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HomeMy WebLinkAbout2314 ~ , a t ~i . ~ V'~~ ii• ' ~ . i ~ S. Thut hr will pr~mit, commit, ot su([er no weste, impuirment. w dNe~~orat~cx~ ot sa~d ptopeNy or any ~wrt ; thcreo[; and in the event ot the (eilure d ti~ ~a~w ~~e buildin~s on sa~d preanises And lhose tobe emcted on said premises, w ~m~uovementll t~e~il~In good the motlgagee muy rtwke such repuits as in its discretion it mey deem oecessary (or the pcope~ prcservation the~eo[. aod the (ull emount of each aed eve~y such payment shall be immpdiately due and payable, and shall be secured by the lien ot thia mo~tgage. 1 6. That he will pay all end singuls~ the costs, cherges, and expenses, including reasonable lawyer's iees, f end cost~ of abstrects of title, incur~ed or paid et eny time by the mottgaeee because oE the feilure on !he part ot the mcxtgag~x promptly and tully to per[am the egreements and covenants ot said'promissory note aod this motl- gage,.and said cagts, cherges, erd expenses shall be immediately due end peyable and shell be secured by the lien of this mortgege. 7. That he will keep the improveme~ts now existing or herea(te~ ecected on the m~xtgaged pcopeny. insured as may be requi~ed (rom time to time by the mortgagee egainst ?oss by Eice and other hezacds. casualties. end contin- gencies io such amounts and for such periods as may be ~equiced by mortgagee. end rvill pey promptly. when due. any premiurt~s on such insurence tor payment of which pcovision has not been made hereinbefore. All i~surance shall be carried in compa~ies app~oved by mottgagee and the policies and renewals thereof shall be held by mort- gagee and have attached thereto loss payable clauses io favor o[ and in form acceptable to the mottgagee. I~ event o( loss he will give immediate notice by mait to mortgagee, and mortgagee may make proof of loss if not mede promptly by mortgagor, and each insurance company coocerned is hereby authocized and directed to make payment for such loss directly to mortgegee instead of to moctgagoc and mortgagee jointly, and the insurance pro- ceeds. or any part thereof, may be applied by matgagee at its option either to the reduction of the indebtedness hereby secured or to the restotation ot repaic ot the property damaged. In event of foreclosure oE this mortgage or other transfer of title to the moKgaged propecty in extinguishment of the indebtedness secured hereby. a11 right, title, and interest of the mottgagat in and to any i~surance policies then in face shall pass to the purchaser or grantee. 8. That the moctgagee may, et any time pending a suit upon this mortgage. apply to the couct having jurisdic- tion thereof for the appointment oE a receiver. and such court shall focthwith appoint a receiver of the premises covered hereby all and singular, including all and singular the income. ptofits. issues~ and revenues from whatevec source decived, each and every of which, it being expressly understood. is hereby moctgaged as if specifically set forth and described in the granting and habendum clauses hereof. end such receiver shall have all the broed anci effective functions and powers in anywise entrusted by a court to a receiver, and such appointment shall be made by such court as an admitted equity artd a matter of ebsolute right to said mortgagee. and without reference to the adequacy or inadequacy of the velue of the property moctgaged or to the solvency oc insolvency of. said modgaga or the de[endent~, at~d that such rents. profits. income. issues, and revenues shall be applied by such receiver according to the lien of this modgage and the practice of such coud. In the event of any default on the .Rart of the mortgagor herRundec. the, martg~ rees to pey to the mortgagee on demaad as a reasonable monthly rental for the premises an ~amourtt ~at -9e~~~~valent to one-twelfth (1/12) of the aggregate of the twelve monthly install- ments payabte in the then current yeaA plus the actual amount of the annual taxes, assessments, water rates, and insurance premiums for such year not covered by the afaresaid monthly p~yments. 9. That ~oI in the event pf any breach of this mortgage or default on the part of the mortgagor. or (b) in the event that any of said sums uE money herein referred to be not promptly and fully paid without demand or notice. or (~J in the event that each and every the st'ipulations. agreemeats. conditions, and covenants of said note and this mortgage, are not ~duly. pcom~tly, and fuily performed; then in either or any such event. the said aggregate sum mentioned in said note then lemaining unpaid, with interest accrued to that ticce. and all moneys secured hereby, shall become due and payable forthwith, oi thereafter. at the option of said matgagee, as fully and com- pletely as if all of the said sums of moaey were originally stipulated to be paid on such day, anything in said note oc in this modgage to the contrary notwithstanding; and thereupon or thereafter. at the option oE said matga- gee, without notice or demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby had i 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 mortgage. the mortgaged premises shall be sold subject ta the con- ~ tin~ing lien of this mortgage for the amount of the debt not then due and unpaid. ln such case the provisions of f this paragraph may again be availed of thereafter (rom time to time by the modgagee. i I0. That the mortgagor will give immediate notice by mail to the modgagee of any conveyance, transfer, or g change of ownership of the premises. ~ 11. That no waiver of any covenant herein or of the obligation secuced hereby shell at any time thereafter be ~ held to be a waivet of the terms hereaf or of the note secured hereby.' ' 12. That if the mortgagor deEault in any o~ the covenants a agreements contained herein, or in said note, then ihe mortgagee may pedorm the same, and all expendituces (including reasonable attocney's Eees) made by the mortgagee in so doing shall draw interest at the rate set forth in the note secuced hereby, and shall be repayabie immediately and without demand by the modgaga to the mortgagee, and. together witb interest and costs accruing thereoh, shall be secured by this modgage. ~ 13_ that the mailing of a written notice or demandaddressed to the ownet of recotd of the modgaged premises~ or directed to the said owner at the last address actually furnished to the mortgagee, or directed to seidawn~r at ~ said mortgaged premises, antl mailed by the United States mails; s~all be sufticient notice and demand in any ~ case arising under this instRu~ptlt and iequired by the prdvisions hereof oc by lew. ~ 14. The mortgagor further covenants that should this moctgage and the note secure~d hereby not be eligible ~ for insurance under the Natioaal Housing Act within from the date lfereof (written statement ~ of any officer of the Depactment of Housing and Urban Development or auth~'ued agent of the Secretary of Hous- ing and Urban Development dated subsequent to the ~~Y$ time from the date of this moctgage. ~ declining to insuce said note and this mortgage, being deem?d eonclusive pcooE oE such ineligibility), the mortga- ~ gee or the holder d tl~ note may, at its option, declare all sums secured hereby immediately due and payeble. ~ The covenants herein coatained shall bind. and the benefits and advantages shell inure to, the respective _ ~ heirs, executors, administrators, successors, and assigns oE the padies hereto. Whenever used, the singulac num- ~ ber shall include the plural, the plural the singular, and the use of any gender shall include all genders. ~ ~ ~ . ~ ~ ~ _ ~ ~ ~ ~ ~ _ ` ~ ~ ~ { _ - ' - ' . , .