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HomeMy WebLinkAbout0548 i 1 f , ,.r r~? . . ' ~ ~ 5. That he ~iU pe~mit, cummit, or suffet no waste, imp~icment, ot detetioration of said property or any part ~ thereof; and in the event of the failure oi the mortgagor to keep the buildi~gs on said p~emises and those tobe erected on said premises, or imp~ovrments thereon, in good tepair, the mortg~gee may make such repairs as io its ; discretion it may deem necessa~y for the proper preservation thereot, and the [ull amount o[ each and every s~ch + pa}~ment shall be immediately due and payable, and shall be secured by the lien oE ihis mortguge_ ; 6. That he will pay all and singular the costs, charges, and expenses, including reasonable lawyer's iees, ~ and costs of abstracts of title, incurced o~ paid at any time by the mortgagee .because ot the failure on the pert of the mortgagor promptip and fully to pertocm the agceements and covenants of said ~promissory note and this mo~t- gage, and said costs, ciiarges, and expenses shall be immediately due and payable and shail be secured by the lien oi this modgage. 7. That he v?i11 keep the impro~•ements now existing a hereatter erected on the mortgaged property, insuted as ma~• be required [rom 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 A?ay be requi~ed by mo~tgagee, and will pay promptly, when due, a~~~ premiums on such insucance for payment of which provision has ~ot been made hereinbefore. All insurance shall be carried in companies approved by mortgagee and the policies and ~enevrrals thereo[ shall be held by mort- gagee and ha~•e attached thereto loss papable clauses in favor of and in form acceptable to the mortgagee. ln e~•ent of loss he will gi~•e immediate notice by mail to mortgagee, and mortgagee may make proof of loss i( not made promptly by mortgagor, and each insurance company concerned is hereby authoriaed and directed to make pa~~ment for such loss directly to mortgagee instead of to mortgagoc and mortgagee joinily, and the insurance pro- ceeds, or any part lhereof, may be applied by moctgagee at its option either to the reduction of the indebtedness hereby secured or to the resto~ation oc repair of the property damaged. I~ event of [oreclosure of this mortgage or ~ other tcans[er of title to the moctgaged property 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 pass to the purchaser or grantee. 8_ That the moHgagee may. at any time pending a suit upon this mortgage, apply to the court having jurisdic- tion thereof [ot the appointe:ent of a receiver, and such court shall forthwith appoint a receiver of the premises covered hereby all and singutar. including all and singular the income, profits, issues, and revenues from whatever source derived, each and every of which, it being expressly understood, is hereby modgaged as if speciEically set forth and described in the granting and habendum clauses heceof, and such receiver shall have` all the broad and efEecti~~e functions and powers in any~wise entrusted by 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 mortgagee, and without refecence to the adequac~~ or irtadequacy of the value of the propedy mortgaged or to the solvency or insolvency of ~~i~, ipotlEa~ or the detendents, and that such rents, protits, income, issues, and revenues shall be ~p~l~ by ucjh rlte r according to the lien of tbis mortgage and the pcactice oE such coud. in the event of any defaulf on the Q~LDf t~- mortgagor hereunder, the mortgagor agrees to pay to the mortgagee on demand as a reasonable monthly tet~tel ~or the premises an amount at least equivalent to one-twelfth (1/12) oE the aggregate of the~twelve monthfyinstall- ments pa}•able in the then current year plus the actual amount of the annual taxes, assessments~ water rat~s;~~d insurance premiums for such year not covered by the aforesaid monthly payments. , } Y 9. That ~ in the event of any breach of ihis mortgage or default on the part of the mortgagor, or (b~ in the e~•ent that any of said sums of money herein referred to be not promptly and fully paid without demand or notice, or i in the e~~ent that each and every the stipulations, agreements. conditions. and cove~ants of said note and this mortgage, are not duly, promptly, and tully 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 payabie Eorthwith, or thereafter, at the option of said moctgagee, 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 moctgage to the contrary notwithstanding; and thereupon or theteafter. at the option of said mottga- gee, without notice or demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby had ~ matu~ed prior to its institution. The ms~rtgagee may foreclose this mortgage, as to the amount so declared due and s payable, and the said premises shall be sold to satis[y and pay the same together with costs, expenses,and allow- ! ances. In case oE partial foreclosure of this matgage, the modgaged premises shatl be sold subject to the con- ` tinuing lien of this mortgage for the smount ot the debt not then due and unpaid. ln such case the provisions of c this paragraph may again be availed of thereafter from time to time by ihe modgagee. ~ 10. I'hat the mortgagor will give immediate notice by mait to the mortgagee of any conveyance, tra~sfer, or ~ change of ownership of the premises. 11. That no waiver of any covenant herein or of the obligation secured he~eby shall at any time thereafter be ~ h~Id to be a waiver of the terms hereat or of the note secured bereby. ~ 12. That if the mortgagor default in anp of the covenants or agreements contained herein. or in said note, then ~ the mortgagee may perform the same, and all expenditutes (including reasonable attorney'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 reQayable ~ immediately and without demand by the modgagor to the mortgagee, and, together with interest and costs accruing ~ thereon, shail be secured by this mortgage. ~ 13. that the mailing of a written notice or 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 mortg,aged premises, and maiied by the United States mails, shalt be sufficient notice and demand in any ~ ~ case arising under this instrument and required by the provisions hereof or by lew. s 14. The aartgagor further covenants that should this mortgage and the note secured hereby not be eligible ~ for insurance under the National Housing Act within from the date hereof (written statement , of any of[icer of the Depactment of Housing and Urban Development or authorized agent of the Secretary of Hous- ~ ing and Urban Development dated subsequent to~ the Qa~s time from the date of this mortgage, ~ ~ declining to insure said note and this mortgage, being deem?d conctusive proof of such ineligibility), the mortga- gee or the holder of the note may, at its option, declare all sums secured hereby immediately due and pa}eble. ~ The covenants herein contained shall bind, and the benefits and advantages shell inure to, the tespective heirs, executws, adminisirators, successas, and assigns of the parties hereto. Whenever used, the singulat num- ~ ber shall include the pturel, the plural the singular, and the use of any gender shall include all genders. ~ ~ ~ ~ ~ ~ 8~i ~ ~ ~47 ~ r _ _ " ,~5~',3 ' ~ ~ ,+~„y, ' " .2 vJb~ .L ~'~5~.~~ai-_. .z. .n..~'p _ S-~ _ . . - . s_'~il~.i+?'~1l"~5 ~..~rn. u"