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HomeMy WebLinkAbout0909 ~ ~ } ~ _ ~ _ + 1 S. That he will pe~mit. commit, or sufte~ nq w~ste, impair pt~ or deterioration of said property or any part ~ thereot; and in the event o[ the failure of the ~~tab?gor to k~~lNe buildings oa said p~emises and lhose tobe ~ ecected on said premises, or imp~ovements thereo~, in good repair, the mortgagee may make such repairs as in its ~ disccetion it may deem necessary tor the pcoper preservation thereot, and the tull amount of each a~d every such ~ payment shall be immediately due and pay~able, and shall be secu~ed by the lie~ of this mortgage. ~ 6. That he will priy all and singular the costs. cherges, and expenses, including reasonable lawyer's [ees, # end costs of abst~acts o[ title, incurred or paid at any time bythe mo~tgagee.because of the failure on the part of i the mortgagoc promptly and fully to perfam the ag~eements and covenants oE said 'promissory note and this mort- gage, and said costs, charges, and expenses shall be immediately due and peyable and shall be secured by the lien of this mortgage. 7_ That he will keep the improvemeats now existing or herea[te~ erected on the mortgaged property. insured as may be required [rom time to time by the mortgagee against loss by fire and other hazards. casualties. and contin- gencies in such amounts and for such periods as may be requiced by mortgagee, and will pay promptly~ when due, any premiums on such insurance for payment of which provision has not been made hereinbefore. All insurance shall be carried in companies approved by mortgagee and the policies and renewals thereoE shall be held by mo~t- gagee and have attached thereto loss payable clauses in favor of and in form acceptable to the mortgagee. In event of loss he will give immediate notice by mail to mortgagee, and mortgagee may make proof of loss if not made promptly by mortgagor, and each insurance company concemed is heceby authorized and directed to make payment fw such loss directly to mortgagee instead of to mortgagoc a~d matgagee 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 oc repair of the property damaged. In event of foreclosure of this mortgage or ' other transfer 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 focce sball p~+~ 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 thereaf fa tha appointment of a receiver, and such coud shall forthwith appoint a receiver of the premises P 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 unders46bd,is heteb~ p~pdga e~! as if specifically set : forth and described in the granting and habendum clauses hereof. and such reEeive~ r3~1~ have all the braad and ~ effective functions and powers in anywise entrusted by a court to a receiver. and~s~~rb.ap~ointment shall be made ~ by such court as an admitted equity and a matter of absolute right to said mortgagee, ~pd without reference to the adequacy or inadequacy of the value of the property mortgaged or to the solvency o~ in'solvency of said mortgagor or the defendents, and that such rents, profits, income, issues, and tevenues shall be applied by such receiver accocding to the lien of this mortgage and the practice of such coud. In 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 tvir~lve monthly install- ments payable in the then cu~rent 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 ~ in the event oE any breach of this mortgage or default on the pad of the modgagor. or (b) 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. conditions. and cove~ants 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 ~ue and payable forthwith, or thereafter, at the option of said mortgagee, as fully and com- pletely as if all of the said sums of money were originally stipulated to be paid on such day, anything in said note oc ia this mortgage to the contrary notwithstanding; and thereupon oc thereafter, at the option of said matga- ! ; gee, without notice or demand, suit at !aw 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, expeases,and allow- j ances. In case of partial foreclosure of this mortgage, the mortgaged premises shall be sold subject to the con- ~ tinuing lien ot this mortgage for the amount of the debt not then due and unpaid_ In such case the provisions of this pacagraph may agein be availed of thereafter from time to time by the mortgagee. ; 10_ That the mortgagor wilt give immediate notice by mail to the mortgagee of any conveyance, transfer, or ~ change o[ ownership of the premises. 3 # 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 mortgagor default in any of the covenants or agreemerts 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 shall be repayable ~ immediately and without demand by the mortgagor to the mortgagee, and, together with interest and costs accruing ~ thereon, shall be secured by this mortgage. ; ~ 13. that the mailing of a written notice or demand addressed to the owner oE reco~d of the mortgaged premises, t or di~ected to the said owner at the last address actually furnished to the mortgagee. or directed to seid owner at 3 said mortgaged premises, and mailed by the United States maits, shall be su[ficient notice and demand in sny " case arising under this instrument and required by the provisions hereof oc by law. ; 14. The mortgagor further covenants that should this mortge e and the note secured hereby not be eligible ~ for insurance under the National Housing Act within ~~~5 [rom the date hereoE (written statement ; of any ofEicer of the Department of Housing and Urban Development or authorized agent of the Secretary of Hous- : ; ing and Urban Development dated subsequent to~ the time from the date of this mortgage, ~ declining to insure said note and this mortgage, being deertN~d conclusive prooE of such ineligibility), the mortga- < ~ rt _ gee or the holder of the note may. at its option, declare all sums secured hereby immediately due and payable. " ' The coveeants _ herein coyfsined shall bind, and the ~nefits and edvantages shall inure to, the respective R heirs, executors, administrators, successors, and assigns of the padies hereto. Whenever used, the singular num- ber shall include the plural, the plural the singular, and the use of any gender shall include all genders. `y t ~ ~ ..7 ~ :3 ~ - - V ~ ,`ry . i ~ , ao~ 191 908 ; ~ ~ .a ~ ~ S4._ . r _ . _ . _ _ . _ . .