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HomeMy WebLinkAbout1462 . , ~ i . ~ S. That he will permit, comm~t, cx suttet no waste, impt+itmcnt, ot detetioralion ot said proprtty ot any part themu(, and m the e~~ent o[ 1hc fu~lu~e o( the mortgagor to keep the build~ngs on said premises and those tube erectecl on said premise~, or ~mp?ovements the~eon, in good repa~r, the moHgagee may make such repai~s as in itc disc~etion it may deem necessary tor the pcopcr preserv~tion the~eof, and the tull amount ot each end every such payment shall be immcd~ately due and payable.. and shall be secured by the lien ot this mortgage. 6. That he will pey ull and singular the costs, cherges, and expe~ses, including reasoneble lawyer's fees, and costs o( abstracts of title, inc~uc~ed or paid at aoy time bythe moctgagee.because ot the tailuce on the part ot the mortgagot p~omptly and fully to perform the agreements and covenants of said ~promisso~y ~ote and this mort- gage, and seid costs, charges, a~d expenses shell be immediately due and payable and shall be secured by the lien oE this mortgage. . 7. That he wip keep the improvements now existing or he~ea(ter erected on the mortgaged pcope~ty, insured es may be required icom time to time by the mortgagee against ?oss by fire and other hazards. casualties, and contin- gencies in such art~o~nts and for such periods as may be required by mortgagee, and will pay promptly, when due, any premiums on such insurance for payment of which provision has not bee~ made heceinbefore. All insutance shalt de carried in companies approved by moctgagee and the policies and ~enewels theceof shall be held by mort- gagee and have attached thereto loss payable clauses in (avor of and in (orm acceptable to the mo~tgagee. ln event of loss he will give immediate notice by mail to mortgagee, and mortgagee may make proof of loss if not made promptip by mortgagor, a~d each insurance company concerned is hereby authorized and directed to make pa~~ment [oc such loss directly to mortgagee instead of to mortgagor and mortgagee jointly. and the insurance pro- ceeds, or any part thereof, may be applied by mortgagee at its optioa eithe~ to the reduction of the indebtedaess he~eby secured or to the restoration or repai~ of the properly damaged. ln event of foreclosure of this mortgage or other transfer of title to the mortgaged property in extinguishment of the i~ebtedness secured hereby. all right, title, and interest of the modgagor 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 for the appointme~t o[ a receive~. and such court shall fodhwitb appoint a receiver o[ the premises coveced hereby all and singular. including all and singular the income, profits,' issues. and revenues from whatever source derived, esch and every of which, it being expressly understood, is hereby mo~tgaged as i[ specifically set forth and described in ~he granting and habendum clauses hereo~, ~n~ such receiver shall have ail the broad and effecti~•e functions and'owets ia pnywise entrusted by a court to e r~ive'a ~~~pointment shall be made b~= such court as ~n admitted equity and a matter of absolute right to said mortgagE4~. without reference to the adequacy or inadequa¢y of the•value of, ~e propedy mortgaged ot to the solveocp en inedvency of said mortgagor or the defendents, end that such rents~ protits, i~come, issues, snd revenues sitall;be applied by such receiver according to the lien of this mortp,,ae~,~n~.the practice of such coutt. ln the event of any default on the part of the mortgagor hereunder, the mortgagoc agcees to pay to the mortgagee on demand as a leasonable monthly rental for the premises an amount at least equivalent to one-twelfth (1/12) of the aggregate of the twelve monthly install- ments payable in the then current year pius the actual amount of the annua! taxes, assessments. watec rates, and insurance premiums for such year not covered by the aforesaid monthly payments. 9. That ~ in the event of any breach of this mortgage or defeult on the pad of the modgagor. or (61 in the event that any of said sums of money herein referred to be not p~omptly and fully paid without demand or notice. or r~ ~ in the e~~ent 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 in either or any such event, the said aggregate sum mentioned in said note then remaining unpaid. with interest accrued to that time. and all moneys secured 'i hereby, shall become due and payable forthwith, or thereafter, at the option of said mortgagee, as fully and com- i pletely as ef all of the said sums of inoney 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 mortga- ~ gee, w ithout notice or demand, suit at law or in equity. may be prosecuted as if atl moneys secured hereby had ` matured prior to its institution. The moctgagee may foreclose this morigage. as to the amount so declared due a~d ~ payable, and the said prewises shali be sold to satisfy and pay the same together with costs. expenses,and allow- € ances. In case of partial foreclosure of this mortgage, the mortgaged ptemises shall be sold subject to the con- ~ tinuing lien of this mortgage for the amount oE 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 mortgagee. ~ 10_ That the mortgagor will give immediate notice by mail to the mortgagee of any conveyance, transfer, or ~ change of ownership of the premises. ~1 _ That no waiver oE any covenant herein or of the obligation secured hereby shall at any time thereafter be held to be a waiver of the terms hereaf or of the note secured hereby.~ 12. That if the mortgagor default in any of the covenants a agreements conteined herein. arr in said note, then the mortgagee may pedorm the same, and atl expenditutes (including reasonable attaney'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 repeyable ~ immediately and without demand by the mortgaga to the mortgagee, and, together with interest and costs accruing ; thereon, shall be secured by thes mortgage. ~ 13. that the mailing of a written notice or demand addressed to the owner of record of the modgaged premises, ~ or directed to the said owner at the last address actually furnished to the modgagee, or directed to said owner at . said mortgaged premises, and maited by the United States mails, shall be sufficient notice and demand in any case arising under this instrument and required by the provisions hered or by law. 14_ The modgagor turther covenants that should this mortgage and the note secured hereby not be eligible ; ~ for insurance under the Natianal Housing ~ct within ~~YS from the dete hereof (aritten statement ~ of any officer of the Department of Housing and Urban Development or authorized agent oE the Secretary of Hous- r;_: ing and Urban Development dated subsequent to~ the ~~Y - time from the date oE this mortgage, ~ z declining to insure said note and this mortgage, being deem~~d conc~usive proof oE such ineligibility), the mortga- ~ ~ gee or the holder oE the note may, at its option, declare all sums secured hereby immediately due and payeble. ~ ~ The covenants herein contained shall bind, and the benefits and advantages shall inure to. the respective ~ Fi ~ heirs, executms, administrators, successors, and assigns oE 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. ~ 4.~ - ~ . Y~189 ~145,g t ~ ~ ~ ~ ~ soo~ i~ ~ i499 ' ~ ~ v~ ~ ~ - " s- w~~~_~ .