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HomeMy WebLinkAbout2883 • S. That he will permit, commit, ot sulfer no waste, impairment, ur detertoration of said propetty or any part thcreot; and in the event o[ the [ailure o[ the mortgagor to keep the duildings on said premises a~d those tobe erected on said ptemises, or improvements thereon, in good repair, the morlgagee may make such rep:+~rs .is in its discretion it may deem necessary for the propet preservation thereof, and the tull amount of each and every such payment shal! be immediately due and pa~~able, and shall be secured by the lien of this mortgage. 6. That he will pay all and singular tfie c0.cts, cha~ges, and expenses, including reasonable lawyer's fees, and costs of abstracts oi title, incurred or paid at any time bythe mortgageebecause of the failure on the pa~t ot the mortgt+gur p~omptlp and fully to perform the agreements and covenants of said promissory note and this mort- gage, and said costs, charges, and expenses shall be immediately due and papable and shall be secured by the lien of this mortgage. 7. That he will keep the improvements now existing or hereatter ecected on the mo~tgaged property, insured as may be required Erom time to time by the mottgagee against loss bp tire and other hazards, casualties, and contin- gencies in such amounts and tor such periods as may be required by mortgagee, and will pay promptly, when due, an~~ premiums on such insurance (or payment o[ which provision has not been made hereinbetore. All insu~ance ' shall be ca~ried in companies app~oved by mortgagee and the policies and renewals thereof shall be held by mort- ; gagee and have attached thereto loss payable clauses in tavor of and in form acceptable to the mortgagee. ln e~~ent of loss he will give immediate notice by maii to mortgagee, and mortgagee may make proot of loss if not ; made promptly by mo~tgagor, and each insurance company concerned is hereby authorized and directed to make r payment for such loss directly to mortgagee instead of to mortgago~ and mortgagee jointly, and the insurance pro- - t 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 restocation or repair of the property damaged. ln event of foreclosure of this mortgage or : other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby. all right, ` tit[e, and intecest o[ the mortgagor in a~d to any insurance policies then in force shall pass to the purchaser or grantee. ~ 8. That the mortgagee may, at any time pending a suil upon this mortgage, apply to the court having jurisdic- tion thereof (or the appointment o( a receiver, and such court shall forthwith appoint a ~eceiver o[ the premises ° co~~ere~ he~eby 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 understood, is hereby mortgaged as if specifically set forth and desc~ibed in the granting and habendum clauses hereof, and such receiver shall have all the broad and effecti~•e functions and powers in anywise 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 mortgagee, and without reference to the ` adequacy or inadequacy of the value of the property mortgaged or to the solvency or insolvency b~; said mottgagoc ~ or the detendents, and that such rents, profits, income, issues, and revenues shal! be applied by suc~ receiver according to the lien of this mortgage and the practice of such coud. ln the event of any default on the pert of the = mortgagor hereunder, the mortgagor agrees to pay to the mortgagee on demand as a reasonable monthly rental for the p~emises an amount at least equivalent to one-twelfth (1!12) of the aggregate of the twelve monthly install- ments payable in the then current year plus the actual amount of the annual taxes, assessments, water tates, and insurance premiums for such year not covered by the aforesaid monthly payments. 9. That (u/ in the event of any breach of this mortgage or default on the part 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 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 aggcegate sum mentioned in said note then remaining unpaid, with interest acctued to that time, and all moneys secured hereby, shall become due and payable forthwith, or thereaftet, at the option of said mortgagee, as fully and com- pletely as if all oE the said sums of money were originally stipulated to be paid on such day, anything in said note or in this mortgage to the contrary notwithstanding; and thereupon oc thereafter, 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 i i payable, and the said premises shall be sotd to satisfy and pay the same together with costs, expenses,and allow- ; ances_ In case of partial foreclosure of this mortgage, the mortgaged premises shatl be sold subject to the con- i 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 E change of ownership of the prem~ses. ' I1. That no waiver of an covenant herein or of the obli ation secured hereb shall at an time thereafter be ~ Y g Y Y t held to be a waiver of the terms hereof or of the note secured hereby. ~ 12. That i[ the mortgagor default in any of the covenants or agreements contained herein, or in said note, then the mortgagee may perform the same, and all expenditu~es (including reasonable attwney's fees) made by the mortgagee in so doing shal( 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 demandaddressed to the owner of record of the mortgaged premises, ~ or directed to the said owner at the last address actualiy furnished to the modgagee, or directed to said owner at ~ said murtgaged 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 fu~ther covenants that should this mortgage and the note secured hereby not be eligible ~ for insurance under the National Housing Act within ~1~' ~aYs from the date hereot (written statement ~ of any ofticer of the Department of Nousing and Urban Development or authorized agent oE the Secretary of Hous- ~ ing and Urban Development dated subsequent to~ the ~1h1lty l~a7s time from the date of this mortgage, ~ declining to insure said note and this mortgage, being deem~rd conclusive proof of such ineligibility), the mortga- s gee or the holder of the note may, at its option, declare all sums secured hereby immediately due and payable. ~ The covenants herein contained shall bind, and the benefits and advantages shall inure to, the respective ~ heirs, ex~:.utors, 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 shali include all genders. ~ ~ ~ ~ ~ ~ ~ BooK 191 2877 : ~ ~ ~ .