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HomeMy WebLinkAbout1134 ; 5 That Ae w~~ll permN, commit, o~ sutffc no weste. t~pairN?ent, w detrr~cxat~on of sa~d pro~cty w anp part thereu[, and ~n thc event of ~the fa~lu~e'oi lht mOttgaga to keep the build~~gs on said premises and those tobe e~ected on sa~d prem~ses, ot ~mprovemeets thereon, se good repair, the mottgagee ma~• make such repeics as in its discret~on it may deem necessarp for the proper presenation theceot, a~d the (ull amouet o[ each and every such pa~•ment shell be ~mmediately due and pe~~abie, and shell be secured b~ the lien ot this mortgage. 6 That he vvill pa}~ all and singular the costs, chacges, and expenses, includ~ng ~easooable lewyer's tees, and cacts of abst~acts ot title, incurred o~ paid at any time bythe mo~tgagee because ot the failure on the part ot the mo~tgago~ ptomptly and (ully to pertorm the ag~eements and covena~ts of said pcomissory nde and ihis moct- ~ gage, and said costs, charges, and expenses shall be immediately due and payable and shall be secured by the ~ lien af th~s morigage. a 7. That he will keep the improvements noK existing a hereafter erected on lhe mortgeged property. insured as may be required tcom time to time b~• the moctgagee agaiast loss by fire and other hazards. casualties, and contin- genc~es in such amounts and tor such periods as may be required by moctgagee, and ~rill pay promptly, when due, any premiums on snch insurance for peymeot of which provision has not been mede hereinbefore. All insurance shall be carried in companies approved by moctgagee and the palicies end re~ewals theceof shall be held by mort- gagee and have attached thereto loss payable clauses in favor of and in form ecceptable to the moKgagee. ln _ e~•ent ot lc?ss he will give immediate notice by mail to mottgagee, and moctgagee may make proof of loss it ~ot made prompt:j• by mortgagor, and each insurance company concemed is hereby autho~ised and directed to make pa~•ment fa such loss directly to mortgagee instead ot to mortgagor and mottgagee joiatly. and the insurence pro- ceeds, or any pan thereof, may be applied by matgagee at its option either to the reduction of the indebtedness hereby secured or to the restoration or repair o[ the property damaged. In event of foreclosure of this morigage or other transfer of title to the mortgaged propetty in extinguishment af the indebtedness secured he~eby, all right, title. and interest of the mortgega i~ and to any insurance policies then in force shall pess to the purchaser or grantee. . 8. That the mortgagee may, at any time pending a suit upon-this mortgage. appiy to the court having jurisdic- tion thereof for the appointment of a receiver, and such court shall forthwith appoint a receiver of the premises coeered hereby all and singular, includiag all and singular the income, profits, issues~ and revenues from whatever source derived, each and every of which, it being expressly understood, is hereby mortgaged as if speci[ically set forth and described in the granting and habendum clauses hereof, and such receiver sh~tj have all't11e bco~d and effective functions~ and pc~wers in any~vvise entrusted by a cowt to a receiver, and such appointment shall be made by such court as an admitted equity and a matter of absolute right to said mort .~ndiv~i~~ f qnce to the adequacy or inadequacy of the value of the property mortgaged or to the ~solven~ iAsolvlne"~~~ modgagoc or the defendenfs, and that such rents, profits, income, issues, and revenues shall be appliey~~x„S,~ receiver according to the lien of this mortgage and the practice ot such co~~t. ln the event of any defaqlt oa ~ pad of the mortgagor hereunder, the mottgagor agrees to pay to the mortgagee on demand as a'reasonablL. aion ly rental for the premises an amount at least equivalent to one-tvvelfth (1/12) of the aggrega~e of the tr?elve ~onthly install- ments peyable in the then current year plus the actual amount ot the annual taxes, acressmenEs. water rates, and insurance premiums for such year not covered by the aforesaid monthly peymznts. ~ 9. That (o ) in the event of any breach of this mortgage or default on the pad of the mortgagor, or (6~ in the event that any oi said sums of money herein referred to be not ptomptly and fully paid without demand or notice, or ~ ~ ~ in the event that each and every the stipulations, agreements. conditions. and covenants of said note and this mortgage, are not duly, promptly, and fully performed; then in either or any such event, the said aggregate sum mentioned i~ said note then remaining unpaid, a~ith interest accrued to that time, and all moneys secured hereb~•, shall become due and pa~abie forthwith, or thereahet, at the option of seid 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 or in this mortgage to the contrary notwithstanding; aod thereupon or thereafter, at the option oE said matga- gee, without notice or demand, suit at law oc in equity, may be prosecuted as if all moneys secured hereby had matured prioc to its institution. The mortgagee may foreclose this ~ortgage. 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- s ances. In case of partial foreclosure of this mortgage, the mortgaged premises shall be sotd 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 peragcaph may again be availed of thereafter from time to time by the mortgagee. i ~ 10. That the awrtgagor will give immediate notice by mail to the mortgagee of any conveyance, transfer, or p change of awnership d the premises_ ~ 11. That ao 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 hered or of the note secured heceby. 12. That if the mo~gagor defanlt in any d the covenants cx agreements contained herein, or in said nate, then the mortgagee may perform the same, and all expenditutes (including reasonable attorney'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 without demand bl the mortgaga to the mortgagee, 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 aciually furnished to !he modgagee, or directed to saidov~rner at x said mortgaged premises, and mailed by the United States mails, shal! be sufEicient notice and demand in any ~ case arising under this instrument and required by the pcovisions hereof or by law. 14. The mortgagor further covenants that should this mortgage and the note secured hereby noi be eligible ~ for insurance under the National HousingAct.within 7~y L'e, ftotn the date hereoE (written statement of any officer d the Department of Housing and Urban Development or authorized agent of the Secretary oE Hous- 4 ing and Urban Develvpment dated subsequent to~ the 'l~hiriy 1~ays tiaie from the date of this modgage, ~ declining to insure said note and this mortgage, being deem~~d caa~clusive proof of such ineligibility), the moctga- A gee or the holder d the note may. at its oQtion, declare all sums secured heceby immediately due and pa}eble. ~ The covenants herein cont~iaed shall bind, end the benefits end advantages shall inure to. the respective ~ heirs, executors, administrators, successors, and ~ssigfis of the parties hereto. Whenever used. the singular num- ~ ber shal] include the plural, the plaral.the singular, and the use of any gender shall include all genders. ~ ~ ~ ~ ~ ~ ~ . ~ ~ ~ O ~ - ~ ~0~189 ~Eii31 ~ ~ ~ ~ ~ _ . ~ n:.-~ ~ , ~ '~c~~€ _ _ ~ .