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HomeMy WebLinkAbout1082 . ( . . , ~ ~ Y•~ ~~1~ ~ 5. Thet he will permit. commit. oc suffer no waste~ imp~irme~t, ot deteriotetio~ of said prope~ty or any patt theceof; and in the event of the tailure of the mortgagor to keep ~he buildings on said pcemises and those totie erected on said~premises, or improvements thereon, in good repair~, tMe mortgagee may make such ~epairs as in its diacretion it nwy deem necessary fa the proper preservatio~ the~eoi. and the full amount ot each and evecy such peyment shall be immedietely due aad payable, and shall be secured by the lien ot this mortgage. 6. That he rvill' pay all and singula~ th~ costs, che~ges, a~d expenses, including reasonable lawyer's fees. and costs of abstracts ot title. incurred or paid at eny time bythe mottgag4e because of the failure on the pert of the mortg,egot promptly and fully to pe~forun the agreements and covenants of said promissory note and this mod- gage~ and said costs. charges. end expenses shall be immediately due ani! payable and shall be secured by the lien oE this matgage. 7. T6at he will keep the improvements novirexisti~g a hereafter erected on tlu matgaged pcopedy, insured as may be cequired from time to time by the matgagee egeinst loss by fire and other hazards. casupities. and contia- gencies in such amounts and for such peciods as may be required by matg~gee. and will pay pwmptly, ~vhen due. any premiums on such i~surance for peyment of which pcovision has not been made hereinbefore. All insurance shall be canied ie companies app~oved by mortgagee and the policies and renewals thereof shall be held by mat- gagee and have attached thereto loss payable clauses in favor of a~d in form sccepteble to the mortgagee. In event of loss he will give immediate notice by mail to mortgagee. and moctgagee aiay ~ceke proof of loss if not made promptly by mortgagw. at~d each insucance company concerned is hereby authaised and directed to make p~?yment foc such loss dicectly to moctgagee instead of to mortgagoc and matgagee joiatly, and the insurance pro- ceeds. or any part thereoE. may be applied by matgagee at its option either to the rednction of the indebtedness hereby secuced or to the restoration a repair of the propedy decaaged. In event of foreclosure of this modgage or other tcansfer of title to the n+atgaged property in e:tinguishmeat of the indebtedness secured hereby, all right. title, and intecest of the matgagar in and to any insurance policies then in Eace shall pass to the purchaser or grantee. 8. That the mortgagee may, at aay time pending a suit upon this matgage, apply to the court having jarisdic- tion theteof for the appointment of a ceceiver. and such coud shell focthwith appoint a receiver of the premises covered hereby all and singular, iacluding all and singular the i~ome. profits. issues, and revenues fmm whatever source derived, each and every of which~ it being expsessly understood, is hereby modgaged as if specifically set . forth and described in the granting and habendum clauses hereof. and such receiver shall have all the broed and effective functions and powers in anywise entrusted by a court to a receiver, and such appointment shall be made ~ by such coact as an admitted equity and a matter of absolute right to seid moctgagee, and without reference to the adequacy or inadequacy of the value of the property mortgaged or to the solvency or insolvency of said mortgagoc or the defendents, and that such rents, profits, income, issues. and revenues shall be applied by such receiver according to the lien of this mortgage and the practice of such couet. In the eveat of any default on the part of the mortgagor hereunder. the matgagor ageees to pay to the mortgagee on demand as a reasonable monthly rental for the premises an amount at least eqpivalent to o~e-twelfth (1/!2) of the aggcegate of the twelve monthly install- ments payable in the then current year plos the actual emount of the annual taxes, assessments, water rates, and insurance pcemiums for such year not covered by the afocesaid monthly peyments. - 9. That (a) in the event of arty breach of this modgage or default oc~ the part of the modgagor, or (6) in the event that any of said sums of money herein referred to be noi promptly and fWly paid without demand or aotice, or in the event that each and every the stipulations, agreements, conditions, and cove~ants of said note and ~ this mortgage, are not duly. promptly. and fully performed; then in either or any snch event, the said aggregate sum mentio~ed in said note then cemaining unpaid. with interest accrned to that time, snd all moneys secared hereby, shall become due and payable forthwith, or thereaker, 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 dey. anything in said note or in this mortgage to the contrary notwithstanding; and theceupon or thereafter, at the option of said moctga- gee, without notice or demand. suit at law or in equity, may be prosecuted as iE all moneys secured hereby had matured prior to its institution. The matgagee roay fareclose this mortgage. as to the amount so declared due and ' payable. and the said premises shell be sold to satisfy and pey the same together with costs. eapenses,and allow- ances. In case of pertial foreclosure of this mortgrage, the mortgaged premises sbell be sold subject to the con- tinuing lien of this mortgage fa the amount of the debt noi then due erid unpaid. In such cese the provi~ions of _ this paragraph may again be availed of thereaiter from lime to time by the modgagee. 10. That the mortgagor will give fmmediate notice by a~ail to the modgagee of any conveyance. transfer. ac change of ownership of the premises. ll . That no waiver oE any covenant herein or of the obligation secured hereby shall at any time thereafter be held to be a aaiver of the terms hereaE or of the note secured hereby. 12. That iE the mortgaga default in any of the covenants or agreements conteined herein. or in said note, then the modgagee may pertorm the samg, and all expenditares (inclvding reasonable attaney's fees) made by the mortgagee in so doing shall draw interest at the rate set fotth in the note secured heteby, and shall be repayable immediately and without demand by the mortgagor to the mortgagee, and, together with iaterest and costs accruing thereon. shall be secured by this modgage. 13. that the mailing of a vvritten notice or demandaddressed to the owner of record oE the moctgaged premises, or directed to the caid owner at the last address actuelly furnished to ihe mvrtgagee, oc directed to said oqvner at said modga~ed premises, and mailed by the United States mails. shall be safficient aotice and demend in any case arising under this instrnment and tequired by the provisions hereof oc by law. 14. The modgaga covenants and agrees thet so long as this mortgage and the said note seeured hereby are insured nnder the provisions of the National Honsing Aet, he will not execute or file for record any instrument which imposes a restriction upon the sate or occupancy of the modgaged property on the basis of race, cola, or creed. Upon any violation of this undedaking. the mortgagee may, at its option, declare the unpaid balaoce ot the debt secuted hereby immediately due and payable. 15. The moctgagoc f~cther covenants that sbould this matg,sge and the note secured 6ereby not be eligible for insurance under the National Honsiag Act within thirty days from the date hereof (written statement of any officec of tfie Department of Honsing and Ucban Development or authaized agent of the Secretery of Hous- ing and Urdan Developmer?t daled subsequent to the thi rty day s tlme from 'the date oE this mocfg,nge, declining to insure said note and this mortgege. being deemPd conclusive proof af such iaeligibility), the mortga- gee « t6e holder of the note may, at its option, declarc all swns secnred hereby ioimediately due and payHble. The coveaants herein contained shall bind. and the benefits aud advaatages shalt inure to, the respective heirs, ezecutors, edministrators, successors, sad assigns d the psrties hereto. Whe~ver used, the singular num- ber shall incl•.wie the plural; the plural the singuler, and the use of ?ny gender shall iaclude all genders. d~ . _ _ . _ , ~ : : . _ -