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HomeMy WebLinkAbout2765 ~ , . . . 5. That he will pecmit, commit, 01 ~uf ~ wa~te~~i~~.ipnent. or deterio~ation of said p~openy or eny pa~t thereot; a~d in the event ot the failuie of~he mongago~ to keep the buildings on said premises and those tobe erected on said premises; oc improvements thereo~, i~ good repai~. the matgegee may make such repaics as in its discretion it may deem necessary fa the pcopet preservation thereo[. and the tull amount ot each and eve~y such peyme~t shall be immediately due and payeble, ar?d shall be secured by the lien of shis mortgage. 6. That he will pey all and sirtgular the costs. charges. er~d expenses. i~cluding reasonable lawyer's Eees. a~d costs of abstracts of title, incurred oc peid at any time bythe mortgagee because of the failu~e on the pert o[ the mortgagot p~omptly ac~d fully to perform the agreements and covenants of said ~pcomisso~y note and this mort- gege. and said costs. charges, and expenses shall be imaAediately due~and peyable and shall be secured by the lien aE this moctgage. 7. That he will keep the improvements ~ow existing or hereafter erected on the moKg~ged propeKy~ insured as may be required from time to time by the mortgagee against loss by fire and other hazacds. casualties. and co~tin- gencies in such amounts and for such periods as may be required by mottgagee. and will pay promptly. when due. any premiums oe such insurance [oc peyment of which provision has not been made hereinbefae. All insurance shaU be carried ia compenies approved by martgagee and the policies ond renewels thereoE shali be held by mott• gagee and have attached thereto loss peyable cleuses in favor of and in Eam acceptable to the mongagee. ln event ot loss he will give immediate notice by mail to moctgagee, and mortgagee may make ptoof o[ loss if not - made promptly by mortgaga. and each insurance compa~y concemed is hereby authocised and directed to make payment for such loss directly to mortgagee irtstead of to mortgagoc and moctgagee jointly. and the i~surance pro- ceeds, or aay pact theceoE. awy be applied by mortgagee at its option either to the reduction of the indebtedness hereby secured or to the restoration oc repair of the pcoperty damaged. le event oE foreclosure oE this mortgage or other transEer oE title to fhe mortgaged property in extinguishment of the indebtedaess secured hereby. all right. title. a~d intecest of the mo~tgaga in and to any insuraece policies then in focce shall pass to the purcheser a grantee. 8. That the matgagee may~ at any time pending a suit upon this mortgage. apply to the court having jurisdic- tion t(~ereaf foc the appointmeat oE a receiver. and such coud shall forthwith appoint a receiver of the premises coyered hereby all and singular~ includiag all and singular the income. profits, issues. and cevenues fcom whatever source derived. each and every of which. it being expressly understooa~ is,rC~e~y ~oo~tgaged as if specifically set forth and described in the granting and habendum clauses hereof. and such receiver shall have all the broad and v effective functions and powers in any~vise entrusted by a cou~f'E6 s1 l~ceiKe~ ~S ~ appointment shall be made by such court as an admitted equity and a matter of absolute rig6t ~Q said ;*nd without refecence to the adequacy or inadequacy of the value of the propedy mortgaged or to the solvenc~or insolvency of seid mortgagoc or the defendents, a~ that such rents, profits. income, issues, pad cevenues s'11`be applied by such teceiver according to the lien of this mortgage and the practice of such coutt. 1n tbe ev,odf bf sey defeult on tbe pad of the mortgagor hereunder. the mortgagoc agrees to pay to the mortgagee ~on demat~d `asfa reasonable monthly rental for the premises an amount at least eq~ivalent to one-twelfth (1/12) of the aggrega~e of the twelve monthly install- ments payable in the then current year plus the actual amount of tl~e annual taxes. assessaents, weter rates. and insurance premiums for such year not covered by the aforesaid monthly payments. 9. That (a1 in the event of any breach of this modgage or default on the pad of the madgagor. or (6) in the event that any of said sums of money herein referred to be not pcomptly and fully peid aithout demand or notice. or (c) in the event that each and every the st'ipulations, agreemeats. coaditions, and covenents of seid note and this mortgage. are not duly. promptly. and fully performed; then in either a any such event. the said aggregate sum mentioaed in said no~e then remaining unpai~, ~~vith interest accrued to that time. and ell moceys secured hereby, shali become due and payable forthwith, or thereafter, at the option of said mortgagee. aa fully and com- pletely as if ali of the said sums of money were originally stipulated to be paid on such day. aaything in said note or in this modgage to the contrary notwithstanding; and thereupon oc thereafter, at the option af said matga- gee, without nMice or demand, suit at law or in equity, may be prosecuted as if all mo~eys secured hereby had ' matured prior to its iastitution. The mortgagee may foreclose this matgage, es to the amount so declared due and ~ payable, and the seid premises shall be aold to satisfy and pay the seme together with costs. e:penses,and allow- ~ ances. In case of partial foreclosure of this matgage. the mortgaged premises shall be sold subject to tl~e con- ~ tinuing lien ~ this mortgage for the amonnt d the debt not then due and unpaid. Je anch case the provisians of this p~ragraph may again be availed of thereafter from time to time by the matgagee. ~ 10. That the inortgagor ~iill give immediate notice by mail to the mortgagee of any conveya~e, transfer, a change of ovvnership of the premises. 11. 'fhat no waiver of any covenant herein or of the obligation secured hereby shall at any ti~ae thereafter be held to be a waiver of the terms hereaE or of the note secured hereby. 12. That if the matgagor default in any of the coveaents a agceemeats coatained berein, a in said note, then the mortgagee may pedorm the samg, end all expendit~es (including reasonable attaney's fees) made by the mortgagee in so doing shall draW iaterest at the rate set forth in the note secured hereby, and shall be rep~yable immediately and aithout demand by the mortgagor to the matgagee, and, together with interest atd Costs accruing thereoa, shall be secuted by this modgage. 13. that the mailing of a written notice or demandaddressed to the o~vner af record of tht mortgaged pcemises. or directed to the said owner at the last address actually [urnished to the mortgagee. or dlrected to said o~vner at said awrtgaged premises, and nwiled by tbe United States mails, shell be snfficient notice and demend in any case acising uader this instrument and required by the pcwisions hereaf or by law. 14. The eortgagor further coveaonts that should t6is e~octgage and tLe nate secured hereby not be eligible foc insurance under the Natieoal Housina Act within ;3() Q~YS from the date I~ereof (written statement of any officer of the Depa~tmeat oI Housing end Urbaa Development or authocised agent of the Seccetary aE Hoos- ~ ing and Urban Deyelopment dated subsequent to~ tbe ~~YS time from the date of this mortgpge, declining to insure said ade and tbis matgage, being dcemPd caaclusive proof of such inelieibility). the mortga- gee er the holder d the note may, at its optioo, declare all sums secured hereby immediately due aad popble. The covenants herein contained shall biad, and the be~fits snd advaata~ees shall Inure to, tLe respective heirs, executas, administrators, successocs, and essigns d the parties hereto. Whenever used, the singulor num- ~ ber shall include the plural, the plural the singular, and the use of eny geader s}wll include all genders. ~s~s ~z7so ~.__2 _ - ~~_a~