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HomeMy WebLinkAbout1606 ~ ti - 5, That he will permit, commit, or sufEer no waste, impairment, or deterioratioa of said propert~ or any part thereof; and in the event of the failure of the mortgagor to keep the buildings on caid pre~~~ises and those tobe erected ort said premises, or improvements thereon, i~ good repair, the mortgagee may make such repairs as i~ its discretion it may deem necessary for the proper preservation thereof, a~d the Full atnount oE each and every such payment shall be immediately due and payable, and shall be secu~ed by the lien of this mortgage. 6. That he will pay all and singular the costs, charges, and expenses, including ~easonabie la~vyer's fees, and costs of abstracts of title, incurred or paid at any time by the mortgagee because uf the failure on the part of the mortgagor promptly an~ fully to perform the agreements and covenants of said promissory note and this murt- gage, and said costs. charges, and expenses shall be immediately due and payable ar.~ shall be secured b}• the lien of this mortgage. 7. That he will keep the improvements ~ow existing or hereafter erected on the mortsaged property, insured as may be required from time to time by the mortgagee against loss by fire and other hatards, casualties. and concin- gencies in such amounts and for such periods as may be required by mortgagee, and wiil pay promptly, when d~,e, any premiums on such insurance for payment of which provision has not been made hereinbefore. All insurance shall be carried in companies approved by mortgagee and the policies and rene~vaIs thereof shall be held by mort- gagee and have attached thereto loss payable clauses in favor of aad ir. form acceptable to the mortgagee. In eeent of loss he will give immediate notice by mail to mortgagee, and rnortgagee may make proof of luss if nut made promptly by mortgagor, and each insurance company concerned is hereby authorize:l and directeu to make payment for such loss directly to mortgagee instead of to mortgaga and mortgagee joint?y, and the insurance pro- ceeds, or anp part thereof, may be applied by mortgagee at its option either to the reduction of the indebtedness hereby secured or to the restoration or repair of the property damaged. In event ot foreclosure ot this mortgage or other transfer of title to the mortgaged property in extinguishment of the indebtedness ceccre : hereby, all right, title, and interest of the mortgagor in and~ to any insurance policies then in force shsll pass to the purchaser or grantee. 8. That the mortgagee may, at any time pending a suit upon this mortgage, applt to the court having jurisdic- tion thereof for the appointment of a receiver, and such court shall forthwith appoini a receiver of the premises covered hereby all and singular, including al! and singular the income, profits, issues, and re~•~nues from whatever source deri~ed, each and every of which, it being expressly understood, is hereby mortgaged as if speciEical(S~ set forth and described in the granting and habendur.~ clauses hereof, and such receiver shall ha~~e all ihe broad an~ effective functions and powers in anywise entrusted by a cou.: a recei~~er, and sach appointment sha31 be made by such court as an admitted equity and a s*~attec of absolute rigni to said morigagee, and without reference to the adequacc~ or inadequac~• of the value of the property mortgaged or to the solvency or insolvency o[ said inortgagor or the deEendents, and that such rents, profits, income, issues, and revehues sha11 be applied by such receiver according to the lien oC this mortgage and the prartice of s~ch court. In the event of any default on the part of the mortgagor hereunder, the mortgagor agrees to pa_y to the mortgagee on demand as a reason.:bte monthly rentat for the premises an amount at least equi~~alent to one-twel[th (,1%12) of the aggregate af the twelve monthll 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 aforesaid manihly paymenis. 9. That (~J in the event of any breach of this mortgage or default on the part ot the mortgagor, or .rbl in the event that any oE said sums of money herein referred to be not promptly and fully p:iid witrtout demand or notice, or ~ in the event that each and every the stipulations, agreements, conditions. and covenants of sa~d note and this mortgage, are not duly, promptly, and fully performed; then-in either or any such 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, or thereafter, at the option of said mortgagee, as fully and com- pletely as if all of the said sums of money were o:iginally stipuiated to be paid o~i such day, antithing in said ' ~ote or in this mortgage to the contrary notwiinstanding; and thereupon or thereafter, at the option ~f said mort~a- I! gee, without notice or demand, suit at law or in equity, mal be prosecuted as if all moneS~s secured hereby had ' matured prior to its institution. The mortgagee may foreclose this mortgage, as to the amount so declared due and G payable, and the said premises shall be sold to satisfy and pa}~ the same together with costs, expenses.and allov;- ~ ances. In case oE partiai forectosure of this mortgage, the mortgaged premises shail be sold subject to the con- ! tinuing lien of this mortgage for the amount of the debt not then due and un~aid. In such case the ~rovisions o[ ! this paragraph ma~• again be availed of thereafter from time to time by the mortgagee. i 10_ That the mortgagor will give immediate notice by mail to ine mortgagee of any com•e}~ance, iransfcr, or change of ownership of the premises_ 11. That no w•ai~•er of ant~ co~•enant herein or of the obligation secu~ed hereby sha:l ai any iime thereafter be I held to be a v?~ai~•er of the terms hereof or of the note secured hereby. ~ 12. That if the mortgagor default in ~~n~• o! the co~•enaRts o- agreemenis contained herein, or in said note, then ~ the mortgagee ma~• pertorm tne same, and all expenditures (inctud~ng reaso:~a5ie attorney's Eees) nade b~~ :he ~ mc:rtgagee in ~o ~ioing shall draw• interest at the ~ate set Eorth in the note secured heteby, and shall be repa~~ble I i^~^iediately~ and w?ihout demand b~• the mortgagor to the mortgagee, and, together with interest and costs accruing ~ thereon. shall be secured by this mortgage. ! 13_ t!~at 'he r:a~ling of a written notice or demandaddressed t~ !!:e o.c~er of :ecard of the ~octgageu prenises, j or ~iir~cted to the said owner at the last address actually furni~tied to the mortgagee, or directed to ~aidc~~ner at ~ said mortgaged premises, and mailed by the United States ~_*:aa:°, s~all be sufficient noticc and demand en :ir.y ! case arising under th~s instrument and required by the pro~~isions hereoE or by lau•. ~ 14. The mortgagor co~•enants and agrees that so long as this rrertg~~ge a~d E::~ said ~ote ~ecured :~c:eb•, are • insured under the pro~•~sions of the National iiousing ?ict, he will not execvte e~r file ~or :erocd an~ ir..trument w•hich ~mpusrs a restrict.on upun the sale or occupane}• of the mortgaged pmper.~ ~:n thr ba~i~ o( race c~,ior. :~r ereed. Upon an~~ vio:atton of th~s unJertakin~, the ~:ottgagee may, at tts oFt~on, „cri~rt~ ;hc ~r~~c.id L•a::~;:te t~+.i ' debt secured hereby immed~atcty due and pa~•able. 15. The mortgagor further covenants that shoutd this mortgage and ±he nate secured hercb~~ not be eligibie ; for insurance u~der the ~3ation~l Houstng Act N~~tn~n Thlr'tj~ Day$ fr:frs; t'~e ;pte ~ere•of {~~ritt.n ~tiitecnent ; u( any officer of the Uepartment of Hous~ng <~nd Utban De~•eln~~~~~ or .,uthecaz~d a~e•sit oI ttip Secrrtsr~ r~ li~~us- ~ in~ and lirban De~~elvpme~t dated subsequent to the Thirty DByS tir~e :ror.~ the d.,:e o( tkis moRKage. ` dec:~ning to insure said nute and this mortgage, being deemad ccxictustve prooi cN x tich sneligib~t~ty), the n~~rtFd- ~ee cx tne hotder c~f the note may, at ~ts opt~on, declare ali sums securcd here~~• im:*.}edi~tety due and p.?~c;bie_ The co~~en.+nts here~n conta~ned shaU b~nd, and the benetits and ad~•anta~;es sha14 inure to, the rc~Frct?~~~- ~ heus, executors, acimin~~trators, success~xs. and bss~gns uf the parties hereto. N'heneve~ used, the singuiar r.um- F t~t sha11 ?nc'.ucl~ the p;urat, !he ~~~ural t!~e :~i~iKula:. .~nd the u:e c~f an~ kenuer sha;l ~nc,u.~e al; ken~'.rr~. ~ - a ~7Q 1601 ~~0!! PAGF ~ , _ , ~ ; ~ . ~ ~~~__~.e~~ . _ ~~y~