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HomeMy WebLinkAbout0080 - 1 . N ~ y ~ L- S. That he vrill permit, commit. at s~~tlt~no weste. ~in~ai~ment, cx deterioration of seid p~operty or any part the~eo(; and in the event ot the teilu~e ot the mortgagor to keep thr buildi~es on seid pcemises and those tobe e~ected on seid premiaes. or imp~ovements theteon. in good repair. the motlgagee may make such repeira as in its d~acretion it awy deem necessary tot ihe p~ope~ prese~vetion lheteot. Mnd the tuil ea~ouni c>i eueh u~d eve~y suc:h payment shuil be immediately due and payable, aad shall be secured by the lien o( this mortgage. 6. That he will pay all and singuler the costs. cherges. and expenses, including reaso~able lpwye~'s tees, and costs of abst~acts ot title, iocurted w paid at any time by the mottgagee .beca~se oE the failure on the part ot the mortgagot promptly and (ully to pet(orm the agrce~meMs and covenanta of said'promissocy note and this mort- gege, and said costs, charges, and expenses shell be immedietely due and payable and shall be secured by the lien ot this mortguge. . 7. That he will keep the improvements now existing or herea[ter erected on the mo~tgaged property, insured es may be required from time to time by the mortgagee against loss by ti~e end other hazerdg. casualties. end contin- gencies i~ such amounts and for such periods as may be required by mortgagee. and will pey promptly. when due, any premiums on such insurence [o~ puyment of which ptovision has not been made hereinbefore. All insurence shall be cac~ied i~ companies appcoved by moctgagee and the policies end renewals thereof shail be held by mort- gHgee and have attached thereto loss payable cleuses in fevw of and in Eorm acceptable to the mortgegee. ln e~•ent of loss he vvill give immediate notice by mail tu m~tgage~, ancf mortgagee mey make proof ot loss i( nut made promptly by mortgagor, and each insurence company concerned is hereby authaized and directed to make payment for such loss dicectly to moctgagee instead of to matgagor and mortgagee jointly. and the insurence pro- ceeds, or any pert thereof, may be epplied by moctgegee at its option either to the reduction of the indebtedness hereby secured or to the restoration ot repaic of the propecty demaged. ln event of fo~eclosure 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 mortgsga in and to any insurence policies then in force shall pess to the purchaser or grantee. 8. That the mottgagee may. at any time pending a suit upon this mortgage, epply tp th~•qQu~t heving jurisdic- tion thereof for the appointment of a ceceiver, and such couN shall forthwith appoint''a "recl~vet of the premises covered hereby ell and singular. including eli and si~gulat the income, protits, issues. and revenues from whatever source derived, each and evety of which, it being expcessly understood, is hereby~tpqet~ os it specifically set forth and described i~ the grenting and habendum clauses hereoE. a~d such teceivet s 1 have all the broed and effective Eunctioa~s and powers in any~vvise entrusted by a court to a receiver. and such appointmeet shall ~e made by such court as an admitted equity and e matter of ebsolute right to seid Adattgagee. and aithout refecence to the adequacy or inadequacy af the value of the property mortgaged or to the solvency a insolveacx of said mottgagor or the detendents, and that such cents, protits. income. issues, end revenues shell be applied by such receiver acco~ding to the lien of this mortgage and the practice of such court. le the event of any defei~tt on the pa~t of the mortgagor. hereunder, the mortgagor agrees to pay to the mo~tgagee on demand as a reasonable monthly rental for the premises an amount at least equivale~t to one-i:velfth (1/12) of the aggregate of the ~welve monthly install- ments payeble in the then current year plus the actuel amount of the annual taxes, essessmtnts, water rates, and insura~ce premiums for such year not covered by the aforesaid monthly payments. 4_ That (,,J in the event of any breach of this mortgege or de[sult on the pert 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 [cI in the event that each and every the st'ipulations. egreements. conditions. and covenanis oE said note and this modgage, are not duly, promptly, and fully performed; ihen in either ar any snch 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 due and payable forthwith, or thereafter. at the option ot said mortgagee, as fully end com- pletely as if all of 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 or thereaftec, at the option oE seid 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 moctgage. as to the amount so declared due and payable, and the said premises shall be sold ta satisfy and pay the same together with costs, expenses,and allo~v- r ances. ln case of partia! toreclosure of this mortgege, 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 p~ragraph may agein 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. oc change of ownership of the premises. il . That no waiver of any covenant herein or of the obligation se•:ured hereby shall at any time thereafter be held to be a waiver of the terms hereoE or of the note secured hereby. I2. That if the mortgaga default in any of the covenants or agreements contained herein, a in said note, then the mortgagee may pedorm 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 fath in the note secure~ hereby, and shall be repayable immediately and without demand by the mortgaga 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 a demandaddressed to the owner of record of the mortgaged premises. or directed to the said oarner at the last address actually furnished to the mortgegee, or directed to saidorvner at _ said mortgaged pcemises. and mailed by the United States mails, shall be sufficient notice and demand in any case arising under this instrument and tequired by the provisions hereof ot by laa. ~ 14. The mortgagor further covenants that should t}~$ mortgage and the note secured hereby not be eligible for insurance under the National Housing Act within 30 QA~ from the date hereof (aritten statement ~ of any officer of the Department of Housing and Urban Development or authorized egent of the Secretary of Hous- ing and Urban Developacent dated subsequent to~ the tiroe from the date oE this mortgage, ~ declining to insure said note end this mortgage, being deem. conclusive proof oE such ineligibility), the mortga- gee a the holder d the note may, at its option, declare all sums secured hereby immedietely due and payeble. ~ The covenaats herein contained shall bind, and the beneEits artd advantages sha11 inure to. the respective ~ heirs, executors, administrators, successors, and assigns of the padies hereto. Whenever used, the singular num- ~ ber shatl include the plural, the plural the singular, and the use of any gendet shall include ell genders. ~ ~ ~ ~ ~ ~ ~ ~ ~ - , ~ ~ ~r~ :~~r_ . <,-.3~~