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HomeMy WebLinkAbout2380 ~ 5. That he will permit, commit, or su(fe~ no waste, impairment, detetioration o( said prope~ty or any part thcreoE; :ind ~n the event of thc [:~iluce of the mortgago? to keep ihe buildings un said premises and those tobe erected an said premises, or improvements thereon, in good repair, the mortgagee may make such repairs as in its discretion it may deem necessary (o~ the proper p~eservation thereof, and the full amount ot each and every such payment shall be immediately due and pa~~able, and shall be secured bY the lien of this mortgage. 6. That he will pay All end singular the cacts, charges, and expense~, including reasonable lawS•er's tees, and costs of abstract~ o( title. ~ncur~ed or paid at any time bythe mortgagee.because of the failure on the part oi the mortgagor promptly and fully to perform the ag~eemcnts and co~~enants of said ~promissory note and this mort- gage, and said costs, charges, and expenses shall be immediately due and pa~~able and shall be secured by the lien of this mortgage. 7. That he vvill keep the improvements now existing or hereafter erected on the mortgaged property, insured as may be required from time to time b~• the mortgagee against loss by fire and other hazards, casualties, and contin- gencies in such amounts and for such periods as may be cequired by mortgagee, and will pay promptly, when due, any premiums on such insurance for payment of which provision has not been made hereinbefuee. All insurance shall be carried in compa~ies approved by mortgagee and ihe policies and renewals thereof shall be held by mort- gagee and have attached thereto loss payable C~AUCPC in favor o( and in form acceptable to the mortgagee. ln e~~ent of loss he w~ill give immediate notice by mail to mortgagee, and mortga~ee may make proof of loss it not rr,ade promptly b~~ mortgagor, and each insurance company concerned is hereby authorized and directed to make payment for such loss direcUp to mortgagee instead of to mortgagor and mortgagee jointly, and the insurance pro- ceeds, or any part thereof, may be applied by mortgagee at :ts option either to the reduction of the indebledness hereby secured or to the restoration or repair of the property damaged. ln event of (o~eclosure oi this mortgage or other transfer of title to the mortgaged property in extinguishment ot the indebtedness secured hereby, all right, title, snd interest of the mortgagot in and to any insurance policies then in force shall pass to the purchaser or grantee. 8. Ti~at the mortgagee may, at any time pending a suit upon this mortgage, apply to the court hav~ng jurisdic- tion therecf tor the appointa?ent of a receiver, and such court shall forthwith appoint a receiver of the prem~ses covered hereby ail and singular, including all and singular the income, profits, issues, and revenues from whatever ' source deri~~ed, each and ever~~ of which, it being expressly understood, is hereby mortgaged as i[ specifically set - [orth and described in the granting and habendum clauses hereof, and such receiver shall have all the broad and effecti~~e functions and powers in anywise entrusted by a cos~rt to a receiver, and such appointme~t shall be made by such court as an admitted equity and a matter of absolute right to said mortgagee, and without reEerence to the adequacy or inadequacy of the value of the property morigaged or to the solvency or insolvency of said mortgagor or the defendents, and that such rents, pro[its, income, issues, and revenues shall be applied by~ such receiver according to the lien of this mortgage and the practice of snch 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 reasonable monthly rental :.:r the premises an amount at least eqpivalent to one-twelfth (1!12) of the aggregate of the twelve monthly instail- ments pa~•able in the then current year plus the actual amount of the annual taxes, assessments, water rates, and ~ insurance premiums tor such year not ~overed by th~ aforesaid mo~~thly payments. 9_ That /~t in the event oE any breach of this mortgage or defauit on the part of the mortgagor, or (h/ in the ' e~~ent that any of said sumS of money herein referred to be not promptly and fully paid without demand or notice, er : in the event 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 ei!her 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, or thereafter, at the option of said mortgagee, as fully and com- ? ' pleteiS• as if all of t6e said sums of money were originally stipulated to be paid on such day, anything in said i note or in this mortgage to the contrary notwithstanding; and thereupon or thereafter, 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 ; ~ matured prior to its institution. The mortgagee may foreclose this mortgage, as to the amount so declared due and - payable, and the said premises shall be sold to satisfy and pay the same together with costs, expenses,and allow- ances. In case of partial (oreclosure 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 provisions oE this paragraph may again be availed of thereafter from time to time by the mortgagee. ~ 10. That the mortgagor will gi~~e immediate notice by mail to the mortgagee of any conveyance, transfer, or ~ change of ownership o[ the premises. ~ 11. That no waiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be r held to be a waiver of the terms hereof or of the note secured hereby. ~ 12. That if the mortgagor default in any of the covenants or agreements contained herein, or in said note, then the mortgagee may perEorm the same, and all expenditu~es (including reasonable attorney's [ees) made by the ~ mortgagee in so doing shall draw interest a: 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 ot a written notice or demandaddressed to the owner of record of the murtgaged premises, ~ or directed to the said owner at the last address actually furnished to the mortgagee, or directed to said owner at sa~d mortgaged premis~s, and mailed by the United States mails, shall be sufficient notice and demand in any ~ case arising under this instrument and required by the provisions hereoE or by law. ~ 14. The mortgagor further covenants that should this mortgage and the note secured hereby not be eligible ~ for insurance under ihe National Housing Act withio ~.~YS from the date hereof (written statement of any ofticer of the Department of Housing and Urban Development or authorized agent of the Secretary of Hous- ~ ?ng and Urban Development dated subsequent to the ~ p,pYS time from the date of this mortgage, declining to insure said note and this mottgage, being deem•~a conclusive proof of such ineligibility), the mortga- ~ gee or the holder of the note may, at its option, declare all sums secured herzby immediately due and payeble. 7'he 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 plurai the singular, and the use of any gender shall include all genders. r~ ~ ~ ~ ' ~ ~ , ~ . ~ ~ - E ~ ~ ~ >S` ~ ~ ~ - _ . . . - 3 _ J ~ ~ w?0._.= _ _ ".r.,. ..n..~~.~__.x ._~v