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HomeMy WebLinkAbout2686 ~ . , ~ ; ~4 ~-t , . ~ : _ • • ~ S. That he will permit. commit, a sutfer ~o waste, impeirment. a deteriaation of said property or any part thereof; and in the eve~t of the Eailure ot the mortgagor to keep the buildings on said premises and these tobe erected o~ said premises, or imp~ovements thereon. i~ good repair. the matgagee may make such repairs as in its disccetion it may deem ~ecessary fo~ the proper pcese~vation thereof. aad the full amount of each and every suc6 payment shall be imnediately due and poyeble. and shell be secuced by the liea of this moctgage. 6. That he wiil pay all a~d si~gula~ the costs~ charges. and expenses. iacluding reasonable lawyer's fees, and costa of abstracts of title. incurred or patd at any time bythe matgagee because of the failure on the part of the moctgagoc promptly and Iully to perfam the agreements and coveaants of said promissory note aad this mod- gage. and said costs. charges. and espenses shall be imroediately due and peyable and shall be. secured by the lie~ cf this mort~age. 7. That he will keep the improvements now existing ~ hereaEter ecected on the wortgaged propedy. insured ~s may be required from time to time by the matgagee against loss by fire an~ other lwzards, casualties, and contin- geacies in such amounts and for such periods as may be requiced by mortgagee. and will pay promptly. when due~ any premiums on such insura~ce fo~ peyment of which provision has not beea made hereinbefore. All insurance shall be cac*ied in companies approved by mortgagee and the policies and renewals thereof shall be held by mat- gagee and have attached thereto loss payable clauses in favor of and in form acceptable to the modg,agee. In event of loss he will give immediate nc?tice by mail to mat~gee, and mortgagee may make proof of loss it not made promptly by modgagor. and each insura~ce company concemed is hereby authorized and directed to make payment fa such loss directly to mortgagee instead of to mortgaga and mortgagee jointly, a~d the insurance pro- ceeds. or any pad thereof. may be applied by mortgagee at its option either to the reduction of the indebtedness hereby secured or to the restoration or repair of the propedy damaged. Ia event of foreclosuce of th:~ modgage or other tra~sfer of title to the mortgaged propedy in extinguishment of the indebtedrtess secured hereby, all right, title. and interest of the mortg,agac in and to any insurance policies then in force shall pass to the purchaser or grantee. - 8. That the mortgagee may, at any time pending a suit upon this mortgage, apply to the court having jucisdic- tion thereof for the appointmeat of a receiver, and such coud shall fodhwith appoint a receiver of the pr~mises covered heceby all and singuler. includiag all and singular the income, profits. issues~ and cevenues from whatever sowce derived, each and every of which, it being expressly nnderstood~ is hereby modgaged as if specifically set Eodh and described in the granting and habendum clauses hereof, and such receiver shall have all the broad and effective functions and powers in anywise entrusted by a court to a receiver. and such appointment shall be mede by sach court as an admitted equity and a matter of absolute right to said modgagee. and without reference to the adequacy or inadequacy of the value of the property mortgaged or to the solvency a iasolyency of sai~ q~oet8agor or the defendents, and that such rents. profits, income, issues. and revenues shall be applied by such receiver accord'u.g to the lien of this modgage and the practice of such court. In the event of any default on the pad of the modgagor hereunder. the matgagor agrees to pay to the modgagee on demand as a reasooable month[y rental for the premises an amount at least eqpivalent to one-haelfth (1/12) of the aggcegate of the twelve caonthly install- ments payable in the. then current year plus the actual amount of the annual taxes. essessmeats. water rates. aad insurance premiums for such year not covered by the aforesaid monthly payments. 9. That (~1 in the event of any breach of this modgage or defeult an fhe pad of the mortgagor.~r (b) in the event that any of said sums of money I~erein teferred to be not promptly and fully paid without demand or natice. or {c) in the event that each and every the stipulations, ag~eements, conditions, and covenants of said note and this madgage. are not duly. promptly, and fully performed; then in either or any s~ch event, the said aggregate ' sum mentioned in said note then remaining unpaid. with interest acctued to that time, aad all moaeys secu~ed hereby, shall become due and payable forthwith, or *hereafter. at the optioa of said mortgagee, as fully aad com- pletely as if all of the said sums of money were otiginally stipulated to be paid on such day, anything in ~aid ~ note or in this mortgage to the contrary notwithstanding; and thereupon oc thereafter, at the option of said mortga- j gee~vv ~thout notice or demand. suit at laa or in equity, may be prosecnted as if all moneys secured hereby had > mature~ prior to its institution. The mortgagee 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 together with costs, expenses,and allow- . ances. Ia case of partial foreclosure of this mortgage, the mortgaged premises shall be sold subject to the con- tinuing lien of this modgage 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 mortgagor will give immediate notice by mail to the modgagee of any conveyance, transfer, a change of awnership of 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 hereaf or of the note secured hereby. j 12. That if the mortgagor detault in any of the covenants or ag~eements contained herein. or in said note. then the mortgagee may pedorm the same, and all expenditures (including reasonable attocney's fees) mede by the moctgagee in so doing shall draw interest at the rate set forth in the aote secured hereby, and shall be repayable immediately and without demand by the modgagor to the mortgagee, and, together with interest and costs accruing thereon, shall be secured by this modgage. 13. that the mailing of a written notice or demandaddressed to tbe owner of record of the moctgaged pcemises. 4 or directed to the said owner at the last address actually fucnished to the modgagee, or directed to said owner at i said modgaged premises. and mailed by the United States mails, shall be safficient notice and demand in any ~ ~ ease arising unde~ this instrument and required by the provisions heceof or by laa. ~ !4. The mortgagor covenaats and agrees that so long as this mortg,sge and the seid note secured hereby are insured under the provisions of the National Housing Act, he will aot e:ecute or file• for recad any instrument ' which impases a restr:ction upon tbe sale or occupency of the modgaged propedy on the basis of race. color, or creed. Upon any violr~.ion of this undertaking, the matgagee may, at its option~ declare the unpaid balance of the debt secured hereby immediately due and payable. 15. The mortgagor f~uther covenants that should this mortgage and the note secured hereby not be eligible for insurance under the National Housing Act within ~tty DayO from the date hereof (written stetemeat of any officer of the Depaetment of Housing and Urbae DeveloQment or authorized egent of the Secretary of Hous- ing and Urban Development dated subseqaent to theq'b,iTty DayB time fcom the date of this modgage, ; declining to iasure said note and this mortgege, being deem~d coaclusive proof aE such ineligibility), the mortga- F gee or the holder of the note may, at its optioo. declare all sums secured hereby immediately due and payable. The covenants herein conteined shall bind, and the benefits and advaatages shall inure to, the respective i heirs, executors. administratocs. successors, and essigt~s af the parties hereto. Whenever used, the singuler num- ber shall include the plural, the plural the singular, and the use of any gender shsli include all genders. ~ t t 600K ~VO PaCE2V~ r - - t. : „y._~;,, . ~