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HomeMy WebLinkAbout1502 i~''C :t'~'''. 5. That he will pe~mit, commit. or su[fer no waste~ impairment, or deterioration ot said property o~ any part thereof; and in the eve~t o[ tl~e failure of the mortgagor to keep Ihe buildings on said premises and those tobe erected on said pcemises. o~ improvements the~eon, in good repai~. the modgagee may make such repeirs as in its discretion it may deem necessacy for the prope~ presecvation thereoE. and the full amount oE each and every such peyment shall be immediately due and payable, and shell be secured by the lien o[ this mo~tgage. 6. Thet he witl pay all and singulac the costs. charges, and expe~ses. including reasonable Iaveyer's tees. and costs of abstracts of title. incurred or peid at any time bythe mo~tgagee because of the failure on the part of the mortgagor promptly and fully to pe~fam the agreeme~ts end covertants of said'promissory note and this mort- gage. and said costs, charges. and expenses shell be immediately due a~d payable and shall be secured by the lie~ of this mortgage. 7. That he will keep the improvements now existing or hereafter erected on the mo~tgaged propedy. insured as may be cequired from time to time by the matgagee against loss by fire and other hazards. casuelties. and contin- gencies in such amounts and f~r such periods as may be requited by matgagee. and will pay promptly. when due. aay premiums on such insurance for p~yment of which provision hes ~ot beea made hereinbefore. All insurance shell be carried in companies approved by matgagee and the policies and renewals thereof shall be held by mat- gagee and have attached thereto loss' peyable clauses in favor of and in form acceptable to the mortgagee. ln event ot loss he will give immediate ~otice by mail to mortgagee. and moctgagee may make proof of loss if not made promptly by mortgagot. and each insurance company concern~d is hereby authorized and dicected to make payment for such loss directly to mortgagee instead of to mortgagor and mortgagee jointly, and the insurance pro- ceeds, or any part thereoE~ may be applied by mortgagee at its option either to the reduction of the indebtedness hereby secured or to the testoration or repair of the property damaged. In event of foreclosure of this mortgage or other transfer of title to the modgaged propecty in extinguishment of the indebtedness secured hereby. all right, title. and interest of the mortgagor in and to any insurance policies then in•force shall pass to the purchaser or grantee. ~ " 8. That the modgagee may, at any time pending a suit upon this mortgage, apply to the court having jurisdic- tion thereof foc the appoiatment of a receiver. and such coud shall forthwitl~ app~}nt a receiver of the premises covered hereby all aad singular. includiag all and singular the incotne. profits.' i~ues. aad revenues from whatever source derived, each and every of which, it being expressly understood. is hereby mortgaged as if specifically set Eodh and described in the granting and habendum clauses hereof~y~n¢ such receiver shall have all the broed and effective functions and powers in anywise entrusted by a court to a'reC~ivei~ ari~ 'spch~ ~appointment _shall be made by such court as an admitted equity and a matter of absolute right to said moctgage~.~Aiid without reference to the adequacy or inadequacy of the value of the propedy mortgaged or to the solveney en iwedveacy of saia mortgagor or the defendents. and that such rents, profits. income. issues. and revenues shall.be applied by such receiver according to the lien of this mortgage and the practice of such cowt. ln the event of any detault on the pad of the mortgagor hereunder. the moctgagor agrees to pay to the mortgagee~ on demand as a teasonable monthly rental for the premises an amount at least eq~ivalent to one-twelfth (1/12) of the aggregate ~ the tweive monthly install- ments payable in the then current year plus the actual amount oE tMe annual taxes. assessments. water rates. and insurance premiums for such year not covered by the afocesaid monthly payments. 9. That (01 in the event of any breach of this mortgage or default on the pad of the modgagor. or (b) in the event that any oE said sums of money herein referred to be not promptly and fully paid without demand or notice, or (c/ 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 either or any such event. the said aggregate sum mentioned in said note then remaining unpaid. with interest accrued to that time, and all moc~eys secured hereby, shali hecome due and payable forthwith, or thereafter, at the option of said mortgagee, as fully and com- pletely as if all oE 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 seid matga- 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 foceclose this moctgage. as to the amount so declared due and payable, and the said premises shall be sold to satisfy and pay the ssme together with costs, expenses,and slloar- E ances. In case of partial foreclosuce of this r.iortgage. the mortgaged premises shall be sold subject to the con- ~ tinuing lien of this mortgage foc the amount of the debt not then dne and unpaid. In such case the provisions of this paragraph may again be availed of theceafter from time to time by the mortgagee. ~ 10. That the mortgagor will give immediate notice by mail to the modgagee of any conveyance. transfer. or change of awnership of the premises. _ 11. That no waiver of any covenant herein or of the obligation secured hereby shall at any time thereaEter be held to be a waiver of the terms hereoE or of the note secured hereby: 12. That iE the mortgagor default in any of the covenants ~ agreements contained herein, or in said note. then the modgagee may pedorm the same, and all expenditutes (including reasonable attacney's fees) made by the modgagee ia so doing shall draw interest at the rate ~set facth in the note secured hereby, and shalt be repayable immediately and withoat demand by the modgagot to the moctgagee, and, together with interest and costs accruing thereon. shall be secured by this mortgage. . 13. that the mailin~ of a written notice a demand addressed to the owner of record of the mortgaged premises, or directed to the said ovvner at the last addcess actually furnished to the mortgagee. or directed to said orvner at . said mortgaged premises, and mailed by the United States mails, shall be sufficient notice and demand in any case arising under this instrumeat and cequired by the provisions hereof or by law. 14. The mortgagor fiuther covenants that should this mvrtga and the note secured hereby not be eligible for insurance under the Natioaal Housing Act within ~~Y~ from t6e date 6ereof (written statement ~ of any ofEicer of the Department of Housing and Urbaa Develvpment or authocized agent of the Secretery of Hous- ~ ing and Urban Development dated subsequent to~ the ~~Y y- time from the dete of this mortgage, declining to insure said aote and this mortgage. being deem~d coacCusive proof of such ineligibility), the mortga- gee or the holder of the note may, at its option, declare all sums secured hereby immediately due end payeble. The covenants herein contained shall bind, and the becefits 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 nse of any gender shall include all genders. aDOK~88 ~i49~ ~ ~ ~ - ~7 ~ ~ - ; ~ - ~ = . : m _