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HomeMy WebLinkAbout0587 : ~ S. That he wiU permit, commit, ot ufj no waste~ itment, ot detetiotatio~ of said propctty or any part ~ thereot; and in the eve~t ot the failure~~q( ;t~e mortga~~keep the buildings on said premises and those tobe ~ erected on said premises, or improvemen~s the~eon, i~ good cepai~, the mortgagee may meke such ~epairs as in its discretion it may deem necessary for the proper pceservetion the~eof, and the (ull amount of each and eve~y such ' paymeot shall be immediately due and pay~able, and shall be secured by the lien of this mortgage. i 6. That he veill pay ali and singular the costs, charges. and expenses, including reasonable lewyer's fees, ~ and costs of abstracts of title, incurred or paid at eny time bythe mwtgagee.because of the iailu~e on the part of 1 the mortgagor promptly and tully to pertorm the agreements a~d covenants oE said ~promissory note and this mort- ~ gage, a~id said costs. charges, and expenses shall be immediately due and peyable and shall be secured by the lien o[ this mortgage. ~ 7. That he will keep the improvements eow existing ot hereafter erected on the mortgaged property, insured as may be required from time to time by the mo~tgagee against loss by fire and other hazards. casualties, and contin- ~ gencies in such amounts and (or such pe~iods as may be required by mortgagee, and will pay promptly, when due, any premiurt~ on such insurance [or payme~t of which p~ovision has not been made hereinbefore. Ali insurance ~ shall be car~ied in companies approved by mortgagee and the policies and renewals the~eof shall be held by mort- - ~ gagee and have attached thereto loss payable clauses in iavor of and in form acceptable to the mortgagee. ln event of loss he will give immediate notice by mail to matgagee, and mortgagee may make proof of loss if not ~ made promptly by moctgagor, and each insurance company concerned is heceby autho~ized and directed to make payme~t for such loss directly to mo~tgagee 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 he~eby secured or to the restoration a repair of the property damaged. In event of foreclosure of this mortgage or other transter of title to the mortgaged property in extinguishment of the indebtedness 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 mortgagee may, at any time pending a suit upon this mortgage. apply to the court having jurisdic- tion thereof tor the appointment of a receiver, and such court shall forthwith appoint a receiver of the p~emises 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 mottg,~ged as if speciEically set forth and described in the granting and habendum clauses hereof. and such receiver s6a11 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 inadequacy of the value of the property mortgaged or to the solvency or insolvency of said mortgagoc or the defendents, and that such rents, profits. income, issues. and re~Ftblle~s shall Ge~apQlied ~by such receiver according to the lien of this mortgage and the praciice of such court. In the event of any de~a~~ on the part of the mortgagor hereunder, the mortgaga agrees to pay to the mortgagee on demand as a reasawble.oonthly ~ental for the premises an amount at least equivalent to one-twelEth (1/12) of the aggregate of the twelve monthly install- ments payable in the then current year plus the actual amount of the annusl taxes, assessments. water rates. and insurance premiums for such year not coveced by the aforesaid monthly pay~qents. 9. That (~1 in the event of any breach of this mortgage or default on the pad of the modgagoc, 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 (~•i in the event that each and every the stiPulations, agreements. conditioas. and covenants of said note and this mortgage, a~e 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 moctgagee, as fully and com- j 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 mortgage to the contrary notwithstanding; and thereupon or thereafter, at the option of said matga- l ~ 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 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 mo~tgaged pcemises shall be sold subject to the con- ~ tinuing lien of this mortgage for the amount of the debt not then due and unpaid. Ia such case the provisions of this paragrapt~ may again be availed of thereafter from time to time by the mortgagee. 10. That the modgagor will give immediate notice by mail to the mortgagee of eny conveyance. transfer, or change of ownership of the premises. 11. That no waiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be held to be a waiver of the terms heceaf or of the note secuced hereby. 12. That if the mortgagor default in any of the covenants a agreements contained herein, or in said note, then the mortgagee may pecform the same, and all expenditutes (inctuding 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 repayabie immediately and without demand by the mortgagor to the mortgagee, and, together with interest and costs accruing thereon. shail be secuced by this mortgage. 13. that the mailing oE 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 ~nodgagee, or directed to said owner at said mortgaged piemises, and mailed by the United States mails, shall be sufficient notice and demand in any ~ case arising nnder this instrument and required by the provisions hereof or by law. ~ 14. The mortgagor further covenants that should this mo~~t ga~ p~e and the note secured hereby not be eligible for insurance under the National Housing Act within . ~ W1Y1 trom the date hereof (written statement ~ of any officec oE the Department of Housirg and Urban Develo ment or authorized agent of the Secretacy of Hous- ~i ing and Urban Development dated subsequent to~ the ~~Y.S time from the date of this modgage, ~ declining to insure said note and this mortgage, being deear~d cooclusive proof of such ineligibility), the mortga- gee or the holder af the note may, at its option, declare ali sums secured hereby immediately due and payeble. ~ The covenants herein contained shall bind, and the benefits and advantages sha!! inure to, the respective ~ heirs, executors, administrators, successors, and assign~ of t6e parUes hereto. Whenever used, tfie singular num- ber shalt include the ploral; ~fe-~luial t1~e singalar, and the us~ of any gender shall include all genders. ~ ~ ~ ~ . ~ ~ ~ 0 , y ~ ae~~ ~ ~ t`r~ iQi~~t S~ d ~s"~ ~,5~•a ~ - T+2'~- 4...~~. ~~"~~3'S-~4. ~ .av' . _ . ~ . . . . _._v. ~.:'..r•-."