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HomeMy WebLinkAbout2253 ~ ~ t • 3 s S. That he will pe~mit, comfiit, or~ sutj~ no wast~.,iqpo~lent, or detetioretion ot seid property or any part thereut; and in the event of the feilure pf tl~e'alortgagot t0'~~p the buildings oq said premises and lho~e tobe erected on said premises, ot improvements the~eon, in good repair. the mottgagee may rtwke such repeirs as in its discretion it may deem necessa~y to~ the proper preservatioe thereo(. and the [ull emount ot each a~d every such payment shall be immediately due and peyable, and shall be secured by the lien of this mortgage. 6. That he will pey all and singuler the costs. cherges. aed expenses, including reasonable lawyer's fees, end costs of abstracts o( title, incurred or paid at any time bythe mortgagee because ot the failure on the pert of the mo~tgago~ promptly and fully to pecfam the ag~eeme~ts and coveoa~ts of seid'promissory note and this mott- gage, and said costs, charges, ar~d expenses shall be immediately due and peyable end shall be secured by the lien oE this mwtgage. 7. That he will keep the improvements now existing a hereattec erected on the mortgaged property. insured as may be requiced from time to time by the moctgagee against loss by [ire and other hazards. cesualties. and contin- gencies in such amounts and for such periods as may be cequired by matgagee. and will pay promptly. when due, any premiums on such insurance [or peyment of which provision hes ~ot bee~ made hereinbefo~e. All insurance shall be carried in companies appcoved by mottgagee a~d the policies and renewals thereof shall be held by mat- gagee and have attached thereto loss payable cleuses in favor of end i~ focm acceptable to the mortgagee. In event of loss he will give immediate notice by mail to mortgagee. and mortgagee mey make proof of loss it not made promptly by mortgagor, and each insurance company concerned is hereby authorized and directed to make payment for such loss dicectly to modgagee instead of to mortgega and mottgagee jointly. end the insurance pro- ceeds. or any part thereof. may be epplied by mortgagee at its option either to the reduction of the indebtedness hereby secured or to the resto~ation or cepaic ot the property damaged. ln event of foreclosure oE this mortgage w other transfec of title to the mwtgaged property in exti~guishment of the indebtedness secured hereby, all right, titte, and interest of the mortgegar in and to any insurance policies then in force shall pass to the purchaser a grantee. _ _ 8. That the mo~tgagee may. at eny time pending a suit upon this mortgage. apply to the court having jurisdic- tion thereof for the appointment of a receiver, and such coud shall forthwith appoint a receiver of the premises coveced hereby all and singular. including all and singular the incoroe. profits, issues. and revenues from whatever source derived, each and every of which. it being expressly understood. is hereby mortgaged as if specifically set forth and desctibed in the granting and hebendum clauses hereof. and such ceceiver shall have all the broad and effective Eunctions and powers in anywise entrusted by a couct to a receiver. and such appointment shall be made by such court as an admitted equity and a matter of absolute right to said mo~tgagee. and without reference to the adequacy or inadequacy of the value of the propedy mortgaged or to the solvency or insolve~cy of said mortgagor or the defendents,' and that such rents, profits, income. .issues, and revenues shall be appl}ed by such receiver according to the lien of this mortgage and the practice of such court. In the event of any defeu~t,Q'the part of the mortgagor hereunder, the mortgagor agrees to pay to the mortgagee on demand as a reasonable monthly rental for the premises an amount at least equivalent to one-twelfth (1/12) of the aggcegate af the twe~TO~e i6on~hly install- ments payable in the then current year plus the actual amount of the annnal taxes, assessments, aeter rates. and insurance premiums for such year not covered by the aforesaid monthly payments. ~ 9. Thaf (a 1 in the event of any breach of this mortgage or default on the pad of the modgsgor. or (b) in the event that any of said sums of money herein referred to be not promptly and fully paid without~demand or notice. or (~I in the event that each and every the stipulations. agreements, conditions, and covenants of said note and this mortgage, are not duly. promptly, a~d fully performed; then in either or any such event, the said aggregate sum mentioned in said note the~ remaining unpaid, with interest accrued to that time~ and all monegs 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 originally stipulated to be paid on such day, anything in said ~ note oc in this modgage to the contrary notwithstanding; and thereupon or thereafter. at the option of said matga- ; gee, withoat notice or demand. suit at law or in equity. may be prosecuted as if alt moneys secured hereby had ~ matured prior to its institution. The modgagee may foreclose this mortgage, as to the amount so declared due and payable, and the said premises shall be solc( to satisEy and pay the same together with costs. expenses,and allow- ! 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 aad unpaid. In s~h case the provisions of ~ this paragrap6 may again be availed of thereafter from time to time by the mortgagee. 10. That the modgagoc will give immediate notice by mail to the mortgagee oE any conveyance, transfec, a change of ownership of the premises. ~ 11. That no waiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be ~ held to be a waive~ of the terms hered or of the note secured hereby.' ~ 12. That if the mortgagor default in any of the covenants or agreemeats contained herein, or in said note, then the mortgagee may perform the same, and all expenditu~es (inclnding reasonable attaney'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 without demand by the mortgaga to the modgagee. and, together with interest and costs accruing thereon, shall be secured by this modgage. 13. that the mailing of a written notice oc demandaddressed to the owner of recotd 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 modgaged premises, 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 hereof or by law. , 14. The mortgagor f~uther covenants that shonld thia matgage and the note secured hereby not be eligible ~ Eor insurence under the Natianal Housing Act wiibin from the date hereof (written statement of any officer oE the Depactment of Housing and Utban Development oc authorized agent oE the Secretary of Hous- ~ ing and Urban Development dated subsequent to~ the ~~YS time from the date of this mortgage, ~ declining to insute said note and this matgage, being deem~d conclusive proof of such ineligibility). the mortga- ~ gee or the holder d the note may. at its option, declare all sums secured hereby immediately due and.pa~qble. ~ The covenants herein contained shnll bind, and the benefits end advantages shell inure to, the cespective 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 oE any gendec shall include all genders. ~1~8 ~2249 ~ - . _ . . ~ ~ ~'~~,P~ ' y~~ ~ -~r~'~'~~'~~F~'~.._~ ~ ~ . ~3'.+t .