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HomeMy WebLinkAbout2356 ~ ~ ~ ~ ~ S. That he will pe~mit, cwnmit, or sy~t~ p~~~s1e~~~nt, ot detet~orat~on ot sa~d ptopeny o~ eny pait thereof; and in th~ evrnt o[ the (a~luce ot ~ gag p the buildin~s oo sa~d prcmises aod lhose tobe erected on said premises. or imptovements theteot~. in good Mpai~. the mortgagee may en~ke such tepei~s as in its discret~oo it n~y deem necessAty [ot the proper preservotion thereot, and lhe [ull amount o( each and eve~y such paymcnt shall be immcd~ately due and payable, and shall be secured by the lien o[ this mortgage. 6. Thet he will p~y all and singular the costs. charges, and expe~ses. including reasoneble lewyet's fees. und costs of abstracts ot title, incurred or paid at any time by the mottgegee because of the fai[ure on the pe~t od , the mortgagoc promptly and [ully to per(orm the egreements and covenants oi said'promissoty rwte and this mott- ; gege, and said costs, charges, and expenses shall be immediately due and peyable and shall be secured by the lien o( this mortgege. , 7. That he will keep the impro~~ements now existing ot heceaiter erected on the mortgeged ptoperty. insuced as may be required from time to time by the matgagee agair.st loss by fire and other hazards. casualties, and contin- gencies in such amounts and for such periods as may be requiced by mortgagee. aed will pay ptomptly. when due. a~y premiu~ns on such insu~ance for payment of which pcovision has ~ot been made hereinbefore. All insucance shall be carried in compenies approved by mottgagee and the policies and tenewals thereo[ shall be held by mort- gagee and have attached thereto loss payable clauses in favor ot and irt form acceptable to the mortgagee. In event of loss he witl give immediate notice by mail to mottgagee, and mo~tgagee may make proot of loss if not made promptly by moctgagor, and each insurance company cor~cerned is heteby authorized and directed to make payment foc such loss directly to mortgagee instead oE to mortgagor and mortgagee jointly, and the insurance pro- ceeds. or any part thereof. may be applied by mortgagee at its option either to the reduction of the indebtedness hereby secuced or to the restoration a cepair of the property damaged. I~ event of foceclosure of this mortgage or othet transfer of title to the mottgaged propetty in extinguishment of the i~debtedness secured hereby. all right. title, and interest of the mortgaga in 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 mwtgage, apply to the court having jurisdic- tion thereof for the appointment of a receiver. and such court shall Eorthwith appoint a receiver oE the premises covered hereby all and singular, including all and singular the income. profits, issues. and cevenues from whatever source derived, each and every oi wl~ich, it being expressly undecstood. is hereby mortgaged as if specifically set forth and described in the granting and habendum clauses hereof. and such receiver shall have ali the broad and effective functions and powers in anywisg:enttust~ed~ ~yr a court to a receiver. and such appointment shall be made by such court as an admitted equity and a matter of absolute right to said mottgagee. and without reEerence to the adequacy or inadequacy:a~~6e value of the propedy mortgaged or to the solvency or insolveacy of said modgagor or the defendents, and th~t such r'entis~ profit~; income. issues. and revenues shall be applied by such receiver according to the lien of this moctgage and th~ practice of sach cou~t. In the event of any default on the paK of the modgagor hereunder. the mo[tgagoc egreez. ta pay to the mortgagee on deaiand as a reasonable ~nonthly rental for the premises an amount at least eqpivalent to one-twelfth (1/12) of the aggregate of the twelve monthly install- ments payable in the then cunent year ~lus the actual amount of the annual taxes. assessments. water rates. and insurance premiums for such year not covered by the aforesaid monthly p~3ments_ 9. That (o J in the event of any breach of this mortgage or default an the part of the mortgagor. or (61 in the event that any of said sums of money herein referred to be not promptly and fully paid without demand or notice. or in the event that each and every the st'ipulations, agreements. conditior~s. and covenants of said note and this modgage, are not duly. promptly, and fully perfonned; then in either or any such event. the said aggregate sum mentioned in said ~ote then remaining unpaid. with interest eccrued to that time. and all moneys secured hereby, shall become due and payable forthwith, or thereafter, at the option of said 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 modgage to the contrary notwithstanding; and thereupcm or thereafter. at the option of said matga- gee, without notice or demand. suit at law or in equity, may be prosecuted as if aIl moneys secured hereby had ~ 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 casts, expenses,and allow- " ances. In case oE pertial fareclosure of this moctgage. the mortgaged premises shell be sold subject to the con- t tinuing lien of this mortgage fot the amount of the debt not then due and unpaid. In such case the provisions of j this paragraph mey again be availed of theceafter from time to time by the modgegee. ~ 10. That the mortgagor will give immediate notice by mail to the modgagee of any conveyance. transfer, or ~ change of ownership ~ 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 oE the note secured he~eby. ~ 12. That if the mortgagor default in any of the covenants or agreements contained herein. or in said note, then the mortgagee may perform the same, and all expenditu~es (including reasonable attorney's fees) made by the mortgagee in so doing shall draw interest at the rate set fath in the note secured heteby, end shall be repayable ~ immediately and without demand by the mortgagor to the modgagee, and, together wit6 interest and costs accruing thereon. shall be secuced by this modgage. 13. that the mailing of a written notice or demand addressed to the owner of record of the mortgeged premises. or directed to the said aivner at the iast address actually furnished to the moctgagee. or directed to said owner at said mortgaged premises, and mailed by the United States mails, shall be sufficient notice and demand in any ~ case arising under this instrument end required by the provisions hereof or by law. ~ 14. The modgagor Eucther covenants that should this matgage and the note secured hereby aot be eligible ~ for insuraace under the National Housing Act within ~~ll a S fram the datg hereof (written statement ~ of any officer of the Departa~ent of Housing and ()rban Developm~nT ~ authocized agent of the Secretary oE Hous- ing and Urban Developrt?~nt dated subsequent to~ the ~ Day~s time from the date oE this mortgage. ~ declining to insure~ said note and this mortgage, being deemed conclusive proof of such ineligibility), the modga- ~ gee or the holder of the note may, at its optio~, declare all sums secured hereby immediately due end payable. ~ The covenants herein contained shall bind, and the benefits and advantages shall iaurc to~ the tespective ~ heirs, executors, administrators, successors. end assigns aE 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 alt genders. ~ ~ R • ~ . 3= ~ ~ ~ ~ ~ /j~ ~Y~. ~ . _ _ . ~.y ar~~-?LLi-~ ~ss.s -Y y~^ f r~"''--i.. ~`:r+ ~ . . a~~~~ ~ b:. _ .