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HomeMy WebLinkAbout0320 i : , . ; ~ ~ ~ r , , _ ~ - S. Tlwt he will permit, caa+mit, or sufter no wastar. impairmeat. or detetiaatio~ of said pcopedy oc any part theceof; aad in the eve~t o[ the failure of Ihe mortgagoc to kcep the buildi~gs on said pcemises e~d tbose tobe erected oe said premises. or impcovea?e~ts theceon. in good repair. the moKgagee may maice such cepairs as in its disc~etion it may deem ~ecessary tor the prope~ preservation thereof. aad the full amount of each and every such paymeM shall ba immediately due and peyable. a~d shall be secured by the Uen of this aw~tgage. 5. That he wifl pay all and singutac the costs, charges. and expenses. including reasonable lawyer's fees~ and costs of abstcacts of title~ incur~ed or peid at any time by the mwtgagee because of the Eailure on the pert of the mortgago~ proa~ptly and fully to perform the agreements and covenants of said p~omisso~y note and this a~ort- gage, and said costs, cherges, aad expenses shall be immediately due and peyable and shall be secu~ed by ihe liee of this matgage. 7. Thet he will keep the improvemeats now existing or hereafter erected on tbe u~atgaged property. insured as ~ may be required from ti~ae to time by the matgager against loss by fire and other hazards. casualties, and contin- geacies in such amounts and for such periods as may be cequiced by mo~tgagee. and ~rill pay promptly. ~rhen due. any ~cemiums on such insurance for payme~t which provision has aot been a?ade herei~befote. All insutance shall be cenied in canpanies approved by mortgagee and the policies and renewals theceof shali be held by mu~t- gagee end have attached thereto loss payable clauses in [avor of ard in Eora~ acceptable to the mortgagee. In ~ ~ event ot loss he will give immedtate notice by mail to mwtg~gee. and mortgagee a~ay eaake prooE of loss if not rnade promptly by mor*.gagoc, and each insuraace compa~y coacerned is hereby authorized aed directed to make paymeat for such loss ~I~ectly to mortgagee instead of to mo~tgago~ and mortgagee jointly. a~ed the iasursnce pro- ceeds, or any part thereof. may be epplied by mortgagee at its option either to tbe reauction oE the indebtetlness he~eby secuced or to the restoration or repair of the property damaged. Ia event of foreclosure oE this mongage or other transfer of title to the mortgaged prope~ty in ~xti~guishment ef the indebtedness secured hereby, all right, ' title. and interest of the matgaga in and ~ to any insurance polici~s then in force shall pass to the purchaser or ~ g~antee. ~ 8. That the mortgagee may, at aay time pending a suit upon this mortgage. apply to the court ~aving jurisdic- ~ tion theceof foc the appointmeat of a receiver. and such court shall forthwith appoint a receiver of the premises - cove~ed hereby all aad singular, includiag all and singular the income, profits, issues. and reveaues fcom wlwtever source derived. each and every of r.•~ich. it being expressly undetstood. is hereby modg,aged as if specifically set forth and desc~ibed in the gca~ting and habendum clauses hereof, and such receiver shall have alt the broad and effective functions and poarers in anywise entrusted by a court to a receiver, and such appointa~ent shall be made - by such coud as an admitted equity a~d a aatter of absolute right to said matgagee. and without reference to the adequacy or inadequacy of the value of the p~opecty mwtgaged or to the solvency oc insolvency of said mortgagor or the defendents. and that such tents. profits. income, issues, and revenues shall be applied by such receiver according to the lien of this mortgage and the pcacfice of sach court. ln the event of any default on the part of the modgagor hereunder. the mortgagor agcees to pay to the mortgagee oc~ demand aS a reasonable monthly rental for the premises an amount at least eq~ivalent to one-twelfth (1/12) of the aggregate of the twelve monthlyinstall- ' ments ~-.able in the then cument year plus the actual amount of the annual taxes, assessments. water rates, and insurance premiums for soch year not c~vered by the aforesaid monthly payments. 9. That (n) in the event of any breach of this modgage or default on the patt of the modgagor, or (b) in the ~ event that any of said sums of money herein referred to be not promptly and fully paid without demand or notice, ~ or (c1 in the event that each and every the stipulations. agreements, conditioos, and covenants of said note and this modgage, ace not duly. promptly. and fully perforrned; then in either or any such event. the said aggregate ~ sum a~entioned in said note then remaining anpaid. with iaterest accroed to that time. aad all moneys secured S bereby, shall become due and payable focthwith, a thereafter, at the option of said mortgagee. as fully and com- ' pletely as if all a[ the said sums of money were originally stipulated to be peid on such day. anything in said note oc in this modgage to the contrary notwithstanding; aad thereupon or theresiter, at the option of said moctga- ; gee. without notice or demand, suit at law oc in equity, may be prosecuted as if all moneys secuted hereby 6ad ~ I matured prior to its institution. Tbe modgagee 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 casts. expenses,aad allow- ances. ln case of pattial foreclosure of this mortgage. the mortgaged pcemises shall be sold subject to the con- I tinuing lien of this matgage for the amount of Yhe debt aot then due aad unpaid. In such case the provisions of ~ this paragraph may again be availed of therea[ter from time to time by the mortgagee. ~ 10. That the modgagw will give immediate notice by mail to the mortgagee oE any conveyance, transfer. a chaage of awaership of the premises. . 11. That no waiver of any co~enant herein or of the obligation secuced hereby shall at any time thereafter be held to be a waiver of the terms hered or of the note secnred hereby. 12. T6at if the mortgagor default in any of the covenants oc agreements coatained herein, or in said n~te, then the modgagee may pedorm the samg. and all expenditores (including ceasonable attorney's fees) made by the mortgagee in so doing shall draw interest at the rate set fath in the note secured hereby, and shall be repayable immediately and without demand by the mortgagor 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 oc demand addressed to the owaer of record of the mortgaged premises, ~ w directed to the said aryvner at the last address actually furnished to the modgagee, or directed to said owner at said modgaged premises, and mailed by tbe United States mails, shall be sufticient notice and demand in any cese nrasiag~under this instrument aad required by the pcovisioas 6ereof or by law. 14: 1'he modgagor covenants and agrees that so long as this mortg,age and the seid note secured hereby are insured under the provisions of the National Housing Act, he will not eaecute or file for ~ecord aay instrument which imposes a restriction upon the sale or occupancy of the modgaged pcopedy on the basis of race. cola, or creed. U~?on any violation oE this undertaking, the mortgagee may. at its option, declare the unpaid balance of the debt secured hc-reby immediately due and payable. 15. The mwtgagor fucther coveaants that shc,u2d this matgege and the note secured hereby not be eligible for ineurence under the Natiaoal Housing Act within thirty from the date heted (written atatement of any officer of the Depadment of Housing and Urbaa Development a authaized agent of the Secretary of Hous- ing acKi Urban Development dateti subsequent to the thirty time from the date oE this mortgage, declining to insure said note and this mortgage, being deem•~d coaclusive pcoof of such ineligibiUty), the mortga- gee or the holder af tl~e note may, at its optioo, declare all sumr secured 6ereby immediately dae and payeble. The covenants herein castained shall bind, snd the bec~efits aad advantagea sball iaure to, the respective heics, executors, administrators, s~ccesscts, and assigns d the Qarties. hereto. W6enever used, thx singular num- ber shall include the plurel. the plnral the singular, end the use of aoy gerder shell inclode alI gen~lers_ s~169 ~ 316 , - - - : ~ . ~