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HomeMy WebLinkAbout0232 ; • 5. That he will permit, commit, ot su[(er no waste, impairment, ot deterioration ot said property or any patt thereot; and in the event of the failure of the moitgagor to keep the buildings on said premises and those tobe erected on said p~emises, or improveme~ts thereon, in good repair, the morigagee may make such repairs as in its discretion it mey deem neces~ary tor the proper preservation thereuf, and the [ull amount o[ each and every such payment shall be immediately dae and payable, and shall be secured by the lien o[ this mortgage. 6. That he will pay all and singular the costs, charges, and expenses, including ceasonable lewyer's [ees, and costs of absttacts of title, incucted or paid at any time bythe mortgagee.because of t'he failure on the part of the mortg:igor promptly and fully to perform the agreements and covenants of said'promissory note and this mort- gage, and said costs, chacges, and expenses shall be immediately due and payable and shall be secured by the lien of this mortgage. 7. That he will keep the impr~vements now existing or hereafter erected on the mortgaged property. insured as mey hp reauired trom time to time by the mortgagee against loss by fite and other hazatds, casualties, and contin- gencies in such amounts und for such periods as may be required by mortgagee, and will pay promptly, when due, any premiums on such insurance for payment of which provision has not been made hereinbefore. Alt insurance shall be carried in zompanies approved by mortgagee and the policies and renewals thereof shall be held by mort- g:~gee and have attac•hed thereto loss payable clauses in favor of and in form acceptable to the mortgagee. ln event of loss he will give immediate notice by mail to mortgagee, and mo~tgagee may make proof of loss if not made promptly by mortgagor, and each insurance company conceroed is hereby authorized and directed to make payment [or such loss dicectly to mortgagee instead o( to mortgagoc and moctgagee jointly. and the insurance pro- ceeds, or any part thereo[, may be applied by mortgagee at its option either to the reduction of the indebtedness hereby secured or to the restoration or repair o[ the propecty damaged. ln event of foreclosure of this mortgage or other ttansfer oE title to the mortgaged propetty in extinguishment of the indebtedness secured hereby, all right, title, and interest of the morigagor in and to any insurance policies then in force shall pass to the purchaser or grantee. 8. That the mortgagee may, at any time pending a suit upon this mortgage, apply to the court having jurisdic- tion thereof for the appointment of a receiver, and such court shall forthwith appoint a receiver of the premises covered hereby all and singnlar, including all and singular the income, profits, issues. and revenues from whatever source derived, each and every ot which, it being expcessly understood, is hereby mortgaged as if specifically set forth and described i~ the grenting a~d habendum ~lausPS hereof, and such receivet shall have all the broad and effecti~~e functions and powers in anywise entrusted by a court to a receiver, and such appointment shall be made by such court as an admitted equity and a matter of absolute right to seid mortgagee, and without reference to the adequacy or inadequacy~ of the .value'oE the pc~erty mortgaged or to the solvency or insolvency of said mortgagoc oc the defendents, and that such tenis~ pro[its,~ income, issues, and revenues shall be applied by such receiver according to the lien of this mortgage and the practice of such court. In the ev~nt of any de[ault on the part ot the mortgagor hereunder, the mortgagor agrees to pay to the mortgagee on demand as a reasonable monthly rental for the premises an amount at lea~t~ eqpivale4t ,to, ane-twelfth (1/12) of the aggregate of the twelve monthly install- ments payable in the then curred't yt~f plns th~ bctual amount of the annual taxes, assessments, water cates, and ~nsurance premiums for cuch year not coverad by the aforesaid monthly payments. 9. That J in the event of any breach of this modgage or default on the pan of the mortgagor. or (b~ in the event that any of said sums of money ~erein referred to be not promptly and fully paid without demand or notice, or r~ ~ in the event thpt eacb and eve~r the 'st'ipulations. agreements, conditions, and covenants of said 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, shalf become due and payable forthwith, or t6ereafter, 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 such day, anything in said note or in this modgage to the contrary notwithstanding; and thereupon or thereafter, at the option of said moctga- gee, with~ut notice or demand, suit at law or in equity. may be prosecuted as if all moneys secured hereby had matured prior to its institution. The mortgagee may foreclose this mortgage. as to the amount so deciared due and payable, and the said premises shall be solc~ to satisfy and pay the same together with costs. expenses.and allow- E 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 and unpaid. In such case the_~rea-is~ns of r this paragraph may agein be availed of thereafter from time to time by the mortgagee. ~ 10. That the mortgagor will give immediate notice by mail to the mortgagee of eny conveyance, trans[er, ~ ~ change of ovenership of the premises. - ~ 11. Thai no waiver af any covenant herein or of the obligation secured hereby shall at any time thereafter be hetd to be a wai~er of the terms hereof or of the note secured h~ereby. 12. That if the mortgagor default in any of the covenants or agreements contained herein, or in seid note, then the mortgagee may perform 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 shaU be repayable immediately and without demsnd by the mortgagor to the mortgagee, and, together with interest and costs accruing thereon, shall be secured by this modgage. 13. that the mailing of a written notice or demandaddressed to the owner of record of the mortgaged premises, or directed to the said owner at the last addces~ actually furnished to the modgagee, or directed to said owner at said mortgaged premises, and mailed by the United States mails, shall be sutficient notice and demand in any case arising under this instrument and required by the provisions hereof or by law. 14. The mortgagor further covenants that shoald ~~~p~t¢a~e end the note secured hereby not be eligible iLSaj iIa)~ ~ for insurance under the National Housing Act within from the date hereof (written statement ~ of any otficer of the Depanment of Housing and Urban Dg~J~~nt or authorized agent of the Secretary of Hous- ~ ing and Urban Development dated subsequent to~ the ~~7 e~ time trom the date of this mortgage, ~ declining to insure said note and this mo~tgage, being deem•~d conclusive proof of such ineligibility), the mortga- gee a the holder d the note may, at its option, declare all sums secured he~eby immediately due and payeble. ~ The covenants herein contained shall bind, and the benefits and advantages shall inure to, the respective ~ heirs, executors, administrators, successors, and assigns of the parties hereto. Whenever used, the singular num- ~ ber shall include the plural, the plural the singular, and the use of any gender s6a11 include all genders. ~ 800K ~v~ ~ ~rV~r - - _