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HomeMy WebLinkAbout2152 ~ { ~ ti ' S. Tbd be witl pe~mit. commit~ ~c s~i~o waste.'' ba~hment. a detecior~tion of ~id pwpeKy or any p~t! . thereot; aad Is the tveat oE the failure aE the mort~~oc to ke~p the buildings on said premises and those tob~ e~cted ou said premisea. o~ Impcovements thereon. in good cepo~r, the mortga~ee mey awke such cepairs es in ib dlsccetioo it eay deem necessuy ta tl~e pcope~ pcesenration thereof~ and the fnll amount oE each aad avery such payment slwll be ima~ediately due aad payable. and shall be secured by the lien cf this aaatgage. . ~6. Thaf he'wlll pay al! end aingular the coets. charges. and expensas, iacluding ceasoaable lawyer's [ees. aad costs oE abstrocts of titk~ incurred oc p4td at any time by the a~ottgagae because of the failure oa the part af the mortg~goc promptly and fully to pedaa~ the agceements aad coven~nts oE said promissory ~ote aad this mort- gage. end said costs. charges. aad expenses slwll be immediately due ead payable aad ah~ll be secured by the liea of thts mat~age. ~ 7. Tbat he will keep the improvements now existing or hereafter erected o~ the mortgaged propeety, insured es may be required fcom tiaie to time by the moctgagee aaainst lo~s by fire and other hasards, casuolties. and contin- gencies it~ such amounts and for such periods as may be required by matg~gee. and will pay promptly. when due~ any premlums on such iasurance for payment of which provisio~ has ~ot beee made heceinbefore. All insurance shall be carried in compa~ies approved by mortgagee and the policies and ienewals thereof shail be held by mat- gagee and have attached thereto loss peyable clauses in favor of and in form acceptable to the modgagee. In event of loss he vrill give immediate notice by mail to matg,sgee, and mortgagee may make proof of loss if not - made promptly by matgagoc, and each insurence company concemed is hereby authorized and d'uected to make peyment fa such loss di~ectly to mortgagee instead of to mortgagoc and mottgagee jointly. and the insucance pro- ceeds. or any pad thereof. may be applied by matgagee at its option eithec to the reduction of the indebtedness 6ereby secured ot to the restaatioa oc repair of the propedy damaged. In event of foreclosure of this mortgage or- othar transfer of tltle to the mortg,aged propecty in extinguish~eent of the indebtedness secured hereby. all right. title, and iatecest of the moctg,aga in and to any insurancs policies than in force shall pass to the purchaser « grantee. . 8. That the mottgagee a~ay, at a~ry _time pendiag a suit upon this matgage. apply to the coart having jurisdic- tion thereaE fa the appointment of a cecseivec. aad .such couct shall forthwitb appoiat a receiver of the pcemises covered hereby all and singular, including all and singular the income~ profits. issnes, and reve~ues from whatever source derived, each aad every of which, it being expressly understood, is hereby mortgaged as if specifically set fodh and described in the graating and habendum clanses hereof, a~ul such receiver shalt have all the broed and effective fu~etioas and powers in anyarise entrusted by a court to a receiver, and such appoiatment shall be made by such coud as aa admitted equity and a matter of absolute right to said moctgagee, and vvit6out reference to the adequacy or inadequacy of the value of the property mortgaged or to the solveacy or insolvency of said modgagor or the defendents, aad that such reats, profits. income, issnes, and reveaues shall be applied by such ceceiv~r according to the lien of this mortgage and the practice of snc6 coutt. In tbe event of any dcfaul; on the part of the morcgagor hereunder, the mortgagor agcees to pay to the mortgagee oa ~mand as a rea~onable monthly rental for , the premises an amount at least equivalent to one-twelfth (1/12) of tl~ aggregate of the twelv~ nthly instell- ments payable in the then current year plus the actual amount of the anaual taues, ass~~; ~ie~er rates, and insurance premiums for such year not covered by the aforesaid monthly payments. 9. That (a) in the event of any bceach of this mortgage or default on the pad of tbe mortg,agoi, or (b) in the event that any of said sums of money herein referred to be dot promptly and fn~ly paid wit~oa't demand or notice. or (c) in the event that each and every the stipulations~ agceements, coaditions, aad covenants of said note and 4his modgege, ace not duly, promptly. ~and fully performed; then in either or aay such event, the seid aggregate sum mentioned in said note then remaining unpaid, with iaterest accrued to that time, and all moneys secured 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 mon,ey were origiaally stipulated to be ~aid on sueh day, anythiag ia said note or in this awrtgage to tbe contrary notwithstanding; and thereupcm or thereafter, at the optioa of said mortga- gee, without notice or demand, suit at law or .iri equity, may be prosecuted as if all moneys secured hereby had f mat~ued prior to its instit~tion. The moctg~agee may foreclose tbis 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- ~ ances. In case of partial f~losure of this moctgage~ the mortgaged pcemises shall be sold subject to the con- ~ tinuing lien of this mortgsge fac the amount of the debt not then due and unpaid. In such case the provisions oE ~ this paragraph may agaia be availed of thereafter from time to time by the mortgagee. 10. That the modg,agor will give immediate notice by mail to the mortgagee of any conveyance, transfer, or change of ownership of the premises. ~ 11. That no araiver of aay coveaaat herein oc of the obligation secured hereby shall at any time thereafter be heW to be a waiver of the terms hereof or of the note secured hereby. ~ 12. T6at if the m~tgagor default in any of the covenants ot agreements contained hereia, or in said note, then the mortgagee may pecform the samg, and all expenditures (including reasonable attaaey~s fees) made by the - modgagee in so doing shall dtaw interest at the rate set fath in the nde secuced hereby, and s6a11 be cepayable immediately and without demand by the modgagoc to the matgagee, aad, together with iaterest end costs accruing thereoa, shall be secured by this mortgage. 13. that the meiling of e written notice ac demand addressed to the owner of record of the mortgaged pcemises, or ditected to the said owaer at the last address actually fnrnished to the modgagee, or directed to said oarnec at said modgaged premises, aad mailed by the United Stetes meils, shall he s~ficient notice and demand in any~ case arisiag under this instrmnent and required by the provisions hereof or by laa. ~ 14, Tbe moctgaga covenaats and agrees that so long_as this matg,age and the said Qote secu~ed, heteby are insured uader tbe prarisions of the Nat~onal'Housing' ~ct; he . aill not execute or file fbt itcord aay~"instrument . which imposes a restriction upoa the sele or occupency of the moctg,eged pcopedy on the besis of race, cola, or creed. Upon any violatioa of this undertaking, the matgagee may. at its optioa, declare t6e uapaid balance of the debt sec~ued hereby immediately dne and peyable. 15. The modgagor further covenaats that shonld this matg,age and the aote secured hereby aot be elig~ble f~ iesuraace uadec the Natioaal Housing Act within ~ y~ from the date heceof (written statement of say officer af the Department of Housiag aad Urbaa DeveZo~ilCor authorized agent af the Secretary of Hous- ing and Utben Development dated snbsequeat to the time from the date of this modg,age, de~lining to insu~e said nde and this mortg,age, beiag deea~d caa~c~i,siye proof a~ stu~ ineligibilitY). tbe mortga- gee or the holder af the note maq, at its option, decisre alt snnps secured heceby imaediately due and payeble. The covenants herein ~ontained shall bind, and the benefits and advanteges shall inuce to, the respective heirs, e:ecators, edministrators, successocs, and assigns d the patties'hereto.- 1/he~ever used, the siagular num- ber shell include the plural, the plurel the singular, and the use of any gend'er shall include all genders. 4~ 1~5 ~2154 t . _ _ - ~