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HomeMy WebLinkAbout2690 ~ ~ ~ ~ 1 { 1 : S• That he w~ll pr~m~t, cumm~t, cx su(tct no wwste. impai~ment. o~ detet~orotion ot spid pcopetty or any pa~t thercot; end in the event ot the te~lure d the mortg~~or to krep tbe build~ots on soid prcmisrs and those tobe err~c led on said pretnisea, or imptovements theteon. in good ~pait. the mo~l~t~gee may make such repuirs as in its discretioo it may deem necessery tor the p~opet preservation the~eof, end the tull amount ot each ond eve~y such poyment shall be immediately due aod payable. and shall be secured by the lien o~ thia mo~tgege. 6. That he will pey all and singular the costs. charges. and expenses, including reesa~able lawyer's fees. a~d casts o[ abslracts of title, incuned o~ peid at any time bythe mortgageebecause ot the failure on the port ot the mortgag~x pcomptly end fully to pertam the agreements and covenonts of said'promisrory note and this mort- gage. and said costs, cha~ges, and expenses shall be imaiedietely due end peyable end shall be secu~ed by the lien a[ this morlgege. 7. That he will keep the improvemeets ~ow existing or he~eafter erected on the matgoged property. insured es mey be required [~om time to time by the mortgagee against loss by fire a~d other hesards. casualties. and contin- gencies in such amouets and for such pe~ioda as may be required by matgagee. and ~rill poy promptly. when due. any premiums on such insurence tor payment of which provision has not been made heceinbefore. All insurance , shaU be carried in companies approved by mortgagee and the policies and renewais theceof shall be held by mort- gagee and have atlached thereto loss payable cteuses in favor of and in fo~m acceptable to the modgsgee. In ' event ot loss he will give immediate notice by mail to mo~tgegee. and matgegee may make proof of loss it not ` made promptly by mortgagor. and each insurance company concerned is heceby authorised and directed to make payment. foi such loss directly to mortgagee instead of to matgaga and mortgagee jointly. and the insurance prw ceeds. or any part thereof. may be epplied by mortgagee at its option either to the reduction of the indebtedness hereby secured or to the restoretion o~ repair of the property damaged. ln event ~ Eaeclosute d this moctgage or other transter of title to the mortgaged property in extinguisbment of the indebtedness secured hereby. all right. title, and interest of the mortgago~ in and to any insurance policies then in farce shall pess to the purchaser or grantee. 8. That the mortgagee may. at any time pending a suit upon this mottgage. apply to the court having jurisdic- tion thereof for the appointu~ent ot a receiver. a~d such coad shall forthwith appoint a receiver of the premises covered hereby all and singular, includiag ail and singular the income. profits. issues. and revenues fraa whatever source derived, each and every of which, it being expressly understood, is he~eby moctgaged as if specifically set forth and described in the granting and habendum clauses hereof, atd such receiver shall have all the btoad and effective functions and powers in anywise eetrusted by a court to a receiver, and such appointment shall be made by such couct as an admitted equity and a matter of absolute right to said mo~tgagee, and without reEerence to the adequacy or inadequacy of the value of the propedy mortgeged or to the solvertcy oc insolvency of said martgagoc or the defendents, a~ that such rents. profits~-income. issues. and revenues shall be applied by such receiver according to the tien of this mortgage and the practice of such coud. ln the event of eny default on the part of the mortgagor hereunder. the matgaga agrees to pey to the mortgagee on demand as e reasonable monthly rental for the p~emises an amount at least equivalent to oae-twelfth (1/12) of the aggregate of the twelve monthly install- ments payable in the then current year plus the actual amount of the annual taxes, assessments. water rates. and ~ insurance premiuaas foc such year not covered by the aforesaid monthly peyments. 9. That (o/ in the event of arur bteach of this mortgage or default oc~ the pe~t oi the moctgagor. or (b) in the event that eny of said sums of money herein referred to be nd promptly end fully peid without demand or notice, ~ or (~I in the event that each and every the st'ipulations. agreements. conditio~a. and cove~ants of said note and this mortgage, are not duly. promptly. aad fully performed; then in either or any such event, the said aggregete sum mentioned in said note then reawiaing unpaid, with interest accrued to that time. and ell moneys secured hereby. shall become due and ~yable forthwith, a thereafter, at the option of said mortgagee, es 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 a in this mortgage to the contracy notwithstanding; and thereupon or thereafter, at the optioa af said mortga- 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 mottgagee may foreclose this mottgage, as to the emount so declared due and payable, and the said premises shel! be sold to setisfy and pay the saa~e together with costs. expenses.and allow- ances. In case of pertial foreclosure of this mortgage, the mortgaged 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 soch 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 conveyar~ce, transfer, a change of ownership o[ the premises. 11. Thet no waiver o[ 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 or agreements contained herein, a in said no~e, then ~ the mortg,agee may perform the samg, and all expenditutes (including reasonable attorney's tees) made by the mortgagee in so doing shall draw interest at the rate set forth in the note secured hereby, end shall be repayable ~ immediatety and without demand by the mortgaga to the mortgagee, and. together witb interest and costs accruing ! thereon. shall be secured by this mortgage. ~ 13. that the mailing of a written notice a demand addressed to tbe owner of record of the mortgaged premises, or directed to the said owner at the last address actually furnished to the mortgagee, or dicected to said avner at said modgaged ptemises, and mailed by the United Stat~ mails, shall be sufEicient notice and demand in any case atising under this instrument and required by the pcovisioos hereaf or by laa. 14. The mortgagor turther covenants that shonld this mortgage aad the note secured hereby no! be eligible for insurance under the National Housing Act -within 1~iity ysy~s from the dote hereof (writtea statemeet of any o[Eicer of the Depa~tment of Housing and Urban DeveloPment or authociaed agent of tbe Secretary of Hous- ing and Urban Development dated subsequent to~ the ~y lisys time trom the dete of this moctgage, declining to insure seid note and this mortgege~ being deemed conctusive proof flf such ineligibility), the mortga- gee oc the holder d the note mey, at its option, declace alt sua?s secured hereby immediately due and pay~ble. The covenants herein contained shall bind, and the benetits and advantages shall inuce to. tbe respective t heirs, executors. administrators, saccessors, end assigns d the parties hereto. 9Yheaever used, the singular num- ber shali include the plural, the plurel the singular, and the use of any gender shalt include ell genders. i i ~ ao~ 189 ,Z6$Z ' ~ - ~ T - . W t~ ; ~~.a_~~-~'~ .