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HomeMy WebLinkAbout1688 ~ . ~ , • li ~i i y tf i ' i ~ ~ ~ + 5. That he will permit. commit. or suffer no waste~ impairment. or deterioration of said property or any part thereof; and in the event of the failure of the mortgagor to keep the buildings on said pcemises e~~d those tobe erected on said premises. o~ improvements thereon, in good cepair, the mortgagee may make such repeirs as in its dlscretio~ it may deem oeces.sary for the proper preservation thereof. and the full amount of each and every such payment shall be immediately due and payable. and shall be secuced by the lien of this mortgege. 6. That he will pay all and singular the costs~ charges~ and expenses. including ~easonable lewyer's fees. and costs of abstcacts of title~ incurred or paid et a~y time by the mortgagee because of the failure on the pert of the mortgagor promptly and fully to perform the agreements and covena~ts of seid promissory note and this mort- gage. and said costs, charges. a~:d expenses shall be immedietely due and peyable and shall be secured by the lien of this modgage. 7. That he will keep the impcovements now existing or herea[ter erected on the mortgaged propedy, insured es may be required from time to time by the mortgagee against loss by fire and other hazards. casualties. and contin- ge~cies in such amounts and for such peciods as may be required by mortgagee, end will pay promptly. when due. any premiums on such insurance Eor payment of which provision has not been made hereinbefore. Al! insurance shall be cerried 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 modgagc.~. ln event of loss he will give immediate notice by mail to mortgagee, and mortgagee may make proof of loss if not made promptly by mortgagor. and each insurance company concerned is hereby authorued and directed to make payment for such loss dicectty to mortgagee instead of to mortgagor and moctgagee jointly~ and the insurance prw ceeds. or any part thereof, may be applied by matgagee at its option eithec to the reduction of the indebtedness hereby secured or to the restoration or repair of the property damaged. In event of foreclosure of this mortgage or other transfer of title to the modgaged property in extingaishment of the indebtedness secured hereby, all right. title, and interest of the modgaga in and to any insurance policies then in focce shall pass to the purchaser or grentee. 8. That the modgagee may. at any time pending a suit upon this matgage. apply to the coart having jurisdic- tion thereof for the appoint~nent of a receiver, and such coud shall forthwith appoint a receiver of the premises covered hereby all and singular. including all and singular the income, profits, issues. end revenues from whatever source 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 hereof. and such receivec shall have all the broad and effective functions a~d powers in anywise entrusted by a court to a receiver. aad such appointme~t shall be made by such coud as an admitted equity and a matter of absolute right to said modgagee, and without reference to the adequacy or inadequacy of the val~e of the propedy mortgaged or to the solvency ot insolvency of said modgagor 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 court. In the event of any default on the pad of the modgegor hereunder. the mortgagor agrees ta pay to the modgagee on demand as a reasonable monthly rental for the premises an amount at least equivalent to one-twelfth (1/12) of the aggreg,ate of the twelve monthly install- ments payable in the then current year plus the actual amount of the annnal taxes, assessments, water rates, and insurance premiums for such year not covered by the aforesaid monthly payments. 9. That (01 in the event of any breach of this mortgage ot default on the pad of the modgagor, or (b) ir. 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, conditioas, and covenants of said note and this mortgage. are not duly. promptly. and fully performed; then in either or any such event, the said aggregate sum mentioned in said note then remaining unpaid~ with interest accraed to that time, and all moneys secured hereby, shall become due and payable Eorthwith. or thereafter, at the option of said matgagee, as fully and com- pletely as if all of the said sums oE money were originally stipulated to be paid on such day, anything in said i note or in this modgage to the contrary notwithstanding; and thereupon or thereafter, at the option of said moctga- I, gee, without notice or demand, suit at law or in equity. may be prosecuted as if all moneys secured hereby had i matured prior to its institution. The 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 costs. expenses.and allow- ances. In case of partial foreclosure of this moctgage, 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 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 immediate notice by mail to the mortgagee of any conveyance, transfer, a change of ownership of the premises. 11. That no waiver of any covenant herein or of the obligation secnred hereby shall at any time thereafter be held to be a waiver of the terms hereof or of the note secured hereby. 12. That if the mortgagor default in any of the covenants or agreements contained herein, or in said note, then the modgagee may perform the same, and all expenditures (including reasonable attorney's fees) made by the mortgagee in so doing shall draw interest at the rate set forth in the note secured hereby, and shall be repayable immediately and without demand by the mortgagor to the dttrctgagee, 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 owner of record of the mortgaged premises, or directed to the said owner at the last address actaally furnished to the mottgagee, or disected to said owner at said modgaged premises, and mailed by the United States mails. shall be sufficient notice and demand in any case arising under this instrument and required by the provisions hereof or by law. 14. The modgagoc covenants and agrees that so long as this mortgage and the said note secured hereby are insured under the provisions of the National Housing Act, he will not execute or file for record any instrument which imposes a restriction upon the sale or occupancy of the mortgaged propedy on the basis of race, color, or creed. Upon any violation of this undedaking, the mortgagee 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 insurence under the National Hoasing Act within 30 ~Y$ from the date hereof (aritten statement ~ of any officer of the Department of Housing and Urban Development or anthorized agent of the Secretary of Hous- ing and Urban Development dated subsequent to the 30 DAYS time from the date of this mortgage, ~ declining to insure said aote and this modgage, being deemPd conclusive proof of such ineligibility), the mortga- ~ gee or the holder af the note may, at its option, declare all sums secnred hereby immediately due and payable. ~ The covenants herein contained shall bind, and the benefits and advantages shall inure to, the respective heirs, executas, administrators, successors, and assigns af the padies hereto. Whenever used, the singular aum- ~ ber shall inclode the plural, the plural the singular, and the use of eny gendec shall include all genders. ~ ~ , QOOK~71 PACE1~~ - ' • - , ~ ~ _ . ~ ~ "r~'v. .c' v. n k~'`.,S X '2 _