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HomeMy WebLinkAbout1420 S. That he will prcmit. commit. or s~ffe~ no wlste~ inRq~ale . or deter~aation ot said prapetty o~ any patt thercoi; and in the event o[ the tailu~e ot the aroet~a~ot t0 Meip~he buildirtgs oa said premises and those tobe erected oe said premises, or improvements thereon. in good ~epei~. the mottgagee may make such rcpaics as in its discretion it a~y deen+ necessary (or the proper prcsenration theceut, and the full amount ot each and eve~y such payment shall be iarmediately due and poyoble. ~nd shall be secured by tha lien of this nwrtgage. 6. That he witl pey all a~d singular the costs. charges. and expenses, incl~ding ceasonable lawyer's [ees, aad costs oE abstracis of title, i~cuned or paid at eny time by the mortgagee because oI the (ailure on the pa~t of the mortgagor pcomptly and tully to perEorm the agreementa and covenants of said'p~omissory note end this mwt- gage. and seid costs. cherges. and expenses shall be immedietely due and payable and shall be secured by the lien d this matgage. . 7. That he will keep the improvements norv existing or hereafter erected on the moctgaged prope~ty. insured es may be cequired from time to time by tl~e matgagee against loss by fire and othe~ hasards. casualties. and contie- gencies in such amou~ts and for sucfi periods as may be required by mortgagee. and will pay promptly. when due. any premiua~ o~ such insurance for payment of ~rhich provision hes not been made hereinbefae. All iasarance shalt be car~ied in compenies approved by moitgagee and the policies end renewals theceof shali be held by mart- gagee and have attached thereto loss payable cleuses in fevot of and in farm acceptable to the mortgagee. In event of loss he will give immediate notice by mail to mortgagee, and moctgegee may make proof of loss it aot made promptly by mortgagoc, and each i~sucance company caxerned is hereby authorized and directed to make p~yment for such loss directly to mortgagee i~stead of to mortgago~ and matgagee jointly. and the insurance pro- ceeds, or aay part thereof. may be applied by matgagee at its option either to the reduction of the indebtedness hereby secured or to the restoration a repair oE the prope~ty damaged. In event ~ foreclosure of this mortgage or ~ other transfer of title ta the mortgaged property in extinguishment of the indebtedness secured hereby, all right. title. and interest of the mortgaga in sed to any insurance policies thea in force shall pass to the purchaser or grentee. 8. That the mortgagee may, et a~y time pending a suit upon this mortgage. apply to the court having jurisdic- tior~ thered foc tl~e appointme~t of a receiver. and such coud shall forthwith appoint a receiver of the premises coyered heceby ali a~ singular. iacluding all and singular the income, pcofits. issues, end revenues from whatever source derived, each end every of ~rhich. it beiag expressly understood. is hereby mort ~ ~d ~„iE,~pecifically set pec fodh and described in the granting and habendum clauses hereof. and such receiver s6a 1 have all the broad and effective functions and powers in anywise eatrusted by a court to a receiver. and sucb appointment shall be made by such coud as an admitted equity and a matter of absolute right to said matgugee, and with0yt refetence to the adequacy or inadequacy of the value of the Qroperty mortgaged or to the solvency ot insolvency of`said mortgagor or the defendents. and that sach rents, ptofits. iacome, issaes, and revenues shall be applied by a~h receiver according to the lien of this mortgage and the pcactice of such couct. in the event of any default on the pad of the mortgagor hereunder. the matgagor agrees to pey to the mortgagee on demand as a teasoaable monthly rental for the premises an amount at least eQ4ivalent to one-twelfth (1/12) of the aggre~ate of the twelve iooathty install- ments payable in the then current year plus the actual amount of the annual taxes. assessments. water rates, and insurance premiums for such year not covered by the afocesaid monthly payments. 9: That (a1 in t6e event of any breach of this mo~tgage or default on tl~e pad oE the modgagor, or (b) in the event that any of said sums of money herein referred to be not promptly and fully paid without demand or notice. or (~1 in the event that each and every the st'ipulatioas, agreements, conditions, and covenants of said note and this mortgage. are not duly, promptly, and fully performed; then in either or any snch event, the said aggregate sum mentioned in said note then remaining unpaid. with interest accrued to that time, and all moneys secured hereby, shall become due and payable forthwith~ oc thereaker, at the option of said mortgagee. as fully and com- pletely as if all of the said sums of money were originally stipulated to be paid on stech day. anything in said note or in this modgage to the contrary notwithstanding; and thereupon or theceafter. at the option af said matga- ; gee, aithout notice or demand. suit at law oc in equity. may be pro~ecuted as if all moneys secured l~ereby had ~ matured prior to its institution. The mortgagee may foreclose this mortgege, as to the amount so declared due and payable, and the said premises shall be sold to satisfy and p~y the same together with costs, expenses,and allow- ~ ances. In case of partial foreclosure of this mortgage, the mortgaged premises shall be sold subject to the con- ~ tinuing lien of this mortgage for the amount of the debt not then due end unpaid. In such case the provisions of E this paragraph may again be availed of i6ereaher from time to time by the mortgagee. ~ 10_ That the matgagor will give immediate notice by mail to the mortg,agee oE any conveyance. transfer, or change of ownership of the premises. i 11. That no waiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be ~ held to be a waiver of the terms hereaf or of the note secured hereby. ~ - 12. Tbat if the moctgaga default in any of the covenants a agreements contained hereia, or in said note, then ~ the modgagee may perEorm the same, and all expenditu~es (including reasonable attocney's fees) made by the ~ mortgagee in so doing shall draw interest at the rate set fath in the note secured hereby, and shall be repeyable E immediately and without demaad by the mortgagor to the modgagee, and, together with interest and costs accruing ~ thereon, shall be secured by this modgage. - ~ 13. that the mailing of a written notice a demandaddressed to the owner of tecocd of the mortgaged premises. r or directed to the said owner at the last address actually fnrnished to the mortgagee. or directed to said owner at ~ said mortg,aged premises, and mailed by the United States mails, shall be su[ficient eotice and demand in any ~ E ; case arising ander this instrument and required by the provisions hered ot by law. ' ; 14. T_he mortgagor f~uther coveaants that should this mortgage and the note secured hereby aot be eligible ~ for insuraace under the N~enal Housing Act within ~~YS fcom the date heceof (written statement of any of[icec oE the Depertment ~af NouT~ia~ an~ Urban Development or authorised agent of the Secretary.of Hous- ; ing and Urban De~elopmeat dated subsequent: to the 30~Yg - c~~ from the•date of this mortg,ege. 5 declining to insare said~i~ate and this mortgage. beiag dce conclusive proof of such ineligibility), the moctga- gee a the holder of tl~e note may, at its optioo, declare all sums secured hereby immediately due and payable. ~ ? The covenants herein canteined ahall bind. and the benefits 'aad advantages shall inure to, the tespective ° heirs, executas, administrators, successocs, and assigns d the pstties hereto. Whenever used, the singular num- ber shall inciude the plural. !he plural the singular, and the use of any ge~er shall include all genders. s ~ ~ ~ z . ~ Y ~ ~ ~.1~9 ~141~ ~ ~ ~ ~ a ~v`° , - . - Y~S; 44Yd` 'k~ J . - # ~ ~ ~ . . R,~i, h ,a.f. - C ,3j,x ~~~~2::~.r .~.v'ti'~a~. ~ ~.~.`^s.:: ~ ...,r. ,.~''F ' •,_...+~f'~fa°"rw L° .