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HomeMy WebLinkAbout2699 5 ~ . ~ ~ . . ` , ~ 5. That he will permit. commit, or sufle~ oo waste~ impairment. or deterioration of said property o~ any part Ihereot; and in Ihe event o( the feilure of the mortgagor to keep the buildings on seid premises and those tobe erected on said premises. or improvements thereo~, in good repair. the mortgagee may meke such repeirs as i~ its discretion it may deem necessary fo~ the p~oper pceservatian thereof. and the tull emount of each and every such payment shatl be immediately due ar~d payable, end shall be secured by the lien of this mortgage. 6. That he will pay all and singular the costs. cherges. and expenses, including reasonable lawye~'s tees. and costs of abstracts of title. incurred oc peid at any time bythe mortgagee.because of the [eilure o~ the part of the mortgagor promptly and Eully to perform the ag~eements and covenants of said 'promissory ~ote and this mat- gage. and said costs. charges, and expenses shat! be immediately due a~d peyable and shall be secuced by the lien oE this mortgage. 7. Thet he will keep the improvernents now existing or heceafter ecected on the mortgaged propedy, insuced as may be required from time to time by the mortgagee against loss by fire and other hazards. casuatties. and contin- gencies in such amounts and for such periods as may be required by mortgagee. and will pay promptly. when due. any pcemiums o~ such insurance for payment of which provision has not been made heceinbefore. Atl insure~ce shall be carried in companies approved by mortgagee and the policies and renewals thereof shall be held by mat- gagee and have attached thereto loss payable clauses in favor of and in form acceptable to the mo~tgagee. In event of loss he will give immediate ~atice by mail to mortgagee. 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 Eor such lass directly to mortgagee instead of to mortgagor and matgagee jointly. and the i~surance pro- ceeds. or any part thereof, may be applied by mortgagee at its option either to the reduction of the indebtedness hereby secu~ed or to the restoratia~ or repair of the property damaged. in event o[ foreclosure oE this mo~tgage or other transfer of title to the mortgaged .property in extinguishment of the indebtedness secured he~eby, a!1 right, title, and interest of the mortgagar in and to any insurance policies then in force shell pass to the Purchaser or grantee. 8. That the mwtgagee may. at any time pending a suit upon this mortgage. epply to the court having jurisdic- tion thereof for the appointment of a receiver, and such coud shall fodhwith appoiat a receiver of the premises covered hereby all and singular. including all and singular the income, profits, issues. and revenues from whatever source derived, each and every of which. it being expressly understood. is hereby mo~tgaged as if specifically set forth and described in the granting a~d habendum clauses hereof, and such receiver shall have alt the broad and effective Eunctions and powers in anywise entrusted by a court to a receiver. and such appoint~nent shall be made by such coud as sn 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 or insolvency of said mortgagor or the defendents, and that such rents, profits, income. issues. and revenues shall be epplied by such receiver according to the tien of this mortgage and the practice of such court. In the event of any default on the part of the mortgagor hereunder, the mortgagor agrees 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 the twelve monthly install- ments ps~yable in the then current year plus the actual amount of the annuel taxes. assessments. water rates, and insurance premiums for such yesr not covered by the aforesaid monthly payments. 9. That (a) in the event of any bceech d tLis modgege or default on the ped of the mortgagor. or (b) in the event that any of said sums of money herein referred to be not promptly end fully paid without dema~ or notice. or in the event that each and every the stipulations~ agreetaents. conditions, and covenants of said note and this morigage, are not duly, promptly, aad fully perfor~ed; then in either or eny such event. the said aggregate sum mentioned in said note then remaining nnpaid, with interest accrued to tbat time, aad all moneys secured hereby. shall become due and payable Eorthwith. a thereafter. at the option of seid moctgagee. as fully and com- pletely as if all of the said sums of money were origlnally stipulated to be paid on such day. anything in said note or in this modgage to the contrary ai~twij~stppding; and thereupon or theceaiter, at the option of said matga- gee, without notice or demand, suit at' 1'aw or in equity, may be prosecuted as if all moneys secured hereby had I matured prior to its institution. The mortgagee may foreclose this mortgage, as to the amount so declared due and j payable, and the said premises shall be sold to satisfy and pay the same together with co~ts, expenses.and allow- ! ances. ln case of partial foreclosure of this mottgage. the mortgaged premises shell be sold subject to the con- ~ ti~uing 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 thereefter Erom time to time by the mortgagee. 10. That the mortgagoc will give immediate notice by mail to the mortgagee of any conveyance. transfer, or ~ change of ownecship of the premises. 11. Thet no waiver of any covenant herein a of the obligation secured hereby shall at any time thereafter be held to be a waiver of the tecros hered or of the note secured hereby. 12. That if the mortgagor default in any of the covenants or agreemeots conteiaed herein, or in said note. then the mortgagee may perform the samg, and all expenditutes (including reasonable attocney's fees) made by the mortgagee in so doing shall draw interest at the rate set focth in the note secured hereby. and 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 modgage. 13. ihat the mailing of a written notice a demandaddressed to the owner of record of the mortgaged premises, or directed to the said owner at the last address act~lly furnished to the mortgagee, or dirtcted to said owner at said mortgaged premises, and mailed by the United States meils, shall be sufficient notice end demand in any case arising under thia instrument and requiced by the provisions hereof or by laa. 14. The mortgagor further covenants that shoald tbis moctgage and the note secured hereby not be eligible ~ for insurance under the National Housing Act within Q~Y$ from the date hereof (written statement ~ of any otficer of the Depertment oE Nousing and Urban ~velopment or authorized agent of the Sectetary oE Hoas- ing and Urban Dcvelopmeat dated subsequent to~ the 3O ~Y$ time fwm the date of this mortgage, declining to insure said note and this mottgage, being d"eem?d conclusive proof of such ineligibility), the mortga- gee or the holder of the note may. at its option, declare all sums secured hereby immediately due and payeble. ~ The covenants herein contained shall biad, end the beaefits and advantages shall iaure to, the respective heirs, executocs, administrators, successas, and assigns d the parties hereto. Whenever used, the singular num- ~ ber shall include the plural, the plural the singular, and the use oi any gender shall include al! genders. ~ ~ - ~ ~ - . ~ ~ OR ~ - a~192 ~g~ ~ ~ . . . - f.~ _