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HomeMy WebLinkAbout1346 . \ / . . ~ ~ _'L "I `t~ 5. Ttwt he will permit, commit. a suffet a~ Ma~e. i~epi~at; oc deteriaation oE said propeny ot a~y pad thereof; and in the event of the teilure of the moctgagot to keep tl~e buiWiags an said premises aad those tobe erccted on said premises. oc improvemeats thereoa. in good repa~r, the mottga~ee a~ay make such repairs as in its dlscretlon it ~aay deem necessary for the prope~ preservation thereoE. and the full amount of each aad every such p~yment shall be immediately due and payable~ and shall be secured by the lien of this mortgage. ~ 6. That he will pey all and singulac the casts. charges. and expenses. iacluding reasonable lawyer's fees. and costs of ebst~acts~ of title. iacuned a paid at aay time by the mo:tgagee because of the failure on the part af tbe mort~ago~ promptly and fully to perfam the agceemeats and covenants of said promiasory note and this moct- gage, ami said costs, charges, and expenses shall be immediately dae ~ad peyable and shall be secured by the liea at this matgage. 7. That he will keep the improvements now existing oc hereafter erected on the mortgaged pcoperty, insured as may be required from time to time by the moctgagee against lo~s by fice and othe~ hazacds. casualties. and coatin- gencies in such aawunts and for such periods as may be required by matgagee. aad vvill pay promptly. whea due. any premiums on snch insurance for poyment of which provision has not beea made hereinbefore. All insucance _ shell be canied in companies appcoved by mortgagee and the policies and renewals theceof shall be held by moct- gagee and have attached thereto loss payable clauses in favor of and in form acceptable to the mortgagee. Ir~ event oE loss he will give immediate notice by iaail to mortg,agee. and moctgagee may make proof of loss if not made promptly by mortgagoc, and each iasurance company coacemed is hereby authorised and d'uected to iaake payment fa such lo~s directly to matgagee instead of to matgagor aad mortgagee jointly, and the iasurence pro- ceeds. or any part thereof, may be applied by m~tgagee at its optioa either to the redaction of the indebtedaess hrreby secured or to the restoration oc repair of the pcopedy damaged. Ia event of foreclosure oE this modgage oc other trensEer of title to the mottg,aged pcoperty in e:tinguishment of the indebtedness secured heceby. all right, title, and interest of the matgaga ia and to any insurance policies then ia focce shall pess to the purchaser or grantee. 8. That the matgagee may. at any time pending a suit upon this mortgage. apply to the court having jurisdic- tion thereof for the appoinlment oE a ceceiver, and such coud shs~l fodhwith appoint a receiver of the premises covered hereby all and singular. including all and singular the iacome, profits. issues, and cevenues from whatever source derived, each and every of which. it being e:pcessly understood, is hereby modgaged as if specifically set fodh and described in the granting and habendum clauses hereo~f, and such ceceiver shall have all the braed and effective functions and powers in anywise entrusted by a court to a receiver, and such appointment 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 value of the propedy mortgeged ar io the solvency or insolveacy of said mortgagor or the defendents. and that such rents, profits, income. issoes, and revenues shall be applied by such receiver according to the lien of this modgage and the practice of such caut. tn the event of any default on the pad of the mortgagor hereunder. the mortgagor agrees to pay to the mortgagee on demand as a reasonable monthly rental for the premises an amount at least eq~ivalent to oae-twelfth (1/12) of the aggregate of the twelve monthly install- ments payable in the then current yeaz plus Lhe actual amo~nt of;~ annual taxes, assessments, water rates. and insurance premiums for such year aot covered by the aforesaid monthly p~yments. 9. That (a) in the event of any breach of this modgage or default oa the pad of the modgagor. or (b) in the event that any of said sLms of money herein referred to be iwt promptly and fully paid without demand or notice, or (c1 in the event that each and every the stipu:ations, agreements, conditions, and covenants of said note and this mortgage, are not duly, promptly. and fully performed; thea in either or aay such event, the said aggregate sum ~aentioned in said note then remaining unpaid, with iaterest accrued to that tiuie. and all moneys secuced hereby. shall becoine due and payable forthwith. or thereafter, at the option oE 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 a in this modgage to the contrary notwithstanding; and thereupon or theteafter, at the option of said matga- gee. without notice or demand, suit at law or in eqaity, may be prosecuted as if all m~aeys secuted hereby had i matured prior to its institution. The modg,agee may foreclose this mortgage, as to the amount so deciared 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 pertial foreclosuce of this mortgage, the mortgaged premises shall be sold subject to the con- tinuing lien of this mortgage fa the amouat 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, ar 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 bereby. ~ 12. That if the modgagoc default in any of the covenants or agreements contained herein, or in said note, then the mortgagee may pedorm the same, and all expe~itures (inclnding reasonable 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 immedietely and without demand by the mortgagor to the mortgagee, and, together with interest and costs accruing thereon. shell be secured by this modgage. 13. that the mailing of a written notice or demandaddressed to the owner of record of the mortgaged premises. or directed to the said rnvaer at the last address actaally furnished to the moctgegee, or directed to said awner at said modgaged premises, aad meiled by the United States mails. shall be sufficient ~otice and demand in any case arising uader this iustcument and required by t6e provisions heceof or by lew. 14. The mortgagoc coverwnts and ag~rees that ao lon~ as this mortgage and the said note secured hereby are insured under the provisions of the National Housing Act, he not execute or file for record any instrument which imposes a r4strictioa upon the sale or occupancy of the modgaged propedy on the basis of race, coloc, or creed. Upon any violatian of this undertaking. the mortgagee may, at its option, declare the unpaid balance of the debt secured hereby immediately due and payabie. 1S. The mortgagor fuctber covenaata tbat shouW this moctgage snd the note secared hereby not be eligibk for insucance under the Natioaal Housing Act within ~ pAY~ from the date hereof (written statement of any officer of the Department of Housing and Ucban Deve opmen or suthocized agent of the Secretary of Hous- ing and Urban Developmeat dated subsequent to t6e 3(~ p{~~ ' time fcom t}~ date af this moctg~a~e, declining to insure said aote aad tbis matgage. being deem'~cmclusive proof af such ineligibility), the mortga- gee or the ~older d the note moy, et its option, declare all sums secured hereby immediately due and peyable. The covenants hereio coatained shaU bind. and tl~e beneEits aad advaateges shall inure to. the respective heirs, executoca, .adwinistratocs, auccessocs, and assians d tbe p~ties heceto. Whenever used, t6e singular aum- ber shall include the plural, the plural the singular, and the use of any gender shall include all genders. d~ox1 ~6 ~~345 ~ ~ tiy~ ? _ . _ . . - ~y. . i~' ~ r":~=~ ~ ~ ~ r ~ . ~~zY~.m ~ . _