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HomeMy WebLinkAbout2305 ~ 5. That he wili permit. commit, or suftec oo weste. impairment, or detecioration oE said property o~ eny part the~eot; and in the event o[ the failure o~,~ mo~tgegot ~o.~~the buildings on said ptemises and those tobe erected on seid pcemises, or impcovement~ the~M1~ in good`repair~the mortgagee may make such repai~s as in its discretion it may deem necessary for the proper presenration thereot. end the tull amount of each and every such payment shell be immediately due and payeble. and shell be secured by the lien of this mortgage. 6. That he will pey ell and singular the costs~ charges, and expe~ses. including ~easoneble lawyec's fees. end costs of abstracts of title. i~curred or paid at any time by the mortgagee because of the failure o~ the pert of the mortgago~ promptly and Eully to perfam the agreements and covenants of said'promissory note and this mort- gage. and said costs. cherges. and expenses shall be immediately due and payable and shall be secured by the lien of this mortgage. ' 7. That he will keep the improvements now existiag oc hereafter erected. on the mo~tgaged propedy. insuced as may be required from time to time by the mortgagee against loss by fire and other hazards, casuslties. and contin- gencies in such emounts and for such periods as may be required by mortgagee. and will pay promptly, when due. any premiurt~s on such insurance for payment of which provision has not been made hereinbefore. All insurance shall be canied in companies approved by mortgagee and the policies and renewals thereof shall be held by mat- gagee and have attached thereto loss payable clauses i~ favor of and in form acceptable to the mortgegee. ln event of loss he will give immediate notice by mail to mortgagee. and mortgagee may make proof of loss if ~ot made promptly by mortgagor, and each insurance company concecned is heceby authorized and directed to make payment for such loss directly to modgagee instesd of to moctgagac and matgagee jointly. and the insurance pro- ceeds. or any part thereof. may be applied by mortgagee at its option either to the reduction of the indebtedness hereby secured or to the restoration or cepair of the property damaged. In event of foreclosure oE this modgage or other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby, all right. title. and interest~ of the matgagor in and to any insurance policies then in force shall pess to the purchaser or grantee. . 8. That the modgagee may, at any time pending_a suit upon this mortgage, apply to the court having jutisdic- tion thereof for the appoi~tment of a receiver. and such court shalt forthwith appoint a receiver of the pcemises covered hereby all and singular. iacluding all and singular the income, profits. issues~ and revgnues from whatever source derived~ each and every of which. it being expressly understood> is hereby inortg,aged as if specifically set forth and described in the granting end habendum ciauses hereof. and such receiver shall have all the bro~d and effective functions a~d powers in anywise entrusted by a court to a receiver, and such appointment sh~,ll be made by such coud as an admitted equity a~d a matter of absolute right to said mortgagee. aqd aitjtout ~efaet~e to the adequacy or inadequacy of the value of the propedy mortgaged or to the solvency or insolvency of said mortgagor or the defendents, and that such rents. pcofits. income, issues. and revenues shall be applied by such teceiver according to the lien of this modgage and the practice of snch coud. In the event of any deEault on ~he pad of the mortgagor hereunder, the mortgagor agrees to to the modgagee ~ demand as a reasonsble mdnth~p rental for the premises an amount at least eqpivalent to one-twelfth (1/12) of the aggregate of the twelve monthly install- ments payable in the then carrent year plus the actual amount of the annual taxes, assessments. water rates. and insurance premiums for such year not covered by the aforesaid monthly peyments. 9. That (01 in the event of any breach of this modgage or default on the part of the mottgagor. or (b~ in the event that any of said sums of money herein referred to be not promptly and fully paid without demand or ~otice. or I in the event that each and eyery 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 ell moneys secured. hereby. shall become due and payable forthwith, or thereak~r, at the option of said matgagee, as fully end com- pletely as if all of the said sums of money were originally stipulated to be paid on soch dey, anything in said note a in this mortgage to the contrary notwithstanding; and thereupon or thereafter, at the option of said matga- gee, without notice or demand, suit at law or in equity, may be prasecuted as if all moneys secured hereby had ~ matured prior to its institution. The mortgagee may foreclose this mortgege, as to the amount so declared due and ~ payable, and the said premises shall be sold to satisfy a~ pay the same together with costs, espenses.aad 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 tben due and unpaid. In such case the provisions of this paragraph may again be availed of thereafter from time to time by the mortgagee. 10. That the mortgagor will give immediate notice by mail to the modg,agee of any conveyance. transfer. oc change of ownership of the premises. ~ 11. That no waiver of any covenant herein or of the obligation secured hereby .shell at any time thereafter be held to be a waiver of the terms hereaf. or of the note secuced hereby.' 12. That if fhe moctgagor default in any of the covenants a agreements contained herein. or in said note, then the modgagee may perform the same, and all expenditutes (including reasonable attaney's fees) m~de by the mortgagee in so doing shall draw interest at the rate set fath in the note secured hereby, apd shall be cepayable immediatety and aithout demand by the modgagoc to the modgagee, and, together ~vith iaterest and costs accruing thereon, shall be secured by this mortgage. 13. that the maili,ng of a written notice oc demandaddressed to the oaner of recocd of the mortgaged premises. or directed to the said owner at the last address actually furnished to the mortgagee. or directed to said ovvaec at said modgaged premises, and mailed by the United States mails, shall be sufficient notice and demand in any case atising under this instntment and cequired by the pcovisions hereaf or by low. . 14. The mortgagor fiuther covenants that should thia mortgage and the note secured hereby not be eligible for insuraace under the. National Housing Act within 3Q QAY$ from the dote hered (written statement of any officer oE the Department of Housing and Urben Developmeat or authorized agent of the Secntary of Hous- ing and Urban Development dated subsequent to~ the ~~Y$ time from the dete of this moctgage, ~ declining to insure said aote and this mortgage, being deemed coaclusive proof of such ineligibility), tbe mortga- gee or the holder af the note may. at its option. declare all sums secured hereby immediately due and payable. The covenants herein contained shall bind, and the benefits aad advantages shall inure to, the respective heirs, executors, administrators, successas, and assigns of the pedies hereto. Whenever used, the singuler num- ber shall inclnde the plural, the plural the singular, and the use of any gender shall include all genders. _ _ w ~ ' ~ ~ u - ~ _ f-~:~ ~ .