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HomeMy WebLinkAbout0096 • ~ ~ 1 . S. T'~a~ he ~•i:l permit, commit. or suf(er no waste. impairment, or deterioration o( said pro~xrty or any pa~t the~eot; and in the event o[ the failure of the mo~tgagor to keep the buildi~gs on said premises and those tobe erected on said premises, or ~mprovements the~POn, in good mpair, the mottaagee may make such cepe?rs as in its discretion it may deem necessary fo~ the pr~per preservation thereof, and the tull amount of each and evecy such payment shall be immediately due ac?a pa~~abte, and shr~lt be secu:ed by the lien of this mortgage. 6 That he will pay ~+ll and singular the costs, _charges, and expenses, includEng reasonable lawyer's fees, and casts of abstracts of title, incurced oc paid at any time bythe mortgagee.because ot the failure on the part of the mortgago: promptly and iuUy to perfocm the agceements anc~ covenants of said'pcomissory note and this mort- gage, and said costs. charges, and expenses shall be immediately dae and payable and shall be secured by the lien of this mortgage. 7. That he will keep the imp:aveme~ts now existing or hereafter ecected on the modgaged prope~ty. iasurcd as may be requiced from time to time by the morigagee against loss by tire and other hazards. casualties. and contin- gencies in such amounts and tor such perieds as may be required by mortgagee, ard will pay promptly. when due, any premiums on such insucance for payment of which provisiort has not been made hereinbefore. All insurance shall be carried in co4npanies approved by mortgagee and the policies and renewals thereof shail be held by mort- gagee and ha~~e attached the~eto loss payable clauses in fava af and i~ form acceptable to the mortgagee. In `x event of toss he will give immediate notice by mail to mortgagee, and mortgagee may make proof oE loss if not - made promptly by mortgagor, and each insurance company conce~ned is hereby authaized and directed to make payment foc such loss directly to mortgagee instead of to mortgagoc and mortgage~ jointly. and the insuiance pro- ceeds, or any part thereof, mt+y be applied by mortgagee at its option eithe~ to the ~eduction of the indebtedness he:eby secur~,d or to the ~estoration c~ repair of the propecty damaged. In event bf forectosure of this mo~tgage or other t~ansfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby. all right, title, and interest of the mortgagoc 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 upon this mortgage. apply to the couct havi~g jurisdic- tion thereof for the appointment of a recei~er. and such court shall forthwith appoini a receiver aE the premises co~ered hereby all and singular. including all and si~gular the ~ncome, profits, issues. and revenues from whatever _ source derived, each and every of which, it being expressly understood, is hereby modgaged as if specifically set = .'orth and described in the g~anting and habendum clauses hereof, and such ~eceiver shall have all the broad and effecti~~e functions and powers in anywise entrusted by a court to a receiver, and such appointment shall be made by such couct as an admitted equity and a matter o[ absulute right to said mortgagee, ~nd withoul rPferPn!•e t~ th~ adequac~~ or inadequacy of the value of the propedy mortgaged or to the solvency cx insolvency of said moKgagor ~ or the defendents, and that such reats, profits, income. issues, and revenues sheli be applied by s~ch receiver accocding to the lien of this mortgage and the practice of such court. In the event of any default on the p3ct of the ~ mortgagor hereunder, the mortgagor agrees to pay to the mortgaeee on demand as a reasonable monil~ly rental tor the pre:nises an amount at least equivalent to one-twelfth (1!12) of the aggregate of the twelve monthlyinstall- ~ ments payable in the then cucrent year plus the actual amount of the annual taxes, assessments. water ~ates, and ~ insurance premiums far such year not covered by the afocesaid monthfy payments. 3 9. That (u i in the event of any breach~ of~fiTs modgage or defaul2 on the part of the modgagor. or (b) in the ~ event that any of said sums of money herein referred to be not proir.ptly and fully paid without demand or notice, , or I~~i in the event that .each and every the stipulations, agreeoents, conditions. and covenants o~ said note and ; this mortgage, are not duty, promptly, and fully performed; then in either or any such event, the said aggregate + r sum mentioned in said note then remaining unpaid, with interest accrued to thnt time, and all moneys secured = hereby, shall become due and payable fotthwith, or thecea3ter, at the option ~f said mortgagee, as fully and com- * pl~tely as if all of the said sums of money were origina!ly stipulated to be paid on such day, anything in said note or in this mortgage to the contrary notwithstanding; snd thereupon or thereafter, at the option of said mcxtga- ' ~ gee, without notice or demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby had i matured prior to its institution. The mortgagee may foreclose this mortgage. as to the amount so declared due and E payable, and the said premises.shall be sold to satisfy and pay the same together with costs, expenses,and allow- ~ ances. In case of partial foreclosure of this mortgage. Ehe mortgaged pcemises shall be sold subject to the con- tinuing lien of this mortgage for the amount of the debt not. then dae and unpaid_ [n 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 of any conveyance, transfer, or change of ownership of the premises. 11. That no waiver of any covenant herein or oE the obligation secured hereby shall at any time thereafter be held to be a waiver of the terms hereoE or of the note secured herebq. 12. That if the moctgagor default in anv of the co~enants or agreements contained hecein, w in said note, then the mortgagee may perform the same, and all expenditu~es (including reasonable attorney's fees) made by the : mortgagee in so doing sball draw interest at the rate set forth in the ncte secured hereby, and shall be repayable immediately and without demand by the mortgagor to the mortgagee, and, together with interest and costs accruing i i thereon, shall be secured by th~s mortgSge. 13. that the mailing af a written notice ~ demandaddressed to t6e ownet o; record of ~he mortgaged premises, = oc directed to the ~aid owner at the last address actualtp furnished to the mortgagee, or directed to saiaowner at said mortgaged p~emises, and maeled by !he United States mails, shall be sufFicient notice and demand in any case arising under this insttument and req~~ired by the provisions hereof or by law. ~ 14. The mortgagor further covenants that should this mortgage and the nate secured hereby not be eligible Eor insuralce under the National Housing Act within ~~YS Erom the date hered (written statement ~ o! an~• officer of the Department of Housing and Urban Qevelopment or authorized agent of the Secretary o[ Hous- ` ipg ,Q ~d, Urban Development dated subsequent to~ the 30 QAYS time from the date of this mottgage, ~ '~CtfiSit~g~to i~ r~,'e sait~note and this motlgage,.~ing dEea~ conalusi,~ve. proo~pj_S~uC~ ip~l~p,ibilit the mortga- ; gee or the ho:der of the note m:+y, at its option, declare al! sums secured hereby immediatiei9 due ~~'~'p~y~ie. ; Tb`,;~:•enants herein contained shall bind, and the benefits and advantages shall inure to, the respective ~ heirs, executors, administrators, successocs, and assigns of-tha parties hereto. Whenever used, the singular num- _ ber shalt inc!u~e tre plural, the plural the singular, and the use of ~ny gender shall include all genders. ' x . ~ ~ t } go~K 193 96 ~ - - - - -