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HomeMy WebLinkAbout1714 } , j / I ' . ~ ' ~ ~ ~ S. Tbat he •ill pe:a~It. commtt, a su~f 4p wa~t~. iqp~~ nt. a deteciontlo~ of s~ld pwpeKY at any p~tt thsceof; and In the tvent oE the t~iluc~ q[ ~tp~a~ tb k~p tt~e buildin~s oa said p~emises •nd thuse tob~ erected oa s~id prowises. or iaapcovaments t~ieo~.-rn good rep~lr. the mort~~ee awy make such cepaics as la ib dlscretlo~ it e~y deem e~ecessuy Eo~ tM pcopec p~e~ecvation the~of, and the full amouat oE each aad every suc6 ~ymeat qlwll bi Ima~ediately due and•p~yoble~ aad shall be ~ecuced by i4e llen oE this morteaee. 6. T6at he ~rlil poy all end sln~ula~ the ccsts. ch~r~es. and expenses. including reoso~able l~wye~'s Eees. aAd costs ot abstracts of title~ incurced a p~ld ~t any time by the matgagee because af the failure oa tbe part cf tl~ mortgagoc promptly aad fully to pedam the a~eements_and rovenanta of said pcoa~lsawp rtate and this mat- ga`e. and said costa. charges. and expenses shell be immediately due aad poyable and shall be secund by tbe . liea d tkls matQ~ga . ~ 7. Tbat he will keep the improvements ~~ow existing ac heresfter erected oa the moetga~ed pcoperty. Iasured as _ may be required fcom tlaae to time by !he mortgagee against loss by fire and other hasards.. ceswlties, aad coatia• geacies ip such amounts aad for such periods as may be required by moctgagee. aad will pay promptly, when due. any premiums on such insurance for peyment of which provision has not been made hereinbefore. All insurance shall be carried in compaaies approved by moctgagee and the policies and renewals theceof shell be held by mort- gagee and have attached theceto loss payable clauses in favoc of and in form acceptable to the modgragee. In event of loss he will give immediate notiee by mail to mortg,sgee: and mortgagee may meke proof of loss if not made promptly by matgaga, and each insurance compaay coacemed is hereby authorized and directed to make payment fo~ such loss dicectly to modgagee instead of to mortgagor and mortgagee jointly, and the insucance pro- ceeds. or any part theceof. mey be applied by mortgagee at its option either to the reduction of the indebtedness hereby secured or to the cestoration a repair of the propedy damaged. Ia event of foreclosuce af this mo~igage oc other. tcansfer of title to the moctg,aged ptopedy in eatingoishment of the indebtedness secuced hereby, sll right, title. aad iatecest of the mortg~aga ia and to any insuraace policies then ia face shall pess to the purchaser a grantee. ~ . . 8. That the matgagee may. at any ti~ne pending a suit upon this mortgage, apply to the court having jurisdic- tion thereaf foc the appoiatmeat af a receiver. and such couit~sball forthwith appoint a receiver of the premises covered hereby all and singular, iacluding all aad singular the incoine, profits, issues, and revenues from whatever source derived, each and every oE which, it being e:pcessly un~erstood. 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, aad such appointment shall be made by such couct as an admitted equity and a matter of absolute right to said moctgagee. and ~vithout reference to the adequacy or inadequacy of the value of the propedy mortgaged or jo the solvency or iasolve~cy of said mortgagor or the defendents; and that such rents. profits. income, issi~, aad reveaues 'shal~ be spplied by such receiver according to the lien of this mortgage and tt~e practice of such coud. In the eveat of any default on the pad of the - modgagor hereunder. the matgagor agrees to pay to the mortg~geep~ ~po~~~ a r~asonable moathly reatal for ~ the premises an amount at least eqpivalent to one-twelfth (1/12) dt' t~ a gate af the twelve uuonthly install- ments payable in the then current year plus the actual amount oE the aMual twces, assessments, water rates, and insurance premiums for snch year not covered by the aforesaid monthly peyments.. 9. That (o) in the event of any breach of this mortgage or default ai the part of the a?odgagor, or (b) in the - event that any of said sums of money herein referred to be not promptly aad fully paid without demand or notice, Qr (c) in the event that each and every the stipulations, agreements, coaditions, and covenants of said note and this mortgage, are not duly. promptly. and fully perEormed; then in either or any such event. t6e said aggregate sum mentioned in said note then remaining unpaid, with interest acErued to that time, aad all moneys secnred hereby, shal! become due and payable forthwith, or thereafter, at the optioa of said moctgagee. as fully and com- pletely as if all of the said sums of money were origiaally stipulated to be ~aid oa such day, anything in said note or in this modgage to the contrary notwithstanding; and thereupon a~ tlsereaftec, at the option of said mortga- gee, aithout aotice oc demand, suit at laar or in equity. may be pcosecuted as if all moneys secured hereby had matured prior to its institution. The moctgagee may foreclose this mortgage. as to the amount so declared due and payable, and the said premises shall be sold to satisfy and pey the same together with costs. e:penses,and allow- ' ances. 1n case of partial foreclosure of this mortgage, the matgaged premises shall be sold subject to t6e con- f tinuing lien of this modgage fot the amouat of the debt not then due and unpaid. In such case the provisions of ; this paragraph may again be availed of thereaHer from time to time by the modgagee. 10. That the mortgagor will give immediate notice by mail to the mortgagee of any conveyance, transfer, a change of oamership of the premises. - 11. That no waiver of any covenant herein or of the obligation secured hgreby shall at any time thereafter be ~ held to be a waiver of the terms hered or of the aote secured heceby. 12. T6at if the mortgaga default in any of the covenants a agreements contained hetein, or in said note, then the mortgagee may perform the samg. and all expenditures (inclnding ceasonable attorqey's fees) made by the mortgagee ia so doing shall draw interest at the rate set forth in the aMe secared hereby, and shall be repayable immediately and +avithout demaad by the mortgaga to the mortgagee~ aad; together ~vith interest end costs accruing - thereoa, s6a11 be secured by this modgage. 13. that the mailing of a written notice a demandaddressed to the onvner of recocd of the mortgaged pcemises. or directed to the said awner at the last address actually futaished to the mortg~e, oc directed to said orvaer at ~ said modgsged pcemises. and mailed by the United States mails, shall be sufficieat notice and demand in any case arising under this instrument and required by the-provisions heceaf oc by law. . 14. Tfie modgaga cavenants and agrees that so long as this mortgage and the said note secured hereby ere ins~ued ~±r the pcovisions of the Natioaal Hoasuig`Act; he will nd esec:ute dr fty^ for recocd any instrumeat ~ which imposes a restriction upoa the sale or occnpancy of the mortgaged ~opedy oa the basis of race, cola, or cceed. Upon aay Y'iolatia~ oE this undectaking, the moctgagee may, at its option, declare the unpaid balance of the debt secured hereby immediately due aad payable. 15. The mortgagor fw~ther coveaants that sha~ld this moctgege and the pote secuced hereby not be eligible for insnrance nnder the NaHonal Nonstng Act within 3O DAYS frao the date here~ (written statement of any oKicer of the Depadmeat of Housing aad Urban D~v 1Q~ e gt or authorized egeat af the Secretary of Hous- ing end Urben Develcgme~ dated snbsequeat to tbe~ 3~ ~+~YS time from tbe date af this matgage, declining to iasure said nate and tbis mortgage, being deemPd caaclusive proof -af such iaeligibility), the mortga- gee or the holder af the note may, at its optioo. declare all sums secured hereby immediately due sad payable. The covenents herein contained ahell bind, and the beaefits_ and adyantaggs ~hall inure to, the respective heirs, ezecntors, edministrators, successocs, and essigns af the part~s hereto. ~~eaevec used, tbe singular num- ber s6a11 include the plural, the plural the singalar, and the use of any geader shall inclnde all genders. 1 ~ aooKi85 P~1715 - - ~ ~ ~ _ -