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HomeMy WebLinkAbout2453 4. 'fhat he wii: pay all taxes, assessmentr. ~?ater rates. and pther governmental or municipal cha~ges, [ines, or impositions, foc which provisio~ has not been made hereinbefore. end in default thereof the mortgagee may pay the same; and that he will p~omptly deliver the otEicial receipts thereEor to the morigagee. S. That he will pe~mit. commit. or sutfer no waste, impai~ment, or deterioratioo of said property o: any pa~t thereof; a~d ie the event of the failure ot the mo~tgagor to keep the buildings on said premises and those tobe erected on said premises, or imp~ovements thereon, in good ~epair. the modgagee may make scch cepairs as in its . discretion it may deem r~ecessary fo~ the proper prese~vation thereof, a~d the full amount of each and eve~y such payment shall be imneediatel~• due and payable, and shali be secured b~ the lien of this mortgage. ' 6. ThAt he vaill pay all and singular the costs. charges, and expenses, i~cluding reasonable lawye~'s fees, and costs of abstracts of title, incuned o~ paid at any time bythe mortgagee because of the failure on the part of the mortgagor promptiy and fully to pecform the agreeme~tc and covenants of said promissory note and this mort- gage, and said costs, cF+arees, and expenses shall be immediately due ec~d payable and shall be secured by the lien of this mortgage. 7. That he will keep the imp~ovements now existing or hereafter erected on the modgaged p~opedy. insurecf as ~ may be required from time to time by the mo~tgagee against loss by fire and othe~ hazards, casualties. and contin- gencies in such amounts and tor such periods as may be required by mo~tgagee. and will pay promptly, when due. any premiums on such insurance tor payment of which provision has not been made hereinbeEore. All insursnce shall be carried in companies approved by mortgagee and the policies and renewals thereof shall be held by mott- ~ gagee and have attached thereto loss payable clauses in favor of and in fo~~n acceptable to the mortgagee. In e~~ent o[ loss he will give immedia!e notice by mail to modgagee, and mortga~ee may make proof ot loss if nc?t made promptly by mottgagor. and each insurance company concerned is heceGy authwized and directed to make payment for such loss directly to modgagee instead of to mortgagor and mortgagee jointly, and the insurance pro- ceeds, or any part thereof. may be applied by mortgagee at its option either to the reduction of the indebtedness hereby secured or to the restoration or repair of the property damaged. ln event of foreclosure of this mortgage oc other transfer of title to the modgeged property in extingaishment o[ the indebtedness secured hereby. all right, title, and interest of the mortgagor in and to any insurance policies then in force shall pass to the purchaser or grantee. 8. That the mortgagee may, at any time pending a suit upoa this~?ortgage, apply to the court having jurisdic- tiun thereof foc the appointment of a receiver, and such court shall forthwitfi appoint a receiver of the premises covered hereby all and singular, including all anu singular the income, profits, issues. and revenues ftom whatever source derived, each a~d every of which, it being expressly undecstood, is hereby mottgaged as if specifically set ~ forth end desccibed in the granting and habendum ctauses hereof, and such receiver shall have all the broad and eEEecti~•e functions and powers in anywise erttrusted by a court to a receiver, and such appointment shall be made ' by such couri 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 propetty mortgaged or to the solvency or insolvency of said mortgagor ~ or the defendents, and that such rents, pro(its, income, issues, and revenues shall be applied by such receiver ; according to the [ien oE this mortgage and the practice of such c~ud. In the event of any default on the part of the ~ martgagor hereunde~, the mortgagor agrees to pay to the mortgagee on demand as a reasonable monthly rentat for the premises an amount at least equivalent to one-twelfth (1!12) of the aggregate of the twelve monthly install- ments payable in the then current year plus the a~tual amount of the annual taxes, assessments, water rates, and insurance premiums for such year not covered by the aforesaid monthly payments. ~ 9. That in the event oE any breach of this mortgage or deEault oa ihe pa~t of the mortgagor, or (b~ 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 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 pertormed; then in either or any such event, the said aggregate I s~m mentioned in said note then remaining ur~paid, with interest accrued to that time, and all moneys secured ; i hereby, shall become due and payabte forthwitfi, or thereafter, at the option of said mortgagee, as Eully and com- £ ; pletely as if all of the said sums of money were o~igir~aily stipulated to be paid on surh day, anything in said ~ note a in this mortgage to the cuntrary notwithstanding; and thereupon or thereafter, at the option of said matga- i , gee, without notice or demand, suit at law or in equity, may be prosecuted as iE all moneys secured hereby had ~ matured pri~r to its institqjion. The moctgagee may foreclose this mortgage, as to the amount so declared due and ` pa~•able, and the said premises shall be sotd to satisfy and pay the same together with costs, expenses,and allow- ~ ances_ In case of partiat 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 this paragraph ma}• again be availed of thereafter from time to time by the mortgagee. 10. That the mortgagor will gi~•e immediate notice b~ mail to the mortgagee of any comeyance, transfer. or change ot ownership of the Premises. 11. That no waiver of any covenant herein or o( the obl~gation secured hereby shall at any time thereafter be hetd to be a waiver of the terms hereo[ or o[ the noie secured hereby. 12. That it the mortgaga default in any of the co~•enants or agreements contained herein. or in said note, the~ the mortgage~ perform the same, and all expenditures (includ~ng reasonable attorney's teesi made by the . mortgagee in so doing shall draw interest at the rate set forth in the note secured hereby, and shall be repayable ~ ir~ :ed~ate:y a~d w~ihout demand by the mortgaga to the mortgagee. and, together with interest and costs accruing ~ thereon, shall be sec;:.e~ by this mortgage. ~ 13_ that the mailing of a written ndice or demandaddcessed to the owner of record of the mortgaged premises, ~ or directed to the said owner at the last address actually furn~shed to the mortgagee, or directed to said owner at ~ said mortgeged premises, and mailed by the United States ma~ls. shalt be sufficient notice and demand in any ~ case aristng under this instrument and required by the pro~•isions heteof ot by law. ~ 14. The morigagor further covenants that should this mortgage and the note secured hereby not be eligible ~ tor insurance undec tfie National Nousing Act within ~Y, from the date hereof (written statement ~ of any officer of the Department of Housing and Urban Devel°~m~ent or autnorized agent of the Secretary of Hous- ~ ing and Urban De~•elopment dated subsequent to the ~ LM~~'.S time from the date of this moctgage, declining to insure said note and this mortgage, being deem~~d conc{usive 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 bind, and the btnefits and advantages shall inure to, the respective ~ heirs, executors, administrators, successors, and assigns of the parties hereto_ Whenever used, the singutar num- ber shall include the ptural, the plural the singular, and the use of any gender shall include all genders. ~ ~ ` ~ eo~?194 24'S~ - ~ ~ ~ . . ~ . . ~ ~ ~ _ _ _ - - - -