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HomeMy WebLinkAbout2057 ~ .C i S. That he will permit, commit, or sut(et no waste, imps~irment, or deterioration o( said ptoperty or any part thereot; and in the event of the failu~e of the mortgagot to keep the buildings on said premises and those tobe erected on said premises. or improvements the~eon, in good ~epair, the moctgagee may make such repairs as i~ its discretion it may deem aecessary f~r t3te p~3~r p~~s~r~;ati~c~ the~e~i, ::~~3 ti-~z [u1i ainuu~it u( ra~b aed every such j paymeni si?aII be immediateiy due and payaDle, an~i shali be secured by the lien of this mortgagP. 6. That he will pay all and singular the costs, charges. and expenses, including ~easor~able lewyer's fees, and costs of abstracts of title, incurred or paid at any time bythe mortgagee.because of the failure on the part of the martgagoc promptly a~d fully to pertorm the agreements and covenents of said ~promissory note end this mort- gage, and said costs, cha~ges, and expenses shall be immediately due and payable a~d shall be secuced by the lien of this mortgage. 7. That he will keep the impcovements now existing or hereafter erected on the mortgeged pcoperty. insured as may be requi~ed [rom time to time by the mortgagee against loss by Eire and othec hezards. casualties. end contin- gencies in such amounts and for such periods as may be required by mortgagee. and will pay promptly. when due, any premiums on such insurance [or payment ot which provision has not been made hereinbefore. All insurance shall be ca~ried in companies approved by mortgagee a~d the policies and renewals thereof shell be held by mort- gagee aad have attached thereto loss payable cleuses in favor of and io form acceptable to the mortgageg. In event of loss he will give immediate notice by mail to mottgagee, and mortgagee may make proof of loss if not made promptly by mortgagor, and each insurance company concerned is hereby authorized and directed to make payment for such loss directly to moctgagee instead of to moctgagor and moctgagee jointly, e~d the insurance pro- ceeds, or eny part thereof, may be applied by mortgagee et its option eithet to the ~eduction of the indebtedness hereby secured or to the restocation or repair of the prope~ty damaged. ln event of foreclosure of this mortgage oc other transfer of title to the modgaged property in extingoishment of the indebtedness secured hereby. all cight, title, and interest of the mortgagoc in and to any insurance policies then irt force shall pass to the purchaser oc grantee. 8. That the modgagee may, at eny time pending a suit upon this mortgage. apply to the conrt having jurisdic- tion thereof for the appointment of a receiver, and such coud shall forthwith appoint a receiver of the premises covered heceby all and singular. including all and singular the income, profits, issues. and cevenues from vrhatever source derived. each and every of which, it being expcessly understood, is hereby mo~gagec~ as if specif~cally set forth and described in the granting aad habendum clauses hereof. and such receiver shall 6ave all the broad and effective 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, end without reference to the adeouacv or ina~a~~iary ~f the v~lue ~f ~hP g•o~e~!g •norigaged os to the solvency ~ insotvency of said mortgagor or the defendents. and that such rents, proEits, income, issues, and revenues shall be epplied by spch receiver according to the lien of this modgage and the practice of such court. In the event of any default on the part of the mortgagor hereunder. the mortgagor agcees to pay to the mortgagee on demand as a reasonable monthly rental for the premises an amount at least eqpivalent to one-twelfth (1/12) of the aggregate of tt~e tt~r~Iva m4nthly install- ments payable in the then current year plus the actual amount of the annual taxes, assessments, water rates, and insurance premiums for such year not covered by the aforesaid monthly payments_ 9. That (u I in the event of any breach of this mortgage or default on the part of the modgagor. or (6) in the event that any of said sums of money herein referred to be not promptty 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 performed; then in either or eny such event, the said aggregate sum mentioned in said note then remaining unpaid, with interest accrt~ed to that time, and all moneys secured hereby, shall become due and payable forthwith, oc thereafter, at the option of said mortgagee, as fully and com- pletely as if all d 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 thereafter, et the option of said matga- gee, without notice or dema~d, suit at law or in equity, may be prasecuted as if att moneys secured hereby had matured p~ior to its institution. The mortgagee enax foreclose this mortgege. as to the amount so declaced due and : payable, and the said premises shaU be sold to satisfy and pey the same together wit6 costs. expenses,and allow- ~ ' ances. In case of partial foreclosure of this moctgage. the mortgaged premises shali be sold subject to the con- ' tinuing lien of this mortgege Eor 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 modgagee. ~ 10. That the mortgagor will give immediate notice by mail to the mortgagee of any conveyance, transfer~ a ~ change of ow~ership of the premises. ~ 11. That no waiver of any covenant herein or of the obligation secuced hereby shall at any time thereafter be : held to be a waiver of the terms hereot or of the note secuted hereby.~ 12. That if the mortgaga default in any of the covenants oc agreements contained herein. or in said note, then ~ the mortgagee may perform the same, and all expenditujes (including reasonable ettorney's fees) made by the ~ moctgagee 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 modgagor io the modgagee, and, together with interest and costs accruing thereon, shall be secured by this modgege. ~ 13. that the mailing of a written notice oc demand addressed to the owner of recotd of the mortgaged premises, or directed to the said owner at the last address actually furnished to the mo~tgagee. or directed to said owner at said modgaged pcemises, and mailed by the United States mails, shall be sutficient notice and demand in eny ~ case arising under this instrument end required by the provisions hereoE ot by lew. ~ 14. The mortgagor further covenants that should this mort ege and the note secured hereby not be eligible for insurance under the Natianal Housing Act within ~~Y~ from the date hereot (arritten statement ~ of any officer of the Department of Housing and Urban Development or authorized agent of the Secretary of Hous- ing and Urban Development dated subsequent to~ th~jQ Y$ time irom the date of this mortgage, i declining to ie~ure said note a~ this~m&tg"~,~ng d~~c~efdclusive proof of such ineligibilit~t); the mortg~% ~ ~ gee or the ho2der of the note may, at its option, declare all sums secured hereby immediately due and payeble. ~ ~ The covenants herein contained shall bind, and the benefits and advantages shall inure to, the respective ~ r heirs, executors, 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 shall include all genders. ~ . ~ ~ . ~ w . : ti _ .`r'M. • ~ - + • , • ~ ~ ' . ~ UR } ~ aoo~ 192 2053 ~ ~ ~ ~ ~ . ~ ~ . ~y r = k ~;t - ~`~:~•a,~.5-~,. _ , _ ~~«~'z~~n _ ~ ,