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HomeMy WebLinkAbout0634 ~ 1 ~ . ~ . ~ S. That he will pecmit, commit. or sutfer no waste, impairment, ur deterioration o[ said property or any part thereot; and i~ the event of the [ailure of the mortgagor to keep the buildings on said premises and those tobe erected on said premises, o~ improvements thereon, in good repair, the mortgagee may make such ~epairs as in its 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 secured by the lien o[ this mortgege. 6. That he will pay all and singular the costs, charges, and expenses, including reasoneble lawyer's fees, and costs of abstracts of title, incur~ed or paid at any time bythe mortgagee.because of the lailu~e on the part of the mo~tgagor ptomptly and fully to perform the agreements and covenants of said 'promissoty note a~d this mo~t- g,age, and said costs, charges, and expenses shall be immediately due end payable and shall be secured by the lien of this mortgage. 7. That he will keep the improvements now existing or herea[ter erected on the mortgaged property, insured as may be requiced from time to time b~• the mortgagee against loss by [ire and other hazards, casualties, and contin- gencies in such amounts and for such pe~iods as may be required by mortgagee. and will pay promptly, when due, an~~ premiums on such insu~ance for payment of which provision has not been made hereinbefore. All insucance shall be carried in companies approved by mortgagee and the policies and renewals thereof shall be held by m~t- gagee and ha~~e attached thereto loss pa~~able clauses in favor of and in [orm acceptable to the mortgagee. ln e~~ent oi loss he will give immediate notice by mail to mortgagee, and mortgagee may make proof of loss if not made promptlq by mortgagor, and each insurance company concerned is hereby authorized and directed to make payment tor such loss directly to mortgagee 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 hereby secured or to the restoration or repair o[ the property damaged. In event of foreclosure o[ this mortgage or other transfer of title to the mortg~ged property in extinguishment of the indebtedness secured hereby. all right, title, and interest of the mortgagor in a~d to any insurance policies then in focce shall pass to the purchaser or grantee. 8. That the mortgagee may, at any time pending a suit upon this moctgage, apply to the court having jurisdic- tion thereof for the appointment of a receiver, and such cou~t shall forthwith appoint a receiver of the premises covered hereby ali and singular, including all and singular the income, profits, issues. aad revenues f~om whatever source derived, each and every of which, it being expressly understood, is hereby mortgaged as lf specificalty set forth and described in the granting and habendum clauses hereof, and such receiver shall have a11 the broad and effecti~~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 mort~agee,. and without reference to the adequacy or inadequacy of the value of the property mortgaged or to the solvency or insolvency o( sai~ mortgagor or the defendents, and that such rents, profits, income, issues, and revenues shall be applied by such receiver accor~ing to the lien of this modgage and the practice of such court. In the event of any detault'on tfie 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 !he twelve monthly install- ments payable in the then current year plus the actual amount of the annual taxes. assessments. water rates, and insurance premiums for such year not covered by the aforesaid monthly payments. 9. That i~l in the event of any breach of this mortgage or default on the pad of the mortgagor. or (6/ in the e~•ent that an~~ of said sums of money herein reEerred to be not promptly and fe~lly paid without demand or notice, or ! in the e~~ent that each and every the stipulations, agreements, conditions. and covenents of said note and this mortgage, are not duly, promptly, and fully performed; then in either or any such event, the said eggregate sum r.~entioned in said note then remaining unpaid, with interest accrued to that time, and all moneys secured hereby, shall become due and payable forthwith, ot thereafter, at the option of said mo~tgagee, as fully and com- pletei~• as if all of the said sums of money were originally stipulated to be paid on such day. anything in said ~ note a in this mortgage to the contrary notwithstanding; and thereupon or thereafter. et 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 ~ matured prior to its institution_ The mortgagee may foreclose this mortgage. as to the amount so declared due and € pa~~able, and the said premises shall be sold to satisfy and pay the same together with costs. expenses,and allow- ~ ances. In case of partial toreclosure of this mortgage, the mortgaged premises shall be sold subject to the con- E tinuing lien of this mortgage for the amount of the debt not then due and unpaid. In such case the provisions oE ~ this paragraph may again be availed ot thereafter from time to time by the mortgagee. 10_ That the mortgagot will give immediate notice by mail to the mortgagee of any conveyance. transfer, or ~ change of ownership of the pcemises. ~ 11. That no waiver of any covenant herein or of the obligation secured hereby shelt et any time thereafter be ~ held to be a waiver of the terms hereof or of the note secured hereby. ~ 12. That if the mortgagor detault in any of the covenants ar agreements contained herein, or in said note, then ~ the mortgagee may peTform the same, and alk expenditutes (including reasonable attaney's fees) made by the ~ mertgagee in so doing shall draw interest at the rate set fath in the note secured hereby, and shall be repayable ~ immediateir and without demand by the mortgaga to the modgagee, and, together with interest and costs accruing ~ thereon, shall be secured by this mortgage. 13. that the mailing of a writfen notice oc demandaddressed to the owner of record of the mortgaged ptemises, or directed to the said owner at the last address actually furnished to the modgagee, or directed to said owner at said mortgaged premises, and mailed by the United States mails, shall be sufficient 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 artd the note secured hereby aot be eligible ~ for insurance under the National Housing Act within ~~YS from the date heteof (written statement of an~- officer of the Department of Housing and Urban Development or authorized agent of the Secretary of Hous- LLr ing and Urban Devetopment dated subsequent to the time ftom the date of this mortgage, ~ declining to insure said note and this raortgage, being deeaN~d conciusive proof of such ineligibility), the moctga- - gee or the holder d the note may, at its option, declare all sums secured hereby immediately due and payeble. The covenants herein contained shall bind, and the benefits and adventeges shall inure to, the respective he~rs, executors, administrators, successors, and assigns of the parties hereto. Whenever used, the singular num- ~ ber shall include the plurai, the plural the singul~r, and the s?se of any gender shall include all genders. =7~ ~ tr r :f sK a~ ~ x~ S-3 % 5~~91 633 ~ ~ ~ - - = ~ ~ ~,_...,.r _