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HomeMy WebLinkAbout1733 ~ . ' . wa~ S. That he will pcrmit, commit, or suf[e~ no' ~vaste, impc+irme~t, or deterioration of said propetly or any part thereof; and in the event o[ the [ailute of the mortg~gor to keep the buildings on seid premises and those tobe erected on said premises, or improvements thereon, in good ~epai~, the modgagee may meke such repai~s as in its discretion it may deem necessa~y for the proper preservation theteot, and the [ul) amount ot each and eve~y such payment shall be immediately due and payable, and shatl be secured by the lien of this mortgage. 6. That he will pay all and singular the costs. charges. and expenses, including reasonable lawyer's [ees, and cost~ o[ abstracts of title, incurred or paid at any time bythe mortgagee.because ot the failure on the part o( the mortgagor p~omptly and full~ to perfotm the agreements a~d covenents of said ~promissory note and this mort- gage, and said costs, charges, a~d expe~ses shall be immediately due and puyable and shall be secu~ed by the Iien o[ lhis murtgage. 7. That he will keep the impro~~ements now existing or hereatter erected on the mortgaged property, insured as may be required from time to time by the mortgagee against loss by fire and other hazards, casualties, and contin- gencies in such amounts and (or such periods as may be required by mortgagee, and witl pay ptomptly, when due, any premiums on such insurance for payment of which provision has not deen made hereinbefore. All insurance shall be carried in companies approved by mortgagee and the policies and renewals the~eof shall be held by mort- gagee and have attached thereto loss pa~~able 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 mottgagee may make proof of loss if not made promptly by mortgegor, and each insurance company conce~ned is hereby authorized and directed to make pE,~~ment fcu such loss directly to mortgagee instead of to mortgagor a~d mortgagee jointly, and the insurance pro- ceeds, or any part thereof, may be applied by mortgagee at its option either to the reduction ot the indebtedness hereby secured or to the restoration or ~epair of the property damaged. ln event o[ foreclosure oE this mo~tgage or other transfer 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 g~antee. 8. That the mortgagee may, at any time pending a suit upon this mortgage, epply to the court having jurisdic- tion thereof for the appointment of a receiver, and such court shall forthwith appoint a receiver of the premises covered hereby all and singular, includi~g all and singular the income, profits, issues. and revenues from whatever source derived, each a~d every of which, it being expressly understood, is hereby mortgaged as if specificelly set forth and described in the granting and habendum clauses hereof. and s~ch ceceiver shall have all the broad and effective functions and powers in anywise entrusted by a court to a reoeiidt; a0d srch appointment shall be made b~• such court as an admitted equity and a matter o[ absolute right to seid modgagee. and without reEerence to the adequacy or inadequacy of the value of the propecty mortgaged or to the solvency or in~ol ncy of said mortgagor or the defendents, and that such rents, profits, income, issues, an~l tevfenues 's6~~1 ~~q p~~lied by such receiver according to the lien of this mortgage and the practice of such coud. ln flie event of any default on the part of the mortgagor hereunder, the mortgagor agrees to pay to the mottgagee on demand es a teasronable monthly rental for the premises an amount at least equivalent to one-twelfth (1/12) of the eggregate of the twelve monthly install- ments pa~able 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 in the event of any breach of this mortgage or default on the pact of the mortgagor. or (b~ in the e~•ent that anp of said sums of money herein referred to be not promptly and fully paid without demand or notice, oi i in the e~•ent that each and every the stipulations, agreements, conditions. and covenants of said note and this mortgage, are not duly, ~romptly, and [ully performed; then in eithe: o: any such event, the said aggregate sum mentioned in said note then remaining unpeid, with interest accrued to that time. at~d all moneys secured hereby, shall become due and payable forthwith, a thereafter, at the option of said mottgagee, as [ully end com- pletely~ as if all of the said sums o[ 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 mortga- ' gee, without notice or demand, suit at law or in equity, may be prosecuted as if ail 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- a~ce$. In case of partial foreclosure of this mortgage, the mortgaged premises shall be sold subject to the con- ~ tinuing lien of this mortgege for the amount of the debt not then due and unpaid. Tn such case the provisions of this paragraph may again be availed of thereafter from time to time by the modgagee. ~ 10. That the mortgagor will give immediate notice by mail to the mortgegee of any conveyance, transfer, or 5 change of ownership of the premises. ~ 11. That no waiver of any covenant herein or of the obligation secured hereby shalt at any time thereafter be g he[d 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 agreements contained herein, or in said note, then the crortgagee may perform the same, and all expenditu~es (including reasonabie 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 mottgagee, and, together with interest and costs accruing . ~ thereon, shall be secured by this mortgage. ~ 13. that the mailing of a written notice or demandaddressed to the owner of record of the mortgaged premises, ~ ~ or directed to the said owner at the last address actualty furnished to the mortgegee, or directed to said owner at ~ said mortgaged premises, and mailed by the United States mails, shall be sufficient notice and demand in any ~ x case arising under this instrument and required by the provisions hereof ot by law. ~ ~ 14. The mortgagor further covenants that should this mortgage and the note secured hereby not be eligible i for insurance under the National Housing Act within ~~YS from the date hereof (written statement _ of an~• 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 1(S Eime from the date of this moclgage, declining to insure said note and this mortgage, being d~~~clusive proof of such ineligibility), the mortga- gee or the holder of the note may, at its option, declare all sums secured hereby immediately due and payabie. The co~•enants herein contained shall bind, and the benefits and advantages shall inure to, the respective heirs, executors, administrators, successors, and assigns of the parties 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. ; . ~ ) ~ 1 - , ' ~ - i _ ~ ~ = ~~i91 1729 f _ ( ~E _ ~ ~