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HomeMy WebLinkAbout0160 a _ _ ' . - ;t . i;~. , , ,t S. That he ail~ pe~mit. canmit. a suffer ~o waste. impeirmeat. w deteriaation of said pcoperty or aay pact thereof; and ia the eveat oE the failure d the mortgegoc to keep the bulldinge on said p~emises ~ad those tobe ecected on said premises. or i~opcovemeats tbeceon. ia good cepair. the moetgagee a~ay make such cepairs as in its discretion it may deem necessary foc t6e proper preservatioa thereot. and the full amouat of each snd every such payment shall be ima~ediately dae and peyable, aad shall be secuced by the liea of this moctgage. " . 6. That he will pey all and singular the costs. charges~ and expe~ses. including ~easoneble lawyer's fees. end costs of abstracts of title, incurred or poid at any time bythe ma~tgegee because of the failnre oa the part of the mwtgagor promptly and fully to petfam tbe agreemeats and covenanta of said pcomiasc,.~y ~ote and this mat- gage. and said costs, charges, and expenses shall~be immediately due aad paysble and shall be aecured by the liea d t6ia matgege. _ ~ 7. That he will keep the improvemeats now existing oc heresfter ecected or~ the modgaged p~operty. insured es may be cequired fmm time to time by the matgagee against loas by Eire and other 6asards, casualties. end coatin- gencies In such amouats and for such periods as a~ay be required by matgagee, aad will pay promptly. whea due. aay premiums on such insurance for peymeat of which provision bas not been made hereiabefo~e. All insucance shall be carried in companies approved by moctgagee and the policies and renewals thereof shall be held by mort- gagee and have attached thereto loss peyable clauses in favoc of and in focm acceptable to the mortgagee. In eve~t of loss he will give immediate notice by mail to matg,agee, aad mortgagee may make proof of loss if not made promptly by mo~tgegor, and each insurance company coacemed is hereby authorized and d'uected to make peyment foc sueh loss directly to martgagee instead of to mortgagac aad matgagee jointly. aad the iasurance pro- ceeds. ot any pad theceof, may be epplied by mortga~ee at its option either to the rednction of the indebtedness hereby secured ar to the cestoration or repair uE the property dao~aged. In event of foceclosure oE this modgage or other transfer of title to the mortgaged pcopedy in e:tiaguishment af the iAdebtedness secured hereby, all right. title, and intecest of the mortgaga in aad to aay insurance policies then ia f~ce shall pass to the pucchaser a gcantee. 8. That the modgagee may, at aay time pending a suit upoa this matgage. apply to the court having jucisdic- tion tbereof fa the appointa~eat af a ceceiver, aad sucb court shalt forthwith appoint a receiver of the premises covered hereby all and singular, including all and singular the iacome, profits. issues, and revenues from whatever source derived. each and every of which, it being espcessly understood, is hereby mortg,aged as if specifically set forth and described in the granting and habendum clauses hereof, and such receiver shall have all the broad and effective functions and powers in anyarise entrusted by a court to a receiver, and such appointa~ent shall be made by such court as an admitted equity and a matter of absolute right to said mortgagee. and without reference to the adequacy or inadequacy of the velue of the propedy moctgaged or to the solvency or insolvency of said modgagor or the defendents, and that such rents. profits, income. issoes, and revenues shall be applied by such receiver according to the lien of this modgage and the practice of such court. In the event of any default on the part of the modgaga: hereunder. the modgagoc agrees to pay to the matgagee aa demand as a reasoaable monthly rental for the premises an amount at least eqpivalent to one-twelfth (1/12) of the aggreg,ate of the twelve monthly install- ments payable in the then current year plus the actual amount of the annoal taxes. assessments. water rates, and insurance pcemiums for such year aot covered by the aforesaid monthly payments. 9. That (o) in the event of anjr bceach of this modgage or default on the part of the mortg,agor, or (b) in the event that any of said sums of money hecein referced to be aot promptly aad Eully peid arithont demand or aotice. or (c) in the event that each and eveiq t6e stipulations. agreements~ conditions~ and covenants of seid note and this mortgage, are not duly. promptly, and fully performed; then in eit6er or aay such event. t6e said aggregate sum mentioned in said note then remaiaing unpaid. wit6 iaterest accrued to that time, and all inoneys secured ~ hereby. shall become due and payable forthwith, or thereafter, at the bption of said mortgagee, as fnlly and com- pletely as if all af the said sums of money were originally stipulated to be peid on such day, anything in seid ; note or in this modgage to Ehe contrary notwithstanding; 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 moaeys secured hereby had = ; matured pria to its institution. The mortgagee may foceclose this mortgage, as to the amount so declared dae and E payable, and the said pcemises shall be sold to satisfy and pay the same together with costs, expenses,and allow- ' aeces. Ia case of pertisl foreclosure of this matgage, the mortgaged premises shell be sold subject to the con- ~ tinuing lien of this mortgage for the amonnt of the debt not then due aad unpaid. In such case the pcovisions of ~ this paragraph may again be availed of thereaiter from time to time by the matgagee. . - I 10. That the•modg,agor will give immediate notice by mail to the mortgagee of any conveyance, transfer. or ~ change of awnership ot 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 terms hereof or of the note secnred hereby. } 12. That if the mortgagor default in any oE the covenants a ageeements contained berein, or in said note, then E the mortgagee may pedorm the same. and all expenditutes -(including . reasonable attorney's ff ~ss) made by the mortgagee in so doing shall draw interest at the rate set fath in the note secured hereby, aad shall be repayable immediately and without demand by the mortgagor to the mortgagee, aad, together with interest and costs accruing thereon, shall be secured by this modgage. ~ ~ 13. that the mailing of a arcitten notice or demandaddressed to the oarner of record of the moitgaged premises, ; or directed to the said awner at the last address actually fornished to the mortgagee, or directed to said awnec at ' seid mortgaged pcemises, and mailed by tbe Uaited States mails, shall be snf~icient notice and demand in any case arising under this iastrument and requiced by t6e provisioas 6ereoE or by law. 14. The mortgagar covenants and agirees that so long as this mortg,age and the said note secured hereby are insured under the provisioas of the National Housing Act, he will not execute ot file for record any instrument L~; ~ which impases a restriction upon the sale or occupancy of the mortg,aged propedy on the basis of race, color, or ~ ~ creed. Upon any violation of this undertaking, the mortgagee may, at its option, declare the unpaid balance of the debt secuced hereby immediately due and payable. t ~ 15. The modgagor further coveaants that should this mort age end the note secured hereby not be eligible i for insurance under the National Housing Act within 30 DAY~ from the date hereof (written statement of any officer of the Department of Housing and Urban Development or authorized agent of the Secretary oE Hous- ing and Urban Developmeat dated subsequent to tbe 30 DAYS time from t6e date of this moctgage, 4 declining to insure s~id note and this mortg,age. being deem?:d conclusive proof of such ineligibility), the mortga- ~ gee a the 6older of the aote may, at its option, declare all sums secared hereby immediately due and payeble. ` The coveaaats herein caatained s6a11 bind, and the benefit~e aad advantages shall iaure to, the respective heia, executocs, edministrators, snccessors~ and essigns af the perties hereto. Whenever used, the singular num- E ber shall include the plural~ the plural the singular, and tb~e use of any gender shall include all genders. l s ~ r ~ ~ ~ ~ ~ ~ m . ,x., . .___,:~r r..::.,. , - ~:2