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HomeMy WebLinkAbout1914 ~ ; ' ' _ , t S. That he will permit. commit. o~ suE(er po wiste. i~patrmeat~ 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 premises and those tobe erected on said premises. or improvements thereor~. in good cepair. the mortgagee may make such repeirs as in its discretion it may deem necessary for the proper preservation thereof. and the full emount of each and every such payment shall be immediately due ac~d payable, and shall be secured by the lien of this mortgage. 6. That he will pay all and singular the costs, charges. and expenses, including reasonable lawyer's fees. and rosts of abstracts of title~ incurred or paid at any time bythe mortgagee because of the failure on the part of the mortgegoc promptly and fully to perform the agreements and covena~ts of said promissory note and this mort- gege. and said costs. charges. and expenses shall be immediately due and payeble and shall be secured by the lie~ of this modgage. 7. That he will keep the improvements now existing or hereafter erected on the mortgaged property, insured es may be required from time to time b~ the mortgagee against loss by fire and other hazards. casualties. and contin- ge~cies in such amounts and for such periods as may be required by matgagee, and aill pay promptly, when due, any premiums on such insurance Eor payment of which provision has not been made hereinbefore. All insutance shall be carried in companies approved by mortgagee a~d the policies and reaewals thereof shall be held by mort- gagee and have attached thereto loss payable ctauses 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 mortgago~, and each insuraece company concerned is hereby authorized and directed to make payment for such loss directly to moctgagee instead of to mortgagor and mortgagee jointly. and the insurance pro- ceeds. or any part thereof. may be applied by mortgagee at its option either to the reduction of the indebtedness hereby secured or to the restoration a repair of the prope~ty damaged. In event of foreclosure of this mortgage or other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby. all right, ; title. and interest of the modgagor in and to any insurance policies then in force shai! pass to the purchaser or ~ grantee. , 8. That the modgagee may, at any time pending a suit upon this mortgage, apply to the court having jurisdic- ~ tion thereof for the appoint~nent of a receiver. and such court shall fodhwith appoint a receiver of the premises covered hereby all a~d singular. including all and singular the income. profits. issues. and cevenues 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 receiver shall have all the broad 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 mortgaged or to the solvency ot insolvency of said mortgagor or the defendents, and that such rents, profits, income, issues. and revenues shall be applied by such receiver according to the lien of thi,s mortgage and the practice of such coaK. In the event~ of aay defeult on the part of the morEgagor hereunder;-the mortgegor egrees to pay to the mortgagee on demand as a teasonable monthly rental for the premises an amount at least eqpivalent to one•twelfth (1/12) of the eggregate of the twelve monthly install- ment$ payable in the then current year plus the actual amount of the annual~taxes, assessments, water rates, and insurance premiums Eor such year not covered by the aforesaid monthly payments. 9. That (a1 in the event of any breach of this mortgage or default on the part of the modgagor. or (6) in the event that any af said sums of money herein referred to be not promptly and fully paid witho6~ demand or notice, or (c) in the event that each and every the stipulations, agreements, conditioas, and covenants of said note and this modgage, are ~ot 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, aad all moneys secured hereby, shall become due and payable forthwith, or thereafter, at the option of said matgagee. as fully and com- pletely as if all of the said sums of money were originally stipulated to be paid on snch day. anything in said ~ note or in this mortgage to the contrary notwithstanding; and thereupon or theceafter, at the option of said mortga- ! gee, without notice or demand. suit at law or in _equity, may be prosecuted as if al! moneys secured hereby had matured prior ta its institution. The moctpgee may foreclose this mortgage, as to the amount so declared due and ~ payable, and the said premises shell be sold to satisfy and pay the same together aith costs, expenses,and allow- j ances. In case of partial foreclosure of this mortgage, the mortgaged pcemises shell be sold subject to the con- tinuing lien of this mortgage for the amount of the debt rtot then due and u~paid. In s~h case the provisions of this paragraph may again be availed of thereafter from time to time by the mortgagee. 10. That the mortgagor will give immediate notice by mail to the modgagee of any conveyance, transfer, or change of aivnership of the premises. 11. That no waiver of any covenant herein a of the obligation secured hereby shall at any time thereaEter be F held to be a waiver of the terms hered or of the note sec:ared hereby. ~ 12. That if the mortgaga default in any of the covenants or agreements contained herein, a in said note, t6en ~ the mortgagee may perform the sa~e, and all expenditares (including reasonable attorney's fees) made by the x mortgagee in so doing shall draw interest at the rate set forth in the note secared hereby. and shall be repayable ~ immediately and without demaad by the mortgaga to the modgegee, and, together with interest and costs accruing therean. shall be secured by this mortgage. ~ 13. that the mailing of a written notice or demand addressed to the owner of record of the modgaged premises, ~ or directed to the said owner at the last address actually furnished to the mortgagee, or directed to said orvner at ~ said moctgaged 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 hered ot by law. ~ 14. The modgegor covenants and agRees that so long as this mortgage and the said note secured hereby are ' z insured under the provisions of the National Housing Act. he will not execute or file foc recocd any instrument = which imposes a restriction upcm the sale oc occupancy of the modgaged prope~ty on the basis of race, cola, or creed. Upon any violation of tbis undertaking, the mortgpgee may, at its optioa, decIare the unpaid balance of the ~ debt secured hereby immediately dae and payable. ~ 15. The modgagor further covenaats that sbould this moctgage and the note secured hereby not be eligible ~ ~ Eor insurance under the National Housing Act within 30 DAYS from tbe date hereof (vvritten statemeat ~ ~ of any officer of the Department of Housing and Urban DeveloPment or author,ized agent of tl~e Secretary of Hous- ~ ~ ing and Urban Development dated subsequent to the 30 npYs time from tf~e date of this modgage, ~ ~ declining to insure said note and this modgage, being deem~~dcdEclusive proof of such ineligibility), the mortga- ~ gee or the holder af the note may, at its option, declare all sums secured ~ereby immediately due and payeble. ~ ~ The covenants herein contained shall bind, and the benefits and advantages shall inure to, the respective ~ heirs, executors, administrators, successas, and assigns d the parties hereto. Whenever used, the singular num- ! ~ ber shall include the plural, the plural the singuiar, and the use oE any gender shall include all genders. ~ ~ ~ goQK1~3 P~~19~ - ~ ~ ~ _ _ - ~ _ ~r. ~ ~~;s _ _ _ _ . . . 3 .