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HomeMy WebLinkAbout1076 f ; ~ 5, 'T'hot he will permit. comm~t, a sutfet eo w~ste. iapoi~meal. or deteriar~t~oe ot said ptopetty or any pa~t • the~eof; and in the event o[ the tailurc o( 1he mortg~~o~ to keep the buildin~s on s~id ptemises and tlwse tobe erected oe said pcemises. w improvements thereo~, io good rep~ir, the a~o~t~a~ee may make such repoics as in its discret~on it n~y drem necessary fo~ the pioper p?eservatioe thereot. •nd the tull •awuet o( e~ch and every such payment shall be immediately due and poyable, ~nd shall be secured by the lien of this mortga~e. 6. That he wil! pay ~11 and singular ihe costs, charges. and expeeses, including ~sonable lowye~'s fees. ~ and costs of abstrects oE title, incumd or paid at any time by the mortga~ee becaust of the f~ilurc o~ the part of the mortgagor promptly and tully to pe~fam the agreements and covenants of stiid ~pcomissory note and this mort- gage, and said costs, clwrges, and expenses shall be immediatcly due and poyable and shall be secured by the lien d this mortga~e. 7. That he will keep the improvements nowr existsng oc hereattec ecected on tde mortgaged propedy. insured as may be requiced from time to time by the matgagee ~gainst loss by [ire end ott~e~ lwzards. casuatties. and contia- gencies in such aawunts and [or such periods es nwy be requiced by matgagee. at~d ~?ill poy ptanptly. when due. ~ny premiuas on such insurance for payment of which pwvision has not been made heceinbefoce. All insurance shall be canied in compaaies approved by matgagee and tbe policies and renewals theceof shalt be held by mort- gagee and have attached thereto loss payable cleuses in favoc oi and in focm acceptable to the mottgagee. In event of loss he will give immediate notice by mail to matgagee. ard aaortgagee may make proof of loss it ~ot made promptly by mortgagor. and each insurance company concerned is liereby authaized and directed to make payment for such loss directly to mo~tgagee instead of to matgagac and aw~tgagee jointly. and the insurance pro- ceeds. o~ any pad thereot. may be applied by mortgagee at its optioe eithec to the ced~ction of tl~e i~debtedness hereby secured or to tt~e restoration a repair d ti~e pcopedy damaged. 1~ event of Eoceclosure o[ this mortgage or other transfer d titk to the mo~tgaged propedy in extinguishnxnt of the indebtedness secured he~eby. all right. title. and interest of the matgagor in and to any insurance policies then in fo~ce shall pass to the purchaser or gra~tee. 8. That the matgagee awy, ot any tia~e pending a suit upoa this mortgage. apply to the court heving jurisdic- tion tbered for the appointment of a receiver. and such court shall forthwith appoint a receiver of the p~emises co~ered hereby all and :ingular, iacludiag all and singular the iacome. profits. issues. aad revenues fcom whetever source derived, eac6 aad every of ~vhich. it being expressly understood. is heceby mortgaged es if specifically set forth and descsibed ia the gtanting and habendum clauses heced. and such receiver shall lwve all the broed and effective functions and powers in anywise enlrusted by a~artrt ~o a tee~iveq~aqd such appointment shall be made by such court as an admitted equity and a a~atter of absolute rigiit to said ~6ee, and without referec~ce to the adequacy oc inadequacy of the value of the property mortg,nged or to the splvency oc insolvency oE said mortgaga oc the defendents, and that such rents, profits, income. issnes, aad rev~en~es shall be applied by such receiver according to the liea of this mortgage and the pcactice of such caut. In th~ event of any default on the ped of the mortgagor hereuRder, the mactgagoc agrees to pey to the matgagee en dee~nd as a reasoaable monthly rental for the premises an amount at least eqpivalent to one-tvvelfth (1/12) of the aggregate of the taelve monthly install- ments payable in the then current year plus the actual amount-oE the.aaanal /a~ees. assessments. water rates. and insurance premiums Eor such year not coveted by the afo~esaid monthly peymeats. 9. That (01 in the event of any breach of this mortgage or default on the pad of the mortg,agor. or (b) in the rvent that arty oE said sums of maiey herein referred to be not promptly aad fully peid withwt demand or notice, or !c1 ia the event that eac6 aad every the stipulations,~ agreements, coaditioas. and covenaats of said aote and this matgage. are not duly. promptly, aad fully performed; then ia eit6tr or any such eveat, the said aggcegate sum mentioned ia said note then remaiaing uapaid. vvith iaterest accrued to that time, and all moneys secared hereby, shall become dua and payable focthwith, or thereaker. at the option of said matgagee. as fully and com- pletely as if all oE the said suffi of money were originally stipulated to be p~id oa such day. anything in said note o[ ia this mortgage to t}ee contriuy ndwithstaading; aad thereupon ot thereafter~ at the option of said mo[tga- ' gee, without notice or demand, suit at law or ia equity. may be prosecuted as if all mooeys secured hereby had E matured pria to its institution. The mortg,9gee may fo:eclese this mo~tgage. as to the amount so declared due and - ! payable, and the said premises shatl be sold to satisfy aad p~y the same together wit6 costs, expenses,and allaov- ances: In case of pertial forecl~ure oE this matgage. the mottgaged pemises slu~ll be soW subject to t6e con- ~ tinuing lien ~ t6is martgage fa the amount d t6e debt nd then due and unpaid. Ia such case the provisions of this paragraph may agaiu be availed of tl~ereafter from time to time by the matgagee. ~ 10. That the mrntgagor will give immediate ootice by mail to tbe mortg,agee of any coaveyance. transfer, a ~ change of awnership of the ptemises. 11. That no waiver of any covenant hercin or of tiK obligatioa secured hereby shall at any time thereafter be held to be a waiver of the terms hered or of tbe note secured heteby.~ 12_ T6at if tbe mortgaga default in any of the covenants oc agceements contaiaed herein, a in said note, then _ the mortgagee m~y pedorm the same. and all ezpeaditu~es (including reasonable attocaey's fees) made by the mortgagee in so doing shall draw interest at the rate set fat6 in the aote secured hereby. and shall be repeyable immediately and aithout demand by the moctgaga to the mortgagee, and. t~ether ~rith interest and costs accruiag thereoa, sball be secured by this roorlgage. ' 13. that the mailiag of a written ndice ar demand addressed to t1~e owner d recacd of the mortgaged premises, ar directed to the said ovvper at the'last address actually furnished to the mortgagee, oc directed to saido~rner at said mortg,aged p~emises. and mailed by the United Statea mails. shall be su~Eicient notice and demand in any case arisiag undec this instrua~eat a~ required by the pravisions heted oc by laa. 14. T6e mortgagor farther cove~ants that should this moctgage an~d the note sec~ued hereby not be eligible for insuraace under the Natiooal Housing Act within 3Q ~y~ from tbe date bereof (vinitten statement ~ of any officer d the Departmeet oE Housing and Urbon Devel ment or authaized agent d tbe Secretary d Houa- r ing and Urban Development dated subsequent to the ~j ~ time from the date of this moctg,age, ~ declinins to insure said nde and this mortgage, being deeopd caaclusive proof d such• ineligibility). the mortgrr- ~ gee or the holder d tbe note may, at its optioo, declue all sums secured hereby immediately due aad papble. 7'he covenants hereia cantained shall bind, and tbe beaefits and advaata~es sball inuce to, the cespective ~ heirs, e:ecutors. administratas, successocs, end assigns d the padies hereto. Wheaever used, the singular num- ~ ber shall include the plural, ti~e plural the singular, and the use of any gender shall include all ~enders. ~ ~ ~ ~ ~189 ~10?3 . a"~.,~e _ . _ . . _ . . . . . < y - ~ ~`4j ~ - ~ ~.r;z : ' ~~s ~ ~ ~.~~-~'~~.~.~=.s.. . .