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HomeMy WebLinkAbout2716 ~ t 5. That he will pe~mit, commit, or suffer no waste, impairment, o~ detetioration of sa~d property or any part ; there~f; Hnd in the event of the (ailuce ot th~ ~~rtgag ~~e@p the buildings on said premises and those tobe j erected on said p~emises, o~ improvements t~ , in g p~r, the moctgagee may meke such repeirs as in its ( discretion it may deem necessary for the proper preservstion thereo[, and the full amount ot each and every such I payment shall be immediately due and pa}~able, and shall be secured by the lien o[ this mortgage. ~ 6. That he wiU pay all and singular the costs, charges, and expenses, including reasonable lawyer's [ees, ~ end costs of abstracts of title, incurred or paid at any time by the mortgAgee because oE the failure on the part o( the mortgagor prompily and fully to petform the agreements and covenants of said ~promissory note and this mort- gage, and said costs, cha~ges, a~d expenses shall be immediately due end payable and shall be secured by the lien of this mortgage. 7. That he will keep the improvements nuw existing or hereatter erected on the mo~tgaged property, insured as may be requiced from time to time by the mortgagee against loss by fire and othe~ hazards, casualties, and contin- gencies in such amounts and for such periods as rt~ay be required by mortgagee, and will pay promptly, when due, any premiums on such insurance for payment ot which provision has not bee~ made hereinbetore. All insurance shall be car~ied in companies approved by mortgagee and the policies and renewals thereof shall be held by m«t- ' gagee and have attached thereto loss payable clauses in favor o[ and in form acceptable to the mortgagee. ln ; e~~ent of loss he will give immediate notice by nail to mortgagee, and mortgagee may make proof of loss it not made promptlp by mort~agor, and each insurance company concerned is hereby authorized and directed to make pa~~ment [or such ioss directi~~ to mortgagee instead of to mortgagoc and mortgagee jointly. and the insurance pro- ceeds, or any part thereof, may be applied by mortgagee at its option either to the ieducTion of the indebtedness ' hereby secured or to the restoration or repair of the property damaged. In event o[ foreclosure of this mortgage or othe~ transfer of title to the mortgaged propeKy in extinguishment ot the indebtedness secured he~eby, all right, title, and interest of the mortgagar in and to any insurance policies then in force shall pass to the purchaser or g~antee. 8. That the mortgagee may, at any time pending a suit upon this mortgage, apply to the court having jurisdic- tion thereof for the appointment of a receiver, and such court shall forthwith appoint a receiver of the premises co~•ered hereby all and singular, including all and singular the income, p~ofits, issues. and revenues from whatever source derived, each and every of which, it being expressly understood, is hereby nottga6ed 'as if specitically set forth and described in the granting and habendum clauses he~eof, and such receiver shall have all the broad and eftecti~•e functions and powers in anywise entrusted by a court to a ceceiver, and such appointment shall be made by~ such court as an admitted equity and a matter of absolute right to said mortgagee, and without reference to the adequacy or inadequacy of the value of the property mortgaged or to the solvency or 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 mortgage and the practice oE such court. In the event of any default onthe part of the mortgagor hereunder, the mortgagor agrees to pay to the mortgagee on demand as a reasonable monthly rental for the premises an amount at teast equivalent to one-twelfth (1 /12) of the aggregete af the twelve monthly install- ments payable in the then current year plus the actual amount of the annual taxes. assessments, water 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 default on the part of the mortgagor. or (6) in the event that any of said sums of money herein reEerred to be not promptly and fully paid without demand or notice, or i~• ~ in the event that each and every the stipulations, agreemeats, 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 hereby, shall become due and payable forthwith, a thereafter, at the option of said moctgagee. as fully and com- ~ pletelp as if all of the said sums oE money were originally stipulated to be paid on such day, anything in said note or in this mortgage to the contrary notwithstanding; and thereupon or thereafter, at the option of said moctga- gee, without notice or demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby had matured prior ta 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 shail 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 o[ ~ ; 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_ ~ 11. That no waiver of any covenant herein or of the obligation secured hereby shalt at any time thereafter be ~ held to be a waiver of the terms hereof or of the note secured hereby_ ; ~ 12. That if the mortgagor default in any of the covenants or agreements contained herein, or in said note, then ~ ~ the mortgagee may pedorm the same, and all expenditu~es (including reasonable attaney's fees) made by the ? ~ mortgagee in so doing shall draw interest at the rate set fath in the note secured hereby. and shall be repayable { ~ immediately and without demand by the mortgagor to the mortgagee, and, together with interest and costs accruing ~ ~ thereon, shall be secured by this mortgage. ~ 13_ that the mailing of a written notice a demandaddressed to the owner of record of the mortgaged premises, ~ or directed to the said owner at the last address actually furnished to the mortgagee, 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 and required by the provisions hereof or by law. ~ ~ 14. The mortgagor further covenents that should this mortgage and the note secured hereby not be eligible for insurance under the National Nousin Act within from the dete hereof (written statement of any officer of the Department of Hous ng and Urban ~e~~m/eSnt or authorized agent of the Secretary of Hous- ing a~d Urban Development dated subsequent to~ the ~~YS time from the date of this mortgage, s~ declining to insure said note and this mo~tgage, being deem~~d conclusive proof of such ineligibility), the mortga- gee or the holder d the note may, at its option, declare all sums secured hereby immediately due and payeble. : The covenants herein contained shall bind, and the beneEits and advantages shall inure to, the cespective hesrs, executors, administrators, successors, and assigns d the parties hereto. Whenever used, the singular num- ~ ber shal! include the plural, the plural the singular, and the use of any gender shall include all genders. ~ ~ ~ s s'` -E .'Y; :Y _ ~ i '