aad in form acceptable to the modgagee. In event of lass he vvill give immediate aotice by mail to matpgee, aad mortgagee may make proof of loss if not made promptly by mortgagor. aad each iasutaace company conceraed is 6ere~by authaized and directed to make payment for snch loss directly to mortgagee iastead of to matgagoc aad moctgagee jointly. and the insurance pro- ceeds. or aay pad theceof. may be applied by matgagee at its option either to the reduction of the indebtedness hereby secured or to the restoratioa a repair af the pcopedy damaged. In event of foreclosure of this moitgage oc other transfer of title to the mortg,aged pcopedy in eztinguis6meat of the indebtedness secured iiereby, all right. title. and interest of the matgaga ia and to any iasuraace policies thea in force shall pass to the purchaser a grantee. < 8. That the mortgagee may, at any time peading a suit upon this moctgage. apply to the court }w0[ng jurisdic- tion thereof foc the appointment af a receiver, and such cou~t shall forthwith appoint a receiver of the premises covered hereby all and singnlac, iaclnding all and singular the income. profits. issues, and revenues from whatever source derived. eac6 and every of w6ich. it beiag e:pcessly ~mderstood, is heceby modgaged as if specifically set forth and described in the g~enting aad habendum clauses hereof. and such receiver shall have all the broad and effective functions and powers in aayarise entrusted by a court to a receiver, aad such appointment shall be made by such coud as an admitted equity and a matter of absolute right to said m«tgegee, and without reference to the adequacy or inadequacy of the value of t6e propedy mortgaged or to t6e solvency oc insolvency of said modgagor or the defendents, and that such rents. profits, iacome. iss~s, and revenues shall be applied by such receiver according to the lien of this mortgage and the practice of snch coutt. In the event of any default on the pact of the mortgagor hereunder. the mortgagor agrees to pay to the mortgagee on demand as a reasonable monthly rental for the premises an amount at least eqMivalent to one-twelfth (1/12) of the aggreg,~te of t6e twelve monthly install- ments payable in the then current year plos the actual amounf of tbe aaa~l-ta~es, assessments, wate~ rates, and inswance premiums for such year not covered by the afaesaid moathly peyments. 9. That (01 in the event of any breach of this mortgage or defanlt an the pad of the modgaga, or (b) in the event that any of said sums of money herein referred to be not pcomptly and fully paid without demand or notice. _ or (~I in the event that each aad every the sfipulations, ag~eemeats, conditious, and covenants of_said note and this modgage. are not duly, promptly, aad fully performed; thea in either oc aay such event~ the said aggregate sum mentioaed in said note then remaining unpaid, wilh interest accroed to that time. and all moneys secured hereby, shall become due and payable focthwith, or thereafter. at the option of said matgagee. as fully and com- pletely as if all of the said sums of money were originally stipulated to be peid on snch day, anything in said ~ note or in this modgage to the contrary not~vithstanding; aad tbereupon or thereafter, at the option oE said mortga- gee, without notice or demand, suit at law or in equity. mey be prosecuted as if all moneys secured hereby had matured prior to its institntion. The mortg~agee 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 togetber with costs. expenses,and allow- ances. In case of partial faeclosare of this moctgage, the madgaged premises shall be sold subject to the con- tinuing lien of this mortgage fa the amount af tbe debt not then dne aad anpaid. In such case the provisions of ~ this paragraQh may again be availed of thereafter from time to time by We moctg,agee. 10. That the mortgagor ovill give immediate notice by mail to the modgagee of any conveyance. transfer, or ~ change of awners6ip of the pcemises. ~ 11. That no waivei of aay coveaaat herein or of the obligation secured hereby shall at any. time thereafter be held to be a waiver of the tecros hereaf or of tbe aote secured hereby. ~ 12. That if the mortgaga default in any of the coveaants a agreements contained herein, or in said note, then the mortgagee may perform the same, and all e:peadit~ues (including reasonable attorney's fees) made by the mortgagee in so doing shall draw interest at the rate set forth iu t6e note secured hereby, and shall be repayable immediately and without demand by the mortg,agar to t6e matgagee. aad, together with interest and costs accruing thereon. shall be secucei by this mortgage. 13. that the mailing ~of a written notice ac demandaddressed to t6e owaer of record of the mortgaged premises, or directed fo the said awnec at the last address actoally fnrnished to the mortgagee. or directed to said owner at said modgaged premises, and mailed by the Uaited States mails, s6aU be snfficient notice and demand in any case arising under this instrnment and required by the pcavisioas hereof o~ by law. 14. The mortgagor covenants aad agcees tl~at so long as this moctgage and the said note secured hereby are insured under the provisioas of t6e National Honsing Act, he will not e:ecute or file for record any instrument { which imposes a restriction upon the sale or occupency oE tLe mott$aged propedy on the basis of race, cola, or i creed. Upon any violation of this undertaku~g, the moctgagee may, at its option, declare the unpaid balance of the j debt sec~ued hereby immediately due and payable. I 15. The modgagor fnrther covenants that shonld this mortgage and the note secured hereby not be eligible i Eor insuraace under the Natia~al Honsiag Act witLin from the date hereof (written statement : of any officer of the Depadment oE Housing and Urban velepment oc anthocized agent of the Secretary of Hous- ' ing and Urbaa Development dated subseqnent to t}~e ~~Yg time from the date of this modgage, declining to insure said nde and t6is mortg,nge, being dee~d concTnsive proof af such ineligibility), the_mortga- gee a the 6older of the note may, at its option, declare all sums secured l~ereby immediately due and payable. T6e covenants herein contained shall b~ed, aad the benefits and advantages shall inure to, the respective ~ heirs, e:ecntors, administrators, successocs, abd assigns af t6e pacties hereto. Whenev used, the singular num- ber shall include the plural, t6e pinral tbe singnlar, and the use of any gender shall inclu~ all genders. _ ~ ~ n,~f~, - _ ~~,;x; _ ~ ~ ~ , .