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HomeMy WebLinkAbout2669 S. That he will pPrmit, commit, or suffer'nb vr~te, im~ie4te~~ or deter~oration ot said pto{~erly or ~ny part thereuf; :+nd in the event o[ the f~~iliire of the tndit~agot t k~ep The buildings on said premises and those tobe ; erected on said premises, o~ improvements thereon, in good ~epair, the mottgagee m~~~ make such ~epairs as in its discretion it may deem necessaty for the proper preservation thereot, and the fuU amount of each and every ~uch i payment shall be immedi~tely due and pa~~able, and shall 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 fees, ~ and cosls of abstracts of title, incurred o~ paid at any time bythe mortgagee.because of the [ailure on the part of the mortgagor promptly and fully to perfcxm the ag~eements and covenants of said promissory note and this mort- t gage, and said costs, charges, and expenses shall be immediately due and payable and shall be secured by ihe ± licn ot this mo~tgage. ~ That he will keep the improvements now existing or herea[ter erected on the mortgaged property, insured as } may be required from time to time b~~ the mortgagee against loss by [ire and other hazards, casualties, and contin- ; gencies in such amounts and for such periods as may be required by mortgagee, and will pay promptly, when due, i any premiums on such insurance for payment of which provision has not been made hereinbefore. All insurance shall be carried in companies appro~•ed b~• mortgagee and the policies and renewals thereo( shall be held by mort- ; gagee and ha~•e attached thereto loss payable clauses in favor of and in form acceptable to the mortgagee. In ! e~~ent of loss he will gi~~e immediate notice by mail to mortgagee, and mortgagee may make proaf of loss if not 3 made promptly by mortgagor, and each insurance company concerned is hereby authorized and directed to make ~ pa~~ment for such loss directly to mortgagee instead o[ 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 repaic of the property damaged. In event of foreclosure of this mortgage or other transfer of title to the mortgaged property in extinguishment o[ the indebtedness secured hereby, all right, title, and interest of the mortgagor in and to any insurance policies then in force shatl 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 for the appointment of a receiver, and such court shall forthwith appoint a ceceiver of the premises covered hereby all and singular, including all and singular the income, profits, issues, and re~•enues from whatever source derived, each and every of which, it being expressiy undeestood, is heceby mortgaged as if specifically set forth and described in the granting and habendum clauses hereof, and such receiver shall have all the broad and e(fecti~~e functions and powe~s in any~ise entrusted by a court to a receiver, and such appointment shal! be made by such court as an admitted equity artd a matter of absolute right to said mortgagee, and without reference to the adequacy or inadequacy of the value of the property mortgaged or to the Solvency oc insolvency of said mortgagor or the defendents, and that such rents, profits, income, issues, and revenues shal! be applied by such receiver according to the lien of this mortgage and the practice of such court. In the event of any default on the part of the mortgagor hereunder, the mortgagor agrees to pay to the mortgagee on demaad as a reasonable monthly rentai for the premises an amount at least equivalent to one-twelfth (1/12) of the aggregate of the twelve monthlyinstalt- ments payable in the then current year plus the actual amount of the annual taxes, assessments, water rates, and = insurance premiums [or such year not covered by the aforesaid monthly payments. ~ 9. That (o ~ in the event of any breach of this mortgage or default on the part of the mortgagor, or (ti~ in the e~•ent that anp 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 covenants 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 sai~ 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- a t pletely as if all of the said sums oE money were oreginally 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 al! moneys secured hereby had r matured prior to its institutiQn. The mortgagee may Eoreclose 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 toreclosure of this mortgage, the mortgaged premises shall be sold subject to the con- ~ tinuing lien of this mortgage for the amount oE the debt not then due and unpaid. In sach case the provisions of ~ this paragraph may again be availed of thereafter from time to time by the mortgagee. ~ 10. That the morLgagor wili give immediate notice by mail to the mortgagee of any conveyance, transfer, or ~ change of ownership of the premises. ~ 11. That no Qaieer 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 i( the mortgagor default in an}~ of the covenants or agreements contained herein, or in said note, then ~ the mortgagee may perEorm 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, shail be secured b}~ this mortgage. ~ 13. that the mailing of a written notice or demand addressed 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 said owner at sa~d 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 and the note secured hereby not be eligible ~ for insurance under the National Housing Act within from the date hereof (written statement of an~- oificer of the Department of fiousing and Urban Development or authorized agent of the Secretary of Hous- ing and Ucban Development dated subsequent to~ the ~ QA~S time from the date of this mortgage, _ declining to insure said note and this mortgage, being deem•>d conclusive proof oE such ineligibility), the mortga- ~ gee or the holder of the note may, at its option, declare all sums secured hereby immediately due and payeble. ~ The co~•enants herein contained shall bind, and the benefits and advantages shali inure to, the respective ~ ~ heirs, executors, administrators, successors, and assigns of the parties hereto. lkhenever used, the singular num- ber shall include the ptural, the plural the singular, and the use oE any gender shall include all genders. °;3 ~ti ~ • 3 ~i9i ~ ?~b'~ ; ~r:~ . ~ _ ~ .