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HomeMy WebLinkAbout2294 . : ~;;1 5. That he wili permit, commit, or suffer no waste. impairment, oc detetioration ot said propeny ot any pa~t thereof; and in the event ot the (ailure ot the mo~tgagor to keep the buildings on said premises end those tobe e~ected o~ said premises. or imp~ovements the~eon, in good repeir. the mottgagee may make such repeirs as in its discretion it may deem ~ecessery for the proper preservation the~eo[. a~d the full amount ot each and every such peyment shall be immediately due and payable, and shall be secured by the lien of this mortgage. 6. That he will pay all and si~gular the casts, cha~ges, and expenses, including reasonable lawyer's tees. and costs of abstracts of titie, incurred or paid at a~y time bythe mortgagee.because of the failure on the part ot the mortgagor promptly and fully to perEorm the agreements and covenants of said'promisso~y note and this mort- gage, and said costs, charges, and expenses shall be immediately due and payable end shall be secured by the lien ot this mortgage. 7. Tha! he will keep the improvements now existing or herea[ter erected on the mo~tgaged propedy. insured as may be required from time to time by the mortgagee egainst loss by fire and other hazards. casualties, and contin- gencies in such amounts and Eor such periods as may be required by mwtgagee. and will pay promptly, when due. any premiums on such insurance foc payment af which provision has not bee~ made hereinbetore. All iosurance shall be cerried in companies approved by mortgagee and the policies and re~ewals the~eof shall be held by mort- gagee and have attached thereto loss payable clauses in favor of and in form acceptable to the mortgagee. In e~~ent o( loss he will give immediate notice by mail to mortgagee, and mortgaRee may make prooE of loss iI not made promptly by mortgagor, and each insurance company concerned is hereby authorized and directed to make payment for such loss directly to mottgagee instead of to mortgagor a~d moctgegee jointly, and the insurance pro- ceeds, or any part thereof. may be applied by mortgagee at its option either to the reduction oE the indebtedness hereby secured or to the restoration or repaic of the property damaged. In event of foreclosure of this mo~tgage or other transfer of title to the mortgaged prope~ty in extinguishment of the indebtedness secured he~eby. all right. title, and interest of the moctgagar in and to any insucance policies then in force shall pass to the purchaser or grantee. 8. That the mwtgagee may, at any time pending a suit upon this mortgage. apply to the court having jurisdic- tion thereof for the appointment of a receiver, and such coud shall forthwith appoint e receiver of the premises covered hereby all and singular. includiag all and singular the income, profits, issues. and revenues from whatever source derived, each and every of which, it being expressly understood. is heceby mo~tgaged as if specifically set forth and described in the gcanting and habendum clauses hereoE, end such receiver shall have all the broed and eifective functions and powecs 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 oc insolvency of said mortgagor or ihe defendents, and that such rents, profits. income. issues. and'cevenaes shall be applied by such receiver according to the [ien of this mortgage and the practice of suc6 court. ln the event of any default on the part of the mortgagor hereunder, the mortgagor agrees to pay to the mottgagee on demand as a reasonable monthly rental for the premises an amount at least equivalent to one-twelfth (1/12) of the aggregate ot the twelve monthly 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 (o/ in the event of any breach of this mortgages ot,defauk on the pad of the modgagor, or (6~ 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 t 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 aggregate sum mentioned in said note then remaining unpaid, with interest accrued to that time. and alI moneys secured herehy, shall become due and payable Eorthwith, or 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 paid on such day. anything in said note a in this mortgage to the contrary notwithstanding; and thereupcm or thereafter, at the option of said matga- gee, without notice or de~riand. 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 payable, and the said premises shall be sold to satisfy and pay the same together with c~ts, expenses,and allow- 'j ances. ln 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 i this paragraph may again be availed of thereafter from time to time by the mortgagee. ~ 10_ That the modgagor will give immediate notice by mail to the mortgagee of any conveyance, transfer, a change of ownership of the premises. i = 11. That no waiver of any covenant herein or of the obligatiQn secured hereby shell at any time thereafter be = held to be a waiver of the terms hered or of the note secured hereby. ~ 12- That if the mortgagor default in any of the covenants or agreements contained herein, or in said note, then the mortgagee may perform the same, and a!1 expenditutes (including reasonable attaney's fees) made by the ~ mortgagee in so doing shall draw interest at the rate set forth io the note secured hereby, artd 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 pcemises, - or directed to the said owner at the last address actually furnished to the mortgagee, or directed to saidowner 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 hereof or by law. ~ 14. The mortgagor further covenants that shonld this mortgege and the note secured hereby not be eligible ~ for insurance under the National Housing Act within ~~YS from the date hereof (written statement = of any officer of the Department of Housing and Urban Development or authorized agent of the Secretary ot Hous- : ing and Urban Development dated subsequent to~ the'j~ QAYS time from the date ot this mortgage, ~ declining to insure said note and this mortgage, being deemed conclusive proof of such ineligibility), the mortga- ~ gee or the holder d the note may, at its option. declare all sums secured hereby immediately due and payatile. The covenants herein contained shall bind, and the benefits end advantages shalt inu~e to, the respective ~ ~ heirs, executors, administrators, successors, and assigns of the parties hereto. Whenever used, the siegular num- ~ ber shali include the plural, the plural the singular, and the use of any 6ender shall include ell genders. ~ ~ ~ r ~ ~ ~ ~ ~ ~ ~ aa~192 2289 ~ ~ ~ ~~_~=w - _ _