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HomeMy WebLinkAbout1425 ' ~ ~ ' l..,J • ` t A ~ ' S. Tt?at he will pecmit. canmit. oc sutEer no v~~;, impair~t,,~Q~ deteciaatioa oE said prope~ty or any ped thereof; aad in the event of the failuce of the moctgagor to keep the bulWing~ on said pcemises and those tobe erected on saId premises. or improvemeats thereon, in good repafr, the moKgagee may make such repairs es ia its diaccetloa it may deem neceasary Ea the propot preservatioe~ thereof. aad the full amount of each ~ed every sucb payment shell be Immediately due and payable. and shall be sec~ued by the lle~ oE this aartgage. 6. That~ he will p~y all and singular the costs, charges, and expeases, including ceesonable lawyer's fees, and costg of abst~acts of title. incur~ed or peid at any time by the mortgagee because of the failure on the ~rt of the moctgaga~ pcomptly and fully to pecfam the agreementa and coveaants of said promiasory note aad this mott- gage. and said costs. cbarges. aad expenses ahall be immedietcly due and payable and shall be secured by the lien of this matgegs. ~ 7. That he will keep the improvemeats aow existing a hereaftec erected on the modgaged pcoperty. iasured as awy be required from time to time by the mortgagee against loss by fire and ~ther buards, casualties, and contur gencies in such amounts and for such periods as may be required by matgagee. end will pay promptly. when dne.- any premiums oa such ic~surence for payment of which provision has not beea made hereinbefore. All insurance shell be carried in companies approved by mortgagee and the policies aad reae~vals thereoE sha11 be held by mort- gagee and have attached thereto loss payable clauses in favor of and in form accepteble to the mortgragee. In event af loss he will give immediate notice by mail to mortgagee~ a~ mortgagee may malce proof of loss if not made promptly by mortgagor. and each insurance company ca~cerned is heceby authorized and d'uected to make payment for such loss dicectly to mortgagee instead of to matgagoc and-mortgagee joietly~ and the insurance pro- ceeds. or aay part theceof, aiey be applied by mortgagee at its optioa either to the reduction of the iedebtedness hereby secu~ed or to the restoration oc repair of the ptopedy damaged. Ia event of f~eclosure of this modgage oc other transfer of title to the modgaged propedy in extinguishment of the indebtedness secured hereby. all right, title. and interest of the mortgaga ia aad to any insurance policies then ia force shall pess to the pucchaser or g[BAt~. - 8. That the mortgagee may. at any tiae pending a suit upoa this moctgage, apply to the coart having jurisdic- tion tbereaf Ea t6e appointmeat of a receiver, end such couit shall fodhwith appoint a receiver of the pcemises covered hereby all aad siagular, iacludiag all and singnlar the iacoare, profits, issues, and cevenues from whatever soiuce derived. each and every of which, it being expressly understood. is hereby mortgaged as if specifically set forth and described in the granting and habendum clauses heceof~ and such receiver shall have all the broad and effective functions and poarers in anywise entrusted by t+ court to a receiver, and such appointment shall be made by such court as an admitted equity end a matter of absolute right to said mortgagee, and arithont refere~ce to the adequacy or inadeqnacy of the value of the property mortgaged or to the solvency or insolvency of said mortgagor or the defendents. and that such rents. profits, income. issues, and reveaues shall be applied by such receiver accocding to the lien of this mortgage end the practice of such cowt. In the event of any default on the part of the mortgagor hercunder. the mortgagoc agrees to pay ~to the mortgagee on demand as a reasonable monthty rental for the premises an amount at least equivalent to one-twelfth (1/12) of the aggregate ~ the twelve moathly install- ments payable in the then current year plus the actual amount of the annual taxes, essessments. water rates. aad insnrance premiums for such year not covered by the aforesaid monthly payments. 9. That (a) in the event of any breach of this mortgage or defeult on the part ot the mortgagor, or (b) ia the event that any of said sums of money herein referred to be not promptly and fully peid Without demand or notice. or (e) in ttie event that e~ch aqd ev~cy the stipulations, agreemeats, conditions, and covenants of said note and this moctgage, are not duly, pcomptly. and fully performed; then in either or any such event, the said aggregate sum mentioned in said note then remaining unpaid, with interest accrued to that time, aad all moneys secuced hereby, shall become due and peyable focthwith, or thereafter, at the optioa of seid matgagee, as fully and com- pletely as if all of the seid snms of money were originally stipulated to be paid on such day, anything in said r.ote a in this modgage to the contrary notwithstanding; and thereupon or thereafter, at the option af seid matga- gee, without notice or demand, suit at law or in equity~ may be prosecuted es if all moaeys secured hereby had ' matured pcior to its institution. The mortgegee may foreclose this mortgage, as to t6e amount so declared due and ' payable, and the said premises shall be sold to satisf and g ~ y pay the same to ether with costs, ex nses,and allow- i ances. 1n case of partial foreclosuce of this modgage. the mortgaged premises shall be sold subject to the con- ~ tinuing lien of this mortgage for the amount of the debt not then due and unpaid. In snch case the provisions of ~ j this paragraph may again be availed of thereafter from time to time by the modgagee. ~ 10. That the mortgagor will give immediate notice by maii to the mortgagee of any conveyance. transfer, or change of awnership oE the premises. 11. That ao waiver of any covenant herein or of the obligation secuced hereby shall at any time thereafter be held to be a waiver of the terms hereoE or of t6e note secured hereby_ ~ 12. T6~t if the mortgagor defsult in any of the covenants oc agreements coatained hereia; or in said note, then ~ the mortgagee may perform the same, and al! expenditares (including reasonable attoraey's fees) made by the mortgagee ir~ so doing shall draw interest at the rate set fath in the note secured hereby, and shall be repayable ~ immediately and withont demand by the mortgagor to the mortgagee, and. together with interest. and costs accruiag thereon, shall be secured by this mortgage. ~ 13. that the mailing of a written notice or de~andaddressed to the oaner of record oE the mottgaged premises, l or dicected to the said owner at the last address sctually Earnished to the mortgagee, a directed to said avner at ~ said modg,aged premises, aad maited by the United Stat~s mails. shall be sufficient notice and demand in any • case acising ander this instrument and required by the provisioas hec~of or by laa. ~ 14. The aartgagoc covenants and agcees thet so loag_as this mort~age aad the said note sec~red hereby are ~ ~ insured ~nder the provisions of the Natia~nal Housing Act, he will not execute or file for recocd aay instrument which impases a restriction upon the sale or occupancy of the mortgaged propedy on the basis of rece, coloc, or 3 creed. Upon any vioiH.iaa of this undertaking, the mat~agee may, at its option, declare the unpaid balance of the ; ~ debt sec~red hereby i:nmediately due and payable. . j ~ 15. The cr.~rtgagor Eurther covenants that should this mortgege and the note secured hereby not be eligible ~ t for insurance undec the Netional Housing Act within ?birt~ Dis» from the date hereof (~vritten statea~ent ~ of •any officer af the Department oE Housing and Urbea Develapment or authocized agent of the Secretary of Hous- ing and Urban Development deted subsequent to the ?51rt~? Days time from the date of this modgage, ~ declining !o insure said note and this modgage~ being deemed conclusive •proof of such ineligibility), the modga- ~ gee or the holder oE the note mey, at its option, declare all snms secnred hereby immediately dae and payable. 'I'he covenants herein cootained shall bind, and the benefits and advantages shall inure to, the respective heits. ezecutors, edministratas, successors, and assigps af tbe p~ties. hereto. Wheneva used. the singular num- ber s6a11 iaclude the plural, the plura! tbe singular, and the ose of any gender ahall iaclude ell genders. d00K~~ PACE~~~ _ -----~.T.---,.~~._.._~_... _ . . ~ -