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HomeMy WebLinkAbout0563 - ~ . - ; , ; ~ 5. That he will pecmit, commit, or suffe~ no wasle, impai~ment, ot detetioration ot said pcopecty o~ any pan t thereof; and in the event of the failure ot the mortgagor to keep the buildings on said premises and those tobe ~ erected on said pcemises, or improvements thereoo, in good repair, the mortgagee may make such repairs as in its discretion it may deem necessary for the p~opet preservation the~eof, and thc full amount ot each and evety such ~ayment shall be immediately due a~d pa~~able, and shall be secured by the liea ot this mortgage. 6. That he will pay ali and singular the costs, charges. and expenses, including ceasonable lawyer's tees, and costs o[ abstracts of title, incurred or peid at any time by the mortgagee .beceuse of the failure on the pert ot the mortgagot promptly and [ully to perEorm the ~r ~ents and,~p~aents of said 'pcomissory note and this mort- gage, and said costs, charges, and expenses s~l,~ immediat ty ~ue and payabte and shall be secured by the lien o[ this mortgage. 7. That he will keeP the improveme~ts now existing oc herea[ter erected oa the moKgaged ptopetty. i~sured as may be required (rom time to time by the matgagee against loss by fire and other ha=ards. casuelties. and contin- gencies in such amounts and tor such periods as may be required by mortgagee, and will pay promptly. when due, any premiums on such insura~ce for peyment of which provision has not been made hereinbefore. All insurance shall be carried in companies approred by mortgagee and the policies and ~encaals thereof shall be held by mort- gagee and have attached thereto loss payable clauses i~ favor of and in fam acceptable to the mongagee. In e~~ent o[ loss he will give immediate notice by mail to mortgegee, and mortgagee may make proof of loss i( not made promptly by mortgagor, and each insurance company concerned is hereby authorized and directed to make payment foc such loss.directly to mortgagee instead of to a~ xtgagor and mortgagee jointly. and the insurance pro- ceeds, or any part thereof. asay be applied by matgagee et its optiot~ either to the reduction of the indebtedness hereby secured or to the restoretion ot repair of the property damaged. in eveM of foreclosure of this mortgage oc other transfer of title to the mortg,eged property. in extinguishment o[ the indebtedness secured hereby. all right, title, aad interest of the mortgagar in and to any insurance policies then in force shall pass to the purchaser or grantee. i 8. That the mortgagee may. at any time pending a suit upon this mortgage, epply to the coart having jurisdic- ' tion thereof foc the appointment of a receiver, and such court shall forthwith appoint a c~ceiv~_r nf thn nn•micec covered hereby all end singular. including all and singular the income. profits, issues. and revenues ftom ahatever source derived, each and every of which. it being expressly understood, is hereby moctgaged as .if spec~ficqlly set ~ forth and described in the gra~ting and habendum clauses hereof. and such ceceiver shall hevs p~l tFb broad and 1 effective functions and powers in anywise entrusted by a court to a receiver. and such appointment shal! be made by such court as an admitted equity and a matter of absolute right to said mortgagee, and without reference !o the~ adequacy oc inadequacy of the value of the propetty mortgaged ot to the soivency oc insolvency of said mortgaga or the detendents, and that such rents, profits, income, issues. and revenues shall be applied by such receiver accocding to the lien of this mortgage and the practice of such court. In the event of any defauit on the ped oE the mortgagor hereunder, the mortgagor agrees to pay to the mortgagee oa demand as a reasonable monthly rental for the premises an amount at least equivalent to oree-twelfth (1/12) of the aggcegate of the twelve moathly install- ments payable in the then cunent year plus the actual amount of the annual texes, assessments. ~vatet retes. and insurance premiums for such year not covered by the aforesaid monthly payments. 9_ That (a 1 in the event of any breach of this mortgage or defeult on the part of the modgagor, or (6) in the event that any of said sums ot 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. agteements. conditions, and covenants of said note and this mortgage, are not duly, promptly, and fully performed; then in either ot any snch event, the said aggregate sum mentioned in said note then remaining unpsid, with interest accrued to that time. and all moneys secured hereby, shall become due and payable forthwith. er thereafter. at the option of said matgagee; as fully and com- pletely as if all of the said sums of money were originally stipulated to be peid on such day, anything in said note ar in this mortgage to the contrary notwithstanding; and thereupon or thereafter. at the option of said matga- gee, without notice or demand, suit at Iaw or in equity. may be prosecuteci as if al! 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 vvith costs, expenses,and allrniv- ~ ances. In case of partial foreclosure of this mortgage, the moctgaged premises shall be sold subject to the con- i tinuing lien of this mortgage for the amount of the debt not then due and unpaid. tn such case the pcovisions of ~ ~ this paragraph may again be availed of thereafter from time to time by the mortgagee. ~ 10. That the mortgagor wili give immediate notice by mail to tbe mortgagee of any conveyance, transfer, a E change ot ownership of the premises. ~ 11. ?hat 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 it the mortgagor default in any of the covenants or agreements contained herein, or in said note, then i the mortgagee may pedorm the same. end all expenditutes (including reasonable atto~ney's fees) made by the mortgagee in so doing shall draw interest at the rate set fath in the note secured hereby, and shall be repayable immediately and without demand by the mortgagor to the moctgagee. 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 ownec of record of the mwtgaged premises. or directed to the said rnaner at the last address actually furnished to the mortgagee, or directed to said a~rner 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 required by the provisions bereo[ or by la~v. 14. The mortgagor further coveeants that sbould this mort age and the note secured hereby not be eligible ~ for insucance under the National Nousing Act within ~Q fcom the date hereoE (written stateraent ot any officer of the Department ot Housing and Urban Development or authoriaed agent of the Secretary qf Hons- ~ ing and Urban Development dated substqi~et to~ the 30 DAYS time from the date of this mottgage, ~ ~ declining to insure said note and this mortgege, being deemed conclusive proof of such ineligibility), the modga- 1 ~ gee or the holde~ of the note may, at its option, declare all sua?s secured hereby immedistely due and payable. ~ ~ The covenanta herein contained shell biod, and the benefits and advantages shall inure to, the cespective ! ~ heirs, executas, administratars, successas, and assigt~s d the padies hereto. Whenever used, the singuler num- + ~ ber shall include the plural, the plural the singular, and the ose ot any gender shall incl~e all genders. ~ ~ i~ ~ ~ ~ ~ ~ - - - _ . . . . . ~t;u '~~.-cfm a, W J _ `~'e ~+'.1`x~~~ „~'~~"_.`~w~i -5~1-=.r~~ ..~C.~.n.a~.~"P r~.,~_. _ , . _ ~~P ..k5c.;~ V .