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HomeMy WebLinkAbout0560 ~ S. That ~c• will i.e•?mit, cc~mmit, oc su(fe~ ~o wa:~lc. imp:~irmcnt. or deterio~ation ut said property o~ any pA~t the~eo[; scnJ in the <<•~~nt uf thr [F+ilurc of the mottgu~ot to keep the building~ on said prcmises an~J those tobe enY•tect un sH~d premitieti, o~ impro~~em~nis theteonl ie~ ~ood repau. the mortgagee mtiy make such repairs as iu its discret~on it may deem nececsa~y for the prope~ presenr~tion lhere:f.~nd the [ull amount o( each and every such p:,ym~•nt shull be immE~cl~ately due and pa~~+bte, And shail be secured by the lien of this mortgage. E? 7'hat h~ will pap ull u~d singuiHC the costs, charges, and expenses, including rebsonable lawyer's fees, und rust~ ot d.,~tructs of title, incuc~ed o~ paid at any ti~re bythe mortgagee.because at the failure cu~ the pa~t uf thc m~~rtg:~go~ promptly and [ully to petform the agceements and coveaants of said'p~omisso~y note and this rnort- , g:+~;e, and suid co~t~, charges, and expenses shall be immediately due and payable and shall be sec:ured by the ~ licn of this mortg:~ge. i. Th:it he Nili lceep the improvements nov? existing o~ herea[te~ e~ected on the mo~tgaged property. insured as may be requieed (rom time to time b~~ the mortgagee against loss by fi~c~ anci other hazards. casualties, anc: corttin- ' gencies in such amounts and (o~ sach periods as ma~• be required by mottgagee, at~d will pay promptly, when due, an~• premiurt~s on such insucance to~ payment ot which provision has not been made heceinbefo~e. All insurance ~ shall be carried in companies approved by mortgagee and the policies and renewals thereot shaU be hetd by mort- K~+6ee and have a/tache~ thereto loss pa~•able clausPS in [avor ot artd in form acceptable to the mortg~agee. In e~~ent a[ ~loss he will gi~•e immedi:~te ~otice by mail to mortgagee, and n~ortgagee may make proof of loss i( not made ~?comptly by mortgagor, and each insutance company concerned is hereby authorized and directed to make E::,~•ment [or such lo.tis directly to mortgagee instead of to mortgagor and mortgagee jointly, and the insurance pro- ceeds, or any pait thereof, may be applied by morigagee at iis option either to the reduction of the indebtedness he~eby "secured or to the restoration or repair of the property damaged. ing~~ertt ot [orecfosure ot this mortgage o~ other tr~+nsfer of title to the mortgaged ptopetty irt extinguishment o[ the in~ebtedness secured hereby, all right, !itle, and interest ot the morigaga in and to any insurance policies then in focce shall pass to the purchaser or g~antec. 8. T'hat the mortgagee may, at any time penc'ing a suit upon this mortgage, apply to the couet having ju~isdic- tion the~eof for the appointment o[ a receiver, and s~ch coud shall [orthwith appoint a receiver of the premi~es cu~~ered hereby all and singular, including all and sing~alar the income, profits. issues. a~d revenues from whatever suurce derived, each and every of which, it being expressly understood, is hereby morigaged as if specifically set forth and described in the gcanting an:i habendum clauses herea(, and such receiver shall have all the broad and effecti~•e funrtions and pawers in anpwise 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 moctgagee, and~v~~out reference to the adequacy ur inadequac}• of'the vatue of the p~operty mcxtgaged or to the solvency oc insolvency of said mortgagar or the de(endents, and that such rents, profits. income. issues. and revenues shall be applied by such receiver according to the lie~ of this m:?rtgage and the practice of such court. In the event of aay default on the part of the mortgagor hereunder, the mortgagor agrees to pay to the Rortgagee en demand as a reasonable monthly rental for the premises an amount at least equivalent to one-twelfth (1/12) o[ the aggregate of the twelve mont~ly install- mcnts payable in the then current year plus the actuat amount of the annual taxes, assessments, watet rates. and ~nsurance prem~ums tor such yea~ not covered by the aforesaid monthly payments. 9. That >>n the e~•ent o( any breach of this mortgage or default on the pad of the mudgagor, or !b) in the e~~ent that any of said sums ot 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, promptty, and Eully performed; then in either or any such eveni, the said aggcegate sum mentioned in said note then remaining unpaid, with interest accrued to that time, and all moneys secured - hereby, shall be~:ome due and payable forthwith, or thereafter, at the option of said moctgagee, as fully and com- pletely as if all oE 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 noiwithstanding; and thereupon or therea[ter. at the option of said mortga- gee, without notice or demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby had matured Rrior to its institution_ The mortgagee may foreclose this mortgage, as to the amount so declared due and j payable, and the said premises shall be sold to satisfy and ;~ay the same together with costs. expenses,and alloa- C ances_ In case of partial foreclosure of this mortgage, the r..ortgaged preir.ises shall be sald subject to the con- j tinuing lien oi this mortgage for the amount of the debt not then due and unpai~. In such case the provisions of chis paragraph may again be availed of thereafter from time to time by the mortgagee. 10_ That the mortgagor will gi.•e immediate notice bp maii to the mortgagee of any conveyance, transfer, or change of ov?nership of the premises. 11. That no waiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be held to be a wai~•er o[ the terms hereaf or uf the note secured hereby. 12. That iE the :nwtgagor default in any of the covenants or agreements contained herein. or in said note, then the mortgagee ma~ pedo~m the same, and atl expenditu~es (including reasonable attaney's fees) made by the mortgagee in so doing shall draw inte~est at the rate set focth in the note secured hereby, and shall be repayable immediately and aithout demand by the mortgaga to the mortgagee, and, together with intecest and costs accruing thereon, shall be secured by this mortgage. 13. that the inaiiing of a written notice or demandaddtessed to the owner of record of the mortgaged premises, or directed to the said owner at the last address actually furnished to the mortgagee, ot directed to saidowner at said mortgaged.pcemises, and _mailed by the United States mails, shall be safficient notice and demand in any case arising ~~nder this instrument and required by the provisions hereof or by laa. 14. The mortgagor further covenants that should this mottgage and the ~ote secured hereby not be eligible tor insarance under the National Housing Act within ~ Q~Y$ from the date hereof (written statement of any oft:cer of the Department of Housing and Urban Development or authocized agent oE the Secretary of Hous- ing and Ucban Development da:ed suhsequent to~ the ~~YS time from t~ da~e nf this..r~prtgagt, declining to insure said note and this morteap~e, being deemed conclusive proof oE su~cli ne~igibility), the mortga- gee oc 1b~~olt~r of the ddte may,~at its option, declare aq sums secured hereby immediately due and payabie. The co~enants herein containe~ shall bind. and the benefits and advantages shall incre to. the respective heirs, executors, administraters, successors, and assigns of the parties hereto. Whenever used, the singular num- t,er shal! include the plural, the plural the singular, and the use of any gender shall include all genders. ~~i~ 56p - - - _ ~ , .