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HomeMy WebLinkAbout2857 s ~ S. That he will pe~mit. cwnmit, or sufter no wasle. impairment, ot deterio~ation of said p~openy o~ any pan thereot; and in the event oI the tailure oE the mortgagor to keep the buildings on said premises and those tobe erected on said p~emises. or improvemeots thereon. in good repair. the matgagee may rtwke such ~epairs as in its disccetion it awy deem necessacy~to~ the proper preservation the~eo[, and the full amount d each and evecy such paymeet shall be immediately due and peyable, aed shall be secured by the lien ot this mortgege. 6. That he will poy ell and singuler the costs. cha~ges, and expenses. including reasonable lawye~'s tees. and costs oE abstracts of title, incurced ot paid at any time by the mottgagee .because of the failure on the pert of the mo~tgagor p~omptly aad folly to perEam the agceements and covenants of said'promissory note and this mort- gage, and said rosts. checges, aad expenses shall be immediately due end peyable a~d shall be secured by the lie~ of this mottgage. 7. That he will keep the improvements now existi~g or hereafter ecected on the mortgaged prope~ty. iosuced es may be required fwm time to time by the mortgagee agai~st loss by fire and other hasards~ casualties. and contin- gencies in such amounts and for such periods as may be required by matgagee. and will pay promptly. when due. any premiums oo such insurance for poyment of which provision has not been a~ade hereinbefore. All insurance shall be carried in companies epproved by mortgagee and the policies ond renewals theceof shall be held by mat- gagee and have attached thereto loss psyable cleuses in favoc of and in form acceptable tothe mo~tgagee. ln event of loss he will give immediate notice by mail to moctgegee. and moctgagee may meke proof of loss if not made promptly by moctgagor. and each insurance company concer~ed is heceby authorized and dicected to make payment for such loss directly to mortgagee instead of to mortgagor aod mortgogee joiatly. and the iesurance pro- ceeds. or aay part thereof. awy be applied by mortgagee at its optio~ either to the rednction of the indebtedness hereby secured or to the restoration ot cepeir of the property daaiaged. In event of Eoreclosure of this mortgage oc other transEer of title to the mortgaged property in extinguishme~t of the indebtedness secured hereby. ell 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 mortgagee may. at any time pending a suit upon this matgege. epply to the court having jurisdic- tioe thereof for the appointment oE a receiver. and such court shall fodhwith appoi~t a ceceiver of the pcemises covered heceby all and singulat. includi~g all and singuler the inco~ne. profits. issues. and ceve~ues from whatever source derived, each and every of which. it being exp~essly undecstoad. is hereby mortgaged as if specifically set fodh and described in the grenting and habendum clauses hereof. end such receive~ shall have ell the broed and effective Eunctions and powers in anywise entrusted by a couct to a receiver. and such appointment shatl be made . by such court as an admitted equity and a matter oE absolute cight to said moctgagee. aod without reference to the adequacy or inadequacy of the value of the propedy mortgaged or to the solvency o~ i~solvency of said n~ortgagor or the defendents, end that such cents. profits. i~come. issues, and revenues shall be applied by sach receiver according to the lien of t6is modgage e~d the practice oE such coud. In the event of any default on the pert of the mortgagor hereunder. the matgagor agrees to pay to the mortgagee on demand as a reasonable monthly ~ental for the premises an amount at least eqpivalent to one-twelfth (1/12) of the aggcegate of the twelve monthly install- ments payable in the then current yeac plus the actual amount of the annual taxes. assessments. water rates. end insurance premiums for such}~ear not covered by the aforesaid monthly peyments. 9. That (o) iN':the~ evenf oP a~i b~~pch oE this mortgage or default an the pad of the mortgagor. or (b) in the event that any of said sums of money herein referced to be not promptty end fally peid without demand or notice, or (~1 in the evept that each and eve-ry ~'he stipufations. agreements. conditions, and coveaants of said note and this mortgege, are not daly. pmmptly; -and fully perfora~ed; then in either oc aay such event. the said aggregate ~ sum mentioned in said note thep ~e~a~ining uapaid, with interest accrued to that time. and all moneys secured hereby, shall become due and payabk forthwith. a thereafter, at the option of said a~atgagee. as fully end com- , ~ pletely as if all of the said ~ sums of money wece origi~ally stipulated to be peid an snch day. anything in said ~ note or in this modgage to the cQnttoe~9~ ?ithstanding; and thereupon or thereafter. at the option of said matga- gee. without notice or dema~d.~sntt'et~ Taw or in equity. mey be prosecuted as if all moaeys secured hereby had , matured prior to its institution. The modgagee may forecl~e this moctgage. as to the amount so declared due end ' payable. and the seid pcemises shall be sold to satisfy and pey.the same together with costs. expenses.and allow- ~ ances. In case of partial foreclosure oE this moctgage, the moctg,aged ~emises shall be sold subject to the con- tinuing lien of this mortgage for the amount of the debt not then due aad unpeid. In such case the provisions of this peragraph ~aay again be availed d thereafter from tia~e to time by the matgagee. 10. That the modgegor will give immediate notice by mail to fl~e moctg,egee of any conveyance. transfer. oc change of ownership af 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 waivec of the terms heceof or of the note secured hereby.~ _ 12. That if the moctgagor default in any aE the covenants a agreemeats coatained herein. a in said nde. then the mortgagee may perform the samg. and all expenditu~es (including reasonable attaaey's Eees) made by the mortgagee in so doing shall draw interest at the rate set forth in fhe note secured hereby, pnd shali be repayable immediately aad arithout demand by the moctgaga to the mortgagee. end. together ~vith interest and costs accruing thereon. shall be aecured'by this mortgage. 13. that the maili~g oj a arritten notice oc demand addressed to fhe oarner of record aE the mortgeged pcemises, oc directed to the said awner at the last eddress actually tacnished to the mwtgagee~ o~ dicected to saidawner at said mortgaged pcemifes. and m~iled by t4e United States mails. shall be sofficieat notice and demand in any case acising under this iastrument and requiced by the pcavisions hereoE or by law. 14. The moctgagor further coveaaats t6at shonld this oatgage aad the note secured hereby aot be eligibk ~ for insurancc uader the National Housiag Act wiWia~ from the d~te beceaf (written stateatient ! of any officer af the Depa~tment of Housing and Utban Devel ment or a~horised agent of t6e Secretary of Hous- 7 ~ ing and Urban Development dated subsequent to the ~~Y$ time from the date oE this mortgage. ~ g gage, being deemad caaclusive proof of such ineligibility). the mortga• ~ ~ declinin to iesure saM note and this mat gee oc the holde~ of the note may. at its optioa. declare all sums ~ecured hereby immediately due and poy~ble. The covenants herein contained sholl biad. and the benefits aad advontages s6a11 inure to, the ce~pective heirs, executas, administcato~s, successors. and assigns d the podies hereto. Whenever used, the singular num- ber shall include the plural. the plural the singular. and the use of any gender shall include all genders. 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