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HomeMy WebLinkAbout2744 • V~ i • Y , / ~ • ~ S. T~t ht will ps~mlt~ caamit. a.~uflq ~~asR~. ~ttua~nt. or deteciaation cE said pcoperty or any p+~~t thtreol; Rad in tb~ went cf tM f~iluro d tNrC" ~`vt~r tl~ buiWieKs oe said peemises aad t6as~ tob~ eract~d on said qe~ts~s. ot l~pcove~aeats tbtceoa. ia ~ood ~tp~ir. the moet`,s~ae awy make such rep~irs as in iu disce~etio~ it deee necessuY fo~ tl~ propec p~esenratioa thereet. ~nd t1~e Eull •mount ot e~ch and eve~y sucb p~yaent shall 6~ im~aediately due ~nd p~yable. ~nd sl~all be s~cured by t6e liea oE tbis ~eoct~a~e. 6. Tbat b~ will p~y ail ~nd slasul~r t-he casts. char~es. aad expenses. iacluding ceasaa~ble lawyer's fees, aad coata of abstrac~s of title, iactuted or pa~d ~t aay time by the mat~~~e because of the failuce on the p4tt at the mat~ga pcomptly u~d futly ~o pe~E«o che a~eeea~encs •ad covenaats of said promissory note aad this moet- Qp~e. and said costs. cl~erges. ad expeases sball be im~adiately due and poy~ble at~d shall be secured by tbe lien d this moetg~~e. 7. Tlwt he will keep the improvemeata noa existing a he~eafter erected oa tbe mortgra~ed propeKy. iasured as m~y be raquired Erom time to time by tl~ matgagee agalnst loss by Elre aad othec hesards. casuolties. and coatiu- geacies in such amouats aad for such peciods as awy be requiced by matg~gee. and will pay promptly, when due, any prea~Iun~s oa such insurance for peyme~t of wbich proviaio~ has aot been made hereiabefore. All insurance shall be caaIed in componies approved by aiatgagee and the policies and renevvals thereof shall be held by mat- gagee and have attached thereto loss peyable claases in favoc of snd i~ focm . acceptable to the mortg~agee. Ia eve~t of loss he vvill give immediate aotice by mail to m«tg,egee. aad mortgagee may make proof of loss if not made pcomptly by matgaga. and each iasuraoce caopaay coacemed is hereby authorised and d'uected to make pay~aent fa such loss dicectlq to moetga~ee iastead of to matgagar and matgagee jointly. and the insurance pro- ceeds, or any part theceof. may be applied by matgagee at its option either to the rednction of the indebtedaess 6eceby secured oR to the cestoratlon a cepelr cf the propedy damaged. Ie eveat af faeclo~ure af this modgage or ' other tcaasfer of title Lo the awdpsed propedy ia e:tinguishment of the indebtedness secuced hereby, all right, title.. and intecest of the mortga~oc ia and to any insurance policies then in force shall pass to the purchaser or grant~e. 8. Thst tbe matgagee may, at aay time pending a suit upon this mortgage. apply to the court having jurisdic- tion thereai for the appointmtnt of a ceceivec. aad such court shall focthwith appoiat a receiver of the premises covered hereby all and singular, includiag all and siaguler the income. profits, issues. and revenues from whatever source derived, each and every of which, it being espcessly understood, is hereby moctg,aged as if specifically set fodh and described in the granting and habeadum cleuses hereof. end such ceceiver shall have all the broed and effective functioas aad powers ia anywise entrusted by a court to a receiver, and such appointment shall be made by such court as aa admitted equity and a aaattet of absolute right to said matgagee. and aithout refecence to the adequacy oc iaadequacy of the value of t6e. propedy m~tgaged or to the solvency a~ insolvency of said mortgegor or the defendeats, .and that s~ch rents. profits. income, issues. and revenues shell be applied by such receiver according to We liea of this mortgage and th~ practlce of such court. In the event of any default oa the pad of the mortgagor hereunder. the moctgaga agcees to ~pQy to the moctgagee oa demand as a reasoaable moathly rental for the premises an aawunt at lesst eq~ivalent to orie-t~velfth (I/12) of the aggreg,ate of tlie twelve moathly iestall- ments payable ia the then curren j~e actnel smotuit of the aanual ta:es. assessments. water rates, and insurance premiums for such yea~n~C~~C~~by the aforeseid monthlY PeYments. 9. That (o) in the event of any bceacb of this modgage Qr defanlt oa the- pad of the modgag~, or (b) in the event that any of said sams oE money lreteia referred to be aut promptly and fully paid withou`t demand or notice, or (c) in the event that each and every the stip~lations. agxeements, ca~ditioas~ and covenaats of said note and ~ this modgage, are not duly, promptly. aad fully performed; then in either oc any s~ch event, the said agg~egate sum meatioaed in said aote then remaining iwpaid, with interest aocrued to that time, aad all moneys secured hereby, shall become dne and peyable forthwith, o~ thereafter, at the option of seid mortgagee. as fully aad com- pletely as if all af the said sums of money were originally sfipulated to be -peid on such day, anything in said s note a in this modgage to the contrary aotvvithstanding; and thereupon oc thereafter, at the option of said ma[tga- . ~ gee~ without notice or demand. suit at lsw or in equtty, may be prosecuted as if all moneys secured heceby had matuted prioc to its iastitution. The mortg,agee may foreclose this mortgage. as to the amount so declared. due and ~ payable. and t6e said -pcemises shall be sold to satisfy and pay the same togethec with costs, e:penses,and allow- ances. Ia case of pertial foreclosnre oE this mortgage, fhe modgaged premises shell be sold subject to the con- tinuing lien of this mortgage for tlie amount of the debt not then due and unpaid. Ia such case the provisions of this peragraph may ag,ain be availed of thereafter from time to time by the modgagee. 10. That the mortg,agoc will give immediate notice by mail to tbe modg,agee of any conveyance, traasfer, or chaage of oqvnership d the premises. 11. That no waiver of aay covenant hecein or of the obligation secuced hereby shall at any~time thereafter be held to be a vraiver of the terms hereaf or of the aote secuced 6eceby. 12. Tbat if the matgagor default in any of the coveaants or agreements contained herein. or in said note, then the mortg~gee may pedocm the samg, end all expenditnres (i~ludiag reasonable attoraey's fees) mede by the martgagee ia,so doing shalt draw interest at the rate set fath in the aote secured hereby. pnd shall be reFayable immediately and rvitlwut demaad by the mortgagor to the mortgagee, and, togetber with iaterest and costs accruing - thereon, s6a11 be secnred by this modgage. 13: tlwt the mailing of a written-aotice or demand addressed to tbe owaer of recocd _of the matgaged pcemises, or dicected to the said a~raes. at the last addcess actuelly farnished to the moctgagee, or directed to said owner ei ~ said ~ mortg,oged peeaisee. and mailed by the Uaited Statea mails, sball be sufficient notice and demand ia any case arising uader this iastcument and required by the provisions hereof or by laMr. 14. Tbe modgaga -coveaaats aad s¢ees that gb'loag as this mortg,ege and the s~id note ~secared bereby are insured under t6e provisions of the National Housing Act, he will not execute or file Eor recocd any instrument whic6 impoees a ~estriction npon the sale oc occupaacy of the mortg,aged propedy on the besis of race, cola, or creed. Upon any violatiae of this undectakiog, the mortgagee may, at its option, declare the unpaid balance of the debt secnred hereby immediatety due and payable. 1~. The mostgagor furthec covenants that should this aad tbe note secured hereby not be eli~ible foc ins~raace under the Natiaosl Housing Act within ~~K . from .th4 date heceof (r?ritten ststement of any officer af tbe Departmeat of Housing and Ucban Development oc- a~horised egent of the Secretary of Hous- ~ ing and Urban Development dated subsequeat to the ~j~~ time fcom the date af this mortgage, declining to inanre said aoC! u~d -thia mort8age. beia6 deemPd coac~ t$sive proof of such ineligibility), the modga- gce a t6e hol~r af tbe aota may, at its optloa, declare all sums secured hereby immedistely due and peyable. The covenants.hereia contained shall biad, and the benefits sud adveata~es shall iaure to, the respective heirs. eucatas, adminiatratas, suocessas, and assigns d the parties heceto. Whenever used, tbe singuler aum- ber shall include the plnnl, the pl~ual the singular, and the use oE twy gender shail iaclude ell genders. ~ ~~~185 P~~274? _ > . . - . - ~ .