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HomeMy WebLinkAbout2966 S. That he will permit, commit, or sufier no waste, impairme~t, or detctiuration of said ptoperty or any part , the~euf; t+nd in the event o[ the f~itare uf the moitgAgor to keep the buildings on said premises and those tobe erected on said premises, or improvements thefeo~,~in goai tep~~ir~ the mongagee may meke such repairs as in its disccetion it may deem necessary tor the prop~.?r`preservet~dn'lflt?reof, and the (ull amount ot each and every such payme~t shall be immcdiately due and payabte, and shall be secured by the lien of this mortgage. 6. That he wi11 pay all and singuler the costs, charges, and expenses, including reaso~able lawyer's (ees, and costs of abstracts of title, incurted ot paid at any time by the mortgagee .because o[ the failure on the parl of the mortgagor pcomptly and fully to petform the agteements and covenants of said ~promissoty note and this mort- gage, and said costs, chs~rges, and expenses shall be immediately due and payable snd shall be secured by lhe lien of thes mortgage. 7. That he W ifi keep the improvements now existing or hereatter erected on the mortgaged property, insured as may be requircd fcom time to time by the mortgagee against loss b~~ fire and other hazards, casualties, and conti~- gencies in such amounts and for such periods as may be requi~ed by mortgagee, end will pay promptly, when due, any premiums on such insu~ance fo~ payment of which provision has not bee~ made hereinbefore. All insurance shall be carried in companies approved by mortgagee end the policies and tenewals thereot shall be held by mort- g:+gee :~~d ha~~e attached thereto loss payable clauses in favor of and in form acceptable to the mortgagee. ln e~•cnt o( loss he will give immediate notice by mail to mortgagee, and mortgagee may make proof of loss if not made pcomptl~~ by mortgagor, and each insurance company concerned is hereby authoriaed and directed to make payment (or such loss directlp to mortgagee instead of to mortgagot and mortgagee jointly, and the insurance pro- ceeds, or any part thereot. tnay be eppiied by mortgagee at its option either to the reduction o[ the indebtedness hereby secured or to the restoration oc repair of the propeNy damaged_ In event of foreclosure of this mortgage or other transtec of title to the mortgaged property in extinguishment of the indebtedness secured hereby, all right, title, and interest oE the mortgagor in and to any insurance policies then in force shall pass to the purchaser oc grantee. 8. That the mortgagee 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 court shall forthwith appoint a receiver oE the premises covered hereby all and singular. including all and singular the income. profits, issues. and revenues from whatever sourc~ derived, each and every of which, it being expressly understood, is hereby mortgaged as if specifically set forth and described in the granting and habendum clauses hereof, and such receiver shall ~aovez~li f~t broad and effecti~•e furtctions and powers in anywise entrusted by a court to a receiver, and such appointment s~~al! be made by such court as an admitted equity and a matter of absolute right to said mortgagee, and without refecence to the adeqnacy or inadequacy of the value of the property mortgaged or to the solvency or insolvency of s~id mongagor or the defendents, and that such rents, profits, income, issues. and revenues shall be appl~ed by such receiver acrording to the lien of this mortgage end the practice of such court. In the event oE any de[ault 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 equivalent to one-twelfth (1/12) of the aggregate of the twelve monthly instalt- ments payable in the then current year plus the actual amount of the annua! taxes, assessments, water ~ates, and ~nsurance premiums for such year not covered by the aforesaid monthly peyments. 9. That (o ~ in the event of any breach of this mortgage or default on the part of the mortgagor, or !h~ 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 e~•ent 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 aggcegate sum mentioned in said note then remaining unpaid, with interest accrued to that time, and all moneys secured hereby~, shall become due and payabte forthwith, a thereafter. at the option of said mortgagee. as fully ar!d com- k pletely as if all of the said sums of money were oiiginally 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 mortga- ~ gee, without notice or demand, suit at law or in equity, may be prosecuted as if alt moneys secured hereby had matured priw to its institution. The mortgagee may foreclose this mortgage, as to the amoun: so declared due and E payable, and the said premises shall be sold to satisfy and pay the same tagether with costs, expenses,and allow- ~ ances. In case of partial foreclosure of this mortgage, the modgaged premises shall be sold subject to the con- ~ tinuing 3ien of this mortgage for the amount of the debt not then due and unpaid. In such case the provisions o( this paragraph may again be availed of thereafter from time to time by the mortgagee. ~ 10. That the mortgagor wiil give immediate notice by mail to the mortgagee of any conveyance, transEer, a change uf ownership of 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 o( the terms hereof or of the note secured hereby. 12. That iE the mortgagor default in any of the covenants or agreements contained herein, or in seid note, then the mortgagee may perform the same, and all expenditutes (including reasonable attorney's fees) made by the mortgagee in so doing shall draw interest at the rate set f~th in the note secured hereby, and shall be repeyable . immediately and without demand by the mortgagor to the mottgagee, and, together with interest and costs accruing ~ thereon, shall be secured by this mortgage_ - 13. that the mailing af a written notice or demandaddressed to the owner of record of the moctgaged premises, ~ or directed to the said owner at the last address actually furnished to the mortgagee, or directed to said owner at ~ said mortgaged premises, and mailed by the United States mails, shall be sulficient notice and demand in eny ~ case arising under this instrument and required by the provisions hereo[ or by law. 14. The mortgagor further covenants that should this mortgage and the note secured hereby not be eligible ~ for ~nsurance under the National Nousing A~t within w o~AYS from the date heteof (wtitten statement " of any otficer of the Department of Housing and Urban v lo pment or authorued agent of the Secretary ot Hous- ~ ing and Urban Development dated subsequent to~ th~ ~T.S time from the date oi this mortgage, ~ declining to insure said note and this mortgage, being deem~~d concfusive proof of such ineligibility), the mortga- s gee or the holder of the note may, at its option, declare all sums secured hereby immediately due and pa}eble. ~ The covenants herein contained shall bind, and the benefits and advantages shall inure to, the respective ~ ~ he~rs, executors, administrators, successors, and assigns d 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. ~ ~ ~ ~ . . ~ ~ ~ ~ ~ ~o~ly2 2~g6p ~ ~ . ~ ~ . Y-; ~ - ~~~i~~. . . . . . - . . .