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HomeMy WebLinkAbout0948 4. That he will pay all taxes, essessments, watec :etes, and dhe~ gove~nmental or municipal c!~arges, fines. oc impositic.ns, tor which provisio~ has not been ~nade hereinbe[oce, and ie default thereof the morlgagee may pay the seme; and that he wii! p~anptly delive~ the oiEicial receipts thecefo~ to the mongagee. 5. That he will E?e~mit. commit, o~ sultec oo waste. impr~irment. or detecioration ot said property o~ any part thereo[; and in the event of the faiture of the morigagar to keep the buildings on said premises and those tobe erecte~! on said pcemises. o~ impcovements thereon, in good repair. the moctgagee may make such repeirs as in its disctetion it may d~em necessary fot the p~oper presecvetion thereo(, and the full amount of each and every such payment shell be immediately due and aayable, and shall be secured by the lien of this rt:octgage. 6. T:~at he will pay all and singulac the costs, cherges. ar~d expenses, including ceasonable lawyer's [ees, and costs of abstracts of title, incurred a paid a! any time bythe mortgagee because of the failure on the pert ot the mortgagor p~omptly and fupy to perEo~m the ag~eements and covenants of said pcomissory note and this mort- gage. ana said costs, charges, and expe~ses shall be immediately due and payable and shall be secured by the lien of t6is mortgage. - 7. That he will keep the improvements now existing or hereaftet ecected on the modgaged propedy. insuced as may be ce~uired trom time to time by the matgagee against loss by fi~e and othe~ hazards, casusities, and contin- gencies i~ such am..unts and for such petiods as may be required by mottgagee. and will pay p~omptly, xhen due, an~~ ~cemiu~ns on such insurance [or payment of which Provision has not been made hereinbeEore. All i~sura~ce shall be carried in companies approved by mortgagee and the policies a~d renewals tbereoE shall be held by mort- gagee and have attached thereto loss payabie clauses in tavor of and in Eorm acceptable to the mottgagee. In erent of loss he will give immediate notice by mail to mortgagee. and mortgagee may make proof of loss d not made pcomptly by ~~wtgagor, a~d each insurance company concerned is hereby authocized ~nd directed to make payment for such loss directly to mortgagee instead oE to matgagor and mortgagee jointly. and the insur3nce pra- ceeds, or any part thereof, may be applied by mortgagee at its option either to the reduction of the indebted~ess hereby secured or to the restocation or repair of the p~operty damaged. In event of foreclosure oE this mortgage or othe~ transfer of title to the mortgaged prope~ty iR extinguishment of the indebtedness secured hereby, all right, title, and interest of the mortgagar in and to any insurance policies then in force shall pass to the purchaser or grantee. 8_ That the moctgagee may, et any ti~e pending a suit upon this mortgage, apply to the court having jurisd~c- tion thereo[ for the appointment of a rece~ver, and such coart shall forthwiih appoint a receiver of the premises covered hereby all and singular, i~cluding all and singular the income, profits, issues. and revenues fcom whatever source derived, each and every of which, it being expressly unde~stood, is hereby mo~tgaged as if specifically set forth end described in the granting and habendum clauses hereof, and such receiver shall have all the b~oad and effecti~e 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, and without reference to the F adequacy or inadequacy oE 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 applied by such receiver E according to the lien of this moctgage and the practice of such coud. In the event of any default on the part of the = mortgagor hereuadec, the mortgagor agrees to pay tu the mortgagee on demand as a reasonable monthly rental Eor a the premises an amount at least equivalent to one-twelfth (1!12) of the aggregate of the twelve monthl~ install- * ments payable i~ the then current year plus the actual amount of the annual taxes, assessments, watec rates, and insurance premiums for such year not covered by the aforesaid monthly payments. 9. That (~1 in the event of any breach of this modgage or default on the part of the mortgagor, or (b) in the event that any of said sums of money herein referred to be not promptly and fully paid without demand oc notice. or (~J in the event that each and evecy the sliputations, agreements, co~ditions. 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 i sum mentioned in said note then remaining unpaid, with interest accrued to that time, and all moneys secured i hereby, shatl become due and payable forthwith, or thereafter, at the opiion of said matgagee, as fully and com- pletely as iE all oi 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 therea[ter, at the option of said mortga- gee, without notice or demand, suit at law or in equity, rtlay be prosecuted as if all moneys secured hereby had matured prior to its institution. The mortgagee may foreclose this mortgage, as ta the amount so declared due and payabte, and the said premises shall be sold to satisfy and pay the same togcther with costs, expenses,and allow- ~ ances. In rase of partial fareclosure of this mortgage, the mortgaged premises shall be sold subject to the con- ~ tinuing lien of this mortgage for the aanount of the debt not then due and u~paid. in such case the provisions of this paragraph may again be availed ot thereaEter 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 oanership of the pcemises_ - 11. That no vraiver of any covenant herein or of the obligatioq secured hereby shall at any time thereaEter be held to be a waiver of the terms hereof 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 perforn the same, and al! expenditures (includ~ng reasonable attorney's Eees) made by thE mortgagee in so doing shall draw interest at the rate set forth in the note secured hereby, and shall be repayable immediately and wit~out demand by the mortgaga 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 demand addressed to th~ owner of record of the mortgaged premises, or directed to the said owner at the last address actualiy furnished to the mortgagee, or directed to said o~vner ar ~ said mortgased premises, and mailed by the United States mails, shall be sutficient notice and demand in any ~ case arising unde~ this instrument and required by the provisions hereof or by laa_ ~ 14. The mortgagor further covenants that should this mortgage and the note ser-ured hereby not be eligible ~ for insurance under the National Nousing Act within 30 from the date hereof (written 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 the 3Q ~j~.t time from the date of this mortgage, ~ declining to insure said note and this mortgage, being deem?d conc:usive proof of such ineligibility), the mortga- ~ gee oc the ho'der oE the note may, at its option, declare all sums secured hereby immediately due and paysble. The covenants herein contained shall bind, ,~nd the benefits and advantages shall inure to, the respective ~ heirs, executctrs, a~+ministrators, successas, and assigns d tne parties hPreto. Whenever used, the singular num- ~ ber shall include the plural, the plural the singular, and the use of any gende: shall include all genders. ~ ~ ~ ' OR ~ s~194 948 ~ ~ - _ v~ . . . : _ _ _