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HomeMy WebLinkAbout0578 i ~ , ~ ~ t. • t• • - ~ 5. That he wil! pe~mit, cummit, or suffet no waste, impairment, or deterio~ation of said ~property o~ any part ; thereof; and in the event ot the [ailure of the mo~tgagor to keep Ihe buitdings on said p~emises and those tobe ; erected on said premises, or improvements thereon, in good ~epair, the mortgagee may make such rept+ics as in its # disc~etion it may deem necessary [or the proper preservation the~eot, and the tul! amount ot cach and eve~y such ~ payment shall be immediately due and pa~~able, and shall be secured by the lien oE this mortgage. 6. That he will pay a11 and singular the costs, chacges, and expenses, including reasonable lewyer's fees, 3 and cost~ of abstracts of title, incurred or paid at any time by the mortgagee .because of tfie failure on the part of ~ the mortgagor promptl~• and full}~ to pe~[orm the agreements and cove~ants of said ~promissory note and this mort- ~ gage, and said costs, charges, and expenses shall be immediately due and payable and shal! be secu~ed by the ~ lien of this mortgage. ~ 7. That he wilt keep the improvements now existing or herea[ter erected on the mortgaged property, insuced as ma}• be required f~om time to time by the matgagee against loss by [iie and other hazards, casualties, and contin- gencies in such amounts and [or such periods as may be ~equired by mortgagee. and wi11 pay promptly. whe~ due, anp premiums on such insurance for paymertt of which provision has not been made hereinbefwe. All insurance shall be carried in companies appro~•ed by mortgagee and the policies and ~enewals thereof shall be held by mo~t- gagee and ha~•e attached thereto loss payable ctauses in (avor ef and in torm acceptable to the mottgagee. ln e~•ent of lass he wili gi~~e immediate notice by mail to mortgagee, and mortgagee may make ptoof of loss if not made promptly bp mortgagor, and each insurance company concerned is hereby authorized and directed to make ~ pa~~ment tot such loss directly to mortgagee instead of to mortgagor and moctgagee jointly, and the insurance pro- ceeds, or any part theceof, may be applied by mortgagee at its option either to the reduction ot the indebtedness hereby secured or to the restoration w repair of the property damaged. ln event of toreclosure of this mortgage or other trans[er of title to the mortgaged property in extinguishment ot the indebtedness secured hereby, all right, title, and inte~est of the mortgagot in and to any insurance policies then in [orce shall pass to the purchaser or gcantee. 8. Thai 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 coud shall fo~thwith appoint a receiver of the p~emises covered hereby all and singular, including all and singular the income, profits, issues~ and revenues from whatevec source derived, each a~ every of which, it being expressly understood, is hereby moclgeged as if specifically set forth and described in the granting and habendum clauses hereof, and such ceceiver shall have all the broad and effective functia~s and powers in an~~vvise entrusted by a court to a receiver, and such appoi~tment shall be made 5y such court as an admitted equity and a matter of absotute right to said mott~gle, ard v~~qut t~~tence to the adequac~ or inadequacy of the value of the property mortgaged or to the solvency o~ insdivenc;'~f~ d mottgagor or the defendents, anci that such rents, profits, income, issues. and revenues shall be appliod..b~r.~uch receiver according to the lien oE this mortgage and the praciice of such coud. In the ~vent of any defeult.on the part of the mortgagor hereunder, the mortgagor agrees to pay to the mortgagee on demand as p teasonablt monthly rental for the premises an amount at least equivalent to one-twelfth (2!12) of the aggcegate of the Mrelvf lmonthly install- ments pa~•able in the then current year plus the actual amount of the annual taxes, assessments.' water rates, and ins~rance premiums for such year not covered by the aforesaid monthly payments. 9. That iu ~ in the e~ent ot any breach of this mottgage or default on the pad of the mortgagor. or (b/ in the i e~~ent that any of said sums o( money herein referred to be not promptly and fully paid without dea:and or notice, ' or ~ in the e~•ent 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 f sum mentioned in said note then remaining unpaid, with interest accrued to that time, and all moneys secured ~ hereb}•, shall become due and payable forthwith, or thereafter, at the option of seid mottgagee, as iully and com- ; pletei~• as if all o( the said sums of money were originally stipulated to be paid on such day, anything in said ; note or in this modgage to the contrary notwithstanding; and thereupon or theceaEter, at the aption of said matga- ' gee, v?ithout 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 fereclose this mortgage, as to the amount so declared due and ~ payable, and the said premises shall be sold to satisty 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 o[ thereafter from time to time hy the mortgagee. ~ 10. ?hat the mortgagor will give immediate notice by mail to the mortgagee of any conveyance, transfer, a ~ change of awnership of the premises. 11 _ That no uaiver of any covenant herein or o[ the obligation secuted hereby shall at any time thereafter be ~ held to be a waiver of the terms hereaE or of the note secured hereby. ~ 12. That if the mortgagor de[ault in any of the covenants or agreements contained herein, or in said note, then ~ the mortgagee may perform the same, and all expenditu~es (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 shal! be repayable ~ ~ ~mmediately and without demand by the mortgagor to the mortgagee, and, togethet with interest and costs accruing ~ ~ thereon, shail be secured by th~s mortgage. ~ 13. that the mailing ot a written notice or demand addressed to the owner of tecord of the mortgaged ptemises, or d"erected to the said oraner at the last address actually furnished to the mortgagee, or directed to saidowner at ~ ~ said mortgaged premises, and mailed by the United Stetes mails, shall be sufticient notice and demand in any ~ ~ case arising under this instrument and required by the provisions hereof or by lawr. # ~ 14. The mortgagor further covenents that should this mort age and the note secured hereby not be eligible 1 ~ for insurance under the National Housing Act within ~~j' from the date hereof (wcitten statement ~ ~ of any ofticer of the Department of Housing and Urban Development or authwized agent of the Secretary of Hous- ~ ing and Urban Development dated subsequent to~ the ;iQ ~YS time from the date o( this mottgage, • - declining to insure said note and this matgage, being deem~~d conclusive proof of such ineligibility), the mortga- ` gee or the holder o[ the note may, at its option, declare all sums secured hereby immedi~tely due and payeble. ~ e The coven~nts herein contained shall bind, and the benefits anl, advantages shall inure to, the respective ~ he~rs, executors, administratocs, successors, and assigns o( lhe parties hereto. Whenever used, the singular num- # ~ ber shall include the plural, the piural the singular, and the use ot any gender shall include all genders. 1 ~ r~ ~ rv~ ..s" p:~ ~ 19i 577 ~3 ~:;9 _~'r+.-''r ~ T `4 ~E^'~ - - ~-~e. ~ ~~c ~ _ v. . . _ . . _ _ _ . . J-`r~~z~.... , 'c~..,~~,-'-~,a.