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HomeMy WebLinkAbout0309 ~ ~ 5, '['hat he will pecmit, commit, or ~ufter no weste, impaitment, ot deterioration ot said propetty or any part ; thereo(; and in the event of the [oilure of the mortgagor to keep the buildings on said premises and those tobe ecected an said premises, or improvements thereon. in good cepair, the mortgagee may make such ~epai~s as in its discretion it may deem necessary for the pcoper preservation thereo[, and the lull amouot o[ each and every such payment shall be immediately due and payable, and shall be secured by the lien of this mortgage. 6. That he wil! pay all and singular the costs, charges, and expenses, including teasonable lawyer's fees. and cost~ o[ abstcacts of title, incurred or paid at any time by the mortgagee .because of the tailure o~ the patt oE the mortgagor promptly and fully to perfocm the agreements and covenants of said 'promissory note and this mort- gage, and said costs, charges, and expenses shall be immediately due and payable and shall be secured by the lien ot this mortgage. 7. That he will keep the improvements now existing or hereatter ecected on the mortgaged pcopeny. insured as may be required fcom time to time by the mortgagee against loss by fire and othe~ hazards, casualties. and contin- gencies in such amou~ts and for such periods as may be required by mortgagee, and will pay promptly, when due. any premiums on such i~surance for payment of which provision has not been made herei~betore. All insurance shall be carried in companies approved by mortgagee and the policies and renewals theceof shall be held by mwt- , gagee and have attached theceto loss payable clauses in favor of and in form acceptable to the modgagee. ln event of loss he will give immediate notice by mail to morigagee. and mortga~ee may make proof of loss if not ~ made promptly by mortgagor, and each insurance company concerned is heceby authorized and directed to make payment for such loss directly to mortgagee instead of to mortgagor and matgagee jointly. and the insurence pro- ceeds, or any part thereof. may be applied by mortgagee at.its option either to the reduction oE the indebtedness hereby secured or to the restoration or repair of the property damaged. In event of foreclosure ot this mortgage oc other transfer of title to the mortgaged property in extinguishment of the irdebtedness secured hereby. all right, title. and interest oi the mortgagoc 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 mortgage. apply to the court having jurisdic- tion thereof tor the appointment of a receiver. and such coud shall forthwith appoint a receiver of the premises covered hereby all and singuler. including all and singular the income. profits. issues~ and revenues from whatever source derived, each and every oE which, it being expressly understood, is hereby ~oct ~ed as if specifically set forth and described in the granting and habendum clauses hereof, and such receiver s~gfl have all the broad a~ eifective functtons 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 matter of absolute tight to said modgagee. a~ with~t reference to the adequacy or inadequacy of the value of the property moctgaged or to the solvency ot insOlvepcy of said mortgagor or the defendents, and that such rents, profits, income, issues, a~d cevenues shall be applied by such receiver according to the lien of this mortgage and the practice of such court. In the event of any defaulf on fhe 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-tweltth (1/12) of the aggcegate of the twelve monthly install- ments payable in the then current year plus the actual amount of the annual taxes. assessments. water rates. and insurance premiums for such year not covered by the aEoresaid monthly payments. 9. That f~1 in the event of any breach of this mortgage or default on the part of the mortgagor. 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 (cJ in the event that each and every the st'ipulations, agreements. conditions. and covenants of said note and this mortgage, are not duly, promptly, and fully performed; then irt eithec or any such eve~t, the said aggregate sum mentioned in said note then remaining unpaid, with interest accrued to that time, and all moneys secured hereby, shall become due and payable fotthwith, 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 a in this modgage to the contrary notwithstanding; and thereupon or thereafter. at the option ~ said martga- gee, without notice or demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby had matured prior to its institution. The mortgagee may foreclose this mortgage, as to the amount so declared due and payable, and the said premises shall be sold to satisfy and pay the same together with costs, expenses,and allow- ~ ances. In case o[ partial forerlosure of this mortgage. the mortgaged premises shall be sold subject to the con- E 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 modgagee. I 10. That the mortgagor will give immediate notice by mail to the mortgagee of eny 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 modgagor default in any of the covenants or agreements contained herein, or ie said note, then the mortgagee may pedorm the same, and all expenditutes (including reasonable attocney'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 v?ithout demand by the mortgagor to the modgagee, and, together with interest and costs accruing ~ thereon, shall be secured by this mortgage. 13. that the mailing of a written notice or demandaddressed to the owner of record of the mortgaged premises, or directed to the said owner at the last address actually furnished to the mortgagee. or directed to saidaavner at said mortgaged 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 modgagot further covenants that should tl~is moctgage and the note secured hereby not be eligible ~ for insurance under the National Housing Act within t~Tty L~;> Erom the date hereof (written statement ~ of any officer of the Department of Housing and Urban bevelopment or authorued agent oE the Secretary of Hous- ' ing and Urban Development dated subsequent to~ the 1j'l~tt' Days time from the date of this mortgage, ~ declining to insure said note and this mortgage. being deemad conclusive proof oE such ineligibitity), the mortga- ; gee or the holder of the note may, at its option, declare all sums secured hereby immediately due and Qaysble. ~ The covenants herein contained shall bind, and the beneEits and advantages shall inure to, the respective heirs, executors, administrators, successas, and assigns of the parties 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. ~ • ~ ~ ~ ~ ~ R ~ eo~189 ~ 349 ; . ~ ~ ~ . _ ~ ,r _ ~ ~ y~ ~ ~ ~ ~ ~ _ r~~-~.~- , ~ .