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HomeMy WebLinkAbout2344 ~ ~ . , ~ i 5. Thet he will permit, commil, or sutfe~ no waste. impeirment, ot dete~ioratio~ ot said ptopcHy or any pert thereof; and in the event of the (ailure ot the mortgegoc to keep the buildin~s on said premises and those tobe erected oo said premises. or imp~ovements theceon. in good repei~. the mortgegee mey make such repairs as in its discretian it may deem necessary for the proper pceservation thereof. and the tull amou~t of each and every such payment shall be immediately due and payable, and shall be secured by the lien ot this moctgege. 6. That he will pey all and si~gular the costs. charge~, e~d expenses. including ~eeso~able lawyer's tees. end costs of abstracts of title, incuned or paid at eny time bythe moctgageebecause oE the failure on the pert ot the mortgagor p~omptly and [ully to perfocm the agceements and covenonts of said'promissory note and this mott- gage, and said costs, charges, and expenses shall be immediately due and peyeble arid shali be secured by the lien af this mongage. 7. That he will keep the improvements now existing or hereafter erected on the modgaged property. insured as may be required from time to time by the matgagee against loss by fice and other hazards. casualties, end contin- gencies in such amounts and for such periods as may be required by mottgagee. aad witl pay promptly. when due. any premium~ on such insurance for peyment ot which provision has ~ot been made he~einbefore. All insurauce shall be carried in ~companies appcoved by mortgagee and the policies and renewals thereof shell be held by mat- gagee and have attached thereto loss payable clauses in favor of and in foran accepteble to the mortgegee. In event of loss he will give immediate notice by mail to modgagee. and mottgagee may make proof of loss if not made promptly by mortgagor. and each insurence company concerned is hereby euthocized and directed to make payment for such loss directly to modgagee instead of to mortgagor and matgagee jointly. end the insurance pra ceeds. or any part thereof. may be applied by matgagee at its option either to the redaction of the iedebtedness hereby secuted or to the restoration or repair of the property damaged. In event of foreclosure of this mortgage or other transfer of title to the mottgaged propetty 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 pess to the purchaser a grantee. 8. That the moirtgagee mey. at any time pending a suit upon this mortgage. apply to the court having jurisdic- tion thereof Eor the appointme~t of a receiver. and such court shall forthwith appoint a receiver of the premises covered hereby all and singular, including all and singular the income, profits. issues, a~d revenues from whatever source derived. each end every of ahich, it being expressly understood, is hereby mo~tgaged as iE specifically set forth and described in the grenting and habendum clanses hereof, and such ceceiver shail have all the broad and effective tunctions and powers in anywise entrusted by-a court to a receiver. and such appointment shall be made by such court as an admitted equity and a metter of absolute right to said moctgagee. and without reference to the adequacy or inadequacy of the value of the property mortgaged or to the solvency or iasolvency of said moctgagor or the defendents, and that such rents, profits. income, issues, and revenues shall be applied by such ceceivec according-to the iien of this modgage and the practice of such coud. In the event of any default on the part of the mortgagor hereunder. the mortgagor agrees to pey to the modgagee on dea~and as a reasonable monthly rental for the premises an amount at least eq~ivalent to o~e-twelfth (1/12) of the aggcegate of the twelve monthlyinstall- ments payable in the then current year plus the actual amount of the annual taxes, assessments. watec rates. and insurance premiums for su*h year not covered by the aforesaid monthly peyments. 9. That (o`In the ev~nt ~~py~~rsach of this mortgage or default on the pad of the mortgagor, or (b) in the event that any of sai~ sums of money herein referred to be not promptly and Eully paid without demand or notice. or (cl in the evertt that each and'every the st'ipulations. agreements. conditions, and covenants of said note ac~d this mortgage, ar~ not duly. promptly. and fully performed; then in either ot any such event. the said~aggregate sum mentioned ia said note then remaining unpaid, with interest accroed to that time. aad all moneys secured hereby. shall becaoe due and payable Eorthwith. or thereafter, at the option of said mortgagee, as fnlly and com- pletely as if all of the said sums of p~oney were origiaally stipulated to be paid on such day, anything in said note or in this mortgage to the,co~raty n0twithstanding; and theceupon or thereafter, at the option of seid matga- gee, without notice or demand. suit at law or in equity, may be prosecuted as iE ali 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 pcemises shall be sold to satisfy and pay the same together with costs. e:penses.and allow- ; ances. In case of partial foreclosure of this moctgage, 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 of this paragraph may again be availed of thereafter from time to time by the mortgagee. 10. That the modgegor will give immediate notice by mail to the modgagee of any conveyance, transfer, 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 waiver of the terms hereof or of the note secured hereby.' 12. That if the mortgagor default in any of the covenants a agreeaients contained herein. or in seid note, then the mortgagee may perform the same, and all expenditutes (including reasonable attaney's fees) made by the mortgagee in so doing shall draw interest at the rete set fath in the note secured hereby, and shall be repayable immediately and without demand by the mortgagor to the mortgagee, and. together with intecest and costs accruing thereon, shall be secur~d by this mortgage. 13. that the eneil~ng of a written notice ar demand addressed to the oaner of record of the mortgeged premises. or directed to the sqid owner at the last address actually furnished to the moctgagee. or directed to seidoaner at said modgaged premises, and mailed by the Unite~ States mails, shall be sufficient notice and demand in any case acising under this insttument and required by the pcovisions hereof or by la~v. . 14. The mortgagor further coveaants t6at shoald this mat age and the note secured hereby not be eligible . for insurance under the National Housing Act within ~ Q~~S from the date heceoE (written statement _ of any officer of the Department of Housing and Urbaa Devel ment ot authorized agent of the Secretary of Houa- ing and Urban Develop~eat dated subsequent to the ~~Y$ time from the date of this mottg,age. . declining to insure said note ead this mortgage, being deem~d canclusive proof of such ineligibility). the mortga- gee or the holder of the note may, at its option. declare ali sums secured hereby immediately due and payable. The covenants herein contained shall bind, and the benefits and advanteges shall i~ure to. tlie cespective heirs, executors, administrators, successo~s, and assigns d the padies hereto. Whenever used, the singular ~um- ber shai; include the plural, the plural the singnlar, and the use of any gender shpll include all genders. ~~i~ , y!.^~ , i~ s e L~ - .}_r~ ~ .