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HomeMy WebLinkAbout0542 i ~ t t 1~ s 5. That he will permit, commit, or suffer no waste, impairment, ~r dete~iocation o[ said property or any part thereof; and in the event ot the failuce of the mortgagor to keep the buildings on said pcemises and those tobe ~ erected on said premises, or improvements thereon, in good repair, the mortgagee may make such ~epairs as in its discretion it may deem necessary fo~ the proper prese~vation thereof. and the (ull amount of each and every such ' paymenl shall be immediately due and payable, and shall be secured by the lien ot this mortgage. 6. That he will pay all and singular the costs. charges, and expenses, including reasonable lawyer's tees, ; and costs of abstracts of title, incur~ed or paid at any time bythe :no~tgagee.because of the failure on the parl ot ~ the mortgagot promptly and fully to per[orm the ag~eements and covenants of said 'pcomissory note and this mott- ( gage, and said costs, charges, aad expenses shall be immediately due and payable and shall be secured by the ! lien of this morigage. ~ 7. That he will keep the improvements now existing or herea[ter erected on the mortgaged property, insured as ~ may be required from time to time by the mortgagee against loss by fire and othet hazards, casualties, and contin- ~ gencies in such amounts and for such periods as may be required by mottgagee, and will pay promptly, when due, i any premiums on such insurance for payment of which provision has not been made hereinbetore. All insurance ! sh:,ll be carried in companies approved by mortgagee and the policies and renewals thereof shall be held by moct- _ gagee and ha~~e attached thereto loss payable clauses in favor ot and in form acceptable to the mortgagee. In ; e~•ent of loss he wili give immediate notice by mail to mortgagee, and mortgagee may make proof of loss if not ~ made promptly bp mortgagor, and each insurance company concerned is hereby authorized pnd ditectrd to make ~ payment for 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 option either to the reduction of the indebtedness ~ hereby secured or to the restoration ot repair o[ the property damaged. In event of foreclosure of this mortgage or other tcansfer of title to the mortgaged ptoperty in extinguishment o[ the indebtedness secured hereby, all tight, ~ title, and interest oI• the mortgaga 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 appointment of a receiver, and such court shall forthK ith appoint a receive~ of the premises covered hereby all and singular, including all and singular the i~come, proEits, issues, and revenues from whatever source derived, each and every of which, it being expressly undecstood, is hereby mo~tgaged as if specifically set ; forth and described in the granting and habendum clauses hereof, and such receiver shall have al! the broad and { effecti~~e functions and powers in anywise entrusted by a court to a receivec, and such appointment shall be made by such court as an adR,itted equity and a matter of absolute right to said mortgagee, and without reference to the adequacy or inadequacy of the value of the propedy mo~tgaged or to the solvency or insolvency of said mortgagot or the defendents, and that such rents, profits, income. issues, and revenues shall app~~~~y~auc~~eceiver accocding to the lien o[ this mortgage and the practice of such conrt. In the eventbF~~def lt on tlle tt of the mortgagor hereunder, the mortgagor agcees to pay to the mortgagee on demand as a reasonable mpgthly-aental for ~ the premises an amount at least equivalent to one-twelfth (1112) of the aggregate d the twelve osoatt~ly install- ments pa~~able in the then current year plus the actual amount of the annual taxes, assessments. water rates, and ~ ~nsurance Qremiums for snch year not covered by the afocesaid monthly payments. _ ' S 9. That ? in the event of any breach of this mortgage or default on the pad of the modgagor. or (6) in the ' event that any of said sums of money herein referred to be not promptly and fully paid without demand or notice, ~ or l in the e~~ent that each and every the stipulations, agreements, conditions. and covenents 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, shail become due and payable Eorthwith, or thereafter, at the option of said moctgagee, as fully and com- ~ letel as if all of the said sums of mone were ori inall sti ulated to be td on such da an thin in said ' P Y Y g Y P Pa~ Y. Y g~ ' note or in this mortgage to the contrary notwithstanding; and thereupon rr thereaEter, at the option of said matga- ~ gee, without notice or demand, suit at law or in equity, may be prosecuted as if all 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 costs, expenses,and allow- ances. In case of partial 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 such case the provisions of ~ this parag~aph may again be availed of thereafter from time to time by the mortgagee. 10. That the mortgagot will give immediate notice by mail to the mortgagee of any conveyance, transEer, or change of ovenership of the premises. 11. That no waiver of any covenant herein or of the obligation secured hereby shall at any time thereaEter be ~ held to be a waiver of the terms hereof or of the note secared hereby. 12. That ii the mortgagor default in any of the covenants or agreements contained herein, or in said note, then the mortgagee may perform the same, and al! expenditutes (including reasonable attocney'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 repayable immediately and without demand by the mortgaga to the mortgagee, and, together with interest and costs accruing ~ thereon, shail be secured by this mortgage. i 13. that the maiting of a written notice or demandaddressed to the owner ot 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 maiis, shall be sufficient notice and demand in any case arising under this instrument and required by the provisions hereot or by law. 14. The morigagor further covenants that should this c~ortgage and the note secured hereby not be eligible ; for insurance under the National Housing Act within ~~YS from the date heceof (written statement ~ ~ of any officer of the Department of Housing and Urban Development or authorized agent of the Secretary of Hous- ~ ~ ing and Urban DQvelopment dated subsequent to~ the 3p QAY$ time from the date of this mortgage, declining to insure said note and this mortgage, being deem?d conclusive proof of such ineligibility), the mortga- gee a the holder of the note may, at its option, declare all sums secured hereby immediately due and paysble. ~ The covenants herein contained shall bind, and the benefits and advantages shall inure to, the respective 4 heirs, executors, administrators, successors. and assigns of 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. 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