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HomeMy WebLinkAbout1896 ~ . ~ . 5, That he will permit, commit, or suffet no waste. impai~ment. or deterioration of said property or any part thereof; and in the event of the failure of the mortga6or to keep t1?! buildings on said premices and those tobe ecected on said premises. or improvements thereon. ia good repa~r~,the modgagee may make such repairs as in its discretio~ it may deem necessary for the proper pceservation thereot. and the full amount of each and every such peyme~t shall be immediately due and payable. and shall be secured by the lien oE this mortgage. 6. That he will pay all and singular the costs. charges. and expenses. including reasonable lewyer's fees. and costs of abstracts of title. incurred oc paid at a~y time by the mortgagee because of the failure on the part of the mortgagoc pcomptly a~d fully to perfam the agceements and cove~ants of said promissory note and this mort• gage. a~d said costs, charges. and expenses shall be immediately due and payable and shall be secured by the lie~ of this mortgage. 7. That he will keep the improvements now existing oc hereafter erected on the mortgaged property~ insured as may be required fcom time to time by the mortgagee agaiast loss by fire end other hazards, casualties. and contin- gencies, in such amounts and for such periods as may be required by mortgagee. and will pay promptly, whert due. . any premiums on such insurance for payment of which provision has not been made hereinbefore. Alt insurance shall be carried in companies approved by mortgagee and the policies and renewals thereof shall be held by mort- gagee and have'attached therelo loss payable clauses in favor of and in form acceptable to the mortgagee. In 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 authoriaed and directed to make payment for such loss directly to mortgagee instead of to moctgagor and mortgagee jointly, and the insurance pro- ceeds, or any part thereoE, may be applied by mortgagee at its option either to the reduction of the indebtedness hereby secured or to the restoration ar repair of the property damaged. In event of foreclosure of this modgage or other transfer of title to the mortgaged propedy in extinguishment of the indebtedness secured hereby, all right, title. and interest of the mortgagor in and to any insurance policies then in force shall pass to the purchaser or gra~tee. 8. That the modgagee may. at any time pending a suit upon this mortgage. apply to the court having jurisdic- _ tion thereof for the appointment of a receiver, and such court shall forthwit~ appoint a receiver of the premises covered hereby all and singular. inclnding all and singular the income, Frofits. issues, and revenues from whatever source derived, each and every of which, it being expressly 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 broad and efEective functions and powers in anywise entrusted by a court to a receiver. and such appointment shall be made by such court as an admitied equity and a matter of absolute right to said mortgagee. and without reference to the adequacy or inadequacy of the value of the propedy mortgaged or to the solvency or insolvency of said mortgagor or the defendents, and that such rents. profits, income, issues, and revenue~ shall be applied by such receiver accocding to the lien of this mortgage and the practice of such court. In the event of any default on the part of the r.:ortgagor hereunder, the mortgagor agrees to pay to the mortgagee on demand as a reasonable monthly rental for the premises an amount at least ~quivalent to one-twelfth (1/12) of the aggregate of the twelve monthly install- ments payable in the then current year plus the actual amount of the annual taxes, assessments, water rates, and insurance premiums for such year nQt covered by the aforesaid monthly payments. 9. That (a) in the event of any breach of this mortgage or default on the pad of the mortgagor, 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, conditions. 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 accrued to that time. and all moneys se~ured hereby, shall become due and payable forthwith, or thereafter, 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 day. anything in said note Qr in this mortgage to the contrary notwithstanding; and thereupon or thereafter, at the option of said matga- gee. without notice or demand, suit at -law or in equity, may be prosecuted as if all moneys secured hereby had matured 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- ~ j ances. In case oE partial Eoreclosure of this mortgage, the modgaged 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 i ~ this paragraph may again be availed of thereafter from time to time by the mortgagee. ! E 10. tfhat the mortgagor will give immediate notice by mail to the mortgagee of any conveyance, transfer, or f change of ownership 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 hereof or of the note secured hereby. ; 12. That if the mortgagor defautt in any of the covenants or agreements contained herein, or in said note, then ? ~ the mortgagee may perform the same, and aI1~ expenditures (including reasonable attorney's fees) made by the s ~ 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 mortgagee, and. together with interest and costs accruing y ~ thereon, shall be secured by this mortgage. ~ ~ 13. that the mailing of a written notice or demand addressed to the owner of record of the mortgaged premises, ' or directed to the said owner at the last address actually furnis:~ed to the mortgagee, or directed to said owner at ~ i t said mortgaged 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 mortgagor 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 wili not execute or file for recortl 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 violetion of this underteking, the mortgagee may, at its option~ declare the unpaid balance ot the debt secured heceby immediately due and payable. 15. The mortgagor further covenants that should this mort~age and the note secured hereby not be eligible for insurance under the National Housing Act within ~Lhirty 1~ay from the dete hereof (written statement ' of any officer of the Depa~tment of Housing and Urban Development or authorized agent of the Secretary of Hous- ~ ing and Ucban Development dated subsequent to the j"hiity llaj3 time from the date of this mortgage, ~ declining to insure said note and this mortgage, being deem?d conclusive ptoof of such ineligibility), the mortga- gee or the holder of the note may, at its optioe, declare all sums secured heceby immediately due and peyeble. r The covenants herein coetained shall bind. and the benefits and advantages shall 'enure to, the respective ' heirs, executora, administrators, successors, and assigns of the pacties hereto: Whtnevet used, the singular num- ~ bec shat! include the plurat, the plural the singular, and the use of any gender shall include all genders. ~ ~ i ; a~ 1?2 ~iS~•A i tt t ~..1 . „nt _„~'sA.~-, ' s:x'~4:~-y-s: 5,~,?r~ ~ _ s, `^".*br~ ec,'~" ~=^o-:~.`-~ ~ ~ - t,,~..;~s~ . °s.n ~ ~r~a: -..s~r'-i~ _ .?~y"• „ -`~i~. ~a-ti~-s: .r