HomeMy WebLinkAbout2642 S. Tlwt he will perrqit. commit, ot au(tet no waste. im{~sumeet. ot detecia+~tioe ot said propeNy or pey patt
thereof; aod in the tvent ot the failure ot the n?o~t~agot to keep the buildio~s oo caid premiaas aad those tobs
ecected on said prewises. or ia~provements thereon. ia good cepoir. the mort~~ nwy make such repoirs as in its
discretion it m~y deem necessory (ot the prope~ preserv~iion the~eof, aod the tull omou~t ot each a~d eve~y such
payment shell be immediately due ood p~yable. and shall be secuced by the lien oE this mortgage.
6. That he will pey all and singular the coets. cher~es. and expenses, includ~ng ~ea~onablc l~wyer'a tees,
aad costa of abst~acts of title~ incurred or paid at any time bythe mortgagee beceuse of the tailure oe the port at
the mortgagor promptly and fully to pe~fo~m the agreeme~ta and covenants of said promissory note and this mort-
gage. and said casts. cherges, and expenses shalt be immediately due aod peyable and shall be secured by the
lien d this mortgege.
7. That he will keep the ~impcovements ~ow existing o~ hereafter erected o~ the matgaged p~operty. insured aa
may be required from time to time by the moctgagee against loss by fire a~d other haza~ds. casualties. and contia-
gencies in such amounts and for such perivds a~ a~r be requit~d bX mortgagee. and wili pey promptly. when due.
any premjums on such insurance for paym~nt of qrAkh ptovlslon ~1as not been made hereinbefore. All insurance
shall be carried in compa~ies approved by mortgagee~and the pZ1lt'ct~s and renewels thereof shatl•be held by mort-
gagee and have attached thereto loss peyeble clauses in favor of end irt form acceptable to the mortgagee. In
event of loss he wilt give immediate notice by mail to mortgagee. ar~d mortgagee mey make proof of loss if not
made promptly by mortgagor, and each insura~ce compeny concerned is heceby authorized end directed to make
payment for such loss directly to mortgagee iastead of to matgagoc and moctgagee jointly. and the insurance pro-
ceeds. or any part thereof. may be applied by matgagee at its option either to the reduction of the indebtedness
hereby secured or to the restocation a r~pair of the propedy damaged. I~ eve~t of Eoceclosure oi this mortgage a
othe~ transfer of title to the mortgaged ptoperty in extinguishme~t of the indebtedness secured hereby. all right,
title. a~d interest oi the mortgagor in and to any insurance policies then in force shall pass to the purchaser or
grantee.
8. That the mortgagee mey. at any time pending a suit upon this mortgage. apply to the court having jurisdic-
tion theteof for the appointment oi e receiver. and such coud shall fodhwith appoint a receiver oE the pcemises .
covered hereby all and singular, includina alt end singular the income. profits. issues. and revenues from whatever
source derived. each and every of which. it being expressly understood. is heceby mortgaged as if specifically set
fonh and described in the granting and habendum clauses hereof, and such receiver shell have all the broad and
efEective functions and powers in anywise entrusted by a court to a receiver, and such appointment shall be made
by such coud es an admitted equity and a matter of absolute right to said moctgagee, and without reference to the
adequacy or inadequacy of the value of the propecty mortgaged or to the solvency or 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 this modgage and the practice of such coud. In the event of any defaulC on thq pqrt.o~ th~ .
mortgagor hereunder. the mortgagor agrees to pay to the modgagee on demand as a reasonable monthly renta for
the premises an amount at least eqt~ivalent to one-twelfth (1/12) of the aggreg,et~ of the twelve monthly install-
ments payable in the then current year plus the actual amount of the annual texes, assessments. water rates. end
insurance premiums for such year not covered by the aforesaid monthly payments.
9. That (01 in the event of any breach ot this modgage or default on the part of the mortgagori or (6) i~ the
event that any of said sums oE money herein referred to be not promptly and Eully paid withoi~l demand or potice,
or (c) in the event that each and every the stipulations, agreements. conditions, and covenants of said note and
this mortgage, are not duly. promptly, end fully performed; then in either or aay such event, the seid aggregate
sum mentioned in said note then remaining unpaid, aith interest accrued to that time. and all moneys secured
hereby, shall become due and payable focthwith, or thereafter, at the option of said matgagee, as fully and com-
pletely as if all d the seid sums of money were originally stipulated to be pa~ on such day, anything in said
note or in this modgage to the contrary notwithstanding; and thereupon or thereafter, at the option of said matga-
gee, without notice or demand. suit at law or in equity. may be prosecuted as if all moneys secured hereby had
i matured priot to its institution. The mottgagee 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, expenses,and aliow-
` ances. In case of pertial foreclosure of this mortgage, the moctgaged premises shall be sold subject to the con-
~ tinuing lien of this mortgage foc the amount of the debt not then due end unpaid. In such case the provisions of
i this paragraph may again be availec} of thereafter from time to time by the mortgagee.
I 10. That the mortgagor will give immediete notice by mail to the modgegee of any conveyance. transfer, a
~ change of rnxnership of the premises.
11. That no waiver oE any covenant herein or of the obligetion secured hereby shall at any time thereaEter be
heW to be a waivec of the tenns hered or of the note secured hereby.
12. That if the mortgaga default in any of the covenants or agreements contained herein, or in said note. then
the mortgagee may perform the samg, and all expenditures (including reasonable attaney's fees) made by the
moctgagee in so doing shall draw interest at the rate set forih in the note secured heceby, and shall be repeyable
immediately end without demand by the mortgaga to the mortgagee; and; tc~gether with interest a~ costs accruing
thereoa. shall be secured by this mortgage.
13. that the mailing oE a written notice oc demandaddressed to the owner of record of the mortgaged pcemises,
or directed to the seid owner at the last address actually furnished to the mortgagee, or directed to said owner at
said modgaged premises, and mailed by the United States mails,'shall be sufficient notice and demend ia any
case arising under this instroment and required by the provisions hereaf or by lew. _
14. The moctgagoc covenants and agRees that so long as: this iqortg,age aad the seid note secured heteby are
~ insured under the pwvisions of the Netional~ Housing Act. Me aill not e:ecute or t"ile Eor record any instrument
~ which imposes a restriction upon the sale q occupancy of the moctgaged pcoperty on the basis oE race, cola, or
creed. Upon ony violatioa of this undertaking. the matgagee may, et its option, declare the unpaid balence of the
~ debt secured heceby immediately due and payable. - ~
15. The mortgegor further covenants that should this mortgage and the note secured hereby not be eligible
for insurence under the Natioael Housing Act within 3Q OAYS from the date hereof (arritten statemeat
of any officer of the Depertment d Housing and Urban Development or authaized agent of tt~e Secretary oE Hous-
ing and Urbaa Development dated subsequent to the 3 pqyg time from the date of this mortg,n~e,
declieing to insure said note and this mortgage, being dee~cenclusive.proof oE suc6 ineligibility), the mortga-
gee or the holder d tbe note may, at its optioa, declare all sums ~ecnred h~ceby immediately dua and peyable.
The covenants herein coetained shall bind, and the benefits and a$vaatages shall inure to..the respective
heirs, e:ecutocs, administrators. successors. and assigps of the ptrties hereto. Whenevet used, the singular num-
ber shall include the plural, the plural the singular. and the use of any gender shall include all genders.
gooK186 P~~~2635
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