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HomeMy WebLinkAbout1392 ? . ~ f i ~ ~ ~ , + . ~ ~y' y i S. That hc will permit. commil. or sut(e~ no .weste. irt~pai~ment. or deterioration ot said ptopeny or eoy part thereo[; and in the event o( the [ailure ot the mortgagor to keep the buildings on said premises and those tobe erectrd on said premises. or imp~ovements theceo~. in good cepai~. the moctgagee may moke such repeirs as in its discretion it may deem necessa~y for the prope~ preservation thereof. a~d the tull emount of each and every such payment shall be immediately due and payable. ped shall be secured by the lien of this mortgage. 6. That he will pey all and singular the costs. charges. and expenses, including ceasonable lawyer's tees, and c.uts of abstracts of title, incur~ed oc paid at any time by the moctgagee because of the.failure on the part of the mortgegoc ptomptly and fully to pertorm the ag~een~ents a~ covenants of said'promissory note and this mort- gage, and said costs. cherges, and expenses shall be ima~ediately due and peyable and shell be secured by the lien of this mortgage. 7. That he will keep the improvements now existing or hereatter erected on the mortgaged pcopeKy. insured as may be requiced from time to time by the mortgagee against lass by fire and other hazards. casualties. and contin- gencies in such amounts and for such periods as may be requiced by moctgagee. and will pey promptly. when due. any premiums on such insurance Eor p~yment of which provision has aot been made hereinbefore. All insurance shall be carried i~ companies approved by matgegee and the policies and renewals thereof shall be held by mort- gagee and have attached thereto 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 mortgagee. and mortgagee may make proof of loss if not made pcomptly by moctgagor, and each insurance compa~y concemed is hereby suthorized end directed to make payment foc such loss dicectly to modgagee instead of to matgagac a~d mortgagee jointly. a~d the insurance pro- ceeds. or any pact thereof. may be applied by matgagee at its option either to the reduction of the indebtedness hereby secuced or to the restoration oc repair of the property damaged. In event oE foreclosure of this mortgage or other transfer of title to the modgaged propecty in extinguishment of the indebtedness secured hereby. all right. title, and interest of the mortgaga in a~d to any insura~ce 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 for the appointinent of e receiver. and sucti court shall forthwith appoint a receiver of the premises covered hereby all and singular. including all and singular the income. profits. issues. and cevenues from whatever . source derived, each and every of which, it being expressly understood. is hereby modgaged as if specifically set forth and described in the granting and habendum clauses hereof. and such receiver.chell have all the broad and effective functions and powers in anywise entrusted by a court to a ceceiver. and an~A appointment shall be made by such cou~t as an admitted equity and a matter of absolute right to said modgagee, and without ~eference to the adequacy or inadequacy of the value of the property mortgaged or to ihe splvency oc. insolvency of said mortgagor or the defendents, and that such rents. profits, income, issues. and revenues shall be applied by such receiver according to the lien of this modgage and the pcactice of such coud. In the event of eny default on the pad of the mortgagor hereunder. the mortgagor agrees to pay to the modgagee on dewand as a reasonabre monthly rental for the premises an amount at least eqt~ivalent to one-twelfth (1/12) of the aggcegate oE the twelve monthly install- ments payable in the then cunent year plus the acfual amount of the aanual taxes. assesr~ments. water rates, and insurance premiums for such year not covered by the aforesaid monthly peyments. 9. That (a/ in the event of any breach of this mortgage or default on the pad 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 (c1 in the e.vent that each and every the st'ipulations, agreements, conditioas. and covenants of said note and this modgage, are not duly. promptly, and fully performed; then in either or any such event, the said aggregate sum menfioned in said note then remaining unpaid. with interest accrued to that time, end all moneys secured i hereby, shall become due and payable forthwith, or thereafter, at the option of seid moctgagee, as fully and com- ~ pleteiy 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 modgage to the contrary notwithstanding; and thereupon or thereafter. at the option of said matga- ; gee, without notice or demand. suit at law or in equity. may be prosecuted as if all awneys secured hereby had 6 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 of partial foreclosure of this moRgage. the moctgaged premises shall be sold 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 oE • this paragraph may again be availed of thereafter from tiaee to time by the mottgagee. ~ 10. That the modgagor wiil give immediate notice by mail to the mortgagee of any conveyance, transfer, oc ~ 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 hered or of the note secured hereby. ~ 12. That if the mortgagor default in any of the covenants a agreements contained herein, or in said note, then the mortgagee may perform the same, end 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 heceby. and shall be repayable i:nmediately and without demand by the modgagor to the modgagee, and, together with interest and costs accrning ~ thereon, shall be secured by this mortgage. ~ 13. that the mailing of a written notice a demandaddressed to the owner of record of the modgaged premises. or directed to the said owner at the last address actually furnished to the mortgagee, or directed to saidowner at ~ said modgaged premises, and mailed by the United States mails, shall be sufficient notice and demand in any ~ case arising under this instrument and req~ired by the provisions hereof or by lew. 14. The mortgagor further covenants that should this moct ap~e, and the note secured hereby not be eligible ~ for insurance under the Natianal Housing Act within ~Q {~T, from the date hereof (written statement of any officer •oE the Depadment of Housing and Utban Development or authorized agent of the Secretary of Hous- ~ ing and ~ Urban Development dated subseque~t to~ the ~~Y5 time from the date of this mortgage, n declining to insure said note aad this mortgege. being deemed conclusive pcoof oE such ineligibility), the mortga- ~ gee or the holder of the note may, at its option, declare all sums secured hereby immediately due and payable. The covenants herein contained shall bind. and the benefits and advantages shall inure to, the respective heirs, executots, administrators, successors, and assigns of the parties hereto. Whenever used, the singular num- ~ ber shaU include the plural. the plural the singular, and the use of any gender shall include all genders. ~ . ~ . ~ ~ ~ ~189 ~i~389 ~ ~ _ . , _ _ 3.~.-. ~-~~?-i. ~tA ; _ ~ _ t ~