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HomeMy WebLinkAbout1342 ~ 1 4. That h~? will pay al! taxe~. assessments, ~ratet retes, aad other Ro~•ernmental or municipal charnes, t~nes, w~mpwitions, fo~ which pra~~iSion has not been made herrinbe[ote, and in detault th~rco[ the mo~tgaac •~nay pay the same; end that he will pcomptly deliver the ofticiel rece~pts the~eto~ to the mo~tgagee. S. That he will permit, commit, ot suffer no waste. impuirment, ot deterioration of said property or any part there~f; and in the event of the faiture ot the mortgagor to keep the buildings on said p~emises and thuse tobe _ erected on said prem~ses, or improvements theceon, i~ goad repair, the mo~tgagee mey make such ~epa~cs as in its disc~etion it may deem necessary tot the p~opet preset~~at~o~ thereuf, and the full amount of each and every such payment shall be immediately due and p,u~able, and shail be secured ~y the lien of this mortgage. 6 That he will pay all and singular the costs, charges, and expenses, including reasonable lawyer's (ee~. and costs ot abstracts o( tetle, incurced oc paid af any t~me bythe mortgagee because o( the fa~lure on the part of ~ the mottgagot p~omptly and fully to petiotm the agreements and co~~ensnts of said promissory note and this mort- ` gage, and said costs, cha~ges, and expensrs shall be immed~ately due an~ payable and shall be secured by the liFn of this mortgage. 7. That he will keep the impro~ements now existing or heceafte~ erected on the mo~tgegc~ property. i~sured as may be tequired itom time to time by the moctgagee against lass by fire and othec hazards, casualties, and rontin- gencies in such amounts and (or such periods as rt?ay be required by moctgagee, and w~tl pay~ promptly, when due, any premiu~~s on such ~nsucance fo~ payment of which provision has not be~n made hereinbeture. All ir.surance shall bc carried in companies approved by mo~tgagee and the policies and renewals theceof shall be held by mort- gagee and ha~•e attached thereto loss payable clauses in favor of and in ~otm acceptable to the mortgagee. In e~•ent of loss he v?iil give immediate notice by mail to mortgagee, and m~rtga~ee may make Qroof ot loss iE not made promptly b~ mortgagor, and each insura~ce cumpany concerned is heceby authorized and di~ected to make payment tot such loss directly to mortgagee instead ef to mottgagoc and mortgagee joi~tly, and the insurance pro- ceeds, or any part thereof, may be applied by mortg~gee at its option either to the ~eduction of the indebtedness hereby secuced or to the restoration or cepair of the property damaged. In event of fo~eclosure of this mortgage or other transfer uf title to the morigaged propetty in extinguishment of the indebtednesc secured hereby, all right, title, and interest of the mortgagor in and to an~• insurance policies then in force shal! 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- ti~~n thereot for the appo~ntment o[ a receiver, and such court shall forthwith appoint a receiver of the premises co~•ered hereby all and singular, including all and singular the ~ncome, protits, issues, and revenues from whatever source derived, each and every of which, it being expressly understood, is he~eby ~ortg~ged as if speci(ically set furth end described in the granting and habendum clauses he~eof, and such receiver shall have all the broad and effecti~•e funct~on~ and powers in an}•wise entrusted by a court to a receiver, and such appointment shall be made b~• such court as an admitted equity and a matter o( absolute right to said mortgagee, and without reference to the adequac}• or inadequac~• of the ~•alue of the property mortgaged or to the solvency oc insolvency of said mortgagor ~~r the defer.dents, and that such rents, profits, income, issues, and revenues shall be applied by such receiver ~ccording to the [ien of this mortgage and the pcactice of such court. in the event oF ar.y defautt on the part of the mortgagor hereunder, the mortgagor agrees to pay to the moctgagee on demand as a reasonablc monthly rental for the premises an amount at least equivalent to ~ne-twelEth (1.'12) ot the aggregate of the twelve monthly install- ments payable ~n the then current year plus the actual amount of the annual taxes, assessments, water rates, and insurance prem~ums for such year not covered b~ the aforesaid monthly payments_ 9. That i~,~ in the e~•ent uf any breach of this mortgage or default on the part of the mortgagor, or /bl in the event that any oE said sums of money herein referred to be nol pr~mptly and fully paid w~thout demand oc aotice, or in the e~•ent that each and every the stipulatsons, agceements, conditions. and covenants of said note and ; thi~ mortgage, a~e not duly, prompth•, ar~d fully performed: then in either or any such event, the said aggregate i sum mentioned in sa~d nute then cemaining unpaid, with interest accrued to that time, and all moneys secured ; hereb}•, shatl become due and pa~~able forthwith, or therea[ter, at the option of sa~d mortgagee, as fuU} and com- j pletely as it ail of the said sums of mone~• were originally stipulated to be paid on such day, anyth~ng ir~ said j note or in this modgage to the contrary notwithstanding; and thereupon or therea(ter, at the option of said mortga- ~ gee, without notice or demand, scit at law or i~ equity, may be prosec~ted as if all moneys secured hereby had , matured prior to its institution. The morigagee ma}• foreclose this mortgage, as to the amount so deelared due and ~ pa~~able, and the said premises shall be sold to satisfy and pa~• the same together with costs, expenses,and allow- ' ances. !n case of partia! forec:osure of this mortgage, the mortgaged premises shall be sold subject to the con- tinuing lien of th~s mortgage for the amount of the debt not then due and uripaid. In such case the pro~•isions of this paragraph ma~~ again be availed of thereafter from time to time b~• the mortgagee. 10. That the mortgagor v?il1 gi~e immediate notice by mail to the mortgagee oE any con~•eyance, transfer, or change of ov?nership of the premises. 11. That no waiver of any co~•enant herein or of the obligation secured hereby sh~lt at any time thereafter be heid to be a wai~•er of the terms heceof or of the note secured hereby. 12. That if the mo:tgagor detault in any~ o( the cocenants or agreements contained he:ein, or in said noce, then the mortgagee may uertorm the same, and all expenditures (includ~ng reasonabie attorney's fees) made by the mortgagee in so doing shall draw inteeest at the rate set fath in the note secured hereby, and shall be repayable immed~ately~ and w~thout demand by the mortgagot to the mortgagee, and, together with i~~:zrest and costs accruing ~ thereon, shall be secured by this mortgage. ~ 13. that the ma~ling of a written notic~ ot demandaddressed to the ownet o[ record of the mo~tgaged premises, ur directed to t6e said owner at the last address actually furnished to the mortgagee, or directed to said owner at said mortgaged premises, and mailed b~• the United States mails. shall be sufficient notice and demand in any case aris~ng under th~s instrument and required by the pro~•isions hereof ~t by law. ~ 1~. The moctgagor further covenants that_ should this mortgage and the note secured hereby not be elig~ble ~ tor ~nsurance under the National Housing Act w~thin ~~YS from the date hereof (wr~tten statement B uf an}• o[ficer ~f the Depar:r.~er.: of Hous~ng and Urban Development or authorized agent of the Secretary o[ llous- ~ ~ng and Urban Development dated subsequent to the ~ pAY~ time from the date oE th~s mortgage. ~ decl~ning to insure said note and th~s mortgage, being deem~~d conclasrve ptoof of such ineligibility), the mortga- ~ gee or the holder d the note may, at ~ts option, declare all sums secured hereby ir~mediately due and payeble. ~ The co~enants here~n casta~ned shall bind, and !he benefits and advantages shall inure to, the resprctive ~ he.rs, exerutors, adm~n~stralots, successors, and assigns d the patties hereto. Whenevet used, the singular num- ber shall ir.clude the plural, the plural ihe s~ngular, and the use of any gender shall ~nclude all genders. ~ ~ ~ ? ~ eoJK ~y4 13~ ~ ~ ~ ~ , _ _ - .