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HomeMy WebLinkAbout2364 t ~ , _ . S, That he will pe~mit, commit. or sddfet ~~~te~: i~Qa~t, w deteriocation of said pcopeny a any pact theceof; and ia the event of the failure of the ott ago~ tdk p the buildings on said premises aAd those tobe ~ ecected on said paemises, or improvcments theceoa. in good cepair, the mortgagce may make such repairs es in its ~ discretion it may deem necessacy for the proper pceservation the~eof. end the full amount of each and evecy sucb ~ payment shell b~ immediately due aad poyable. aad shall be secuced by the lien af this awrtgage: . 6. That he will pay all and singulac thc costs~ charges. end expenses. iacluding reasonable lawyer's fees. and costs of abstracts oE title, incuned o~ pald at any time bythe mortgagee because of the failure on the pert of the mortgagoc promptly and Eully to perfam the agreements and covenants of said promissory note and this mod- gage. ~nd said costs. charges. and expenses shall be immediately due and poyable and shall be secured by the lien oE thls matgage. 7. Tbat he will keep the improvements now existing a hereaftec erected on the mortgaged pcoperty. i~suced es may be required from time to time by the mortgagee egainst Icss by fire and other bazards, casuplties, and contia- gencies in such ~mounts and for such periods es may be requiced by mortgagee, and aill pay promptly. when due, any premiums on such insurance Eor payment of which provision has not been made hereinbeE~e. All insurance shall be canied in companies approved by mortgagee and the policies and renewals thereof shall be held by mat- gagee and have attached theceto loss payable clauses in favo~ of and in form acceptable to the ~artgagee. In e~ent of loss he aill give immediate rtotice by mail to mortgagee. and mortgagee may meke proof of loss if not made promptly by mortgagor. and each insurance company concerned is hereby authorized and d'uected to make payment for such loss d'uectly to modgagee instead of to mortgagor and matgagee joi~tly, and the insurance pro- ceeds, or any part thereof. may be applied by mortgagee at its option either to the rednction of the indebtedness hereby secured or to the restoration oc repair of the prope~ty damaged. I~ event of foreclosure of this mortgage or other transfer of title to the moctgaged property in extingnishment of the indebtedness secured hereby, all right. title, and interest of the moctgagot in and to any insurance policies then in force shall pass to the purcha~er a grantee. 8. That the mortgagee a~y. 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 coud shall forthwith appoi~t a receiver of the premises covered hereby all and singular. including all and singular the income. pcofits, issues. and revenues Erom whatever soucce derived, each and every of which, it being espcessly understood, is hereby modg~ged as if specifically set forth and described in the granting and hebendum clauses hereof, and such receiver shall have all the bro~d and effective functions and powers ia anywise entcusted by a court to a receiver. end such appointment shall be made by such coud as an adroitted equity and a matter of absolute riglit to said mortgagee. aad without reference to the adequacy or inadequacy'of the value of the property mortgaged oc to the solvency a insolvency of said mortgagor or the defendents, and that such rents, pcoEits, income. issues, and revenues shall be applied by such receiver accocding to the lien of this modgage and the practice of such court. tn t1Be'etre~ 4ESa~y default on the part of the mortgagor hereunder. the mortgagor agrees to pay to the mortgagee on demand as a reasoaable monthly rental for the premises an amount at least eqpivalent to one-taelfth (1/12) of the aggregete oE the twelve monthly instell- ~ ments payable in the then current year plos the actual amount of the annual tsxes, assessments. water rates. and insurance premiums for such year not covered by the aforesaid monthly peyments. 9. That (o) in the event of any breach of this modgage or deEault on the pad of the modgagor. or (6) in the event that any of said sums of money herein referred to be not promptly and fully peid aithou't demand or notice. or (c) in the event that each and every the stipulations~ agceements, conditions, and covenants of said note and this modgage, are not duly, promptly, and fully performed; then in ei: er or aay such event. the said aggregate sum mentioned in said note then cemaining unpaid, with intecest acccued to that time, end all moneys secuced hereby, shall become due and payable forthwith, or thereaker. 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 k note or in this modgage to the contrary notwithstanding; and theceupon or thereafter, at the option of said matga- i gee. without notice or demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby bad ~ matuced prioc to its institution. The modg~agee 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 witb costs, expenses,and allow- ances. In case of partial foreclosure of t6is mortgage~ the mortgaged pcemises shall be sold subject to the con- tinuing lien of this mortgage for the amaunt 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 modg,agee. 10. That the mortgagor will give immediate notice by mail to the modgagee of any conveyaxe. transfer, or change of ownership of the premises. 11. Thet no waiver of any covenant herein or of the obligation secured hereby shall at any time theceaEter be held to be a weiver of the tecros hereof oc of the aote secured heceby. 12. That iE the mortgagor default in any of the covenants or egceements contained 6erein, oc ia said note, then the mortgagee may pedorm the samg, and all expenditnres (inclnding reasoneble attorney's fees) made by the mortgagee in so doing shall draw intecest at the rate set forth in the note secuced hereby. end shall be repoyable immediately and~without demaad by the mortgagoc to the mortgagee, and, togethet with intecest and costs accruing thereon, shall be secnred by this mortgage. 13. that the mailiag of a written notice a demand addcessed to the oWnet of recocd of the mortgeged premises, or directed to the said owner at t6e last address actually furnished to the modgagee, er directed to said awaer at said modgaged premises, and mailed by the United States mails, shall be snfflcient notice and demand in any case atising uader this instrument and t~eqnired by the pcovisions hereoE or by law. ~ ' 14. The mortgega cavenants snd agcees that so long as this mortg,age and the said note secnred hereby are ~ insured under the provisions of the Nationel Hwlsiag Act, he iviU nd e:ecute or flle fa record any instrument which imposes a restriction upon the sale or occupaecy of the mortg,aged property ~n the basis of race, cola. or cceed. Upon any violatioa of this undertaking, the mortg,ugee may, at its optioe, declare tbe uapeid balance of the debt secured hereby immedietely due aai payable. IS. The modgagor further coveaaats tbat should this moctgage oad the aote secnred hereby aat be elig~ble for insuraace under the.Natianal Honsing Act witbin fcom the date hereof (aritten statement of any officer d the Departaieat oE Honsing aad ~rban Developmenf or authaized agent af the Secretary of Hous- ing and Urban Development dated subsequeat to the 30 ~ time from the date af thia mortgsge, decliniag to insure seid aote and this mortgage, being deem~d canclnsive ptoof of sncb ineligibility), the modga- gee oc the 6older of the note aiay, at its optioa, declare all sums secur~d 6ereby immediately dne and payable. - The coveaants herein coMained ahall bind, and the beaefits and advantages shall inure to, the respective heirs, executors, administratas, s,nccessors, end assigns of the padies ~ereto. Wheneva used, the singnlar num- ber shali include the plurel, the plural the singuler, and the use of any gender shall incl~e all genders. d00K~~1J PA~E~iVl~l - - - - :