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HomeMy WebLinkAbout2671 • s. ~ ? {,~.r s _ S. 'fhat he will pe~mit. commit, ot sutter no waste. impai~ment, ot deterioration of said p~operty or any part ' thereof; and in the event of the [eilu~e of the mottgagor to keep the buildings o~ said premises er?d those tobe erected ort said premises. o~ improver.ients thereon. in good repair, the moKgagee may meke such repairs as in its discretio~ it may deem necessary Eor the propec prese~vation thereo[, and the full amouat of each and every such payment shall be immediately due and poyable, and shall be secured by the lien o[ this mortgege. 6. Thet he will pay all and singuler the costs, charges, and expe~ses. including reaso~eble lawyer's [ees, and costs oi abstrects of title, ir?curred or paid at any time by the mortgagee because oE the failure on the pert of the moctgaga promptly end fully to pertorm the agreements end covertants oE said ~promissory note and this mo~t- gage, and said costs, charges, and expenses shall be immedietely due end peyable and shall be secured by the lien of this modgage. : T. That he will keep the improvements now existing or hereafter erected on the mortgaged property. insured es . may be required from time to time by the mottgagee against loss by fire and other hazards. casualties. end contin- gencies in such amounts and for ~~ch periods as may be required by moctgagee. and will pay prompUy. when due. ; any premiums on such insurance for payment of which p~ovision has not bee~ made he~einbefore. All insurance ' shall be cercied in companies appcoved by moctgagee and the policies and renewals theceoE shall be held Ly mort- gagee and have attached thereto ioss payable clauses in favor of ar~ in form acceptable to the moctgagee. !n event of loss he will give immediate notice by mail to mortgagee, and mortgagee may make proof of loss if not made promptly by mortgagor, and each insurance compeny concerned is hereby authorized and directed to make . payment for such loss direct;y to mortgagee instead of to mortgagor a~d mortgagee jointly. and the insurance pro- ceeds, or eny pan theceoE, may be applied by mwtgagee et its optio~ either to the reduction of the indebtedness hereby secured or to the cestoretio~ a repair of the pcoperty demaged. ln event ot foreclosure ot this mortgage w other transfer oE title to the mortgaged property in extinguishment oE the ir~debtedness secured hereby, all right, title, and interest of the mortgaga 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 foc the eppointment oE a receiver, end such coud shell forthwith appoint e receiver of the premises covered hereby all and singular. including all and singuler the income, profits, issues. and cevenues from whatever source de~ived, each and every of which, it being expressly understood, is hereby mortgaged es if specifically set i tonh and described in the granting and hebendum clauses hereof, anri such receiver shall have alf the broad and ' effective Eu:~ctions and powers in anywise e~trusted py a couct to a receiver. and such appointment shall be made by such court as an admitted equity and a metter of absplute right to said mortgagee, and without reference to the adequacy or inadequecy o[ the'value of the propeKy mo~tgaged or to the solvency or insolvency of seid mortgegor ~ o~ the deEendents, and that such rents, proEits, income. issues. and revenues shell be applied by such receiver ~ according to the lien oE this mortgage and the practice of such coud. ln the event of any default on the pert of the ~ mortgagor he~eunder, the mortgaga agrees to pay to the mwtgagee on demand es a reasonable monthly rental for i the premises an amount at least eqttivalent to one-twelfth (1/12) of the aggregete of the twelve monthIy install- ~ ments payable in the then current ysar p:us ttie ectual amount of the annuai taxes, assessments, water rates. and ` F insurance premiums for such year not covered by the aforesaid monthly peyments. 9. That /u J in the event of any breach of this mortgage or detault on the part of the modgagor. or (b) in the event that any oE said sums of money herein referred to be not promptly and futly peid 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 performed; then in either or any such event. the said aggregate sum mentioned in said note then remaining unpaid, with interest accrued to that time, end eli moneys secured ~ hereby, shall become due and payable forthwith, or thereafter, at the option of seid mortgagee, as fully and com- a pletely as if all of the said sums af money were originally stipulated to be paid on such dey, anything in said ' ~ note or in this mortgage to the contrary notwithstanding; and thercupon or thercafter, at the opt:on of said matga- ~ gee, without notice or demand, suit at law or in equity. mey be prosecuted as if all moneys secured hereby hed matured prior to its institution. The moctgagee may foreciose this mortgage. as to the amount so declared due and ; paybbie, and the said premises shall be sold to satisfy and pay the seme together with costs. expeases,and allow- ; ances_ In case of partial foceclosure of this mortgage, the mortgaged premises shall be sold subject to the con- tinuing lien of this mortgage foc the amount of the debt not then due ahd unpeid. ~Tn such case the provisions of ' ' this paragraph may again be availed of thereafter from time to time by the mortgagee. ` 10. That the mortgagor will give immediate notice by mail to the mortgagee oE eny conveyance, transfer, or change of ownership of the premises. I1. That no waiver of any covenent herein or ot the obligetion secured hereby shall at any time thereafter be ~ held to be a waiver of the terms hered or of the note secured Ixreby. 12. That if the mortgagor default in any of the covenants or agreements contained herein. ~ in seid note, then the mortgagee mey perforcn the semg, and all expenditutes (including reasonable attorney's Eees) made by the mortgagee in so doing shall draw interest at the ~ate set forth in the note secured hereby, end shall be repayable immedietely and without demand by the mortgagor to the modgagee, and, together with interest and costs accruing thereon, shal! be secured by this mortgage. 13. that the mailing of e written notice a demendaddressed to the owner of record of the moctgeged premises, or directed to the said owner at the last bddress actually furnished to the mortgagee, or directed to saidawner et . said mortgaged pcemises, and mailed by the United States mails, shell be sufEicient notice and demand in eny ; case arising under this instrument and required by the provisions hereof or by law. 14. The mortgagor further covenents thet should th~~~j~~e and the note secured heteby not be eligible . for insurance under the Netionel Housing Act within ~~T5 from the date heteof (written statement of anp officer of the Department of Housing and Urban Dev ment or author'ued agent of the Secretary of Hous- ~ ing and Urban Development dated subsequent to~ the ~ DAYS time from the date of this mortgege, - declining to insure said aote and this mortgage, being deem~d conclusive Proof of such ineligibility), the mortga- gee or the holder of the note c~ay, at its option, declare all sums secured hereby immediately due and payeble. The coYes~ents haein contained shall bind, and the benefits end adventages shall inure to, the respective he~rs, execotors, edministrators, successol~ andldifii~'dE the~ parti~s h~reto ~~A'henever used. the singular num- ber shall include the plural, the plural the singutar, and the use of any gen`der s~eTl int~!{f~e~lf gei~i. ~ ~ ~ - 8~ox i94 2670 { ~ ~ ~ ~ - ~ ~ ~ . :M _ _ - _ _ .