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HomeMy WebLinkAbout2001 . ~ ~ 5. That he ~~•ill pe~mit, commil, or su((et no waste, impiiirment, o~ cleteriuration af said property or arey part thereof; and in the event of the tailu~e o[ the rnorigugor to kcep the build~ngs un said premises and those tobe ~ ercYted on said premises, or impro~•ements the~eon, in good repatr, the mortgagee m.iy make such repaits as in its discretion it may deem necessary fot the pcope~ preser~•ation thereo[, and the full amount of each and every such pa~~ment shall be immediately due and pa~•able, and shail be secured by the lien of ihis mortgage. fi Th:~t he will pay all and singular the costs, char~es, and expenses, including reasonable lawyer's [ees. and cost~ of abctracts o( title, incurred or paid at any time bythe mortgagee.because o[ the failu~e on the p:+rt of the murtgagu~ promptly and fully to pe~torm the agreements and covenants of said promissory note and this mort- gage, und said rosts, charges. a~d expenses shall be immediately due and ~yable and shall be secured by the li~n o[ this mortgage. 7. That he w~ill keep the improvements now existing or hereatter erected an the mortgaged property, insured as may be requi~ed [~om time to time b~~ the mortgagee against loss by fire and other hazards, casualties, and contin- ~encies in such amounts and tor such periods as may be required by mortgagee, and will pay promptly, when due, an~~ premiums on such insurance for payment of which pro~~icion has not been made hereinbefo~e. All insurance shall be carried in companies approved b~~ mortgagee and the policies and renewals thereof shall be held by mort- Kagee and ha~•e attached thereto luss payable clauses in favor of and in form acceptable to the mortgagee. In e~~ent of loss he w~ill gi~•e immediate notice by mail to mortgagee, and mortgagee may make proof of loss if not made promptly by mortgagor, artd each insurance company concerned is hereby authoriaed and directed to make p~~~•ment for 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 indebiedness hereb~• secu~ed or to the restoration or cepair of the property damaged. ln event oi foreclosure ot this mortgage or other tcansfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby, atl right, title, and interest of the mortgagcx 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~eceiYec of the premises covered hereby all and singular, including all and singular the income, profits, issues, and tevenues from whatever source derived, each and every 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 receiver shall have all the broad and effecti~•e iunctions and powers in anywise entrusted by a court to a~eceiver, and such appointment shall be made b~~ such court as an admitted equity and a matter of absolute right to said mortgagee, and withou~ reference to the adequacy or inadequac}• of the vaiue of the property mortgaged or to the solvency or insolvency of said mortgagor .~r tfie defendents, and that such rents, pro[its, income, issues, and revenues shall be applied by such receiver ~+ccording to the lie~ of this mortgage and the practice of such court. In the event oE any default on the part of the murtgagor 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 twelve monthly install- ments pa~•able in the then current year plus the actual amount of the annual taxes, assessments, water rates, and ~nsurance premiums for such year not covered by the aEoresaid monthly payments. 9. That >n the event of any breach of this mortgage or default on the patt of the mortgagor, or (h~ in the e~~ent that any of said sums of money herein referred to be not promptly and fully paid without demand or notice, or << ~ in the event that each and every the stipulations, agreements, conditions. and covenants of said note and this mortgage, are not duly, promptly, and fully pecEormed; then in either or any such event, the said aggregate sum mentianed 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 mortgagee, as fully and com- pletel}- as if all of the said sums ot 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 thereatter, 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 ~ 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 partiai 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 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 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 mortgagee ma}• pedorm the same, and all expendituces (including reasonsble attorney's Eees) made by the E ~ mortgagee in so doing shall draw interest at the rate set forth in the note secured hereby, and shall be repayable ~ immediately and withoat demand by the mortgagor to the mortgagee, and, together with interest and costs accruing ~ thereon, shall be secured b~~ 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 actually furnished to the mortgagee, or directed to saidowner at ~ said mortgaged premises, and mailed by the United States mails, shall be sufficient ootice and demand in any ~ case arising under this instrument and cequired by the provisions hereof or by law. ~i ~ 14. The mortgagor further covenants that should this mortgage and the note secured heteby not be eligible for snsurance under the National Nousing Act within ~ QAYS Erom the date hereof (written statement of any officer of the Department of Housing and Ur6an Development or authorized agent of the Secretary of Hous- ~ng and Urban Development dated subsequent to~ the30 ~Y$ time from the date of this mortgage, ~ declining to insure said note and this mortgage, being deertr>d conclusive proof of such ineligibility), t6't~mortga- gee or the holder of the note may, at its option, declare all sums secured hereby immediately due and pa}sble. The covenants herein contained shall bind, and the benefits and advantages shall inure to, the respective i~ heirs, executors, administrators, successors, and assigns of the parties hereto. Whenever used, the singular num- - ber shall incSude the plural, the plural the singular, and the use of any gender shall include all genders. i~ ::~z ~ ~ ~ = - a~ 191 i996 ~ ~ . ~ ~r - . -