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HomeMy WebLinkAbout0572 ~ • ' ~ . ; A ~ # That he W ill permit, cummit, or suf[er no waste, impairment, or deterioration o( said property or any part ! ~ thcreot; :+ad in the event of the failure ot the mottgagor to keep the buildings on said premises and those tobe ~ erected on said premises, or impro~•ements thereon, in good repair, the mortgagee m~y make such repairs as in its t discretion it may deem necessary for the proper preservation the~eot, and the [ull amount ot each and evecy such payment shall be immediately due and pa~•able, and shall be secu~ed by the lien o[ this mortgage. 6. That he will pay all and singula~ the costs, charges, aad expenses, inctuding reasonable lawyer's [ees, and costs of abstcacts of title, incurred or paid at euy time bythe mortgagee because oE the failu~e on the pa~t of the mo~tgagor pcomptly and lully to perform the agreements and covenants of said'promissory nole a~d this mo~t- gage, and said costs, charges, and expenses shall be immediately due and prayable and shall be secu~ed by the lien of this mortgage. 7. That he will keep the improvements np~; egisting o~herea[ter erected on the mortgaged property. insured as may be required from time to time.by the mortgegee against 3o~s ~jr~fire and other hazards. casualties. and contin- gencies in such amounts and for such peciods as may be required ~y mo~tgagee, and will pay promptly, when due. ~ anp premiums on such insurance for payment of which proNsfon i~as not been made hereinbefore. All insurance shall be carried in companies approved by mortgagee and the policies and renewals thereof shal! be held by mort- gagee and ha~~e attached thereto loss payable clauses in favw of and i~ form acceptable to the mortgagee. ln e~~ent of loss he will give immediate notice by mail to mortgagee, and mortgagee may make proof of loss if not made promptip by mortgagor, and each insurance company concerned is hereby authorized and directed to make pa~~ment for such loss directly to mortgagee instead of to mortgagor and mortgagee joiatly. and the insurance pro- ceeds, or any part thereof, may be applied by mortgagee at its option either to the reduction of the indebtedness heceby secured or to the restoration oc repair of the property damaged. ln event of foreclosure of this mortgage or other t~ansfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby, all right, title, and interest of the mortgagor in and to any insurance policies then in Eo~ce shall pass to the purchaser or grantee. 8. That the mortgagee may, at any time pending a suit upon this er.ortgage. apply to the court having jurisdic- tion thereoE for the appointment of a receiver, and such court shatl forthwith eppoint a receiver of the premises covered hereby all and singular, 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 mortgaged as if specifically set Eorth and described in the granting and habendum clauses hereof, and such receiver shall have all the broad and effective functions and powers in anywise 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 reference to the adequacy or inadequac~~ of the value of 1he 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 an~ the practice of such coud. ln the event of any default on the 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 least equivalent to one-twelfth (1/12) of the aggregate of the twelve monthly install- ments payable in the then curcent year plus the actual amaunt of the annual taxes, assessments, water rates, and ~ insurance prertriums for such year not covered by the aforesaid monthly payments. ~ 9. That (01 in the event of any breach of this mortgage or default on the part of the madgagor, or (b j in the ~ event that any oE said sums of money herein referred to be not promptly and fully paid without demand or notice, or r,-~ in the event that each and every the stipulations, agreements, 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, or thereafter, at the option of said mortgagee, as fully and com- ~ pletely as if all of the said sums af money were originalty 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 oE said mortga- i gee, without notice or demand, suit at law ot in equity, may be prosecuted as if ali moneys secured hereby had j matured prior to its institution. The mortgagee may foreclose this mortgage, as to the amount so declared due and i j 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 paragraph may again be availed of thereafter from time to time by the modgagee. 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 secuced hereby shall at any time thereafter be ~ heid to be a waiver of the terms hereof or of the note secured hereby. ~ 12. That if the mortgaga default in any of the covenants or agreements contained herein, or in said note, then the mortgagee may perform the same, and all expendituies (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 repayable immediately and without demand b} the mortgagor to the mortgagee, and, togethet with interest and costs accruing ~ thereon, shall be secured by this mortgage. 13. that the mailing of a written notice or demandaddressed to the ownec of record of the mortgaged premises, or directed to the said owner at the last address actually furnished to the mortgagee, or directed to saidowner at ~ said mortgaged pcemises, and mailed by the United States mails, shall be sufficient notice and demand in any ~ case arisi~g under this instrument and required by the provisions hereof or by law. ~ 14. The mortgagor further covenants that should this mort age and the note secured hereby not be eligible for insurance under.the N~4iona! Housing Act within 30 ~Y~ Erom the date hereof (written statement ~ of any otficer of the Department of Housing and Urban Development or authorized agent ot the Secretary of Hous- i ~ ing and Urban Development dated subsequent to~ the 34 ~1t'~~ time fcom the date of this mortgage, ? declining to insure said note and this mortgage, being deem•~d conclusive praof of such ineligibility), the mortga- ~ ~t~ gee or the holder of khe note r.~ay, at its option, declare all sums secured hereby immediately due and payable. ~ The covenants herein contained shall bind, and the benefits and advantages shalt inure to, the respective = heirs, executors, administrators, successors, and assigns of the parties hereto. Whenever used, the singular num- Yry' ber shaU include the plural, the plural the singular, and the use of any gender shall include all genders. v~ r~ - - C`'E ~4~ ~ ~5?1 ! xl :Jy s~^~ ~ e Ir'4. . . . . . - . . ~ ~~--e. ~ ....,'C _ ~ a . : . _ . . . J' ~ry a v S _ ~~'S -.c,, ~ ~ _ E'.~'^ . _ _ . . . . . . : . C~.~'