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HomeMy WebLinkAbout1017 ' • ' ~ . a ~ . Y . _ . Y -c - ! ~ r. 5. Th~t he wiU permit. canmit, or su[fer no waste, impairment. a deterioration oE aaid ptoperty or aay p~d th~reot; and in the event of the failure of the mortgagoc to keep tbe bulldlags on said pcemises and those tobe erected oa said prelaises. or impcovemeats thereoa, in go~d repau. the mottgagee awy make such repeics as ia its disccetion it aiwy deem necessary for the propec preservatio~ theceof. aad the full amouat of each and every such poyment shall be immediately due and payable. sad shall ba secured by the liea of tbis mortgage. 6. That he will pay all and singular the costa. charges~ a~ expe~ses, including ceasaaable 2~wyer's fees, and costs of abstracts of title. incurred oc p~id at any time by the mortgagee because of the failure on the pert oE the modgagoc promptly and fully to perfam the ag~reements and covenants of said promissocy note and this mott- gage. and said costs. charges. and expenses shell be immediately due aad payable and shall be secured by the lien af this mortgaga 7. Thet he will keep the impcovements novn existing oc hereafter ecected oa the mort~ged propedy. insuted as . may be required fmm time to time by the moctgagee agaiast loss by fire and other hezards. casualties. and contin- gencies in such amounts a~d for such periods as may be required by mortgsgee. and ~vill p~y promptly, when due. any pcemiums on such insarance for paya~ent of which provision has aot beea made herei~before. All instuance shall bz canied in companies approved by mortgegee and the policies and renewals thereof_ shall be held by mort- gagee and have attached thereto loss payable clauses i~ favor of a~d in forrin accepteble to the mortgagee. la event of loss he will give immediate notice by mail to moctgagee, and mortgagee a~ay make proof of loss if not made promptly by moctgagor, and each iasuraace compaay concerned is hereby authocized and d'uected to make paymeat for such loss dicectly to modgagee instead of to mortgagor and matgagee jointly. and the insurance pro- ceeds. or any pad thereof, may be ~pplied by matgagee at its option either to the reduction of the indebtedaess hereby secured or to tbe restorai:on oc repair of the property damaged. In event of foreclosur~ of this mortgage a other t~ansfer of title to the modg,aged propedy in eatinguishment oE the indebtedness secured hereby. all right, title, .and interest of the mortgraga in and to any insurance policies then in force shall pass to the purchaser or grantee. 8. That the mortgagee mey, at any time pendiag a suit upon this moctgage. apply to the court having jucisdic- tion thereof for the appointment of a ceceiver. and such caut shall fodhwith appoint a ceceiver of the premises coveced hereby all and singular, including all and singular the income, profits. issues, and revenues from whatever source derived. each and every of which, it being expcessly understood, is hereby modgaged as if specifically set fodh and described i~ the granting and habendum clauses hereof; and such ceceiver shall have all the broad and effective functions and powers in anywise entrusted by a court to a receiver, and such appointment s6a11 be made by such coud as an admitted equity and a matter of ebsolute right to said mortgagee. and without reference to the adeqnacy or inadequacy of the velue oE the property wortgaged or to the solvency a iasolvency of said modgagor or the defendents, and that such rents, profits, income, issaes. and revenues shall be applied by such receiver according to the liea of this mortgage and the practice of such caut. In the event of any deEault on the part of the mortgagor hereunder~ the mortgagor agrees to pay to the mortgagee oa demand as a reasonable monthly rentai for the premises an amount at least eqvivalent to one-twelfth (1/12) of the eggregate ~ the twelve monthly install- ments payable in the then current year plus the actual amount of the annual taxes, assessments. water rates. and insurance premiums for such yesr not covered by the aforesaid monthly payments. . 9. That (a) in the event of any breach of t6is mortgage or default on the part of the modgagar, or fb) in the event that any of said sums of moaey herein referced to be not promptly aad fully paid vvithout demand or notice, . or (~1 in the event that each and every the stipulations, agreements, conditioas, and covenants of said note and y this mortgage, are aot duly, pcomptly, and fully performed; then ia either or aay sucb eve~. the said aggregate sum me~tioned in said note then remaining unpaid. with intesest accrued to that time, and all moneys secured hereby, shall become due acrd payable forthwith. a thereafter, at the option of said matgagee, as fully and coaw pletely as if all of the said sums of moaey were originally stipulated to be paid on such day, anything in said note a in this modgage to the contrary aotwithstanding; 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 institutioa. The mortgagee awy foreclose tbis mortgage, as to the amount so declared due and payeble, a~d the seid premises shall be sold to satisfy a~ pay the same togetber with costs, expeases.and allovv- ances. Ia case of pactial foreclosuce of this mortgage~ the matgaged premises shall be sold subject to the coa- 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 ima~ediate notice by mail to the matgagee of any conveyance. transfer. or change of ownership of the premises. - Il . Thet no waiver oE any coveaent herein or of the obligation secnred hereby shall at any time thereafter be held to be a waiver of the terms hereaf or of the note secared hereby. 12. Tf~at if the modgaga default ia any of the covenants or agreements contained hereia, or in said note, then the mortg,agee may perEorm the same. and all expenditures (including reesoneble attorney's fees) made by the mortgagee in so doing shall draw i~terest at the rate set forth in the note secured hereby, and shall be repayable . immediately and without demand by the moctgagor to the mortgagee, and. together with interest aa~ costs accruing thereo~. shall be secured by this modgage. 13. that the mailing of a wtitten aotice a demandaddressed to the owner of record of the mortgaged premises, or dicected to the said owaer at the last address actually furnished to the mortgagee, or directed to said owner at said mortgaged premises, and mailed by the United States mails, shall be sufficient notice and demand in any case arising under this instrument and requiced by the provisions hereof or by Isw. 14. The modgega covenants and agrees that so long as this mortgege and the said note secured hereby are insured under the provisions of the Netional Housing Act, he will not execute or file for record any instrument which impo~es a restriction upon the sale oc occupaacy of the modg,aged pcopedy on the basis of race, color. or creed. Upon aay violation of this undertaking, the moctgagee may, at its option, declace the unpaid balanee of the debt secured heceby immediately due and payable. 15. The mortgagor furtber covenants tbat shonld this mortgage and t6e note secured hereby not be eligible for insucance under the Natiaoal Honsing Act within 30 pqYS from the date hereof (written statement of any officer of the Department of Housing and Urban Development or authorized agent of the Secretary of Hons- ing and Urban Development deted subsequent to the 3O DAYS time from the date of this mo~tgage, decliaing to insure s~id note a~ this mortgage. being deeu~d conclasive proof af such ineligibility), the mortga- gee a the holder d the aote may, at its option, declare all sums secured bereby immediately dae and payable. The covenaats herein contaiaed shall bind, and the benefits and edvantages sbsll inure to, the respective beirs, execataa, edmiaistrators, successocs, and assig~s d tbe padiea hereto. Wbenever used, t6e singular num- bec shall include the plural, the plural the singular, and the use of any geader s6a11 include all genders. . - ~~68 ~10i4 - ~ iV; ~ - ~3 - . _ . . 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