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HomeMy WebLinkAbout0628 . , . S. That he w~iU pecmit, cumm~t, or su[[er;no~ ~raste, im~~t, ot detetiocation ot said pro~e~ty or uny pa~t thcrcu(; and in the event of the (ailure uE the mo~tgagor to keep the buildings oa ~aid premises and ihose tobe er~c:ted on said premises, or improcements theteun, in good repair, ihe moriga~ee may make such repairs as i~ its discretio~ it ma~~ deem necessary for the pcoper preser~~ation thereo[, and the full amount of each and every such pa~~ment shall be immediately due and payable, and shall be secured by the lien of this mortgage. 6 That he v?ill pay all and singulat the cacts, charges, and expenses, including ~easonable lawyer's fees, and costs ot abstracts o( title, incurred or paid at any time bythe mortgagee.because o! the failu~e on the part o[ the mortgagor promptly and fully to petfo~m the agreements and cove~ants of said ptomissory note and this mort- gaKe, and said costs, charges, and expenses shall be immediately due and payable and shaU be secured by the lien of this mortgage. i. That he will keep the improvements now existing or hereaiter erected on the mortgaged propetiy, insured as may be cequired [rom time to time by the motigagee against loss by fire and other hazards, casualties, and contin- gencies in such amounts and for such periods as may be required by mo~tgagee, and wiU pay promptly, when due, an~• pcemiums on such insurance for payment o( which provision has not been made hereinbefoce. All insurence shall be carried in companies approved by mortgagee and the policies and renewals thereof shall be held by mort- ~agee and ha~•e attached thereto loss payabie clausec in favor of and in form acceptable to the mortgagee. ln e~•ent of loss he will gi~•e immediate notice by mail !o mortgagee, and mortgagee may make ptoof of loss if not made promptl~~ by mo~tgagor, and each insurance company concerned is hereby authorized and directed to make pa~~ment for such loss directly to mortgagee instead of to mortgagoc and mo~tgagee jointly. and the insurance pro- ceeds, or any part thereof, may be apptied by mortgagee at its option either to the reduction o[ the indebtedness 6ereb} secured or to the restoration or repair of the properly damaged. Ie e~ent oi foreclosure o[ this mortgage or other transfer of title to ihe mortgaged property in extinguishment o[ 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 coutt having jurisdic- tion thereof for the appointment ot a receiver, and such coatt shall [orthwith appoint a receiver of the premises coveced hereb~ all and singular, inctuding all and singular the income, profits, issues. and revenues from whatever source derived, each and evecy of which, it being expressly understood, is hereby mortgaged as if specifically set forth and described in the granting and habendum clauses hereof, and such ~eive~ shall have all the broad and effecti~•e functions and powers in anywise entrusted by a court to a receiver, and sueh appointment shall be made b}~ such court as an admitted equity and a matter of absolute right to said mortgagee, and without reference to the adequacy or ~nadequacy of the value of the property mortgaged or to the solvency or insolvency of said modgagor or the defendents, and that such rents, profits, income, issues, and revenues shall be eppiied by such receiver accurding to the lien of this mortgage and the practice of such coud. ln tJ~e e~ent o~any,,default on the pad of the mortgagor hereunder, the mortgagor agrees to pay to the mortgagee on demaitd' as a~teaso~labls tnonthly rentaT tor the p~emises an amount at teast equivalent to one-twelfth (1/12) of the aggregate of the twelve monthly install- ments payable in the then current year pius the actual amount of the ann~al taxes, asses"sineRt~; ~ater rates, and ~nsurance premiums for such year not covered by the aforesaid monthly payments. • 9. That i in the event of any breach of this mortgage or default on the part of the mottgagor. or (b/ in the e~~ent tfiat anq of said sums of money herein r~ferred to be not promptly and fully paid without demand or notice, or ~ in the event that each and every the stipulations, agreements, conditions. and covenanis of said note and this mortgage, are not duly, prompU}, and fully perforrt~ed; then in either ot any such event. the said aggregate 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 said mortgagee, as fally and com- ~ pletely as if aU of the said sums of money were originally stipulated to be paid on such day, anything in said E nute or in this mortgage to the contrary notwithstanding; and thereupon or thereafter, at the option of said mortga- € 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 paragraph may again be availed of thereafter from time to time by the mortgagee. ~ 10. That the mortgagor will give immediate notice by mail to the mortgagee of any conveyance, transfer, or ~ change of ownership oE 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 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 moctgagee may pertorm the same, and all expenditutes (including reasonable attaney's fees) made by the ~ mortgagee in so doing shall draw interest at the rate set forth in the note secured hereby, end shall be repayable ~mmediately and without demand by the mortgagor to the mortgagee, and, together with interest and costs accruing thereon, shall be secured by th~s mortgage. 13. that the mailing of a written notice or demandaddressed to the owner of recocd of the moctgaged premises, or directed to the said owner at the last address actually furnished to the mortgagee, or directed to saidowner at ~ sa~d mortgaged premises, and mailed by the United States mails, shall be su[ficient notice and demand in any ~ case arising under this instrument and required by the provisions hereof or by law. ~ 14. The mortgagor further covenants that should this mortgage and the note secured hereby not be eligible for insurance under the National Nousing Act within ~~YS from the date hereof (written statement = of anp officer of the Department of Housing and Urban Development or authorized agent of the Secretary of Hous- " ing and Urban Development dated subsequent to~ the ~~YS time ftom the date of this mortgage, :~s declining to insure said ndt~ and this mortgage, being deem~~d conclusive proof of such ineligibility), the mortga- - ge~ or the holder of the note may, at its option, declare all sums secured hereby immediately due and payeble. ~ The covenants herein contained shail bind, and the benefits and advantages shall inure to, the respective heirs, executors, administrators, successocs, and assigns of the parties hereto. Whenever used, the singular num- ~j bec shall include the plurai, the plural the singular, and the use of any gender shall include all genders. A i ~ t ~ . 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