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HomeMy WebLinkAbout1813 . e • : f ~ , That he will pe~mit, commit, or suffer no v?~aste, impt~irment, ar deterioration of said prope~ty or any p~+rt thereaf; and in the c~~ent of the tailure of the mortg~gor to keep ihe buildings on said premises and those tobe erected on said premises, o~ impro~•ements thereon, in good repair, the mortgagee may make such rep:ii~s as in its discr~tion it may deem necessary for the p~oper p~eservation thereof, and the full amount of each and every such payment shall be immediately due and payabie, and shall be secured by the lien of this mortgage. 6. That he will pay all and singular the costs, charges, and expenses, including reasonable lawyer's fees, and costs o[ abstrncts of title, incurred ar paid at any time bythe mortgaqee.because uf the failure on the part of the mortgagor promptly and tully to per[orm the ag~eements and covenants of said promissory note and this mort- gage, and said costs, charges, and expenses shall be immediately due and payable and shal! be secured by the t lien o[ this mortgage. 7. That he w~ill keep the improvement~ nou existing or hereafter erected on the mortgaged property, in~ured as : may be required from time to time b~• the mo~tgagee against loss by fire and other hazards, casualties, and contin- ~ gencies in such amounts and 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 hereinbeEore. All insurance sh:~ll be car~ied in companies appeo~~ed by mortgagee and the policies and renewals thereof shall be held by mort- gugee and ha~~e attached thereto loss ~yable clauses in (avor of and in form acceptable to the mortgagee. in ; e~~ent o! loss he wilt give immediate notice by mail to mortgagee, and mortgagee may make ptoof of loss if not ' aiade promptly b~~ mortgagor, and each insurance company concerned is hereby authorized and directed to make pa~~ment Eor such loss directly to mortgagee instead of to mortgagor and mortgagee jointly, and the insurance pro- - ceeds, or an~~ part thereof, may be applied by mortgagee at its option either to the reduction of the indebtedness ~ hereb~~ secured or to the restoration or :cpair o[ the property damaged. In event of foreclosure oE this mortgage or other transfer of title to the moitgaged property in extinguishment o( the indebtedness secured hereby, all right, s : t~tle, and interest of the mortgaga in and to any insurance policies then in force shall pass to the purchase~ or i 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 appo~ntment of a receiver, and such court shall torthwith appoint a receiver ot the premises ~ covered hereb}~ all and singular, including all and singular the income, profits, issues, and revenues from whatever p tiou~ce derived, each and every of which, it being expressly understood, is hereby mortgaged as if speciEicatly set 5 forth and described in the granting and habendum clauses hereof, and such receiver shall have a!1 the broad and ` effecti~•e functions and powers in anywise entrusted by a court to a receiver, and such appointment shall be made ~ bp such court as an admitted equity and a matter of absolute right to said mortgagee, and without reference to the } adequac~• or inadequacy of the value of the property mortgaged or to the solvency or insolvency oE said A~ottgagor ~ or the defendents, and that such rents, profics, income, issues, and revenues shall be applied by such ~eceiver :~ccording to the lien of this mortgage and the practice of such court. In the event of any default on the part of the ~ mortgagor hereunder, the mortgagor agrees to pay to the mortgagee on demand as a reasonab?e monthly rental for the premises an amount at least equivalent to one-twelfth (1~22) of the aggregate of the twelve monthlyinstall- ments payable in the then current year plus the actual amount of the annual taxes, assessments, water rates, and insurance premiums for such yeat not covered by the aforesaid monthly payments. 9. That i in the event of any breach of this mortgage or default on the part of the mortgagor, or ~I,/ in the e~•ent that an}~ of said sums of money herein referred to be not promptly and fully paid without demand or notice, or ~ in the e~~ent that each and every the stipulations, 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, shall become due and payable forthwith, or thereafter, at the option of said mortgagee, as fully and com- ~ i pletely as if ali of the said sums of money were originally stipulated to be paid on such day, anything in said z ; note or in this mortgage to t!~e contrary notwithstanding; and thereupon or therea[ter, at the option of said mortga- ~ ; gee, without notice or demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby had i matured prior to its institution. The mortgagee may foreclose this mortgage, as to the amount so declared due and ~ pa}•able, and the said premises shall be sold, to satis[y and pay the same together with costs, expenses,and allow- ~ ances. In case of partial foreclosure of this mortgage, the mortgaged premises shail be sold subject to the con- ~ tinuing lien of this mortgage Eor the amount oE the debt not then due and unpaid. In such case the pro~isions of ~ this paragraph may again be availed of thereafter (rom time to time by the mortgagee. 10. That the mortgagor will give immediate notice by mail to the mortgagee of any conveyance, transfer, or ~ change of ownership of the premises. ~ 11. That no waiver of any covenant herein or of the obligation secured hereby shall at any time therea[ter be held to be a waiver af the terms hereof or of the note secured hereby. 12. That if the mortgagor default in any of the covenants or agreements contained herein, er in said note, then the mortgagee may perfocm the same, and ~11 expenditu~es (including reasonable attorney's fees) made by the mortgagee in so doing shall draw interest at the rate set forth in the note secured hereby, and shall be repayable ~ immediately and w•ithout demand by the mortgagor to the mortgagee, and, together with interest and costs accruing thereon, shall be secured by this mortgage. ~ 13. that the mailing of a written notice or demand addressed to the owner of record of the mortgaged premises, or directed to the said owner at the last address actually furnished to the mortgagee, or directed to said owner at ~ said mortgaged premises, and mailed by the United States mails, shall be sufficieot notice and demand in any case arising under this instrument and required by the provisions hereof or by law. S 14. The mortgagor further covenant~ that should this mortgage and the note secured herebv not be eligible b for insurance under the Nationai Housing Act within S~~y DAYS from the date he~eof (written statement of an}• officer of the Department of Housing and Urban bevelopment or authoriaed agent of the Secretary of Hous- ing and Urban Development dated subsequent to~ the :..;:TY • time from the date of this mottgage, `~i declining to insure said note and this mortgage, being deemed conclusive proof of such ineligibility), the mortga- gee or the holder of the note may, at its option, declare all sums secured hereby immediately due and payeble. ~ The covenants herein contained shail 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 lural, the lurai the sin ular, and the use of an ender shall include all ~ p p g y g genders. ~ ~ ~ ~ # ~ ~ aooK187 PA~i813 ~ ~ . ~ _ _ _ ~ `~'~~~_c3-,'a.~. . ~r"?C`.~~r"~_..esr .