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HomeMy WebLinkAbout2080 ~ i ~ ~ ~ 4. That he will pay all taxes, essessmeits; water rotas, ~ dhe~ govemmental oc municipel cha~ges, fines. o~ impositions. for ~vhicb provision has not been mede heceinbefae. ead ie detault thereaf the mortgagee may pay ' the seme; and that he will p~omptly delive~ the ofticial ~eceipts thecefor to the mortgegee. ~ ~ 5. That he will pe~mit. canmit. oc sufter no waste. impairment. or deteciaation of said property or any part ! thereoE; and ia the event oE the failure oE the mortgagor to keep the buildings on said premises and those iooe erected on said premises, oc improvea~ents thereo~. in good cepeir. the mortgagee mey make such repsirs as in its discretion it may deem c~ecessary for the prope~ presecvation thereof. and the Eull amount of each and every such ~ payment shall be immediately due and Qayable. and shall be secured by the lien of this mortgage. ~ 6. That he will pay all and singular the costs, cherges. and expenses. includi~g reaso~able lawyer's fees. and costs of abstracts of title. incurred o~ peid et any time by the mortgagee because of the Eailure on the part of the mortgagor pcomptly end fully to pecEorm the ag~eements and covenants of said promissocy note and this mort- gage. and said casts. charges, and expe~ses shall be ima~ediately due and peyable and shall be secured by the lien of this modgage. 7. That he will keep the improvements now existing oc her~after erected oe the mo~tg~ged ~=r ±nsured es may be required from time to time by the matgagee against loss by tice and other hazards. casualties. and contin- i gencies i~ such amounts and for such periods as may be requiced by mortgagee. and will pay promptly. any premiums on such insurance for peyment of which provision hes not been made hereiabefa:e. Afl insurance ~ shall be carried in compe~ies approved by mortgagee and the policies and renewals theceof sheli be held by mat- i gagee and have attached thereto loss payable clauses in favor of end in form acceptable to the mortg,agee. In event of loss he will give immediate notice by mail to moctgagee. a~d mortgagee may make proof of loss if not made promptly by matgagor. and each insurance compaay concerned is hereby authorized and directed to make payment fa sucb loss dicectly to mortgagee instead of to matgegoc a~d mortgagee jointly. and the insurance pro- ceeds. or any part thereof, may be applied by matgagee at its option either to the reduction of the indebtedness hereby secured or to the restoration oc repair of the pcopedy damaged. In event of foceclosure of this modgage or other transfer of title to the modgaged propedy ia eatinguishment of the indebtedness secured hereby. all right. title. and interest of the mortgagor in and to any insurance policies then in Eocce shall pass to the pucchaser a grantee. , 8. That the modgagee may, at any time pending a suit upo~ this mortgage. apply to the court having jurisdic- tion thereof Eor the appointment of a receiver. end such court shall fodhwith appoint a receiver of the premises covered hereby alt and singular, inclnding all and singular the income. profits. issues. and revenues from whatever source derived. each and every of which, it being expressly understood. is heceby awdgaged as if specifically set fodh end described in the granting and habendum clauses hereof. and such receiver shall have all the broad and eEfective functions and powers in anywise entrusted by a court to a receiver. and such appointment shall be made by such coud as an admitted equity and a matter of absolute right to said mottgagee. and aithout reEerence to the adequacy or inadequacy of the value of the propedy mortgaged or-to the solvency or insolvency of said mortgagor or the defendents, and that such rents. pcofits, income, issues. and revennes shall be applied by such receiver according to the lien of this modgage and the practice of such court. In the event of eny default on the pad of the mortgagor hereunder. the mortgagor agrees to pay to the mortgagee on demand as a reasonable monthly rental Eor the premises an amount at teast equivalent to one-twelfth (1/12) of the aggregate of the twelve monthly install- ments payable in the then current year plus the actuel emount of the annual taxes, assessments, water rates. and insurance premiums for such year not covered by the aforesaid monthly payments_ 9. That (a) in the event of any breach of this mortgage or default on the pad of the modgagor, or (b) in the event that any oE said sums of money herein referced to be not promptly and fully paid without demand or notice, or (c) in the event that each and every the stipulations. egreements, conditions, and covenants of said note and this modgage, are not duly, promptly, and fully performed; then in either or any such event, the said aggregate sum mentioned in said note then remaining unpaid, with interest accrued to that time, and all moneys secured ' hereby~ shell become due and payable focthwith, or thereafter, at the option of said mortgagee, as Eully 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 thereafter, at the option of said matga- ~ gee, vvithout notice or demand, suit a: law or in equity, may be prosecuted as if all moneys secured hereby had matured prior to its institution. The modgagee may foreclose this mortgage, as to the amount so declared due and i 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 foreclosure of this mortgage, 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 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 ~ change of ownership ot the premises. 11. That 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 he~eof or of the note secured hereby. 12. T[~at if the mortgaga default in any of the covenants oc agreements contained herein, oc in said note, then the mortgagee may perform the samg, and all expenditures (including reasonable attaney's fees) made by the mortgagee in so doing shell 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 modgagee, and, together with interest and costs accruing ~ thereon. shall be secured by this modgage. ' 13. thet the mailing of a written notice or demandaddressed to the owner of record of the mortgaged premises, ~ or directed to the said avner et the last address actually furnished to the mortgagee, or directed to seidavner at ~ said modgaged premises, and mailed by the United States mails, shall be sufEicient notice and demand in any ~ ~ case arising under this instrument and required by the provisioas hereof or by law. 1 14. The modgagor further covenants tl~at shwld this mortgage and the note secured hereby not be eligible ~ for insurance under the National Housing Act within JV QAY$ from the date hereof (written statement ` ~ of any officer oE the Department of Housing and Urban pevelopment or authorized agent of the Secretary oE Hous- ~ ~ ing and Urban Development dated subsequent to the~0 time from the date of this mortgage, ~ s ~ declining to insure said note and this moctgage, being deem?d conclusive proof of such ineligibility), the mortga- ~ gee or the holder of the note may. at its option, declare ell sums secured hereby immediately due and payeble. ~ The covenants herein contained shall bind, and the benefits end advantages shall inure to, the respective heirs, executors, administratas, successors, and assig~s of the parties hereto. Whenever used, the singular num- ~ ber shall inclode the plural, the plural the singular, and the use of aay gender shell include all genders. ~ ~ - ~ j ~ t ~ i~o~C 192 2075 ~ ~ ~ ~ - -t_ ~ ` ~H&"' ` 3-- ~z" '.a ~.r- „~s' - _ _ . - sa•